Stop Hiring For Comfort, Hire For Challenge | Ep 292

"Winners use that mistake as fuel to be better for the future, whereas losers use that mistake as a reason not to succeed." Today, Leila (@LeilaHormozi) shares her biggest mistake in building a 9-figure business, which was over-promoting inexperienced leaders. She discusses the importance of accepting the realities of your business, having a strategy for pay and promotions, and not letting mistakes beat you down.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(2:03) - Accept reality, make tough decisions(3:46) - Strategy for pay, promotions, and demotions(6:47) - Be transparent in pay and promotions(10:00) - Firing many staff hurts company culture(12:06) - Use mistakes as fuel for future successFollow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

22 Aug 202315min

“Companies aren't willing to match salaries with inflation." Today, Leila (@LeilaHormozi) shares with us the rising cost of labor is discussed, and its implications on businesses and employment. She also provides insights and tips on how small businesses can attract talent and remain competitive despite the increasing labor cost.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(3:04) - Unemployment numbers may not reflect job market.(5:51) - Compensation hasn't kept up with inflation.(8:30) - Pay top of market or consider performance-based compensation.(10:40) - Partner for training perks. Offer flexibility and embrace remote work.(12:07) - Allow remote work to increase convenience and productivity.(12:50) - Invest in employee intellectual growth with seminars and courses.Follow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

17 Aug 202314min

"Rules are for people who do not have values." Today, Leila (@LeilaHormozi) explains why achieving work-life balance is misleading and why it's important to let go of the ideal of perfect balance. She argues that work and life are integrated and should be approached holistically, with a focus on values rather than rules, in order to achieve happiness and fulfillment.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(1:23) - Work and life are intertwined; no need to separate(4:12) - Balance from a place of value(5:03) - Energize self, not meet others' expectations(7:24) - Embrace imperfection, challenge societal ideals, find happiness(8:20) - Compromises and contradictions are part of life, accept and adaptFollow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

15 Aug 20239min

"Always maintain mutual respect and autonomy." Today, Leila (@LeilaHormozi) shares how she and her husband built a successful business together by intentionally building their relationship alongside their business. She also discusses the principles that have helped them maintain a good working relationship while also growing their relationship.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(3:03) - Love is logical, a verb, actions create it.(5:50) - Always grow together, share knowledge, educate, inspire.(9:56) - Mutual respect, autonomy, address issues privately, avoid criticism.(11:00) - Respect allows autonomy in decision-making, crucial for relationships.(12:46) - Don't change partner, find someone aligned with your goals.Follow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

10 Aug 202313min

"A lot of businesses are built off of compulsions." Today, Leila (@LeilaHormozi) shares her mental process for making good business decisions. She emphasizes the importance of delaying gratification for long-term satisfaction and avoiding rushed or emotional decision-making, as well as the risks of making decisions based on anxiety, boredom, or distraction from other areas of life.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(1:03) - Two questions: life outcomes & long-term satisfaction.(3:12) - Anxiety-driven decisions hinder progress; find outlets.(5:23) - Most decisions aren't logical; humans follow emotions.(7:06) - Be mindful to avoid creating chaotic complexity.(7:42) - Consider long-term growth when making decisions.Follow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

8 Aug 20238min

"The more that they understand what each other do and they talk to each other, the better the communication." Today, join Leila as she guest speaks during Day 2 of GymCon to talk about the importance of communication in a company and how it can lead to success or failure. She breaks down the four key elements of communication and shares insights on how to improve communication within a team. This is part 2 of the talk.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(3:08) - Importance of being liked and trusted as a leader(7:09) - Emotional control: managing emotions in response to others(12:27) - Successful meetings: cadence, purpose, preparation(19:47) - Recognition of behavior, effort, or business result(25:21) - Value of recognition: reason, value, who, what(29:21) - Types of recognition: written, verbal, reward-based. Start small.Follow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

3 Aug 202331min

"If you're trying to build a place where people actually want to come to work, it is keeping expectations clear.” Today, join Leila as she guest speaks during Day 2 of GymCon to talk about the importance of setting clear expectations and core values in growing a successful business. She also discusses the role of accountability in ensuring team members adhere to these expectations and values. This is part 1 of the talk.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(2:14) - Mistake of adding more instead of management principles(6:21) - Negative impact of a bad manager(10:10) - Importance of setting clear expectations(14:07) - Different values guide behavior in business(21:21) - Symptoms of low accountability: employee complaining, resentment(28:22) - Common lies preventing accountability & the role of angerFollow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

1 Aug 202332min

"We've always built our businesses around a high ROI first because I believe that is harder to do than to create a good experience.” Today, Leila (@LeilaHormozi) shares with us the importance of having three key elements in a successful business: promotion, product, and people. She also shares her insights on how to identify and address these elements in order to scale and grow a business.Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.Timestamps:(2:13) - No specific skillset required for business success(3:13) - Three legs to a business: promotion, product, people(3:59) - CEO may focus solely on product(6:58) - Successful businesses have three co-founders(9:22) - Need all three legs to scale and grow business(11:45) - Don't split roles, build a team with complementary strengthsFollow Leila Hormozi’s Socials:LinkedIn | Instagram | YouTube | Twitter | Acquisition

27 Juli 202312min