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Build with Leila Hormozi

3 Worst Pieces of Advice for Entrepreneurs | Ep 53

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5867 Ratings

🗓️ 11 July 2023

⏱️ 10 minutes

🧾️ Download transcript

Summary

"I don't think you need to be a hundred percent different and be first to market and completely create your own category in order to win." Today, Leila (@LeilaHormozi) shares with us the three worst pieces of advice given to entrepreneurs. She also suggests taking calculated risks and offering more value than competitors in order to succeed in 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:

(1:58) - 1st worst advice: First to market is not necessary for success

(4:24) - 2nd worst advice: Unique product or service is not essential

(6:37) - 3rd worst advice: Entering a market with no competition is unwise

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | TwitterAcquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

And I see that happen all the time where I've talked to people and I think you like get in your

0:03.4

head, you have like one hit of success. And then you think, oh, like I'm going to break out and like

0:08.5

build this whole new market, a whole new thing. And then what you realize is that people actually just

0:12.8

don't find that valuable. And it's been attempted to do to be done before. And it's just not a good idea.

0:23.3

How do you create an unshakable business?

0:25.8

I cross $100 million in net worth by the age of 28.

0:29.0

Now I'm growing acquisition.com into a billion dollar portfolio.

0:32.1

In this podcast, I share the lessons I've learned in scaling big businesses

0:35.2

and helping our portfolio companies do the same.

0:37.9

Buckle up and let's build.

0:43.8

What's up?

0:44.4

Today, what I want to share with you is the worst advice I hear people give entrepreneurs who are

0:47.8

looking to start a business.

0:49.1

I am talking about this advice because it is the advice that I heard in the beginning and

0:52.8

that me and Alex talked about and we didn't follow. And I'm really glad we didn't follow it because I think a lot of advice

0:58.2

is given entrepreneurs outside of context, right? I think that a lot of the traditional advice

1:04.1

that we hear is actually geared towards people who are, you know, who have hit a 10 out of 10

1:09.6

home run. What I mean is like the founders Facebook of Zappos of, you know, who have hit a 10 out of 10 home run. What I mean is like the founders,

1:11.8

Facebook, of Zappos, of, you know, Twitter, like all of those kind of people and people

1:16.6

who are looking and interested in having those kinds of businesses. And I think those are

1:20.5

awesome businesses. I don't look to start a business like that. And we do not typically

1:25.3

work with businesses like that because there's high risk,

...

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