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Build with Leila Hormozi

5 Deadly Mistakes Business Owners Should Avoid | Ep 45

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5867 Ratings

🗓️ 13 June 2023

⏱️ 14 minutes

🧾️ Download transcript

Summary

"If you wanna break your business, just go with your gut on what to charge, what to make decisions based on.” Today, Leila (@LeilaHormozi) shares with us the five mistakes that business owners should avoid to prevent breaking their business. She emphasizes the importance of using data to make decisions, focusing on one thing at a time, listening to customer feedback, maintaining clean data and financials, and being intentional about who is hired.

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) - 1st: Emotion-based changes, not data-driven decisions

(3:57) - 2nd: Adding complexity without considering infrastructure

(5:57) - 3rd: Ignoring customer feedback

(8:20) - 4th: Neglecting clean data and financial systems

(10:28) - 5th: Allowing inexperienced people to hire always

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | TwitterAcquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

Every single leader uses the data. We all use the reporting that we have. We all use the

0:03.4

dashboards that we have. We make decisions based off that. And that is how I can monitor the health

0:07.1

of the business. And I look back now and understanding how blind I was without that information,

0:11.9

looking at the decisions I made. I'm like, well, of course you made those decisions. You didn't have any

0:15.4

data or the data you've had was wrong.

0:24.6

How do you create an unshakable business?

0:27.6

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

0:30.7

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

0:34.8

In this podcast, I share the lessons I've learned in scaling big businesses and helping our portfolio companies do the same.

0:36.9

Buckle up and let's build.

0:42.6

What is that? I want to share with you are five ways to break your business. This actually

0:47.5

came about because Alex and I were at dinner the other night with somebody and they were asking us.

0:51.2

They're like, how do you grow your business? And this is obviously a question too that like, you know,

0:55.4

when we're stopped by people and they're asking us, things are like,

0:57.9

can you help me grow my business?

0:59.0

I just have a question about growing my business.

1:00.5

And Alex and I like to actually frame this a different way.

1:03.1

And we actually do this with each other a lot, which is, okay, well,

1:05.4

if I wanted to break my business, what would I do? And then let's look at what the opposite of that looks like.

1:14.9

And so I wanted to break down with you five things that I have done that have broken my business and what I've learned from them to then actually grow it from understanding those lessons and

1:19.4

failures. Okay. So the first one is making changes in your business based off of emotion,

1:31.5

intuition, opinions, rather than stats, data, et cetera, like survey data, statistics, your financials, all that jazz. And this is something

...

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