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Build with Leila Hormozi

How Perfection Almost Cost Me My Business | Ep 13

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5867 Ratings

🗓️ 21 February 2023

⏱️ 16 minutes

🧾️ Download transcript

Summary

“Problems in business are normal and to be expected.” Today, Leila (@LeilaHormozi) shares with us how perfectionism ultimately can cost you your business; the old beliefs she had and the new beliefs she replaced them with changed her mindset for the better.

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:

(1:40) - In order to get past millions, you have to let go of some things

(5:00) Old Belief #1 - If my business isn’t perfect, then I’m perfect

(8:03) Old Belief #2 - If I don’t perform perfectly, I lose the respect of others

(10:58) - Old Belief #3 - If my business is not where I want it, I’m not good enough to be there

(13:39) - There is no such thing as perfection in business

(14:14) - Perfect is meaning complete and without problems, which is unrealistic

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | TwitterAcquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

Teams that aim for perfection and aim to hide things from each other will always move more

0:04.9

slowly and they will always be more judgmental of one another and there will always be less trust.

0:11.6

How do you create an unshakable business? I cross $100 million in net worth by the age of 28.

0:17.4

Now I'm growing acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons I've learned in scaling big businesses and helping our portfolio companies do the same.

0:26.2

Buckle up and let's build. What I want to talk about today is how perfectionism ultimately can cost you your business, how I experience this, and some tips that I have in terms of how you can change your beliefs so that this doesn't happen to you. So I was talking to a founder last

0:42.0

week, and he was somebody that applied for Acquisition.com, and he had a really successful business.

0:46.5

And I'm not going to name names or talk about the business itself, but this person had basically

0:50.9

with brute force gotten their business to about about 15 million a year. And that business

0:56.1

was one that was very admirable. And obviously 15 million a year is like no joke. But the issue is

1:01.6

is that oftentimes what we do to get our business to one level is what prevents us from getting

1:05.5

the business to another level. And people talk about this all the time, but I don't feel like they

1:08.7

break it down. It's like, everyone's like, oh, I get it. What didn't get me here isn't going to get me there or what got

1:12.8

me here isn't going to get me there, but they don't break down what that actually means. And

1:15.8

oftentimes what it is is that perfectionism and standards of excellence to a degree are what get

1:21.8

people to, you know, multiple eight figures, but they're would prevent people from getting to nine figures. And what that is is that oftentimes is that we have a huge level of control over our businesses.

1:32.0

And guys, I know this because this is what I did with my business.

1:34.7

I was able to get our business to $30 million a year by holding on incredibly tightly.

1:40.3

But in order to get past $30 million, I had to learn how to let go.

1:43.8

And I see this come off in a lot of

1:45.2

different behaviors and mostly around perfectionism. And so what I realized I was talking to that founder

1:49.9

is I felt like that person almost had too many limiting beliefs for us to be able to work with that

1:55.2

person. And the reason for that was because the beliefs that person held around standards of

...

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