How to Get Ahead of 99% of Businesses in 2024 | Ep 122
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 11 March 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
“Learning means that you have a change in behavior.” Today, Leila (@LeilaHormozi) discusses how achieving product-market fit can drive business growth and success. She emphasizes the importance of customer interaction, continuous product development, and team collaboration, offering practical strategies such as regular customer engagement, product backlog formation, and commitment to testing and learning.
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:
(1:31) - Breaking down beliefs about product
(3:29) - The secret to business success: product focus
(5:57) - Understanding product market fit
(13:30) - The Ellis test: measuring product market fit
(16:39) - The consequences of a poor product
(19:20) - The importance of refocusing on the product
(20:35) - Identifying the right product and customer fit
(25:26) - Understanding your product's position in the market
(28:50) - Improving your product: gathering feedback
(31:52) - Creating a product roadmap
(34:16) - The importance of regular product iteration
(36:21) - The impact of a great product on business success
(37:59) - Actionable steps to improve your product
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LinkedIn | Instagram | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | If you can take the energy that you're putting on hard mode to every function of your business |
| 0:05.3 | and take all that energy back and put it just into the product, you will have a much higher |
| 0:10.3 | return on your effort. |
| 0:15.9 | How do you create an unshakable business? |
| 0:18.5 | I cross $100 million in net worth by the age of 28. |
| 0:21.6 | Now I'm growing Acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons |
| 0:26.2 | I've learned in scaling big businesses and helping our portfolio companies do the same. |
| 0:30.4 | Buckle up and let's build. Today, I'm going to show you how to get ahead of 99% of businesses in 2024 and make loads |
| 0:40.3 | of cash. |
| 0:41.1 | Do you feel like everything in your business feels hard right now? |
| 0:44.6 | Marketing, sales, customer success, finance, HR, everything you're doing every day. |
| 0:49.7 | Or maybe you feel like you've increased sales, you've increased marketing, you've put people |
| 0:53.5 | in place, you've got a new agency, and it's still not growing the business. Or maybe you got an all-star |
| 1:00.1 | team, you took my advice, and you've got great people in place, and nothing is moving. |
| 1:04.6 | Over the last eight years that I have grown multiple businesses, including four of my own, |
| 1:09.8 | to over $100 million, there's one thing that has |
| 1:12.4 | remained consistent when these are the things that we're feeling in business. And that is, |
| 1:16.6 | when you can't figure it out, when everything feels hard, when you can't put your finger on |
| 1:20.8 | what's going on, it's because you have a lack of focus on product. And so what I want to do |
| 1:26.5 | for you is I want to break your beliefs |
| 1:28.3 | about product so you can actually grow your business. The first belief that I would like to |
| 1:32.8 | impose upon you is that if you have built a sales and marketing engine and it is still not growing, |
... |
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