How to Survive a Recession | Ep 11

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 14 February 2023

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

“There is always a way for you to win despite what's happening around you.” Today, Leila (@LeilaHormozi) shares her practical advice on how to survive times of recession, gives you a little insight into how a recession affects businesses, and how these practices can help you prepare for any situation.

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:

(1:19) - Insights on how a recession affects businesses

(2:44) - How Gym Launch was able to survive their own recession

(5:51) - Recessions are an opportunity to strengthen yourself, your team, & your clients

(12:29) - What kind of traits does a leader need to survive a recession?

(13:47) - 4 tactical ways to prepare for a recession

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LinkedIn | Instagram | YouTube | Twitter | Acquisition

Transcript

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0:00.0	It is likely that as you are alive, during your time on this earth, you're going to go through
0:04.0	one, maybe two recessions. And so the number one thing that I want you to remember, and this
0:08.4	should give you peace that shouldn't make you feel bad, is that you're not special. Everyone goes
0:12.8	through these times. How do you create an unshakable business? I cross $100 million in net worth
0:19.5	by the age of 28. Now I'm growing acquisition.com
0:22.4	into a billion dollar portfolio. In this podcast, I share the lessons I've learned in scaling
0:26.3	big businesses and helping our portfolio companies do the same. Buckle up and let's build.
0:33.5	During the last recession of 2008, 1.8 million small businesses went out of business for good.
0:40.3	So today what I want to share with you is how to prepare for the recession that's coming, or many may say it is already here, whatever, I'm not an expert.
0:47.3	Regardless, I don't say this to scare you, I say this to inform you, because if you're informed of the situation, then you can properly
0:54.5	prepare for it and you're much more likely to succeed, given the circumstances that are to come,
0:59.0	than if you're not to think about it, you're to avoid it, you're to think, I'm not going to
1:02.0	think about that later. So for full transparency, I have not been through recession myself. I'm not
1:07.5	really old enough that the last one didn't really affect me. I think I was in high
1:11.0	school. And so it wasn't really relevant. But what I have gone through is I've gone through a
1:14.4	recessionary-like environment, which was COVID. And so I'm going to share that story here in a couple
1:18.8	minutes. But to give you a little bit of insight as to how a recession affects businesses,
1:23.4	here's a couple of the ways that it does. Okay. One is that unemployment goes up. What does that mean?
1:28.8	That means that a lot of people lose jobs. Therefore, what you see right now is that a lot of
1:33.0	employees have the upper hand in terms of what they're asking to be paid and the fact that there's
1:37.3	less of them to source from. What it changes to is typically there are fewer of them in demand.
1:42.6	There's less jobs available, and you can pay less
	...

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