My Biggest Mistake Building A 9-Figure Business | Ep 65

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 22 August 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Winners use that mistake as fuel to be better for the future, whereas losers use that mistake as a reason not to succeed." Today, Leila (@LeilaHormozi) shares her biggest mistake in building a 9-figure business, which was over-promoting inexperienced leaders. She discusses the importance of accepting the realities of your business, having a strategy for pay and promotions, and not letting mistakes beat you down.

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:

(2:03) - Accept reality, make tough decisions

(3:46) - Strategy for pay, promotions, and demotions

(6:47) - Be transparent in pay and promotions

(10:00) - Firing many staff hurts company culture

(12:06) - Use mistakes as fuel for future success

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Transcript

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0:00.0	If you want to grow fast, and if you want to scale fast, you have to do things that fucking
0:03.8	suck. You have to fire people. You have to tell people they're not good enough. You have to
0:06.8	bring in people who are experienced. You can't all not know what the fuck you're doing.
0:14.9	How do you create an unshakable business? I cross $100 million in net worth by the age of 28.
0:20.5	Now I'm growing acquisition.com
0:22.0	into a billion dollar portfolio. In this podcast, I share the lessons I've learned in scaling
0:26.0	big businesses and helping our portfolio companies do the same. Buckle up and let's build.
0:34.8	What I want to talk about today is a question I got asked multiple times last week, which was,
0:39.5	what is the biggest mistake you've made in business? And I'm sure that this is appealing because
0:42.9	anyone who's, I think as you're building a business, it's encouraging to hear how many
0:48.6	mistakes other people make. And a lot of people don't want to talk about it. And so I wanted to
0:52.3	kind of extrapolate out and tell the story of what I believe the biggest mistake I ever made in my business career was. And it's probably
0:58.0	why I'm so passionate about helping people figure out who to hire the right team, how to properly
1:03.3	fire people or put them on performance plans. It's probably why I'm so HR focused. Because I would
1:08.1	say that I'm like a really HR customer success focus CEO. Those are the two
1:11.3	areas that I really pay the most attention to, probably because I think that they're the most
1:14.1	important. But that being said, I want to talk about what my biggest mistake was. And so that
1:18.4	mistake is over-promoting about 80% of my leadership team in the beginning of our first company,
1:24.7	Jim Launch. And I had, you know, at that point, time, I was really
1:28.1	inexperienced. I'd literally, listen, guys, I'd never run a company before. I'd never manage people
1:32.4	before. I'd never done anything before. And I was so stressed all the time. I was so nervous.
1:37.6	Like every step of the way, even it was super successful. People were like, oh my God, congratulations. I was like, what do you mean? It feels terrible. You know, like I didn't, I didn't even understand. And I would read all these books that said,
	...

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