5 • 867 Ratings
🗓️ 24 October 2023
⏱️ 15 minutes
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Watch the YouTube version of this episode HERE
"Understanding who has the leverage in the relationship is key to negotiating." Today, Leila (@LeilaHormozi) explores the essential skills for both novice and experienced business owners, ranking them based on their importance in building and scaling successful enterprises.
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:
(0:55) - 1st Skill: Sales
(2:36) - 2nd Skill: Finance
(3:35) - 3rd Skill: Offer Development
(5:03) - 4th Skill: Product Development
(6:59) - 5th Skill: Communication
(8:46) - 6th Skill: Human Resource Development
(9:53) - 7th Skill: Negotiation
(11:03) - 8th Skill: Hiring and Recruiting
(12:00) - 9th Skill: Mergers and Acquisitions
(12:52) - 10th Skill: Marketing
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LinkedIn | Instagram | YouTube | Twitter | Acquisition
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0:00.0 | Most of us tend to either over communicate or under communicate. And what that looks like when |
0:04.0 | you're unskilled is usually like you're silent or you ramble all the time. I tended to be more |
0:08.4 | of like a silent type, but I realized that that actually was bad communication. |
0:17.1 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. |
0:22.7 | 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. |
0:31.6 | Buckle up and let's build. |
0:41.5 | A lot of people come to me and ask, what skills do I need and in what order do I need to acquire them? What I want to do today is I want to actually rank a tier list |
0:46.0 | of all the skills of somebody who is new to business. At the end, what I'm going to do is I'm going |
0:50.5 | to talk about these skills to somebody who is trying to grow their business in a more developed company. So the first skill that I want to talk about is sales. |
0:57.9 | It's essentially the exchange of money for a product or service that you have. Now, when you're |
1:02.4 | first starting off in the business, you don't need to think sales like, am I building a giant |
1:06.3 | sales department, a sales org. You just need to figure out, can you sell? Because in the beginning, |
1:11.9 | the best salesperson is actually the founder. In the beginning of every business that Alex and I started, |
1:16.1 | we were the first salespeople. And at AppBusage.com, that means we were the first ones that were |
1:21.3 | closing the first deals. It is one of the most paramount pieces of the business, because it is |
1:26.5 | the bridge between the marketing |
1:27.8 | and the back end. You learn so much about the customer through doing sales that I think you |
1:34.0 | would be doing yourself a disservice in the beginning by not doing this starting out. The more people |
1:38.4 | that you talk to and have sales conversations with, the more people that you understand who is |
1:43.6 | a fit for my product or service |
1:44.9 | and who isn't. Because a lot of the times people think, oh, I just can't sell. But it might actually |
1:49.3 | be that you're trying to sell to the wrong people. It was the first skill that I understood |
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