The Four Lies Holding Your Business Back | Ep 140
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 13 May 2024
⏱️ 20 minutes
🧾️ Download transcript
Summary
“The reality is that a lot of people are very good at doing business, but they're not teaching people how to do business.” Today, Leila (@LeilaHormozi) addresses four common misconceptions hindering business growth, providing practical strategies to overcome them. She emphasizes the importance of understanding market potential, effectively scaling services, mastering business operation duplication, and decisively managing personnel issues for businesses with revenues between $250,000 and $20 million.
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:
(0:54) - 1st Lie: “My market is too small.”
(6:34) - 2nd Lie: “My service can’t be scaled.”
(10:14) - 3rd Lie: “I can’t duplicate myself.”
(14:12) - 4th Lie: “I can’t fire that one employee.”
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Transcript
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| 0:00.0 | if you have the belief that you cannot duplicate yourself in your business right now, |
| 0:03.7 | understand that your business will never be a durable business that can sell or that can run without you. |
| 0:09.9 | How hard have you tried to replace yourself? |
| 0:12.7 | And the reality is, like, most people have even tried. |
| 0:15.8 | And so don't fall into that trap because those are the people that stay stuck forever. |
| 0:29.9 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. |
| 0:34.7 | 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. |
| 0:39.1 | Buckle up and let's build. |
| 0:43.2 | I just finished running four days of workshops with businesses doing anywhere between $250,000 and $20 million in revenue. |
| 0:50.5 | And what I want to share with you is the four lies that are keeping them stuck. |
| 0:54.7 | So the first lie keeping you stuck is that your market is too small. So I had this woman who |
| 1:00.3 | came up to me at this workshop and she's like, listen, I've got a weight loss business doing like |
| 1:04.6 | $100,000 a month and we're only in European countries. And so I'm not able to get past $100,000 a month. I think the issue is |
| 1:13.7 | my market. I was like, what do you mean the issue is your market? She was like, I think I tapped |
| 1:18.6 | out the market. And I was like, tapped out the market. I was like, girl, like, how many women |
| 1:24.2 | are in Europe? Well, there are 384 million women in Europe. And so if we segment her |
| 1:30.1 | population, which is women between like 20 to 55, let's just say, okay, you have 120 million |
| 1:35.4 | people that are your target population. How many have you service that's contributing to that |
| 1:39.3 | $100,000 a month? It's like 150. Okay, so we've tapped the market with 151 minutes. This is something I hear |
| 1:47.4 | from a ton of business owners because any time a business gets stuck and they can't grow, |
| 1:52.5 | the number one thing that inexperienced business owners go to is they say, it's got to be my |
| 1:56.6 | market. Because they suddenly, you know what that is? It's taking control from yourself and it's |
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