We Were Stuck at $10M Until We Did This... | Ep 58

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 27 July 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

"We've always built our businesses around a high ROI first because I believe that is harder to do than to create a good experience.” Today, Leila (@LeilaHormozi) shares with us the importance of having three key elements in a successful business: promotion, product, and people. She also shares her insights on how to identify and address these elements in order to scale and grow a business.

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:

(2:13) - No specific skillset required for business success

(3:13) - Three legs to a business: promotion, product, people

(3:59) - CEO may focus solely on product

(6:58) - Successful businesses have three co-founders

(9:22) - Need all three legs to scale and grow business

(11:45) - Don't split roles, build a team with complementary strengths

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | Twitter | Acquisition

Transcript

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0:00.0	If you have a reader who truly cares about people,
0:03.7	they will get a lot further than somebody who doesn't care about people but has processes.
0:13.0	How do you create an unshakable business?
0:15.5	I cross $100 million in net worth by the age of 28.
0:18.7	Now I'm growing acquisition.com into a billion dollar portfolio.
0:21.8	In this podcast, I share the lessons I've learned in scaling big businesses and helping
0:25.4	our portfolio companies do the same.
0:27.5	Buckle up and let's build.
0:33.3	What's up?
0:34.1	Today what I want to talk about are the sticking points from zero to one million, one million,
0:39.1	10 million, and 10 million and beyond.
0:41.1	And how to make sure that you actually set up your business from the start and as you
0:44.4	are continuing to grow so that you do not have friction at those points in time and you can
0:48.0	actually scale and make money and be profitable.
0:50.3	And this comes from a conversation I had with one of our Acquisition.com clients the other day.
0:55.5	What actually happened was there are two CEOs in one of the companies, right?
1:00.2	And so I've met with both of them.
1:01.8	I've had a relationship with each of the CEOs.
1:04.1	Something just still didn't feel right in terms of how the company was structured.
1:07.0	And I could just kind of tell that the piece that was missing is that neither person was like a clear operator.
1:12.6	And typically when we're looking at businesses that we invest in, we want somebody who's like a pure executor.
1:18.6	What I mean is like, you tell them what to do and they just go fucking do it.
	...

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