Why Accountability Creates a Culture of Success | Ep 138

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 6 May 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

“Reinforce the behaviors that you want in your team.” Today, Leila (@LeilaHormozi) highlights the crucial role of accountability in business success, providing practical strategies for instilling a culture of accountability within teams. She offers valuable advice for enhancing operational efficiency, reducing churn, and improving team performance, all crucial factors for businesses looking to avoid the common pitfalls that lead to failure.

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:

(1:21) - Accountability defined: the key to business success

(2:51) - The soft skills gap: leadership and accountability

(3:28) - The real-world impact of accountability on revenue and team dynamics

(8:14) - Transforming business culture through accountability

(9:39) - Practical steps to implementing accountability

(11:35) - The psychology of accountability and positive reinforcement

(18:53) - Encouraging positive behavior in teams

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Transcript

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0:00.0	There was a point where I felt resentful of my team.
0:03.0	Like, I did all the work.
0:04.4	Why do I have all these people here?
0:06.0	Like, I was hiring people.
0:06.9	I was making less money.
0:08.2	And I took a really hard look at myself and at the team.
0:11.9	And the hardest thing to realize was that it was an attribute of our culture that I myself had created, which was there was not a high degree of accountability.
0:25.8	Music had created, which was there was not a high degree of accountability. How do you create an unshakable business?
0:28.4	I crossed $100 million in net worth by the age of 28.
0:31.5	Now I'm growing acquisition.com into a billion dollar portfolio.
0:34.6	In this podcast, I share the lessons I've learned in scaling big businesses
0:37.7	and helping our portfolio companies do the same. Buckle up and let's build. 50% of businesses
0:45.4	fail in their first two years. So today, I'm going to teach you how to not be one of them.
0:50.4	So what is it? What is the reason that all of these businesses are failing? If you look up the reasons
0:55.0	that most businesses fail, it is not that they fail from the outside in, is that they fail from the
0:59.6	inside out. What does that mean? It means that the inside of the business is not strong enough
1:04.4	to accommodate the demand that is put on the business. Most leaders have no idea how to hold their
1:10.3	team accountable. So they hire a
1:11.8	bunch of people, which maybe you've done. And then they're like, these people suck, which is why so many
1:15.8	of them go out of business from literally not having this one skill. And that is accountability.
1:21.6	So what is accountability? It is the quality or state of being responsible to one's obligations.
1:27.5	Holding someone accountable means reinforcing them. It is the quality or state of being responsible to one's obligations.
	...

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