Why Solution Hopping Is Hurting Your Business | Ep 31
Build with Leila Hormozi
Leila Hormozi
4.9 • 1.1K Ratings
🗓️ 25 April 2023
⏱️ 13 minutes
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Summary
Get the unfiltered memos I send my team as we scale Acquisition.com to $1B+: Leila's Letters
Transcript
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| 0:00.0 | So what success might be is that you solve this problem over here, even though you created |
| 0:03.7 | three other little problems. But what's the biggest problem that you're trying to solve for |
| 0:07.2 | and which one solves it to the greatest degree? |
| 0:11.8 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. |
| 0:17.4 | Now I'm growing Acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons |
| 0:22.0 | I've learned in scaling big businesses and helping our portfolio companies do the same. |
| 0:26.4 | Buckle up and let's build. |
| 0:30.1 | What is that moment I want to talk about is solution hopping, how this is hurting your business |
| 0:34.2 | and how to stop doing this so that your business can grow faster with |
| 0:37.7 | less headache. This kind of came forefront to mind because I was having a conversation with |
| 0:41.9 | the business that we were looking at taking on the other day. And this business particular |
| 0:45.3 | just installed a sales team. And they were looking at basically how that would increase |
| 0:49.5 | conversions across the board for their company based on the cost of, you know, webinar sales continued |
| 0:55.6 | to rise. The traffic that they were getting was more and more expensive, which, you know, |
| 0:59.5 | that's why they wanted to insert a high ticket phone sales team. It's actually pretty typical |
| 1:02.4 | right now just because costs are going up. And so this particular entrepreneur was basically saying |
| 1:07.6 | that he didn't actually want to continue with this solution. And the reason that he didn't want to is, you know, it's just become much more of a headache than he |
| 1:14.5 | expected it to be. And, you know, it's not happening as fast. It's too much of his involvement, |
| 1:19.8 | et cetera, et cetera. He didn't realize how much of a pain in the ass having a sales team wants. |
| 1:23.3 | And it is, obviously, if you don't know how to do it and you've never done it before. And so this is something that I noticed actually was a trend because another company that we talked to about a week ago, we set out a strategy for how they were going to monetize a skill that they had. |
| 1:35.1 | The skill is based in brick and mortar business. |
| 1:37.4 | And we basically said, you know, there's three ways that we can monetize this. |
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