Why Solution Hopping Is Hurting Your Business | Ep 31

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5 • 867 Ratings

🗓️ 25 April 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

No solution is perfect… ever. Today, Leila (@LeilaHormozi) shares the common issue of "solution hopping" in business, where individuals continuously switch strategies in search of the perfect solution. She also explains that there is no ideal solution. She suggests three beliefs to replace those that prevent individuals from sticking with a solution, ultimately leading to a more prosperous and less stressful 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:

(2:51) - There's never a solution that comes without problems

(3:57) - 3 irrational beliefs about solutions

(5:35) - 3 realistic beliefs about solutions

(8:03) - Constant solution hopping leads to incurring costs without realizing benefits.

(8:50) - Here's how you actually pick a solution to go with

(11:36) - Success doesn't mean that you've never solution-hop again

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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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