The Right & Wrong Time To Be Patient | Ep 215
Build with Leila Hormozi
Deep Dive
Why is patience considered both a superpower and a kryptonite in business?
Patience is a superpower because it allows for better long-term decisions, builds trust, and fosters team development by enabling failure and learning. However, it can be a kryptonite when it leads to tolerating poor performance, delaying hard decisions, or causing customers to pay for employees' incompetence.
How does patience contribute to better long-term decisions in business?
Patience helps in making better long-term decisions by ensuring that initiatives are done correctly the first time, avoiding the need for rework. This is particularly important for large projects or new product lines, where rushing can lead to costly mistakes and delays.
What are the risks of being too patient with poor performers in a team?
Being too patient with poor performers can lead to a depreciating asset within the team, as they may never improve without proper guidance. It can also negatively impact team culture and cause high performers to lose respect for leadership, potentially leading to their departure.
How does patience build trust and loyalty within a team?
Patience builds trust and loyalty by allowing team members to fail and learn without judgment, fostering an environment where they feel supported. This approach encourages continuous improvement and resilience, making team members more likely to stay and contribute long-term.
What is the difference between being patient with results and being patient with effort?
Being patient with results means allowing time for outcomes to manifest, especially when effort is high. Being patient with effort, however, can be detrimental, as it may mean accepting lack of effort or commitment, which should be addressed promptly.
Why should businesses avoid being patient when customers are paying for employees' incompetence?
Being patient in such situations can harm the business's reputation, as customers expect quality service. Allowing incompetence to persist means customers are indirectly funding training or mistakes, which can damage the brand's credibility and customer loyalty.
What strategies can leaders use to remain patient while still driving results?
Leaders can focus on being impatient with effort but patient with results, ensuring that team members are putting in the work. They can also create processes, trainings, or other activities to stay productive while waiting for outcomes, rather than nagging or micromanaging.
- Leila's recent impatience prompted reflection on the value of patience.
- Patience is defined as "finding something to do in the meantime."
- She identifies situations where patience is both helpful and harmful.
Shownotes Transcript