Things I Would Tell My Younger Self About Business | Re-Air Ep 118
Build with Leila Hormozi
Deep Dive
Why is it important to act despite fear when starting a business?
Acting despite fear is crucial because courage can only exist in the presence of fear. Instead of trying to eliminate fear, one should focus on building the muscle of courage by accepting fear and taking action anyway. This approach helps in overcoming initial hurdles and making progress.
Why is authenticity important in sales and business?
Authenticity is powerful in sales and business because people can sense genuine emotion and intentions. Being authentic, honest, and showing true conviction in what you offer can create a stronger connection with clients and lead to more successful sales.
Why should business owners not expect business to be linear and predictable?
Business is inherently irregular and unpredictable. There are seasons, holidays, and unexpected events that can affect client retention and revenue. Understanding and accepting this irregularity helps in managing expectations and planning more effectively.
Why is it important to recognize and address personal insecurities in leadership?
Recognizing and addressing personal insecurities is crucial for effective leadership. Insecure leaders can struggle with decision-making and may defer to others too often, which can hinder the business. Building confidence and self-awareness can improve leadership and team performance.
Why is it important to be both respected and liked by your team?
Being respected and liked by your team is important because it fosters a positive work environment and encourages discretionary effort. While respect ensures that team members follow your lead, being liked helps in building strong, collaborative relationships and increases overall team morale and productivity.
Why should early-stage business owners not delay addressing deficiencies in their business?
Early-stage business owners should address deficiencies immediately because early success can mask underlying issues. Once the initial success wanes, these deficiencies can become major problems that can lead to business decline. Proactively addressing these issues ensures a solid foundation for long-term growth.
Why is it important to hire good leaders as the business grows?
Hiring good leaders is crucial as the business grows because they can help scale the business effectively. Good leaders bring expertise, can manage teams, and can implement processes. Poor leadership can lead to inefficiencies and can even cause the business to fail, especially if the business lacks the margin to recover from mistakes.
Why should business owners not expect complete freedom when starting a business?
Business owners should not expect complete freedom because running a business comes with significant responsibilities, including managing employees and meeting client expectations. While there is some flexibility, the need to fulfill these responsibilities can limit the freedom to do whatever one wants, whenever they want.
Why is it important to measure impact through multiple metrics in a business?
Measuring impact through multiple metrics, such as financial performance, client results, and employee satisfaction, provides a comprehensive view of the business's success. This approach ensures that the business is not only profitable but also delivering value to clients and creating a positive work environment for employees.
Why should business owners embrace fear and take action?
Business owners should embrace fear and take action because courage is only possible in the presence of fear. By accepting fear and moving forward, owners can overcome obstacles, make progress, and build a more resilient business.
- Courage exists alongside fear, not in its absence.
- Authenticity and conviction are more impactful than sales tactics.
- The initial fear of making a sale is common but surmountable.
Shownotes Transcript