Build with Leila Hormozi: Episode 265 – 5 Hard Lessons That Changed The Way I Lead
In Episode 265 of Build with Leila Hormozi, Leila Hormozi delves deep into the transformative lessons that reshaped her leadership approach over the past year. Reflecting on her journey of scaling businesses and leading a billion-dollar portfolio at Acquisition.com, Leila shares five pivotal lessons that not only enhanced her leadership but also provided actionable insights for fellow entrepreneurs and leaders striving to build unshakeable businesses.
1. Common Doesn't Mean Correct
Timestamp: [00:36]
Leila begins by challenging the conventional wisdom often accepted in both personal health and business practices. Drawing from a conversation with her physician about health issues, she extrapolates the idea that just because something is common doesn’t inherently mean it's right or optimal.
"Common doesn't mean correct, and best practice doesn't always mean best for me." – Leila Hormozi [00:36]
Key Insights:
- Questioning Norms: Instead of adhering strictly to industry best practices, Leila emphasizes the importance of questioning established norms and determining what genuinely serves her business's unique needs.
- First Principles Thinking: By stripping down challenges to their fundamental truths, she reconstructs strategies tailored to her company rather than mimicking others.
- Practical Application: Examples include re-evaluating the quarterly planning process to retain its beneficial aspects while eliminating what doesn’t add value and intensifying her involvement in recruitment to enhance team quality.
Conclusion: Leila encourages leaders to critically assess common practices and adopt a more customized approach that aligns with their specific business objectives and values.
2. Earn Trust Not by Avoiding Problems, But by How You Handle Them
Timestamp: [07:30]
Acknowledging that avoiding problems is an unrealistic strategy, Leila shifts the focus to the manner in which leaders address and resolve issues. She underscores that true leadership is demonstrated through resilience and effective problem-solving rather than an illusion of perfection.
"Real leadership is not about controlling the outcome. It is about how you respond when things break." – Leila Hormozi [07:30]
Key Insights:
- Ownership and Accountability: Leila shares personal experiences where she had to make tough decisions, such as removing beloved leaders who weren’t the right fit, and taking responsibility for these outcomes.
- Modeling Behavior: By transparently handling crises and demonstrating calm and decisive action, she sets a standard for her team on how to manage pressure and uncertainties.
- Opportunities in Adversity: Each problem becomes a chance to instill trust and teach her team effective response strategies, fostering a culture of accountability and continuous improvement.
Conclusion: Trust is built not by the absence of challenges but by the strength and integrity shown in overcoming them. Leaders must embrace and navigate problems constructively to earn and maintain trust.
3. Time is My Most Valuable Asset
Timestamp: [16:45]
Transitioning from valuing money to prioritizing time, Leila discusses a significant shift in her perspective. Recognizing that time is irreplaceable, she highlights the necessity of meticulous time management for maximizing personal and organizational growth.
"Time is so much more expensive than money." – Leila Hormozi [16:45]
Key Insights:
- Value of Time Over Money: While financial resources can be replenished, time cannot. This realization prompts a more disciplined approach to how Leila allocates her time.
- Saying No: Emphasizing the importance of declining opportunities and requests that do not align with her long-term goals, Leila adopts a principle of defaulting to 'no' unless an opportunity is a clear 'hell yes.'
- Focus on High-Leverage Activities: By concentrating on strategic initiatives and essential tasks, she ensures that her time is invested in activities that yield the highest returns for her business.
Conclusion: Leila's emphasis on valuing time over money serves as a crucial reminder for leaders to protect their most finite resource, ensuring that their efforts are directed towards meaningful and impactful endeavors.
4. People Want to Feel Seen More Than They Want to Feel Impressed
Timestamp: [24:30]
Leila explores the deeper human need for connection and recognition over superficial admiration. She reflects on her own challenges in shifting from trying to appear competent and impressive to fostering genuine connections with her team and audience.
"What people want is to feel like they follow somebody who sees them." – Leila Hormozi [24:30]
Key Insights:
- Connection Over Charisma: Building effective teams is rooted in making each member feel acknowledged and valued, rather than relying solely on a leader's charisma or perceived competence.
- Authentic Leadership: Leila emphasizes vulnerability and transparency, prioritizing meaningful interactions over maintaining a flawless image.
- Content Creation Alignment: In her podcast and content, she focuses on fostering connections and providing value that resonates personally with her audience, rather than merely showcasing success or expertise.
Conclusion: True leadership thrives on making people feel recognized and connected. By prioritizing empathy and genuine engagement, leaders can inspire greater dedication and ownership within their teams.
5. If It's Going to Be This Hard, Why Build Something Average?
Timestamp: [31:00]
Leila addresses the inherent challenges of building a business, likening the endeavor to the rigorous process of raising a child. She advocates for striving for excellence rather than settling for mediocrity, emphasizing that the considerable effort invested should yield extraordinary outcomes.
"If you're gonna put your name on it, make it great or just don't do it." – Leila Hormozi [31:00]
Key Insights:
- Commitment to Excellence: Accepting that building a business is inherently difficult, Leila chooses to invest wholeheartedly to create something outstanding rather than a mediocre enterprise.
- Attention to Detail: Success and pride in her ventures come from meticulous attention to every facet of the business, ensuring that excellence permeates all operations.
- Long-Term Vision: By focusing on creating something exceptional, Leila ensures that her business not only survives the immediate challenges but also thrives sustainably in the long run.
Conclusion: Leila's relentless pursuit of excellence serves as a powerful motivator for leaders to aim higher and invest their full potential into their ventures, ensuring that the end product is a testament to their dedication and vision.
Closing Reflections
In wrapping up the episode, Leila reflects on her growth as a CEO and the importance of continuous self-reflection in leadership. She acknowledges the progress made in building a strong executive team and emphasizes the value of these hard-earned lessons in driving her company's success.
"I pour everything into this person. Like, what could they be capable of? What could they possibly achieve on this earth?" – Leila Hormozi [34:20]
Leila encourages listeners to undertake their own reflections and apply these lessons to enhance their leadership styles and business practices. She underscores the significance of personal evolution and the impact it has on leading effectively and authentically.
Takeaways for Leaders and Entrepreneurs
- Challenge the Status Quo: Continuously evaluate and question established norms to tailor practices that best fit your unique business needs.
- Embrace and Navigate Problems: Use challenges as opportunities to demonstrate leadership and build trust within your team.
- Prioritize Your Time: Recognize the unparalleled value of time and manage it with intentionality to maximize business impact.
- Foster Genuine Connections: Make your team members feel seen and valued to inspire dedication and foster a cohesive work environment.
- Strive for Excellence: Commit fully to your ventures, aiming for outstanding results rather than settling for mediocrity.
Leila Hormozi's candid reflections offer a roadmap for leaders aiming to build resilient, high-performing teams and businesses. Her experiences highlight the importance of introspection, adaptability, and unwavering commitment to excellence in the journey of leadership and business growth.
Join Leila Hormozi every Monday and Wednesday on Build with Leila Hormozi for more insights and strategies on creating and scaling unshakeable businesses. Buckle up, and let's BUILD!