Summary3 min read

Podcast Summary: "Millionaire vs. Millionaire CEO"

Podcast: Build with Leila Hormozi
Host: Leila Hormozi
Episode Date: September 9, 2023

Main Theme

In this candid episode, Leila Hormozi explores what fundamentally separates simply becoming a millionaire from evolving into a millionaire CEO. Drawing on her experience scaling businesses to over $100 million by age 28, Leila dissects the character traits and skills required to not just make money but to lead others and create lasting businesses.

Key Discussion Points & Insights

1. Millionaire vs. Millionaire CEO

Making Money Isn’t Enough:
Leila distinguishes between the act of acquiring wealth and the discipline of leading a business at a high level.
- “If you want to become a millionaire, then you just need to understand how to make money. And there's a lot of ways to make money. And honestly, you don't need to be a great person to do that.” (Leila, 00:08)
- She dispels the myth that you must first become “worthy” of a million dollars:
  - “You can have a million dollars, you know, selling drugs on the street. Like, honestly.” (Leila, 00:17)
The CEO Requirement:
To be a millionaire CEO, certain core traits are non-negotiable:
1. Industriousness:
  - “They have to be able to do meaningful work on a consistent basis…without needing to get too much rest.” (Leila, 00:39)
2. Enthusiasm:
  - “If you're working, grinding all the time, but you're not enthusiastic at all, it's really hard to get people to want to work with you.” (Leila, 00:53)

2. Impact on Others

Leila explains the critical shift from self-responsibility to being accountable for a team:
- “Because in one scenario you're responsible for yourself and another scenario you're responsible for others.” (Leila, 01:18)
- CEOs must align others’ goals with their own, which requires genuine care:
  - “You have to give a shit. And I think a lot of people don't give a shit, and that's okay. Just don't be a CEO, right?” (Leila, 01:31)

3. Self-Awareness and Choice

Not everyone who builds a business needs or wants to embrace the CEO mantle:
- “A lot of people actually go about to have a business because they want to make money, not thinking, ‘Oh, I'm also the CEO of this business, which is a completely needed role.’” (Leila, 01:37)
- Leila affirms that both paths—individual wealth building or leadership—are valid:
  - “There's nothing wrong with either of them. They're both great. It's just like, you have to know what you want for yourself.” (Leila, 01:48)

Notable Quotes & Memorable Moments

On Millionaire Myths:
“I think that it's kind of BS that people are like, you have to have these qualities. And once you become the person worthy of a million dollars, you can have a million dollars. Like, no…” (Leila, 00:10)
On Leadership Qualities:
“If you can have industriousness and enthusiasm, then that can create somebody who can become a millionaire CEO.” (Leila, 01:07)
On Responsibility:
“If you want to be a millionaire CEO, you typically are responsible for other people. That means you have to align their goals with yours, which means you have to actually be cognizant of what their goals are…” (Leila, 01:22)
Blunt Advice:
“You have to give a shit. And I think a lot of people don't give a shit, and that's okay. Just don't be a CEO, right?” (Leila, 01:31)

Important Timestamps

00:00: Introduction: The difference between a millionaire and a millionaire CEO
00:39: Industriousness as an essential CEO trait
00:53: Enthusiasm needed to build and keep a team
01:14: Audience Q: “Why could somebody who makes a million not become a millionaire CEO?”
01:18 – 01:48: Responsibilities of leadership and importance of self-awareness in choosing your path

Tone & Language

Leila’s delivery is direct, practical, and occasionally blunt, cutting through business myths with both humor and experienced insight. She emphasizes self-awareness and respects different approaches to wealth, making this episode empowering for aspiring entrepreneurs and established founders alike.

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Transcript3 lines

[00:00]
A
I think there's a difference between becoming a millionaire and becoming a millionaire CEO. So I'd say if you want to become a millionaire, then you just need to understand how to make money. And there's a lot of ways to make money. And honestly, you don't need to be a great person to do that. I think that it's kind of BS that people are like, you have to have these qualities. And once you become the person worthy of a million dollars, you can have a million dollars. Like, no, you can have a million dollars, you know, selling drugs on the street. Like, honestly. But to become a millionaire CEO, I think that you have to have some basics in place which are, I would say two that come to mind are industriousness and enthusiasm. So if you think about a CEO, they have to be able to work hard and not. Not just put it in the hours, but actually get into the workflow, right? They have to be able to do meaningful work on a consistent basis without needing to get too much rest. That's totally fine. But in order to be a millionaire CEO, I think you do need that trait. The other side of that is enthusiasm, which is if you're working, grinding all the time, but you're not enthusiastic at all, it's really hard to get people to want to work with you. People will, and there is a likely chance that you could make it to a million dollars in terms of revenue. But people aren't going to want to stay there because they're going to get burnt out, burnt out feeling, right? Which is like they feel like they're. But it's all drudgery and there's no excitement, there's no enthusiasm, there's no passion behind it. So I think if you can have industriousness and enthusiasm, then that can create somebody who can become a millionaire CEO. Now, in order to get to the next levels, I think there's a lot more that you have to add on. But I would say those are like the two essential skills that have to get stacked together.
[01:14]
B
Why could somebody who makes a million not become a millionaire CEO?
[01:19]
A
Because in one scenario you're responsible for yourself and another scenario you're responsible for others. And so I think a lot of people can make a million dollars just looking out for themselves and just thinking about themselves and doing something that's more of like a high level, individual contributor type work versus if you want to be a millionaire CEO, you typically are responsible for other people. That means you have to align their goals with yours, which means you have to actually be cognizant of what their goals are, which means you have to give a shit. And I think a lot of people don't give a shit, and that's okay. Just don't be a CEO, right? And I think a lot of people actually go about to have a business because they want to make money, not thinking, oh, I'm also the CEO of this business, which is a completely needed role. And that's a completely different thing than making money in isolation. So I think there's nothing wrong wrong with either of them. They're both great. It's just like, you have to know what you want for yourself.