Podcast Summary: Build with Leila Hormozi – Episode 213: Success Secrets From A $3B CEO - Sharran Srivatsaa

Introduction and Background

In Episode 213 of Build with Leila Hormozi, host Leila Hormozi sits down with her longtime friend and esteemed entrepreneur, Sharran Srivatsaa. Sharran is a four-time Inc. 500 entrepreneur with five successful exits over the past 19 years. Notably, he scaled Telus Properties by 10x in five years, achieving $3.4 billion in sales before selling to Douglas Elliman. Currently, Sharran serves as the President of Real, the fastest-growing real estate brokerage, which is adding over 1,000 new agents monthly in 2024 under his leadership.

Hustle vs. Progress

The conversation kicks off with a deep dive into the prevalent entrepreneurial myth that constant hustle and grind are the sole pathways to success. While Sharran acknowledges the importance of hard work, he emphasizes that without perceivable progress, relentless grinding can lead to burnout and resentment.

Sharran [01:13]: "Hustle and grind works. You know, at some point there's the whole answer to success is you should know what you want. You should have a plan and you should do the work."

Sharran argues that the key difference lies in engineering small wins that provide motivation and a sense of progress, making the hustle feel purposeful rather than exhausting.

Sequencing and Working Smart

A critical aspect discussed is the concept of sequencing—doing tasks in the right order to maximize effectiveness. Sharran points out that many entrepreneurs work incredibly hard but on the wrong tasks because they’ve missed the proper sequence.

Sharran [03:25]: "Most of the time, when people are struggling and not getting the result is you just don't have a sequencing problem."

He illustrates this with the example of running Facebook ads without having a lead magnet in place, leading to ineffective marketing efforts despite hard work.

Building and Iterating: The Shitty First Draft

Sharran introduces the philosophy of creating “shitty first drafts” to overcome the paralysis of perfectionism. By rapidly developing initial versions of projects, entrepreneurs can iterate and improve based on real feedback rather than waiting indefinitely for perfection.

Sharran [05:23]: "If you have an idea, let's get version one as fast as possible. We call it the shitty first draft."

This approach contrasts with the tendency to wait months to create perfect products or plans, advocating instead for swift action and continuous improvement.

The 'Do Better' Question

To foster consistent improvement, Sharran practices what he calls the “Do Better Question” (DBQ):

Sharran [07:00]: "Every night, I call this the dbq, which is the do better question. And I ask myself this question every single night. And that is, what can I do better tomorrow?"

This daily introspection encourages tangible, incremental advancements tailored to individual contexts, making growth more achievable and less abstract.

Managing Stress: Time Blocking and Scheduling

A significant portion of the discussion revolves around effective time management and stress reduction. Sharran shares his strategy of “Creating Tomorrow, Today,” inspired by his father’s disciplined approach to planning daily tasks. By outlining the next day’s objectives each night, Sharran ensures clarity and direction, minimizing morning stress.

Sharran [09:38]: "Tomorrow has to be designed today. Otherwise, I wake up tomorrow and I can't manage the stress because too many things are coming your way."

He further elaborates on time blocking—allocating specific time slots for tasks based on their required effort—to enhance productivity and ensure critical activities receive adequate attention.

Productivity Tools: Sprints and Review Preview

Sharran employs a sprint-based system, similar to software development, where his life is divided into two-week sprints focused on distinct projects. This method allows for structured progress and flexibility in accommodating unexpected tasks without overwhelming his schedule.

Additionally, the “Review Preview” technique ensures that past tasks are acknowledged and future plans are laid out systematically, fostering accountability and preparation.

Teaching and Frameworks

Emphasizing the importance of structured learning, Sharran discusses his “Learning Dogma,” which outlines how people absorb knowledge:

Sharran [25:00]: "When you teach something, you get to learn it twice. But when you document something, you get to learn it forever."

He advocates for organizing information into simple, memorable frameworks—typically limiting to three key points—to enhance retention and application. This method contrasts with the often vague and generic advice prevalent in online entrepreneurial content.

Defining Success: Multidimensional Perspectives

Sharran challenges the conventional, one-dimensional view of success centered solely on financial gains. He introduces a multidimensional framework encompassing five key areas: Money, Relationships, Energy, Skill, and Brand. Each dimension interacts with the others, allowing entrepreneurs to leverage one to advance another, thereby creating a balanced and sustainable path to success.

Sharran [51:21]: "Success is just a trade for what you truly want with what you have."

This holistic approach encourages focusing on building specific assets like skill or brand, which can then be traded or leveraged to achieve financial and relational success.

Mentorship and Support Systems

The discussion highlights the pivotal role of mentorship and strong support systems in entrepreneurial growth. Sharran shares his proactive approach to mentorship, transitioning from generic to “sniper mentors” who specialize in specific areas crucial to his development.

Sharran [72:30]: "I just want to make sure that everyone knows what's going on. My team, I just say, hey, I'm really stressed out."

He underscores the importance of transparent communication with mentors and partners, fostering environments where asking for help is normalized and supported.

Rapid Fire Segment

In a lively rapid-fire segment towards the end, Sharran shares succinct preferences that encapsulate his work philosophy:

• Culture or Strategy? Culture
• Emails or Meetings? Emails
• Fame or Fortune? Fame

These choices reflect his prioritization of organizational culture, efficient communication, and the leveraging of brand fame over mere financial success.

Conclusion and Final Insights

Throughout the episode, Sharran Srivatsaa imparts invaluable lessons on balancing hard work with strategic action, the importance of sequencing tasks correctly, and maintaining a multifaceted view of success. His emphasis on structured productivity tools, effective mentoring, and a supportive personal environment offers a comprehensive blueprint for entrepreneurs aiming to scale their businesses sustainably and thoughtfully.

Listeners are encouraged to implement these strategies—such as the Do Better Question, time blocking, and creating small wins—to build resilient and thriving businesses. Sharran’s insights not only highlight the mechanics of scaling up but also the personal growth necessary to navigate the entrepreneurial journey successfully.

Notable Quotes:

• Sharran [03:25]: "Most of the time when people are struggling and not getting the result is you just don't have a sequencing problem."

• Sharran [08:04]: "What is one thing that I can do tomorrow to make it better than today? That's way easier. That's more tangible."

• Sharran [51:21]: "Success is just a trade for what you truly want with what you have."

• Sharran [77:34]: "Assume that whoever you meet is sent to teach you something."

This episode is a treasure trove of entrepreneurial wisdom, blending actionable strategies with profound philosophical insights, making it a must-listen for aspiring and seasoned business leaders alike.