Podcast Summary: Build with Leila Hormozi | Ep 215: The Right & Wrong Time To Be Patient

Introduction to Patience in Business

In Episode 215 of "Build with Leila Hormozi," titled "The Right & Wrong Time To Be Patient," host Leila Hormozi delves into the nuanced role of patience within the business landscape. Released on December 6, 2024, Hormozi shares personal reflections and strategic insights on when patience serves as an asset and when it becomes a liability. Drawing from her extensive experience scaling businesses to over $100 million by the age of 28 and growing acquisition.com into a billion-dollar portfolio, Hormozi offers a balanced perspective on leveraging patience to foster growth and avoid stagnation.

The Dual Nature of Patience: Superpower and Kryptonite

Hormozi begins by acknowledging her inherent patience, highlighting it as a cornerstone of her success. She references a definition by her friend Dr. Kashi, who describes patience as "finding something to do in the meantime" ([05:30]). This pragmatic approach allows Hormozi to remain active and productive rather than succumbing to idle contemplation, which she finds counterproductive.

"I consider myself to be a patient person, but I'm having this actual, like, inner debate around where patience is best and where it's not." ([04:50])

However, Hormozi candidly admits that patience can also be detrimental, labeling it her "kryptonite" in certain contexts. This duality sets the stage for her exploration of the conditions under which patience either propels a business forward or hinders its progress.

Advantages of Patience

1. Developing People

   Hormozi emphasizes that patience is instrumental in employee development. By allowing team members to fail and learn, she fosters a culture of continuous improvement.

   "Patience allows people in my business to fail and learn." ([08:15])

   She shares her method of quickly redirecting focus towards solutions rather than dwelling on mistakes, thereby promoting resilience and skill acquisition without fostering a culture of fear or coddling.

2. Long-Term Decision Making

   Patience plays a critical role in strategic planning and decision-making. Hormozi argues that rushing long-term initiatives can lead to subpar outcomes and wasted resources.

   "Patience often helps us make better long term decisions and usually build better products." ([12:45])

   She underscores the importance of investing time in getting things right the first time to avoid costly rework, likening haste to building a rocket that could fail disastrously due to insufficient preparation.

3. Building Trust and Loyalty

   Patience is pivotal in cultivating trust and loyalty both within the team and with customers. Hormozi believes that showing patience with employees fosters a sense of security and commitment.

   "Patience builds trust and loyalty." ([15:20])

   By demonstrating patience, she has built long-lasting relationships with her team members, who feel valued and supported, thereby enhancing overall team cohesion and morale.

Disadvantages of Patience

1. Allowing Poor Performance

   Hormozi warns against the dangers of excessive patience, particularly when it allows underperforming employees to linger without improvement.

   "Patience can very quickly turn into putting off a hard decision." ([20:10])

   She explains that while patience is valuable, it should not come at the expense of business performance. Prolonged tolerance of mediocrity can drain resources and demotivate high-performing team members.

2. Tolerating Low Standards

   Excessive patience may lead to lowering performance standards, especially among new managers who might inadvertently coddle employees to the point of dependency.

   "When your patience has turned into you tolerating poor performance and lowering your standards... they’re fucking losing respect for you." ([25:30])

   Hormozi highlights the importance of maintaining high standards and not allowing insufficient performance to erode team culture and respect.

3. When Customers Pay for Incompetence

   One of the most critical downsides of patience is when it results in customers bearing the brunt of employee incompetence.

   "You never want your customers to pay for your employees' incompetence." ([30:05])

   Protecting the customer experience is paramount, and Hormozi stresses that impatience in rectifying employee shortcomings is essential to maintaining a strong reputation and customer trust.

Guiding Rules for Patience

To navigate the complexities of patience in business, Hormozi offers several guiding principles:

1. Impatient with Effort, Patient with Results

   "If somebody's not deploying their 110% into effort, I will not be patient with them." ([35:20])

   Hormozi differentiates between effort and results, advocating for impatience when effort is lacking while exercising patience when team members are diligently striving towards improvement.

2. Patience Accelerates Processes

   "Patience means it happens faster because you only have to do it once. Rushing makes things take longer because you have to start over." ([40:00])

   She explains that taking the time to do things correctly initially can prevent delays and the need for rework, thereby speeding up overall progress.

3. Having Productive Activities During Patient Times

   "If you want to be patient, you want to figure out what to do instead." ([45:15])

   Hormozi advises identifying productive activities to engage in while waiting for results, such as enhancing processes, creating training programs, or developing new skills, to maximize the use of patience.

Conclusion

In this insightful episode, Leila Hormozi navigates the delicate balance between patience and impatience in business. She articulates how patience, when applied judiciously, can be a powerful tool for developing talent, making strategic decisions, and building trust. Conversely, unchecked patience can lead to complacency, diminished standards, and compromised customer satisfaction. Hormozi's practical guidelines empower business leaders to discern when to exercise patience and when to act decisively, ensuring that patience remains a strength rather than becoming an impediment to growth.

"Successful actions precede success." ([50:30])

This mantra encapsulates her belief that patience, combined with persistent effort, ultimately leads to sustainable success.

Notable Quotes with Timestamps

• "I consider myself to be a patient person, but I'm having this actual, like, inner debate around where patience is best and where it's not." — [04:50]
• "Patience allows people in my business to fail and learn." — [08:15]
• "Patience often helps us make better long term decisions and usually build better products." — [12:45]
• "Patience builds trust and loyalty." — [15:20]
• "Patience can very quickly turn into putting off a hard decision." — [20:10]
• "When your patience has turned into you tolerating poor performance and lowering your standards... they’re fucking losing respect for you." — [25:30]
• "You never want your customers to pay for your employees' incompetence." — [30:05]
• "If somebody's not deploying their 110% into effort, I will not be patient with them." — [35:20]
• "Patience means it happens faster because you only have to do it once. Rushing makes things take longer because you have to start over." — [40:00]
• "If you want to be patient, you want to figure out what to do instead." — [45:15]
• "Successful actions precede success." — [50:30]

Final Thoughts

Leila Hormozi's exploration of patience in this episode serves as a valuable guide for entrepreneurs and business leaders striving to build resilient and high-performing organizations. By understanding when to be patient and when to act with urgency, leaders can foster environments that balance growth, accountability, and excellence.