Advice for First Time Founders In Business

Summary

• If you're starting your first company, it's very important to learn about each part of the business so you can help others become great leaders in those areas.
• At Acquisition.com, I recognize that taking on too many roles myself isn't good for the company's health.
• When you have the means to hire, it's a wise strategy to personally handle a position briefly before delegating to someone with more expertise.
• While it can be challenging, outsourcing tasks to more knowledgeable individuals helps the business grow more effectively.

Video

How To Take Action

I would suggest starting small and focusing on learning one part of your business at a time. Get to know how each department works. This way, you can help others learn to lead those areas better. If you're running the show on your own, take the time to understand the basics before you bring on more people.

Remember, it's not good to do everything yourself. It can slow your business down. So, once you understand a job, try to find someone who knows more than you to take over. This might be hard at first, but it's a smart move. It lets you focus on growing your business in other ways.

A good way of doing this is by doing a new job yourself for just a little bit. Learn the ropes, see what's needed, and then give it to someone else who's an expert. This helps your company do better because you have the right people in the right spots.

Even if you're just starting or looking to grow yourself, these steps can help. Learn first, then teach and find others who can do the job well. This is how you can build a business or improve on your own skills without spending too much money or time. Always aim to find the balance between being involved and knowing when to step back for the good of your work and yourself.

Quotes by Leila Hormozi

"If you're a first-time founder it is incredibly beneficial to have enough knowledge in each department"

– Leila Hormozi

"You understand how to best coach somebody on being the best leader for it"

– Leila Hormozi

"I can't say oh I'm going to wear the hat of like four new roles"

– Leila Hormozi

"It wouldn't be good for the business"

– Leila Hormozi

"Outsourcing it to somebody else who has more knowledge in that than I do"

– Leila Hormozi

Full Transcript

if you're a first-time founder it is incredibly beneficial to have enough knowledge in each department that you understand how to best coach somebody on being the best leader for it now in acquisition. comom I can't say oh I'm going to wear the hat of like four new roles it wouldn't be good for the business if you have the resources to hire early doing a role for a short amount of time makes sense and then Outsourcing it to somebody else who has more knowledge in that than I do which can be harder