Answering Your Most Asked Business Questions for 27min

Summary

• It's crucial to surround myself with people I'd choose to go to war with. Having a strong, loyal team makes it hard to fail.

• Don't take business problems too seriously. They often seem overwhelming but, in reality, they're not going to harm anybody.

• Resiliency is about quickly returning to baseline after problems arise. Over time, I've improved my ability to regulate emotions in moments of stress, focusing on reducing reaction time.

• Experiencing emotional suffering is survivable. Accepting that emotions come and go helps build resilience and prevents me from getting stuck.

• As a leader, I can't vent downwards in the company structure. I need a support system like an executive assistant team to disclose my feelings.

• When sharing equity with partners, it's essential to ensure they can create something out of nothing with minimal guidance. If a partner isn't meeting these expectations, it might require restructuring roles and compensation.

• Accountability is about setting clear expectations, tying them to measurable metrics, and providing feedback. Systems for accountability help the team members' focus and performance.

• Persuasion in sales gets stronger when there's authority. Building authority for team members improves their effectiveness.

• It’s important to align business strategies with personal preferences and business goals. When planning for the future, I prioritize strategies that align with what's sustainable and realistic for the business's growth and potential sale.

• Building an audience or being the face of a brand isn’t always necessary, especially if the goal is to sell the business. Other strategies, like having multiple endorsers, might be more effective and beneficial for the business's value.

• To support celebrities or influencers endorsing my brand, create an endorsement toolkit with necessary information and resources, minimizing the dependence on direct involvement from the team.

• Transitioning from doing all tasks to managing those who do them involves demonstrating tasks, documenting processes, and ensuring the new hire can at least perform existing duties before suggesting improvements.

• If I bring in someone for a role I'm not proficient in, they should have expertise, as I can only ensure alignment with company culture and values.

• Understanding enough about every function ensures I can detect underperformance or deception, making me effectively the head generalist in my company. When hiring for an unfamiliar role, interview multiple candidates to identify core competencies required for success.

Video

How To Take Action

I would suggest starting by surrounding yourself with a trustworthy and loyal team. Pick those you'd confidently take into challenging situations, almost like going to war. These are the people who will help you succeed and provide support during tough times.

A good way of handling stress is not to take business problems too seriously. Remember that business challenges won't harm your loved ones or you. Try to quickly return to a calm state after problems arise, and don't dwell on them longer than necessary. This helps in building emotional resilience.

When something upsetting happens, focus on how fast you can bounce back. Measure your emotional resilience by how quickly you can return to a calm state. With time, you'll get better at quickly calming yourself and addressing issues.

As a leader, it's important not to vent downward within your organization. Instead, have a trusted support system, like an executive assistant team, for this purpose. This way, you're not burdening your team with your stresses, and you have a place to seek advice and support.

If you're working with partners or sharing equity, make sure they can achieve things with little guidance. If not, it might be necessary to reassess their roles and compensation. Additionally, consider implementing an accountability system for your team. Set clear expectations, tie them to measurable outcomes, and provide feedback regularly.

Lastly, build authority in sales to increase persuasion. Develop authority among your team members and make use of existing influential personas for endorsements rather than trying to do everything yourself—especially if your goal is to eventually sell the business.

Quotes by Leila Hormozi

> #### "Find people that you feel like I would choose this person to go to war with"
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> *- Leila Hormozi*



> #### "This kind of situation only gets worse with time not better"
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> *- Leila Hormozi*



> #### "Just don't take it too seriously because it's like if I zoom all the way out"
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> *- Leila Hormozi*



> #### "Resiliency is just how quickly can you go back here to where you were prior"
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> *- Leila Hormozi*



> #### "I try really hard not to worry about the things that aren't going to kill me"
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> *- Leila Hormozi*