Get Rid of the “Jeffs” On Your Team
Summary
- When identifying opportunities, always be cautious about the team involved; a good business opportunity can be undermined by an unreliable team.
- Make sure to assess the character and track record of the people you're considering working with.
- A business with a great customer acquisition strategy or market advantage can still fail if the team isn't strong.
- It's common for businesses that seemed promising due to market arbitrage or 'blue ocean' strategies to struggle if the team lacks integrity or capability.
- Your intuition about people is important; if someone seems unreliable or 'fishy,' trust that feeling.
- Even with potential high returns, avoid investing in businesses with questionable teams; you're likely to face issues later on.
- Reflecting back on passed opportunities that ultimately failed often reinforces the importance of evaluating the people, not just the business plan.
Video
How To Take Action
A good way of doing business is to pay close attention to who you work with. When you spot a good opportunity, look at the team too. A smart strategy for getting customers means nothing if your team isn't dependable.
I would suggest checking out a person's history before you team up. Have they been in successful projects before? Are they trustworthy? If so, they might bring good things to your business.
When you size up a team, trust your gut. If someone gives you a weird feeling, or something seems off, it's probably best to step back. I would tell you to trust that little voice that says something isn't right.
Even if a business looks like it could make a lot of money, if the team isn't great, I would say don't put your money or time into it. Chances are, you'll run into problems later.
Lastly, if you ever think back to a chance you missed, and learn it didn't go well, take a moment to think about the team. Often, what seemed like a great idea fell apart because the team wasn't up to the task. Remembering this can help you make smarter choices in the future.
So, to sum it up:
- Look closely at the team, not just the business idea.
- Research the people involved in the project.
- Listen to your instincts about others.
- Be cautious where you invest your money and effort.
- Use past experiences to guide future decisions.
These simple steps don't cost much but can save you lots of trouble. They help you decide where to put your time and money for the best chance of success.
Quotes by Leila Hormozi
"They find a way to up that opportunity"
– Leila Hormozi
"They find a way to lose"
– Leila Hormozi
"I can't even like tell you the amount of times"
– Leila Hormozi
"They've completely exposed some kind of Arbitrage on the market"
– Leila Hormozi
"The business is taking a turn and I'm like what happened"
– Leila Hormozi
Full Transcript
they find a way to up that opportunity like they find a way to lose I can't even like tell you the amount of times that like there's been an insane business with like some crazy way to acquire customers like they've completely exposed some kind of Arbitrage on the market hit blue ocean whatever it is they just have a up team it's played out damn near every time that we've avoided one of those Investments that like we get a call like a year later or two years later and they're like damn like we really need help now the business is taking a turn and I'm like I happened they're like oh you know Jeff he ended up and I was like yeah I remember Jeff seemed like a fishy fella you know what I mean like it's like it's just the people on the team
