How Companies REALLY Survive
Summary
- When considering the future of your business, ask yourself what type of business you would start today, given the industry's direction.
- Stay alert to industry changes, such as AI, and recognize when your current model might become obsolete.
- Decide if you want to pivot your business to adapt to new technology or continue with the current model until it's no longer viable.
- If choosing to pivot, reinvest your profits into developing the new direction, like creating software that keeps you competitive.
- Understand that long-term survival often requires transforming into a fundamentally different kind of company.
Video
How To Take Action
I would suggest constantly checking what's going on in your field. This will help you see changes early. To do this, you can read industry news, join online forums, and talk to others in your field.
When you see changes, like new tech, think about how your business might need to change too. Ask, "If I started my business today, what would it look like?" This helps you think fresh and stay ahead.
You have to decide if you want to change your business to use new tech or keep it the same until it's not working anymore. Either way is okay, but knowing your choice helps you plan.
If you decide to change, use your profits to build new things for your business. For example, if you run a book course and AI is changing how people write, you might start making a writing app.
Remember, to keep your business strong for a long time, sometimes it needs to become something totally different. Just like how some businesses that started selling books now make e-readers or streaming shows.
Try these steps:
Keep Learning: Every day, spend some time learning about your industry's trends. It doesn't cost money, just a little time.
Make a Choice: Decide if you will change your business to keep up with tech, or stick with what you have until you can't.
Invest Smart: If you change, carefully put your money into new projects that will keep you competitive.
- Be Open to Change: Be ready to turn your business into something new if that's what it takes to thrive.
Quotes by Leila Hormozi
"if I were to start my business over from day one what kind of business would I be"
– Leila Hormozi
"as soon as AI started coming out I was like I think we've got like three years tops before this is just completely irrelevant"
– Leila Hormozi
"either we say hey we're going to become a software company or we say we'll ride this into the sunset and just like rip out cash"
– Leila Hormozi
"we're going to take all the money that we're making and then we're going to pour it into building this software"
– Leila Hormozi
"at some point in every company the way a company survives is it becomes a different type of company"
– Leila Hormozi
Full Transcript
depending on the industry the direction it's going I think you have to ask yourself if I were to start my business over from day one what kind of business would I be we have a company that teaches people how to write and publish books and as soon as AI started coming out I was like I think we've got like three years tops before this is just completely irrelevant and so either we say hey we're going to become a software company or we say we'll ride this into the sunset and just like rip out cash what do you want to do and they were like we don't want to end this and so I said cool so what we're going to do is we're going to take all the money that we're making and then we're going to pour it into building this software and beating everybody at some point in every company the way a company survives is it becomes a different type of company
