How to go from $0 to MILLIONAIRE
Summary
- When starting a business, lacking tactical skills isn't as detrimental to success as lacking emotional or behavioral skills such as stress management.
- Success comes more easily to those who can productively manage emotional responses rather than letting emotions set them back.
- Overthinking and overanalyzing are common initial hurdles due to fear of the unknown, but recognizing thoughts as part of the process can help you overcome this.
- During the starter phase, when you realize you need help, it's beneficial to seek a mentor or guidance—someone who shares your values and can provide industry-specific tactical knowledge.
- The best mentors not only have the skills you need but also align with your values, ensuring their advice is compatible with how you want to conduct your business.
- In the producer phase, you may see sporadic results, feel highs and lows, and lack consistency; it's important to double down during this phase rather than giving up.
- Achieving consistency in your actions leads to consistent results, which can stabilize the business fluctuations experienced in the producer phase.
- When you reach the master phase, or unconscious competence, business functions flow naturally, and success becomes more effortless as your skills have been honed through experience.
- Self-awareness is critical; if you're unsure of your level of competence, seek feedback from employees, clients, friends, or family.
- Mastering business is an ongoing process; the skills to grow a business from $0 to $1 million are different from those needed to scale from $1 million and beyond.
- As businesses progress, the focus shifts from product-centric to team-centric, underlining the importance of building and managing a capable team.
Video
How To Take Action
A good way of doing better in starting a business is by working on stress management and how you react to feelings. When I start feeling overwhelmed, I focus on managing my emotions in a way that helps me move forward, not backward. Here is what you can do:
Don't worry if you're overthinking at first. Know that it's normal to feel scared about starting something new. Remind yourself that these thoughts are just part of the process, and they will pass.
Look for a mentor or someone who knows a lot about what you're doing and shares your values. This person can give you practical advice that fits with how you want to run your business.
When you see that you're getting different results every time, don't quit. Instead, keep doing the work that brings good results. Try to do the same important tasks every day, so your business will start to grow more evenly.
Ask for advice when you feel stuck. Talk to your employees, clients, friends, or family. They can help you see things about yourself that you might not notice.
Remember that running a business is always changing. What you do to make your first $1 million may not be the same as what you do to make more money. As your business gets bigger, focus on working well with your team.
By following these steps, you'll get better at handling your business every day and keep growing!
Quotes by Leila Hormozi
"Everybody lacks the tactical skills when they're starting because they've never done it before"
– Leila Hormozi
"Most of the time business is common sense but people don't take the time to think"
– Leila Hormozi
"The reason that most people give up at the stage is just the fear of the unknown"
– Leila Hormozi
"Feeling that way is the cost of the success you're going to have in the future"
– Leila Hormozi
"Most people get stuck at the producer phase literally just because they lack consistency"
– Leila Hormozi
Full Transcript
start a business at zero and get a two million dollars in Revenue everybody lacks like the Tactical skills when they're starting because they've never done it before but I actually think what sets people up for failure is when they lack the emotional or behavioral skills dealing with stress managing yourself managing your state managing your actions and reactions to how you're feeling the people who I see succeed quickly are the ones who already have like the emotional discipline when an emotion arises their reaction to it is actually unproductive and sets them back versus the people that have the emotional skills their reaction to the event or to the emotion is productive and it propels them forward being a entrepreneur like what that looks like is a lot of times you're unaware that you're in this overthinking over analyzing phase it's normal because our brain is fearful of the unknown and so it's like the thought of starting a business is so scary It's like got to be this huge hard awful thing and the longer we prolong not starting the business the bigger this like monster I like to say behind the closed captioning not available [Music] islands that you can actually think through and come to your own organic answer most of the time business is common sense but people don't take the time to think when you get to the second phase which is like a starter which is conscious incompetence that's really when you're able to take the first step so you're not like being dictated by fear anymore and you're able to actually apply knowledge that you learned you are aware of the fact that you have no idea what you're doing that is when most of the time people start looking for help they start looking for guidance because they realize like okay I've now taken the step I'm not in it I'm committed I have no clue what I need to do next you've built the LLC you've maybe got like a few people from like your network that are your customers but like you haven't figured out how to Market you haven't figured out how to sell and you're not consistent with anything the reason that most people give up at the stage is just it's just the fear of the unknown it's like you're just very uncomfortable and a lot of people can't push through that discomfort to get to the side where you actually know what to do and you actually have a little bit of traction if this is your first business you've never done this before and you don't know what's going on of course you're scared and uncomfortable like if we could just accept that that is part of the journey like feeling that way is the cost of the success you're going to have in the future I think that in the starter phase is probably the best time to explore finding Mentor I'm hesitant to say like find a mentor and you must have a mentor I don't believe that to be true I think that you have to find a source of information that can help guide you then that would be extremely helpful the most successful Mentor mentee relationships that I have ever had have been where that person has the same values as me I would look for somebody who has not just the skills that I need at the time but they have the values because what I'll tell you is that if they have different values than you then they will use different skills to accomplish the goal and they might be skills and they might be tactics that you might not like and you might not jive with and so it makes more sense to make sure you're aligned on both fronts than it is to look for just the skills and that alone try to find somebody who has industry or Niche knowledge you don't need strategic guidance at this point you need tactical knowledge and so it makes more sense to find a mentor who even if they're not at like the absolute level that you'd like to get to they have the tactics that you need at the level you're at right now the next phase which is the producer phase it's when you've been able to produce results now they're not consistent reliable results but you're able to produce some results so you've gotten enough Clarity that you've taken action and move forward and you started selling something to somebody on some channel one day you're like the business is amazing the next day you're like this blows and I hate this I'm gonna blow my brains out people get stuck here when they're in that like Valley I would say like Valley of Despair or Valley of and then they feel like because they're there they should go do something else they should stop they should pursue something else when a reality is like that's when you want to double down because eventually once you get through this it just kind of goes like this like huge and then it gets smaller and smaller and then you finally grow I know when I was in this phase it was like I was making sales but it wasn't consistent week over week I had no trends no reliable data and I wasn't sure if I was like awesome or completely sucked it was like every other day it was like a switch in terms of what I thought of myself most people get stuck at the producer phase literally just because they lack consistency doing the same things day in day out to produce a consistent result and so that's why it goes up and down it's not like it's some volatile unknown thing it's that you are volatile and therefore everything in the businesses as well because you're not consistent in terms of your discipline to adhere to an action that will produce a winning result and then when you get to master which is unconscious competence you do not need to think about what you're doing and you will do it well so this is like somebody who's a weight lifter and say they've been in the gym for years and they go to deadlift and without thinking about what their four needs to look like and how they grab the bar they just do it the same goes for business so once you get to that level where you are a master the way that you get leads the way that you build your marketing messaging the way you write copy the way you sell the way that you talk to customers you're doing it without even thinking about it therefore it takes less effort you're finally in flow you have something that's working you feel good about it and it doesn't take nearly as much effort as it took in the beginning if you're not self-aware and you're like I don't know what level I'm at in this hierarchy ask your employees ask some of your best clients ask your friends ask your family when we're not aware of something that we're doing the best thing that we can do is ask for outside opinion the stage of Master is really mastering the size business you currently have it's not that you have mastered business itself and so you've mastered zero to one now what it takes to go from 1 to 10 and 10 to 30 and 30 to 50 and 50 to 100 are completely different skill sets the next theme in my opinion is like teams it was all about you and your product it now it has to transition to be a while about like you and your team
