I Got Slapped In The Face Too
Summary
- I don't want to invest in someone who hasn't faced significant challenges because those experiences build resilience.
- People can make the right decisions and still face unexpected outcomes due to external factors.
- Entrepreneurs who think they are invincible are more likely to fail.
- I've seen this happen in multiple portfolio companies, like one that was successful for three years.
- After three years, the founder wanted to change the strategy drastically, taking significant risks.
- We advised that the plan sounded very risky, but the founder insisted he had always been right before.
- Eventually, everyone faces a challenge that makes them realize they can be wrong.
Video
How To Take Action
I would suggest implementing strategies to build resilience and stay grounded in both business and personal growth.
Start by embracing challenges and failures. Understand that facing difficult situations and bouncing back builds your resilience. When something doesn’t go as planned, reflect on what happened, learn from it, and adjust your approach.
Another good way to stay grounded is to continually assess your risks and decisions. Remind yourself that even successful decisions can go wrong due to factors outside your control. It's important to remain humble and cautious. Create a list of potential risks for any new strategy and develop contingency plans to address them.
For entrepreneurs, avoid drastic changes without thorough analysis. Use data and feedback to make informed decisions. For example, if you're planning to pivot your business strategy, test the new approach on a small scale first before fully committing. This minimizes risk and provides valuable insights without jeopardizing the entire operation.
In terms of personal growth, seek feedback regularly. Don’t surround yourself only with people who agree with you. Challenge your ideas and be open to criticism. This practice ensures ongoing improvement and prevents overconfidence.
Lastly, keep documenting your journey. Maintain a journal to record your decisions, the outcomes, and the key lessons learned. This helps in staying reflective and balanced, making it easier to navigate future challenges with a level-headed approach.
By implementing these strategies, you ensure steady growth and avoid the pitfalls of overconfidence, preparing you to handle any situation with resilience and wisdom.
Quotes by Leila Hormozi
"I don't want to deal with somebody and I don't want to invest in an entrepreneur who hasn't been slapped in the face"
– Leila Hormozi
"Until somebody has that first season that they go through where they realize that they can make decisions in the right Manner and still make the wrong decisions"
– Leila Hormozi
"People will continue to fail because they think they're Untouchable"
– Leila Hormozi
"I've been right every time if you wait long enough you'll be wrong and then you will realize"
– Leila Hormozi
"Forces outside of their business dictate what happens"
– Leila Hormozi
Full Transcript
I don't want to do deal with somebody and I don't want to invest in an entrepreneur who hasn't been slapped in the face and I think that what I've noticed is that until somebody has the first season that they go through where they realize that they can make decisions in the right Manner and still make the wrong decisions and still have forces outside of their business dictate what happens I think people will continue to fail because they they think they're Untouchable and you know unfortunately I've witnessed this in multiple portfolio companies we had one that's like super successful for like 3 years and at the threee Mark the Founder's like I don't think this this plan makes any sense I think we're going to do X instead and we're going to go all in on that and we were like that sounds incredibly hard you're risking the whole company you're doing all these it was all these decisions that made no sense he was like I've been right every time if you wait long enough you'll be wrong and then you will realize
