I Had A Ton of Business Debt
Summary
- You can't play God in your business; it's harmful to create a culture where people only tell you what you want to hear.
- Early in my entrepreneurship journey, I realized I'd accumulated a lot of debt in various forms: infrastructure, talent, management, and tech.
- It's important to recognize that I don't get everything right the first time, and that's okay.
- Experiencing challenges early on is actually a blessing because it makes you more aware and better prepared for future obstacles.
Video
How To Take Action
Implementation Strategies
I would suggest implementing open communication in your business. Encourage your team to be honest and share their real thoughts. This way, you’ll get more accurate feedback and avoid creating a culture where people only tell you what you want to hear.
A good way of doing this is by setting up regular, informal check-ins with your team. Ask specific questions about what's working and what isn't. Show appreciation for their honesty to build trust.
Next, take a hard look at any debts in your business—whether it’s infrastructure, talent, management, or tech. Start with identifying areas where you’ve perhaps put in too much too soon. For instance, did you buy an expensive software that your team hardly uses? If yes, consider switching to a lower-cost option with similar features.
Recognize and accept that you won't get everything right the first time. This mindset is crucial. Instead of beating yourself up, see every mistake as a learning opportunity. When you make a mistake, take note and think about how you can avoid it in the future.
Experiencing challenges early on can be a blessing. They prepare you for future obstacles, so don’t shy away from them. Embrace the learning process. Keep a journal of lessons learned from each challenge and review it regularly. This way, you’re turning every setback into a stepping stone for growth.
By fostering open communication, auditing your debts, and embracing challenges as learning opportunities, you'll set a solid foundation for lasting success.
Quotes by Leila Hormozi
"You can't play God in your business"
- Leila Hormozi
"A lot of people do get almost drunk on the power"
- Leila Hormozi
"They can get everybody to only tell them good things"
- Leila Hormozi
"I feel like I just like ate I realized that we had grown the company really fast"
- Leila Hormozi
"You're lucky if it happens earlier because it wakes you up"
- Leila Hormozi
Full Transcript
you can't play God in your business and I think a lot of people do get almost drunk on the power that they feel to the fact that they have created this environment where if they so choose they can get everybody to only tell them good things and only tell them how good they are because they will punish people who don't in the third year of Entrepreneurship for me I feel like I just like ate I realized that we had grown the company really fast I had a ton of infrastructure debt I had a ton of talent debt management debt Tech debt everything you can think of and then I realized I was like I'm not in and I don't do everything correctly the first time a lot of people just haven't gotten to that point yet where they've had that happen it's funny I don't think they're lucky I think it's actually you're lucky if it happens earlier because it wakes you up to the fact that
