Most Businesses Don’t Last…

Summary

• Keeping a business is harder than starting one. Many people don’t expect it to be that hard.
• It’s not supposed to be easy, which is why few businesses last year after year, decade after decade.
• Things change quickly, and it's tough for people to keep up.
• Many people get short-term reinforcement and struggle with delaying gratification these days.
• Starting something once and making a one-time decision is very different from maintaining a commitment.
• Keeping a commitment involves making small, hard decisions day after day.

Video

How To Take Action

I would suggest implementing strategies that help with keeping up the commitment day by day. This means focusing on the small, consistent actions that add up over time.

For your business, think about setting daily or weekly goals that are achievable. Small, consistent actions can lead to big results. For example, if you're a small business owner, make a habit of reaching out to one new customer each day. It’s a small step, but over time, it creates a lot of new opportunities.

A good way of doing this is to create a physical or digital checklist. Each day, mark off the tasks you complete. This gives you a visual reminder and some immediate reinforcement for your work, which can help maintain your motivation.

Things change quickly, so it's important to stay flexible and adaptable. Spend a little time each week learning about new trends in your industry. This doesn't have to be time-consuming; even just 15 minutes a week can keep you updated.

Another useful strategy is learning to delay gratification. Instead of focusing on immediate rewards, think long-term. For example, instead of spending revenue on short-term perks, consider investing it back into the business. This could mean saving for better equipment or marketing campaigns that will pay off down the line.

Lastly, maintaining a commitment is all about making small, hard decisions day after day. Break down big goals into smaller, manageable tasks. Celebrate your progress, no matter how small. This will help you stay committed over the long haul and make the bigger challenges feel more manageable.

Quotes by Leila Hormozi

"keeping one is harder"

– Leila Hormozi

"people don't expect it to be as hard as it is"

– Leila Hormozi

"things change quickly"

– Leila Hormozi

"people get a lot of short-term reinforcement"

– Leila Hormozi

"making a small decision day after day that is hard"

– Leila Hormozi

Full Transcript

keeping one is harder people don't expect it to be as hard as it is it's not supposed to be easy that's why so few businesses make it year after year decade after decade things change quickly people can't keep up with it and people get a lot of short-term reinforcement and don't know how to delay gratification as much as they used to starting something one time making a one-time decision to do something very different than keeping a commitment which is making a small decision day after day that is hard