Your mindset won’t make you rich

Summary

• I've learned that belief in oneself often comes after action, not before. I didn't believe I could do big things, but I did them anyway and gained the belief afterwards.

• It's vital to rely on logic rather than feelings when deciding to go all in on something, like a business opportunity. I check if the market is growing, if I can get talent, and if the economy supports the venture before committing.

• Emotional decision-making can lead to challenges. Earlier on, I may not have all the mechanisms in place to collect data, but once the business grows, it's crucial to make decisions based on data, not gut feelings.

• Disciplined decision-making is necessary for success. It's important to do what's best for the business even if it feels uncomfortable, such as firing someone who isn't right for the team.

• To attract a great mentor, you must first stand out by showing initiative. The best mentors want someone who executes their advice well. I've worked hard, used books and courses to improve, and eventually, mentors came to me.

Video

How To Take Action

I would suggest starting with taking action even if you don't fully believe in yourself. Remember, the belief often comes after you see what you can do. So, try doing small tasks that align with your big goal. This will give you the courage to keep going and believe more in what you can achieve.

When looking at any new business venture, rely on logic instead of just how you feel. Check if the market is growing, if you can get the right people to help, and if the economy is on your side. This means doing your homework and not just guessing.

For emotion in business, don't just go with your gut, especially as your business gets bigger. Even if you can't gather a lot of data in the beginning, aim to get systems in place to help you make data-informed decisions later on. Like, you might need to start tracking your sales or how happy your customers are.

When it comes to making tough decisions, like letting someone go, be disciplined. It might feel bad, but remember that you're doing what's best for your business.

To find a good mentor, show that you can get things done on your own. Use books and courses to learn and make progress. Once you're doing well, mentors might come to you because you're already showing success. They want to help winners become even better. Work hard and stand out – this way, mentors might see you're worth their time and effort.

By following these suggestions, you'll build a stronger foundation for your business and personal growth without spending a lot of time or money.

Quotes by Leila Hormozi

"I've never had the belief I could do it, but I've done it anyways"

– Leila Hormozi

"I think if you're trying to figure out if you should go all in on something, then you have to base it off of logic"

– Leila Hormozi

"It takes discipline of remembering that what is good for your business doesn't feel good in the moment"

– Leila Hormozi

"Most people who are worthy of being a mentor don't need your money, they want somebody who executes to a T"

– Leila Hormozi

"Stand out on your own before you expect somebody to come and save you"

– Leila Hormozi

Full Transcript

all the data points to why this person is awful for the team and yet you don't fire them because you're so uncomfortable with firing them how do I start to believe in myself enough to take action to do something before I've started something really big I've never had the belief I could do it but I've done it anyways however if you need to believe in yourself in order to then take action that's going to be very difficult because the reason why you don't believe in yourself is you have no evidence to support why you could accomplish this thing because it is a new thing you've never done it before your brain has no evidence to pull from of all the reasons why you could do it you actually have to go do the thing to accumulate the evidence to then Compound on that and gain the momentum in the direction you want I've always thought I was going to fail but I have taken the actions like I believed I've looked at other people I've said what do they do what are these successful people doing who do believe in themselves and then I've gained the belief afterwards I think if you're trying to figure out if you should go all in on something then you have to base it off of logic you know if I'm looking at a business is the market growing can I get talent for this business is the economy working against this business on paper does it make sense same goes from when we got married does this person fit all the things that I wrote down of what I said I wanted in a person I have always just relied on that versus does it feel amazing in the moment because feelings are fleeting and so if you want to know if you should call only on something say it's an opportunity like a business opportunity do your research to find out is there an opportunity in this market and do I have the skills to capture that opportunity if you don't have enough self-awareness you've got to ask other people for theirs ask opinions on the outside if I have an idea and I'm like yeah this business sounds like really good I'll bounce it off of people who I know are experts in the field right because there's a lot of things we don't know same goes for investing in a business maybe I think this looks like a great investment I'm going to call somebody who's an absolute expert in the field if I'm not and say like what do you think of this and then I might found out the opposite so if you're not aware enough to know if it's a good opportunity or not find somebody who is and ask them I think a lot of the times when it comes down to how to use emotion versus logic is what data are you using to make decisions and I think that a lot of the times CEOs and Founders that are first time maybe they're inexperienced I know for myself before I understood methodology for making decisions I used to make them off of emotion what you feel is right for the business and a lot of times this is because maybe you aren't data driven you haven't put all the right mechanisms in place to actually collect data in your business so you can make informed decisions off the data rather than your gut feel of what's right for the business and in the beginning you kind of have to go off that field because you don't have all the stuff in place and it doesn't make sense to have it all in place from the get-go once you're like into year one you've got product Market fit you're starting to get a team in place you need to make collecting the right data a priority because the business is going to get too big for you to make decisions off your gut and oftentimes it's going to happen is your gut's going to start being wrong and it's because there's too many variables in play now and that is where most entrepreneurs go wrong is they don't realize that there is a point in time where you kind of to make that switch to start making decisions based off the data is it fun no maybe you got to get a CRM in place you got to get tracking in place then you have to also get people metrics in place even when people get that stuff in place a lot of people still make decisions based off of emotion I feel really bad about this thing and therefore if I don't make the decision that solves for my emotional need I will be frustrated angry disappointed I will throw a fit you know you need to fire somebody and all the data points to why this person is awful for the team and yet you don't fire them because you're so uncomfortable with firing them and so I think it just takes discipline it takes discipline of remembering that what is good for your business doesn't feel good in the moment so a lot of people ask about mentors how do you go about finding a mentor I think you have to be the kind of person who stands out I mean I remember in school if the teacher pays more attention to the students who study more and they do more on their own it's like the same with mentorship if you have nothing to show for yourself then go read books and act on those books before you try to get a mentor the best mental I have had I have done enough with their books programs other things they've suggested before I've tried to get that person to be my mentor most people who are worthy of being a mentor don't need your money they want somebody who like executes to a t that's why every really great mentor wants is somebody who actually follows the plan and so I think in the beginning you've got to rely on books you've got to rely on research because most people won't be your Mentor before you have anything to show for it this is just the truth of it is that the people who get the best mentors are the ones who are winning they're the ones who show that they don't need the mentor to win the mentors know they're like this person's gonna win no matter what I would like to help them I've never seen a mentor who helps somebody who's a loser like I know that sounds ridiculous but it's like I haven't seen somebody who's like this unapproachable like huge like ideal Mentor go to somebody who's losing they go to the people that are already winning without their help and then they help pour gasoline on the fire to get them to grow even faster I worked my ass off without any mentors reading books doing courses and then eventually like people approached me and they were like I will help you even more and I execute to a t stand out on your own before you expect somebody to come and save you