Build with Leila Hormozi 5 Deadly Mistakes Business Owners Should Avoid | Ep 45
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Jun 13, 2023 Discover the five critical mistakes every business owner should avoid to keep their venture thriving. Learn why emotion-driven decisions can lead to disaster and the importance of using solid data instead. Find out how neglecting customer feedback and maintaining clean financials can derail progress. Plus, explore the significance of hiring the right people to create a strong team. This discussion is packed with insights and cautionary tales that will help you build a resilient business.
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Data-Driven Decisions
- Base business decisions on data and statistics, not emotions or intuition.
- Use surveys, financials, and market research to inform choices.
Price Reduction Failure
- In 2018, Leila Hormozi reduced prices based on team feelings, not data.
- This resulted in a $5-6 million loss, no churn reduction, and no increased customer satisfaction.
Infrastructure and Focus
- Avoid adding complexity without sufficient infrastructure.
- Focus is more important than time, especially for newer businesses.