Build with Leila Hormozi
Answering Your Questions About Building A Business | Ep 209
Nov 22, 2024
Dive into the essential traits needed for a successful finance team, emphasizing trust and discretion. Discover the emotional resilience necessary for overcoming business challenges and the importance of aligning with the right partners. Explore profit margins and their impact on business models, with insights on choosing between low and high-margin operations. Finally, learn about the personal skills crucial for entrepreneurship, suggesting that those seeking comfort might thrive better in traditional jobs.
22:09
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Quick takeaways
- Building a finance team should focus on honesty, trustworthiness, and discretion, rather than size, to ensure effective financial management.
- Entrepreneurs should recognize that unhappiness often stems from personal perspectives, emphasizing the need for enduring challenges to achieve long-term success.
Deep dives
Building a Trustworthy Finance Team
When assembling a finance team, it is essential to prioritize traits such as honesty and trustworthiness. A large finance team is often unnecessary, as only a small number of individuals are typically needed to handle financial operations effectively. It is crucial to find individuals who will act with discretion, as they have access to sensitive information regarding salaries, bonuses, and expenses that could lead to gossip if mishandled. Ideally, finance team members should possess logical thinking skills and a reserved demeanor, fostering a culture of accountability and confidentiality while allowing strategic financial management.
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