Build with Leila Hormozi My Biggest Mistake Building A 9-Figure Business | Ep 65
Aug 22, 2023
In this episode, a significant mistake in scaling a 9-figure business is revealed: over-promoting inexperienced leaders. The discussion emphasizes the necessity of facing harsh business realities and making tough decisions about pay and promotions. Transparency in compensation is highlighted, alongside the cultural impact of firing staff too frequently. The key takeaway? Mistakes should be viewed as stepping stones to greater success, not setbacks.
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Over-Promotion Mistake
- Leila Hormozi over-promoted 80% of her leadership team in her first company, Gym Launch, due to inexperience and emotional investment.
- This led to chaos and stress as the company was run by individuals lacking the necessary skills and experience.
Accept Business Realities
- Accept the reality of your business and the potential need for difficult decisions like firing or demoting.
- Acknowledge that not everyone can scale with the company, despite training efforts.
Hire Experienced People
- Balance fast growth by hiring experienced individuals (at least 20% of the team).
- Avoid solely relying on inexperienced or unskilled individuals, especially in early stages.