Podcast Summary
Explore personal growth and entrepreneurship resources: Consider using Growth Day for personal development and focus on both business and leader when buying, while Kroger offers essentials with savings opportunities.
Personal growth and entrepreneurship require continuous effort and the right resources. For personal development, consider checking out Growth Day, a top personal development app offering various high-performance techniques, accountability, and live speeches from influencers. For entrepreneurs looking to buy businesses, focus on both the business and the person running it using first principles. Successful entrepreneurs like Leila Hermozzi, co-founder of Acquisition.com, emphasize the importance of understanding the fundamentals of a business and the expertise of its leader. Meanwhile, for everyday essentials, Kroger offers over 30,000 choices and savings opportunities, making mealtime and shopping worthwhile experiences.
Investing in a business means investing in its leader: Successful businesses depend on adaptable, resilient leaders. Investing in a business includes backing its head.
The success of a business heavily relies on the person leading it (the jockey). Free deals or businesses might seem attractive, but they often come with hidden costs. Moreover, investing in a business is essentially a bet on the person running it. Entrepreneurs who are adaptable, resilient, and willing to take on challenges are more likely to succeed in growing their businesses. Conversely, those who lack these traits may self-destruct and cause the business to fail. It's crucial to invest not only in the business but also in the person leading it.
The importance of adaptability, humility, and self-management for entrepreneurs: Successful entrepreneurs are humble, adaptable, and self-aware, while those who fail often lack these qualities and struggle to create a positive work environment
Entrepreneurs who are unable to adapt, take feedback, and manage themselves effectively are more likely to fail in their businesses. The speaker shared his observation that those who had failed in their businesses rated themselves higher than others perceived them, while successful entrepreneurs rated themselves lower. This inflexibility and inability to manage emotions and self-awareness can lead to a toxic work environment and a lack of talent wanting to join or stay with the team. The speaker emphasized the importance of humility and self-management in entrepreneurs, as those who lack these qualities often struggle to create a positive work environment and ultimately fail to build successful businesses.
Importance of hiring qualified candidates and continuous learning for entrepreneurs: Hiring qualified candidates is essential for business success, but entrepreneurs must also learn from mistakes, recognize limitations, and continuously learn to build a sustainable business.
Hiring qualified candidates is crucial for business success, and using platforms like Indeed can help connect with such candidates efficiently. However, managing oneself and continuing to learn from mistakes are equally important for entrepreneurs to avoid the illusion of invincibility and make informed decisions. The speaker emphasizes the importance of going through the initial struggles and recognizing one's limitations to build a sustainable business. Overall, the discussion highlights the significance of a strong work ethic, humility, and continuous learning for entrepreneurs. Listeners can get a $75 sponsored job credit to post jobs on Indeed using the link indeed.com/mylette.
Understanding the importance of humility and self-respect: Successful entrepreneurs prioritize humility and self-respect in decision-making, focusing on values and personal growth.
Successful entrepreneurs understand the importance of humility and self-respect in making decisions. Instead of focusing on whether people or situations are "good" or "bad," it's essential to consider whether they align with our values and respect ourselves in the process. Humility allows us to ask more questions, do more research, and be more diplomatic in our decision-making. Self-respect empowers us to surround ourselves with people and situations that enhance our growth and success. The entrepreneurial journey is not always easy, and mistakes will be made. However, by focusing on respecting ourselves and our values, we can learn from our mistakes and continue to grow. It's essential to remember that everyone's perspective is different, and what may seem toxic to one person may be a perfect fit for another. Ultimately, the key is to make decisions that align with our personal values and vision for ourselves.
Embrace fear for personal growth: Facing fears expands horizons and leads to personal growth, success. Self-reflection, reading, and practicing courage help manage fear.
Respecting oneself is crucial for personal growth and productivity. Fear is a natural part of life, especially when embarking on new challenges. Instead of running away from fear, it's essential to lean into it and develop courage to act despite it. By facing fears head-on, individuals can expand their horizons and live a more fulfilling life. The speaker shared her personal experience of overcoming fear through self-reflection, reading, and practicing courage. She emphasized that fear doesn't disappear, but it can be managed with the right mindset. Ultimately, respecting oneself and embracing fear are keys to unlocking personal growth and success.
Confronting Fears: Facing fears builds confidence and shrinks problems. Overcoming fears leads to true inner confidence.
Facing your fears head-on is the only way to overcome them. The speaker shared a personal experience of allowing fears to build up and eventually leading to a panic attack. However, when they confronted their fears and ran towards them, they discovered that the fear was not as daunting as they had imagined. Fear can actually act as a source of adrenaline and motivation to perform at a high level. The speaker also mentioned that people often make problems seem bigger than they are due to fear, and that facing fears can help shrink them. The speaker emphasized that every time they have faced a fear, it has led to increased confidence. Therefore, to build confidence, one must conquer their fears. The speaker also shared that in their younger years, they had fake confidence that came from external validation, but true confidence comes from within and is built by facing and overcoming fears.
Assessing strengths and weaknesses for true confidence: Accurately evaluate yourself, focus on personal growth, ignore external noise, and build self-respect through accomplishments for genuine confidence.
True confidence comes from accurately assessing one's strengths and weaknesses, and consistently putting in the work towards personal growth, even when no one is watching. External validation, such as praise or criticism, can provide a false sense of confidence that may not last. Building self-respect through personal accomplishments and staying mission-driven can help foster genuine confidence. Additionally, it's essential to learn to ignore the noise and not let external feedback, good or bad, derail one's progress. The speaker shares her personal experience of dealing with negative comments and choosing to focus on her goals instead.
The power of perspective and resilience: Focusing on positivity despite criticism and hate online can inspire and reach those in need. Self-awareness and quiet efforts build confidence, and versatile tools like Shopify support business growth.
Changing one's perspective can help overcome adversity and make a significant impact on others. The speaker shared her experience of facing criticism and hate online but chose to focus on the positive – reaching those who need her message. She admired another woman's self-awareness and bravery in sharing her own experiences, inspiring her to continue putting herself out there despite the negativity. The speaker emphasized the importance of self-awareness and the quiet, unseen efforts that contribute to confidence. She also highlighted Shopify's role in her online business success, praising its versatility and ability to help businesses grow at every stage. Overall, the conversation underscored the power of resilience, self-awareness, and the importance of sharing one's message with the world.
Finding the Right Healthcare Providers: Use Zocdoc to find highly-rated, in-network doctors and book appointments online. Prioritize functional living over short-term comfort.
It's essential to prioritize finding the right healthcare providers, especially for mental health, and not be swayed by unnecessary diagnoses or treatments. The Zocdoc app and website can help simplify the process of finding highly-rated, in-network doctors and booking appointments online. Additionally, it's crucial to distinguish between self-care and avoidance. While short-term comfort may feel good, long-term functional living is the ultimate goal. The speaker's personal experience highlights the importance of questioning conventional wisdom and staying true to oneself.
Embrace emotions instead of avoiding them: Embracing emotions and using them as motivation can lead to a fulfilling and exciting life
It's important to embrace emotions rather than fearing them. According to Ed, when we teach people that emotions are bad, they start to avoid them, leading to a cycle of avoidance that can negatively impact mental health. Instead, we should encourage people to feel their emotions and use them as fuel for growth and improvement. Ed shares that he is obsessed with helping people and growing, which some may view as unhealthy, but he sees it as a positive force in his life and the lives of others. He believes that it's not about the emotion itself, but rather how we use it that matters. Embracing emotions and using them as motivation can lead to a fulfilling and exciting life, rather than a life of avoidance.
Using quirks and obsessions for success: Harnessing quirks and obsessions can lead to success, but it's crucial to assess if they hinder or help progress.
Having quirks, obsessions, or rules can be beneficial for achieving goals if they serve us well. However, if they become compulsive and hinder our progress, it's essential to reassess and make adjustments. Some people, including those with addictive personalities, have the potential to be highly successful if they can channel their compulsions into positive pursuits. Additionally, Ed shared his personal experience of being arrested multiple times for alcohol and drug use during his youth and how his natural inclination towards obsession and hunting for something to focus on led him astray. He emphasized the importance of not suppressing these tendencies but rather using them in a constructive manner.
Embracing Individuality and Adaptability in Leadership: Recognize and redirect unique tendencies for positive outcomes, adapt communication styles to connect with team members, and utilize unified business management systems for growth.
Everyone has unique gifts and tendencies, and trying to suppress them can lead to unhappiness and ineffectiveness. Instead, it's essential to recognize and redirect these tendencies towards positive and productive outcomes. This was a common theme in the conversation, with examples given of individuals who were able to harness their obsessive personalities to become successful entrepreneurs and leaders. Another key point discussed was the importance of adaptability in leadership. A great leader is like a chameleon, able to speak to and connect with individuals in a way that resonates with them. By understanding and adapting to the unique communication styles and backgrounds of team members, leaders can expand their capacity to effectively lead and inspire. Additionally, the conversation touched on the benefits of using a unified business management system like NetSuite, which can help reduce costs, improve efficiency, and provide a single source of truth for financial and business operations. Overall, the conversation emphasized the importance of embracing individuality, adaptability, and effective tools for personal and professional growth.
Effective communication and adapting to individuals in leadership: Balancing personal and professional growth, effectively communicating, and adapting to individuals are crucial for successful leadership. Pride comes from growing a company to thrive without the founder, using exit money as a tool to further the mission.
Effective communication and adapting to individuals is crucial for successful leadership. The speaker shares an experience of managing multiple direct reports and wearing different "hats" during one-on-one meetings to connect with each team member. While maintaining consistent values, the ability to communicate messages effectively and adapt to individuals is essential. The speaker also discusses the feeling of a business exit, emphasizing that the pride comes from growing a company to a point where it can thrive without the founder. Money from the exit is seen as a tool to further the mission, rather than an end goal. The speaker's perspective highlights the importance of balancing personal and professional growth, effective communication, and using resources wisely.
Viewing business exit as an opportunity for the next project: Real entrepreneurs see business exit as a chance to continue building and creating, rather than a source of depression or loss.
Money from exiting a business can leave people feeling lost and depressed if they don't have a clear plan or purpose for what comes next. Real entrepreneurs, however, tend to view the exit as an opportunity to move on to the next project and continue the process of building and creating. The focus should be on the journey and the process, rather than the prize or the end goal. As for the end of life, the speaker doesn't dwell on longevity or preservation, instead believing that living each day to its fullest and focusing on the present moment is the best way to approach it.
Living for the impossible: Focus on pushing boundaries and striving for the seemingly unachievable, rather than external measures of success. The journey and belief are more important than the destination.
Living a well-lived life is about pushing boundaries and striving for the impossible, rather than focusing on external measures of success like money or fame. The speaker values the pursuit of the seemingly unachievable and living in accordance with that belief, even if the end result doesn't match initial goals. The conversation with Leila was a remarkable hour, full of valuable insights and inspiration for listeners. It's important to focus on using our lives to their fullest potential and introducing the world to the remarkable people we meet along the way. So, follow Leila's journey and continue to strive for the impossible. Remember, it's not about the destination, but the journey and the belief that you can.
