Podcast Summary
Growing a business can lead to personal growth: Challenges of growing a business can help individuals level up as leaders and make data-driven decisions.
Growing a business quickly can lead to personal growth and development for the business owner. Leila Hormozi, co-CEO and co-founder of Gym Launch and Prestige Labs, shares her experience of starting a business with her husband just weeks after they met. They tested their marketing and sales strategies in various gyms, which was an exhausting but valuable learning experience. Through this process, Leila grew more than ever before, and after expanding and hiring a team, they realized that wasn't a sustainable model. The key takeaway is that the challenges and responsibilities of growing a business can help individuals level up as leaders and individuals. Protecting oneself from emotions and making data-driven decisions can also be crucial in the entrepreneurial journey.
Navigating unexpected challenges in business growth: Personal growth and adaptability are essential for managing the complexities and responsibilities that come with business expansion.
Rapid business growth can bring about unexpected challenges and require individuals to level up personally to continue leading and fulfilling the needs of a larger customer base. The speaker's experience with Gym Launch illustrates this, as they initially aimed to add 100 new members but later realized the added complexity and responsibilities that came with it. This experience led them to transition from a B2C online fitness business to helping gym owners, ultimately leading to the creation of a supplement line and software. Personal growth and adaptability are crucial for navigating the iterations and challenges that come with business expansion. The speaker's growth-oriented mindset, rooted in their early experiences with fitness and self-education, played a significant role in their ability to adapt and succeed.
Navigating Business Growth and Changing Team Dynamics: As businesses grow, team dynamics and locations can change significantly. Founders may need to adapt from a scrappy, hands-on approach to managing a larger team and overseeing multiple departments.
As businesses grow and evolve, the location and team dynamics can change significantly. For instance, a business may move around due to tax reasons or to find a more business-friendly environment. In the early stages of building a company, the first hires were looked for their adaptability, scrappiness, and eagerness to learn. However, as the business grows, not everything can have the same gritty, scrappy feel. The day-to-day operations of a business with about 55 employees in-house and 30 outside contractors involves having 9 direct reports, with the founder overseeing most aspects aside from marketing. The founder meets with those who report to the marketing head but helps with the management aspect. The business, which includes Gym Launch, is at an interesting flux point with the founder still being involved in the management and decision-making process.
Leadership through relationship building and growth: Effective leaders build strong relationships, foster growth, and maintain accountability for high-performing teams.
Effective leadership involves growing and developing strong relationships with team members while maintaining accountability and performance standards. The speaker expressed pride in the leaders they have helped grow within their organization, the improvements they've made as a team, and the camaraderie that exists between team members. Despite the challenges of balancing friendships with accountability, the speaker finds fulfillment in the small improvements and the team's overall growth. Ultimately, the speaker's leadership approach focuses on facilitating the growth and happiness of their team, leading to a high-performing and fulfilled team.
Focusing too much on retention instead of acquisition can hinder business growth.: Prioritize customer needs over business interests for growth. Hire wisely and maintain accountability to avoid unnecessary expenses and inefficiencies.
Understanding and prioritizing what your customers want is crucial for business success. The speakers shared their experience of focusing too much on retention instead of acquisition, which may have aligned with their interests but not with their customers' needs. This led to a decrease in business growth. Another important lesson learned was the significance of proper hiring practices and maintaining accountability in the early stages of a business. Trusting new hires blindly can lead to unnecessary expenses and inefficiencies. To help spread the word and support the growth of more businesses, the speakers ask for listeners to rate, review, and share the podcast.
Lessons learned from a painful business mistake: Successful business leaders balance tough decisions, efficiency, data analysis, and learning from mistakes to adapt and grow.
Running a business involves making difficult decisions and learning from mistakes. The speaker shares an example of a painful mistake they made in the past, which negatively impacted someone's livelihood but taught them valuable lessons. They emphasize that being a successful business leader requires a balance of leadership and managerial skills, including the ability to make tough decisions, hone in on efficiency, and understand data. The speaker also acknowledges the importance of facing and learning from mistakes, rather than avoiding them, and using information and data to make informed decisions, even if they may be difficult or uncomfortable. Ultimately, the speaker's experiences demonstrate the importance of resilience, adaptability, and a willingness to learn and grow in the face of challenges.
Maintaining a Positive Mindset amidst Negativity: Stay immune to negativity, laugh off criticism, focus on results, see the in-between in people, approach disagreements with curiosity, and prioritize personal growth.
It's essential to maintain a positive mindset and not let negative comments or competition affect you. The speaker suggests laughing off negative comments and focusing on results instead. They also believe that people's criticisms often reflect their own insecurities rather than the truth. The speaker encourages seeing the in-between in people and understanding that disagreements don't mean hating each other. They advise approaching disagreements with curiosity and an open mind, rather than letting them escalate into personal attacks. In essence, it's crucial to stay immune to negativity and focus on personal growth and development.
Viewing criticism as an opportunity for growth: Effective communication tools help us learn from criticism, stay organized, and improve. Maintain a mature attitude towards feedback and view it as a chance to grow.
The way we communicate and handle criticism plays a significant role in our personal and professional growth. When we encounter disagreements or negative feedback, it's essential to maintain a mature and open-minded attitude. Instead of getting defensive or dismissive, we should view criticism as an opportunity to learn and improve. Moreover, effective communication tools, such as CRM systems, daily chatting apps, and note-taking apps, can help us stay organized and efficient in our personal and professional lives. Looking ahead, post-COVID, many businesses, including gyms, are adapting to a hybrid model of remote and in-person operations. By providing solutions for each model, these businesses can better support their clients and teams, regardless of their location.
Adapting to uncertain times: Gym software company's pivot to remote coaching and sales: Maintain a high-performance mindset, react positively to changing circumstances, and choose to adapt, act, and win during uncertain times.
Adaptability and resilience are key in overcoming challenges, especially during uncertain times. The discussion highlighted how a gym software company has pivoted to meet the needs of remote coaching and sales, providing solutions for both gym owners and individuals looking to enter the coaching industry. The speakers emphasized the importance of maintaining a high-performance mindset and reacting positively to changing circumstances. They encouraged those facing difficulties to remember that the difference between success and failure lies in attitude and action. Despite the challenges, there is an opportunity to thrive and even become a champion. So, for those on the fence, fearful, or facing uncertain times, the message is clear: choose to adapt, choose to act, and choose to win.
Embrace the power to control outcomes: Despite challenges, focus on positivity, temporary nature of hardships, and lean on support system
Despite the challenges we face, we have the power to control our outcomes and turn things around. Nothing is permanent, and even in tough times, there's always a way forward. Remembering this and focusing on the positive can help us navigate through difficult situations. Additionally, having a support system can make all the difference, and it's important for us to be a source of positivity and leadership for those around us. So, take control of your mindset, focus on the temporary nature of hardships, and lean on your support system to help you through. You can find Leila and Hormozi on Instagram (@LeilaHormozi) and Facebook for more inspiration and insights.
Reflecting on Personal Growth During Challenging Times: During difficult times, focus on internal growth by reflecting on lessons learned and revisiting discussions to assess changes and improvements.
Personal growth and reflection are essential, especially during challenging times. The interviewee in this conversation shared that they don't have external resources like links or podcasts but instead focus on their internal growth. They emphasized the importance of looking back and reflecting on lessons learned once the current situation improves. They encouraged the idea of revisiting these discussions to assess changes and improvements. The interviewer expressed appreciation for the conversation and the insights shared, and they will definitely revisit this topic as they move forward. Personal growth is a continuous process, and it's essential to take the time to reflect and learn from experiences, even during difficult times.
