$100M CEO: How I know who to trust…
Summary
- I'm Alex Hormozi, a business investor owning acquisition.com which generates about $85 million a year.
- My expertise comes from my own struggles and learning, which I share to hopefully save others from similar pain.
- Businesses need a blend of the quantifiable brain side and the less tangible heart side; the heart is often more critical for outperforming competitors.
- Leadership can transform a team not by changing strategies but by inspiring belief in the team's purpose.
- Important business questions include "Why do we exist?" and "How do we behave?" but I'm focusing on the latter—our actions and behavior define us.
- Core company values must be non-negotiable, truthful to your nature, used for hiring and firing, and should repel the wrong people.
- Values that don't polarize aren't values—they're platitudes—and should be phrased as you naturally speak.
- Ideally, a company should have only a few core values, with three being optimal for making consistent decisions company-wide.
- Apply business values in all life aspects: don't tolerate short-term engagements with those who don't meet your values for long-term.
- Acquisition.com’s values are:
- Unimpeachable character: engage only with people who can be fully trusted, even in tempting situations.
- Sincere candor: the ability to give and receive feedback honestly and constructively is essential for progress.
- Competitive greatness: strive to be at your best when it matters most, relishing hard challenges.
- These values stack up to define the vibe of the company and should act as strict filters for whom you work with internally and externally.
- A successful business often means making fewer mistakes and avoiding harmful choices, aligning with your core values.
- To establish strong company values, distinguish the non-negotiable traits you stand for and ensure they're integral to everyone in the organization.
Video
How To Take Action
I would suggest starting with clarifying your core values. Pick three non-negotiable traits that really matter to you. They should be truthful and specific to your nature and what you stand for. Use your own words for these values, make sure they sound like you, and avoid any generic statements that don't create a clear line in the sand.
You need to use these values to guide every decision, like who you hire or work with. If someone doesn’t match all your values, it’s better to pass. It will save you trouble in the long run. Remember, your values should help repel the wrong people.
For hiring, make sure candidates align with your values. Ask them questions to see their true character, not just if they can do the job. When it’s time to give or receive feedback, be honest and kind. This helps everyone grow.
When things get tough, you want to be sure you and your team can face challenges with grit and integrity. That's why competitive greatness is important. You want people who are at their best when it matters most. It’s not just about working hard, it’s about thriving in hard times.
Applying these values in all life aspects is a big deal. Don't settle for short-term relationships that don't fit your long-term values. If you wouldn’t work with someone for ten years, don’t even start. This mindset keeps your business healthy.
To sum it up, here's what you can do right away:
- Define Your Core Values: Pick three that are true to you.
- Use Values as a Filter: Make decisions on hiring and partnerships based on values.
- Value-Based Action: Implement your values in daily operations and long-term plans.
- Feedback with Candor: Practice open and sincere communication.
- Competitive Greatness: Cultivate a team that rises to challenges.
Quotes
"If you wouldn't deal with this employee for a decade, don't deal with them for a day"
– Alex Hormozi
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"The extent to which you hold your line of intolerance around these truly non-negotiables will dictate the health of the organization"
– Alex Hormozi
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"If your values do not repel people then they are not values, they are platitudes"
– Alex Hormozi
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"The three values should give you a vibe for the company overall"
– Alex Hormozi
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"A lot of times success in business is just making fewer mistakes"
– Alex Hormozi
