Giving honest advice to 9 Business Owners | Leila Answers Live

Summary

Based on the transcript provided, here are the key takeaways and advice on various topics, presented as if I am Leila Hormozi:

• Offer guarantees in your business to distinguish yourself from the competition, but understand that such promises may attract skepticism and claims of being a scam. Stay confident in the value you provide — if there’s no truth to the scam claims, focus on delivering consistent quality and not the negative noise.

• If your business faces criticism, evaluate addressing the issue versus ignoring it. Sometimes, addressing negative attention can inadvertently highlight the criticism. Weigh the benefits and downsides carefully; often, choosing to ignore and outshine with excellent work and louder positive messaging may be the better strategy.

• When negative attention arises, trust in an “Extinction curve” — with time, the negative chatter will decline if you don't feed it. Focus on what your brand is about, rather than what it's not, to attract the right customers and repel those who aren't a fit.

• Internally, when facing skepticism among employees, get loud with your values and mission. If an employee doesn’t align with your company's direction, it’s okay for them to leave. Align short-term and long-term goals for a healthier business.

• In scaling your business, seek a balance between growth and personal well-being. Learn from past challenges and be patient and methodical in your approach.

• For businesses striving to build a community for client acquisition, focus on a blend of social media marketing and personal outreach, especially on LinkedIn, to bolster credibility and attract ideal clients.

• When you have a business idea, consider going all in if the side hustle can match or exceed your current income, and the risk appears low. Before jumping from a job to a side hustle and then starting a business, ensure you're not splitting your attention too thin and have enough financial cushion.

• Make decisions based on what’s sustainable and enjoyable over the long term, even if it means adjusting your strategy. Keep the hiring and content creation process streamlined and delegate where possible. Always maintain authenticity in your interactions, never let others impersonate you.

• Seek feedback from your clientele on the kind of content they resonate with and focus on creating more of that content while also developing a solid outbound strategy.

• Choose clients judiciously, valuing your growth experiences and being slower in accepting clients can be signs of a matured entrepreneur.

• When it comes to selecting a niche for your service, look at the cost of acquisition and referral rates. High referral rates often indicate a fitting niche. Consider client retention and assess whether your clients resonate with the value you’re providing.

• Lastly, always communicate transparently and frequently within your team to align expectations and maintain a healthy company culture.

Video

How To Take Action

I would suggest implementing some strategies based on the experiences and advice discussed:

1. Offer unique guarantees in your business to stand out, but be ready for skepticism. Keep providing great value, and don't get caught up in negative comments. Focus on the positive impact you're making.

2. If your business gets criticized, think if it's worth addressing the issue. Sometimes, ignoring criticism and continuing to deliver excellent work is the best response. Remember the "Extinction curve"– negative talk usually fades over time if you don't fuel it.

3. When facing skepticism at work, be extra loud about your values and mission. It's healthy for employees who don't align with your vision to move on. Make sure your mission is clear to everyone in your team.

4. For personal well-being while scaling your business, learn from past challenges. Be patient and methodical, growing at a pace that keeps you healthy and happy.

5. To build a community for client acquisition, focus on using social media, like LinkedIn. This will help in attracting the right clients for your business.

6. Go all in on your business idea if it can match your income with low risk. Make sure you have a financial safety net before jumping into it full-time.

7. Always aim for sustainable and enjoyable strategies for your business. Delegate tasks and keep processes simple.

8. Gather feedback from clients on what content they like. Use this information to create more relevant content while also having a solid strategy to reach out to new potential clients.

9. Be selective with clients. Taking time to accept new clients can actually signal maturity in your business decisions.

10. When picking a niche, consider referral rates and client retention to ensure you provide value that resonates with your clients.

11. Communicate frequently and clearly within your team to maintain a productive company culture. Align everyone with the company's long-term goals.

These points can steer your growth trajectory, minimize risks, and focus your efforts where they are most impactful.

Quotes

"You don't need to think a certain way, you don't need to feel a certain way about yourself to be successful"

– Leila Hormozi

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"The best case scenario is that you get influencers who have large audiences to be in the beta groups, they exchange their testimonials so that you can use that"

– Leila Hormozi

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"The biggest thing is not giving up"

– Leila Hormozi

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"I think the more that you can get them to focus on their response in a frustrating situation like their level of frustration tolerance, for example, that is going to help them"

– Leila Hormozi

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"I don't rely on the dialogue because dude, the dialogue was not good, the dialogue was like 'you suck', the dialogue was like 'this isn't gonna work'"

– Leila Hormozi