Teaching Young Business Owners How to Be Better Leaders

Summary

• Always reinforce and reward behaviors that align with your company's values to give them meaning.
• Define clear consequences, not threats, for not adhering to the values.
• Recognize and address actions that don't align with values through constructive conversations.
• Conduct regular discussions about values, including during onboarding, weekly meetings, and reviews.
• Make your actions and responses reflect the company's values, especially during conflicts.
• To engage remote employees, have intentional conversations, repeat the mission, and provide context.
• Share updates, goals, and strategies transparently with the team to maintain alignment with the mission.
• Understand that in remote setups, leaders must create opportunities to repeat the company's message to reinforce culture.
• Balance the needs of employees and the company by seeking win-win-win scenarios and being upfront about limitations.
• Set clear expectations for leadership roles, including communication cycles defining daily, weekly, monthly, and quarterly interactions.
• For startups, evaluate the feasibility of benefits and communicate upfront about what's available and what will be available as the company grows.
• In the early stages, foster a company culture by articulating expectations, demonstrating values, and leading transparently.
• When scaling a subscription model, consider leveraging influencers for traffic and aligning with larger brands to gain exposure.
• For app development and incentivizing brand ambassadors, establish minimum pricing to ensure profitability and incentivize those who recruit high-value users.
• Use structured communication and clear job descriptions to guide employee behavior and company growth.

Video

How To Take Action

I would suggest that to make a company's values meaningful, you should praise the actions that show these values. It's like giving someone high-five when they do something awesome that fits with what your company believes in. Then, if someone's not following the values, you need to have a chat with them to help them understand why it's important, kind of like when a teacher helps you understand why a certain rule is there.

A good way of doing this is to chat about your values a lot. Talk about them when someone starts working with you, during your weekly team meetings, and anytime you're giving feedback. This shows that you're serious about them, and it's not just talk.

For people who work far away or from home, remember to keep talking about why your company is doing what it's doing. Share updates and goals openly with everyone. It shows you're all on the same team, and it helps everyone understand their part in the big picture.

When leading people, it's also smart to be clear about what you expect from them. Like, how often you want to hear from them or what meetings they should be a part of. Write down their job stuff, so they know what to do and you can focus on growing the business.

For early companies, just starting, it might not be possible to give big benefits, but you can talk about this upfront and maybe help in other ways until the company can offer more.

Lastly, if you're growing a business with a subscription service or app, think about talking to popular people on social media and teaming up with big brands to get your name out there. And if you're working with people who tell others about your stuff, make sure you're paying them enough so they keep helping you spread the word.

Quotes

"I think a lot of people have a lack of clarity with companies in terms of where does the company stand in terms of what happens if you don't abide by the values"

– Leila Hormozi

<<<

"Words mean nothing, behavior is king"

– Leila Hormozi

<<<

"I try to be as transparent as possible and just like give them everything that's on my mind"

– Leila Hormozi

<<<

"Repetition is key with these things"

– Leila Hormozi

<<<

"How can we transfer your context and just your thoughts in general to the rest of the company"

– Leila Hormozi