The One Lie That Kills Success

Summary

• I learned invaluable lessons from past business failures, which I didn't let define me. Instead, I used them to fuel a $550 million revenue business.
• My first venture taught me the importance of bootstrapping instead of relying solely on external capital, which helped maintain control and company values.
• Building Butcher Box without outside capital was a strategic choice that emphasized strong company values over rapid growth funded by venture capital.
• Hiring isn't just about impressive resumes; it's crucial to find people who align with the company's core values for long-term success.
• Firing or transitioning employees should be handled with empathy, recognizing their potential for growth elsewhere, and sometimes acknowledging when they're in the wrong role.
• Our core values include authenticity, humility, accountability, relentless improvement, and being customer-obsessed, and these guide all our hiring and operational decisions.
• Growing a quality company involves establishing and constantly reinforcing core values and maintaining a mission that outlasts surface-level successes.
• Bootstrapping offers more freedom in building a business aligned with personal values and missions, avoiding pressure from external investors focused solely on financial returns.
• Building a resilient business means managing risk intelligently and creating a sustainable work-life balance, rather than sacrificing personal life for work.
• Entrepreneurship is about relentless consistency more than reckless risk-taking; strategizing to mitigate risk is key.
• Successful companies have a strong mission that aligns with creating impact, not just profit, and this mission helps navigate through challenging phases.
• Having a vision for your personal life is as crucial as having a business plan. Your business should support the lifestyle you desire, not overshadow it.
• Creating an environment where the work is enjoyable and suits your personal and professional goals ensures longevity and satisfaction in business.

Video

How To Take Action

I would suggest implementing lessons from my failures. Don't let setbacks define you; instead, use them as fuel for future success. For small businesses, bootstrapping is vital. It helps maintain control and stick to your core values, just as I did with Butcher Box.

A good way to build a resilient business is to focus on hiring people who align with your core values. It's not always about impressive resumes but finding team members who will grow with your mission. When transitions are necessary, handle them with empathy and recognize potential elsewhere.

Establish a clear mission and set core values like authenticity, humility, and accountability. These should guide all your decisions, including operational ones. Reiterate these values regularly in meetings and make them a part of your company culture.

Growing sustainably means managing risk intelligently. Avoid recklessness and instead focus on consistent, strategic actions. If your business is aligned with an impactful mission, you'll better navigate challenges without compromising personal life.

For personal growth, I believe in creating a vision for what kind of life you want. Let your business support that lifestyle rather than overshadow it. Incorporate enjoyable work to ensure longevity and satisfaction.

Remember, building something of quality often means sacrificing short-term gains for long-term values. It's about doing well while doing good. This approach will not only make your company successful but also a place where people love to work.

Quotes

"A failed venture is not a failed entrepreneur"

– Leila Hormozi

"We built a $550 million revenue business bootstrapped, no outside capital"

– Leila Hormozi

"Money follows passion and mission"

– Leila Hormozi

"I believe that a job of a CEO is to notice that or any manager is to notice that and try to retask them or try to give them something else"

– Leila Hormozi

"Capitalism can be done in a sustainable way where you're not just trying to extract from everything"

– Leila Hormozi