The Secrets of The Highest Paid CEOs in the World…

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Summary

  • I notice that the character of a CEO often surpasses the need for new skills or tactics. It's the character that often becomes the limiting factor in business growth.
  • A CEO is ultimately responsible for making managerial decisions, and the best ones take that very seriously.
  • The success or failure of a founder-led company is predominantly the responsibility of the CEO, as they choose the market, the strategy, and build the management team.
  • To improve your company, focus on your personal development first – you must be the kind of person who can attract top talent.
  • Being a successful CEO is more about who you are than the specific tasks you do. It involves being a generalist who leads by example and shows strong character traits.
  • CEOs are the "jack of all trades" and must be familiar with all aspects of their business enough to hire the right people for those roles.
  • As a CEO, you are the chief firefighter and problem solver for the company's biggest challenges.
  • Inspiration is a key trait of successful CEOs: they are calm, dependable, physically and mentally healthy, courageous, empathetic, value-driven, and mission-focused.
  • Focus on acquiring skills and traits that enable you to create value, rather than being fixated on financial goals.
  • To become a million, ten million, or billion-dollar CEO, you need to develop corresponding skills and traits. Your personal growth dictates the level of talent you'll attract.
  • Use John Wooden's Pyramid of Success as a framework to identify traits necessary for becoming a better leader and growing your company.
  • Rate yourself on the following traits to evaluate where you need improvement: industriousness, enthusiasm, friendship, loyalty, cooperation, self-control, alertness, initiative, intentness, condition, skill, team spirit, poise, confidence, and competitive greatness.
  • Encourage your team to go through the exercise of rating themselves on these traits to promote collective improvement and leadership growth.

Video

How To Take Action

I would suggest focusing on character development. A CEO's character can limit the growth of their business. Work on personal development to be the kind of person who can attract top talent.

Here's a good way to do that:

  • Understand your role: You're not just managing things, you're leading by example. Be familiar with all parts of the business and become a generalist.
  • Be the problem solver: When big challenges come, you're the one to tackle them calmly and dependably.
  • Develop value-driven traits: Instead of just aiming for financial goals, grow skills that create value in your business.

You should use John Wooden's Pyramid of Success to identify the traits you need:

  1. Rate yourself on traits like industriousness, loyalty, and competitive greatness. Where are you strong? Where can you grow?
  2. Aim to improve on the lower-rated traits. Focus on those daily.

Here's your action plan:

  • Evaluate your character traits using Wooden's Pyramid.
  • Pick one or two traits to improve.
  • Put up reminders to work on these traits every day.
  • Show these traits in action – lead by example.
  • Encourage your team to do the same exercise for collective growth.

Let's look at some detailed steps to follow:

  1. List traits that you think are crucial for a successful CEO from the Pyramid.
  2. Rate yourself honestly, from 1 to 10, on each of these traits.
  3. Identify the lowest scores and create a plan to improve them.
  4. Each morning, review your plan and take one action towards improving a trait.
  5. End your day by reflecting on how well you exhibited these traits.

This way, you'll grow as a leader, and your company will grow too. Remember, it's more about who you are than what you do. Your personal growth dictates the talent you attract and the success you achieve.

Quotes

"The only thing that prepares you for running a company is running a company"

– Leila Hormozi

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"I want to hit a billion dollars simply because I would like to meet the Layla that can create that"

– Leila Hormozi

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"Top talent doesn't work for somebody who's a mediocre CEO"

– Leila Hormozi

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"You have to earn the right to be confident through preparation"

– Leila Hormozi

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"Competitive greatness means you have a love for the journey for the person it presents for you with the opportunity to become"

– Leila Hormozi

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