Alex Hormozi: We fired everyone who was late...this is why..

The video is about how two stories of different management styles taught Alex Hormozi the importance of setting the tone and having both smarts and hearts in business.

This video by Alex Hormozi was published on Jul 26, 2021.
Video length: 09:28.

In this video, Alex Hormozi shares two stories that significantly changed his career and views on business.

The first story is about a gym owner who fired everyone who was late to a meeting, setting a new standard for performance and accountability. The second story is about a manager at a smoothie shop who told Alex not to do the tasks he was trained to do, revealing the importance of having the right culture and leadership in a business.

Hormozi concludes that while strategy and smarts are important, having the right culture and heart is equally crucial for business success.

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• He learned the importance of setting the tone and having both smarts and hearts in business.
• A gym owner partnered with Alex to fill up his gyms and operate them.
• Alex worked as a blender tender at Smoothie King and was trained by the owner.
• Having the right people in the business is crucial to its success.

We fired everyone who was late...this is why.. - YouTube

Introduction

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• He shares two stories that significantly changed his career.
• He learned the importance of setting the tone and having both smarts and hearts in business.

Story 1: Firing Everyone Who Was Late

• A gym owner partnered with Alex to fill up his gyms and operate them.
• The newest location had a lackadaisical staff who weren't doing a good job.
• The gym owner called a meeting and locked the door, firing everyone who was late.
• He set the tone and reset the bar for how they perform in the business.
• Alex learned the importance of setting the tone and having a culture of accountability.

Story 2: The Manager Who Secretly Destroyed the Business

• Alex worked as a blender tender at Smoothie King and was trained by the owner.
• He was supposed to mop the floor, clean the counters, and restock the shelves.
• The manager told him not to do any of that stuff, creating a new cultural norm.
• Alex learned the importance of having the right people in the business and not having a manager who secretly destroys it.

We fired everyone who was late...this is why.. - YouTube

The Importance of Smarts and Hearts in Business

• Business strategy is not that complex, but it gets lost in the execution.
• There are two components to a business: smarts and hearts.
• Most people overestimate the importance of smarts and underestimate the importance of hearts.
• Having the right people in the business is crucial to its success.
• Setting the tone and having a culture of accountability is important for the business to perform well.

The Importance of Soft Skills in Business

• Entrepreneurs often focus too much on tinkering with strategies instead of addressing behavioral dynamics of their employees.
• Soft skills such as coaching, developing leaders, and addressing limiting beliefs are crucial for creating a positive company culture.
• People may not be doing what you want them to do because they don't understand why it's important.
• Fixing interpersonal dynamics and creating alignment within the team is more important than coming up with new strategies.
• As CEOs, it's important to shift towards becoming championship team coaches and focusing on the fundamentals.

The Importance of Setting the Tone and Having Both Smarts and Hearts in Business

• Having a championship mentality is crucial for success in business.
• Effort, consistency, and alignment of the team are more important than having a better strategy than your competitors.
• Setting the tone and carrying the bar is important for creating a culture of excellence.
• Being intolerant of anything but excellence and reinforcing that in the culture is crucial for consistent execution across the company.
• Soft skills such as interpersonal dynamics and self-awareness are just as important as skill in a particular area.
• Always doing the basics is what advanced people do, and having a culture that reinforces that standard is crucial for success.

Watch the video on YouTube:
We fired everyone who was late...this is why.. - YouTube