Leila Hormozi: From Minimum Wage Employee to $100M Net Worth By 29

Broke, overweight, going no where (0s)

• Leila Hormozi's life was going nowhere at 19, with six arrests, a drinking and drug problem, and weighing 230 pounds, but she turned her life around by learning to live in accordance with her goals and values rather than her feelings (2m56s).
• She lost almost 100 pounds, moved from Michigan to California by herself, and pursued a career in fitness after finishing school for exercise science (3m6s).
• Leila's father, a professor, did everything by the book but was miserable, which motivated her to explore entrepreneurship from a young age (2m20s).
• She realized that to have the impact she wanted, she needed to learn how to communicate her abilities effectively, which would be transferable to her day-to-day work and teaching others (1m13s).
• Leila's journey from struggling to finding success was not easy, and there was a significant period of struggle and self-discovery in between (3m47s).
• She believes that one must not skip the struggle to have a story, and her own story is a testament to the importance of perseverance and hard work (1m59s).
• Leila's transformation from a struggling individual to a successful businessperson was a result of her discipline, hard work, and determination to live a life aligned with her goals and values (3m3s).

Wake up calls (3m53s)

• A turning point occurred at a college birthday party where a comment from a high school acquaintance sparked a realization about personal weight gain, leading to a decision to make a change (4m9s).
• The comment, although hurtful, was acknowledged as true, and this acknowledgment motivated a desire to change rather than avoid the situation (4m53s).
• A Facebook post was written in response, stating a decision to "go dark" and make changes to avoid similar comments in the future (5m29s).
• Initially, there was no plan, just a desire to change, and the approach was to simply eat half of the usual amount, which led to a 60-pound weight loss (6m13s).
• Further weight loss and fitness progress were achieved through learning about macros and lifting (6m34s).
• A second turning point occurred after being arrested for the sixth time, which led to a realization about the need to make changes in life (6m43s).
• The arrest and subsequent reflection led to a desire to make positive changes and take control of life (7m18s).
• A turning point in life came when someone expressed concern about the path being taken, stating that if things continued, it could lead to self-destruction, which made the realization that invincibility is an illusion and that the current path could lead to severe harm (8m6s).
• This conversation led to feelings of guilt and regret for causing someone who cares deeply to feel terrible about the situation, and it sparked a desire to change (8m43s).
• The thought of what life would be like in three to five years if things continued down the same path was terrifying, prompting a decision to change everything immediately (9m19s).
• The fear of remaining the same outweighed the fear of change, leading to a complete overhaul of daily life, including quitting drinking and doing drugs, working out, eating healthy, getting a second job, and pursuing self-development (9m37s).
• The decision to change was made easier by the high level of discomfort with the current situation, making it clear that change was necessary for a better life (10m17s).
• When running the company The Hustle, with 2 million subscribers, the business model relied heavily on advertising, which wasn't very profitable, prompting a search for alternative ways to monetize the business (10m41s).
• A document was created to outline various ways to monetize a business beyond advertising, in an effort to avoid common mistakes and find more effective revenue streams (11m8s).
• A business monetization resource is available, which is called the Business Monetization Playbook (11m12s).
• The Business Monetization Playbook can be accessed for free through a link in the episode description (11m16s).
• To access the Business Monetization Playbook, users simply need to click the provided link (11m24s).

The Dickens Method (11m25s)

• The Dickens method is a technique where one vividly imagines time traveling to the future, playing forward a year, five years, or more, and increasing the bad habits or decisions being made, to see how it affects oneself and loved ones (11m38s).
• This method creates an emotional charge, making the pain of not changing greater than the pain of change, motivating one to make a change (12m29s).
• The technique is often used at Tony Robbins events, where participants are asked to imagine their future and how their current actions will impact it (11m33s).
• The goal of the Dickens method is to make the participant feel the consequences of their actions, making them more likely to make a change (12m17s).
• The method can be an uncomfortable but effective way to motivate people to change their behavior, as seen in the reaction of people at a Tony Robbins event (12m13s).
• The Dickens method can be applied to various aspects of life, including personal growth, relationships, and career development (11m41s).
• The technique is not limited to imagining a positive future, but also a negative one, to see the consequences of not making a change (11m54s).
• The method can be a powerful tool for personal growth and development, as it helps individuals to re-evaluate their priorities and make positive changes in their lives (12m27s).

Dating Alex Hormozi (13m29s)

• Leila Hormozi met her partner, Alex, on Bumble, and they went on their first date to get fro-yo, which was a low-commitment activity in case the date didn't go well (13m30s).
• On the date, Alex was initially not friendly and not smiling, which Leila found unusual, but later discovered that it was because he had seen her full back tattoo of angel wings, which he found intimidating (14m4s).
• Leila got the tattoo when she was 18, high, and drunk, and now finds it traumatic and embarrassing, but it's too painful to get removed (14m20s).
• Despite the initial awkwardness, they started talking about business and found common ground, as they were both focused on their careers and had moved to a new place to pursue their passions (15m1s).
• Leila had recently moved and was focused on her career, doing online and in-person training, but hadn't found anyone she liked on dates, while Alex had moved from Baltimore to pursue fitness and open gyms (15m7s).
• They ended up talking about work for hours, going on a 4-hour walk after getting fro-yo, and even going to the grocery store together to prepare for a dinner barbecue (15m37s).
• Leila found the date unusual, as they didn't discuss anything romantic, but she was drawn to Alex's ambition and intellect, and wanted to continue talking to him (16m12s).
• She felt that Alex was the first person she had met in California who shared her level of ambition and drive, as most people she had dated had no clear goals or direction in life (16m27s).
• Leila Hormozi met someone who shared her interests and work ethic, which made for an enjoyable date, and they started working together shortly after, with their relationship developing over time (16m38s).
• Leila and her partner discovered they had several things in common, including their Persian heritage, having moved out on their own, and shared interests, which created a strong bond between them (17m21s).
• Leila's partner was the first person she met who saw her intense work ethic and strong personality as pros, rather than cons, which made her feel understood and accepted (18m2s).
• Leila was considering starting her own gym or partnering with another woman who had a successful online business, but her partner suggested she start a new business with him instead (18m15s).
• Leila decided to take a chance and start the business with her partner, as she was only 23 and felt she had nothing to lose, and she would regret not taking the opportunity to see if it could work (18m31s).
• The business they started was Gym Launch, which was mentioned as a significant venture (18m43s).

Starting Gym Launch at 23 (18m49s)

• At 23 years old, Leila Hormozi started Gym Launch with her partner, Alex, and they spent a year and a half traveling to different gyms in various states, filling them up, and sharing best practices over nightly calls (18m50s).
• During the first year of their relationship, they lived out of Extended Stays, in different states, and were trying to launch gyms, with Leila walking into gyms and offering to fill them up (19m11s).
• The first year of their relationship and business was described as the "eating phase of business," where they had no skills, were trying to accumulate skills, had no clarity, and were throwing things at the wall to make the business work (19m22s).
• At that point, they had no money, having burned through their funds, and were in survival mode (19m46s).
• The business partner of Alex's business got access to their bank account, where they had been putting money from the gyms, and stole the money, adding to their financial struggles (19m56s).
• Leila and Alex lived in different places, including her parents' house for two months and with one of the clients of one of the gyms, which was a more enjoyable experience (20m7s).
• Despite the challenges, Leila and Alex were able to scale the business, with Alex having shared the story of how they overcame the obstacles on a previous episode (20m32s).

Repeating $0 - $15M in 12 months (20m39s)

• A business can experience rapid growth, scaling from $0 to $15 million in a year, but this is not a normal occurrence and may not be replicable in the same market at a later time (20m40s).
• The success of a business model can be attributed to the specific moment in time when it was launched, and the same model may not work 10 years later due to changes in the market and competition (21m35s).
• The fitness industry has undergone significant changes, with the rise of companies like Peloton and YPC, and the future of fitness is expected to look different from the current boutique gym model (21m52s).
• Advances in technology, such as pills that can control appetite, may also disrupt the fitness industry and make traditional gym models less appealing, especially for females (22m8s).
• The cost and inconvenience of going to a gym, including the need to get ready and commute, may become less justifiable if alternative solutions like appetite-control pills become available (23m7s).
• The landscape of the fitness and health space has changed, with many companies in the industry adapting to new trends and technologies, and the same business model that was successful in the past may not be successful today (23m30s).
• The success of a business like Gym Launch, which scaled from $0 to $15 million in a year, may not be replicable today due to changes in the market and competition, and even talented entrepreneurs like Alex and Leila may not be able to achieve the same level of success with the same model (21m46s).

Life after selling gym launch (23m38s)

• The sale of Gym Launch was publicly documented in a series of posts, including one where the cash on hand was disclosed, followed by part two and part three after the sale, which was unusual and interesting to see. (23m38s)
• After selling Gym Launch, the plan for the money was to invest it in stocks in the short term, real estate deals, and use the rest for acquisitions through Acquisition.com. (24m20s)
• Some of the money was invested in real estate deals with a specific partner, and the rest was used to fund the first few deals for Acquisition.com. (24m27s)
• A significant investment was made in a 40,000 square foot headquarters, which was a major expense. (24m42s)
• Most of the money was allocated to the first few deals and the headquarters, while the rest was invested in real estate deals that performed well, stocks, and an OIT fund. (24m51s)
• The primary focus is on using the money to grow Acquisition.com faster through strategic investments. (25m12s)

Who you compete with is who you become (25m15s)

• The idea of acquisition.com started with self-reflection on what Alex and Leila are best in the world at and what their ideal day would look like to sustain performance, doing things they like with people they like (25m28s).
• Alex is constantly thinking of ideas, and some of the initial ideas included going direct-to-consumer for a product or service, such as beverages, food, or commerce, utilizing Alex's demand generation skills and Leila's team-building abilities (26m15s).
• Another idea was building a health business platform using technology and AI to help people lose weight or get in shape, integrating their knowledge of how to help people achieve their fitness goals (26m39s).
• However, after considering these ideas, acquisition.com was the one that Leila kept coming back to, as she wanted to exit the fitness industry and explore new opportunities (27m8s).
• Leila's decision to sell Gym Launch was driven by her desire to not be in the fitness industry for the next 10 years, despite knowing it well and having a competitive advantage (27m14s).
• She wanted to be in a different industry, network with different people, and acquire new skills, as she found the networking in the fitness industry less appealing than in private equity, and she aspired to be around people she admired, such as Jeff Bezos or Elon Musk (27m50s).
• Building a business is a vehicle for personal growth, and the type of business one chooses can either make them a better or worse person, with Acquisition.com being an example of a business that helps its founders maximize their skills and become better people (28m51s).
• The founders of Acquisition.com, including Alex, have had to learn new skills and develop as individuals in order for the business to succeed, such as Alex learning to be more patient and the other founder learning to make content and be a public-facing communicator (29m22s).
• The business is a means to have the type of life one wants and become the type of person one wants, and it's essential to think about who you want on this "road trip" with you, including co-founders, partners, and investors (30m11s).
• Having the right mindset is crucial, as people often think the business itself is the end goal, but it's actually just a tool for personal growth and achieving one's goals (30m31s).
• Many successful entrepreneurs, like Jeff Bezos, continue to start new businesses or invest in new ventures because the business itself is just a means to an end, providing a challenge and an opportunity for growth (30m41s).
• The founders of Acquisition.com have seen many businesses, and while most are not impressive, some are "kick-ass" and can be found in unexpected categories or industries (31m20s).
• The process of starting and growing a business like Acquisition.com has taught its founders valuable lessons, including the importance of perseverance and self-improvement (31m30s).
• The profile of bad and good businesses exists on a scale, with product-market fit being a key factor, and it's not a simple yes or no, but rather a range from weak to strong (31m35s).
• Weak product-market fit, weak founders, low margins, and low potential are characteristics of bad businesses, which can be frustrating to see (31m47s).
• The amount of bad businesses is surprising, with some being able to stay in business despite being weak, while others are able to innovate and disrupt traditional industries (32m18s).
• Businesses that take traditional concepts and innovate them using technology, such as AI, are particularly interesting, like a company that uses AI to automate the book publishing process (32m48s).
• Looking at companies like MasterClass, which has been able to take the element of community and bring it online, is impressive, with a strong network effect (33m4s).
• Traditional businesses, such as bakeries, that integrate technology like AI to offer customized products and services can create perceived value for customers and increase willingness to pay (33m58s).
• The use of technology in traditional businesses can make them more appealing and valuable to customers, even if it's just a matter of perception (34m4s).

10M workshops (34m28s)

• The $10 million workshop revenue is a surprising figure, with approximately 1,800 people having gone through an Acquisition.com workshop, which costs $5,000. (34m28s)
• Some people who have attended the workshop have reported that it was great, indicating that the workshop provides value to attendees. (34m54s)
• The workshop focuses on teaching deal flow at a proprietary level, creating a win-win situation where attendees gain value and the workshop organizers benefit. (35m3s)
• The recurring problem seen in the workshop is not explicitly stated, but the question is posed to identify the common problem and potential solution that would help most businesses. (35m23s)

Impatience with actions, patience with results (35m30s)

• Founders often struggle with impatience, which can cause them to change strategies too quickly, or they may be too tolerant and prioritize being liked over making good business decisions (35m31s).
• A common issue is that people expect results too quickly, thinking that waiting a quarter is a long time, when in reality, it may take 18 months or more to see the desired outcomes (36m25s).
• Building something that takes a long time requires the ability to wait and a clear understanding of how to create a long-term plan (36m47s).
• Leila's husband, who initially lacked patience, has been working on improving it by understanding the importance of planning 18-36 months ahead (36m55s).
• To manage impatience, it's essential to show progress and involve team members in the planning and execution process, so they can see the daily progress and feel more connected to the project's outcome (37m30s).
• Patience can be developed by staying busy and focused on the tasks necessary to achieve the desired outcome, making the waiting period feel more productive (37m36s).
• Effective communication is crucial in managing impatience, as it helps to reinforce progress and provide a sense of accomplishment, even when the final results are not yet visible (38m1s).
• Impatience often arises from a lack of visibility into the progress being made or feeling disconnected from the day-to-day operations (38m16s).
• Leila Hormozi's partner is skilled at solving problems and can handle special projects, which is beneficial for the business (38m34s).
• He is impatient with things, which can be an advantage as it allows him to question and challenge the status quo, and identify areas for improvement (39m0s).
• His impatience is focused on the inputs or actions, rather than the results, which is a key aspect of the "Unstoppable formula" (39m41s).
• Leila has learned from her partner's impatience and has incorporated it into her own approach, while also teaching him the value of patience with results (39m55s).
• Leila's message to female entrepreneurs is to focus on what is useful and to abolish any thoughts that are not, rather than getting bogged down in perceived disadvantages or biases (40m24s).
• She advises women to focus on maximizing their strengths and taking advantage of the advantages, rather than dwelling on what might be holding them back (41m21s).
• Leila believes that women can choose to focus on being better and achieving their goals, rather than getting caught up in negative thoughts or perceived obstacles (41m34s).
• She and her partner, Alex, have faced attempts to undermine their relationship, but Leila has learned to ignore such negativity and focus on her own strengths and goals (41m37s).
• Leila Hormozi views powerful people as an opportunity to learn and improve, rather than as a threat or a source of suppression, and believes that this mindset can help her become a more powerful person herself (41m54s).
• She thinks that women often view challenges as disadvantages, but she sees them as opportunities to acquire more skills and become better at things, which can be a pro (42m11s).
• Leila Hormozi has had to accumulate more skills than some men to be taken seriously, including emotional skills, which she views as a positive outcome (42m23s).
• She believes in focusing on useful thoughts and ignoring unhelpful ones, and views challenges as opportunities for growth and self-improvement (42m49s).
• Leila Hormozi's relationship with her partner is built on a shared desire for self-improvement, with each person taking care of themselves to become a better partner for the other (43m44s).
• This approach to relationships is admirable and can be applied to business and personal relationships, with a focus on individual self-improvement rather than relying on others for fulfillment (44m10s).