Competition Drives Industry Choice

Leila Hormozi shares her perspective on selecting industries and business ventures, emphasizing that the choice should be driven by personal growth and the caliber of people you'll compete with, rather than just financial potential.

• Industry Selection Criteria:

  • Choose based on who you'll be networking with and competing against
  • Consider who you aspire to be like in that industry
  • Focus on personal growth potential over just financial returns

• Left Fitness Industry Because:

  • Didn't want to stay in fitness for next 10 years
  • Networking opportunities felt less appealing than private equity
  • Top players weren't necessarily people to aspire to
  • Had competitive advantage but chose growth over comfort

• Business Selection Philosophy:

  • Ask "What kind of person do I want to be?"
  • Choose business that enables personal development
  • Select industry that attracts the right caliber of people
  • Business should be a vehicle for personal growth

• Key Decision Factors:

  • Must help maximize skills
  • Should make you a better person
  • Forces learning of necessary new skills
  • Requires personal development to succeed

• Growth Example with Acquisition.com:

  • Husband needed to develop patience
  • She needed to learn content creation and public speaking
  • Both skills were necessary for business success
  • Personal growth became tied to business outcomes

This perspective shows that industry selection should align with personal development goals and put you in rooms with people who inspire you to become better, rather than just focusing on market opportunity or existing expertise.