Show Notes:

Horst Schulze: Excellence isn’t optional — it’s a decision. “I talk to people who proudly say, ‘We are a good average.’ What is average? Average is the bottom. Why would you not make a decision to be truly excellent in your particular business? That was the vision of the company. I left a great job because I could create that vision, which eventually was called Ritz-Carlton. But I also commissioned myself at the same time — and that’s a key leadership element in any company: your vision must be something that’s good for all concerned. For the investor, the employees, the customer, for society as a whole. Once I knew that, I could not compromise anymore. Not for myself, not for anyone else. Excellence became a non-negotiable.”

Marcus Lemonis: Mistakes are part of building something that lasts. “If I look at my 20 years building the business — from a zero business to a $7 billion business — I really had to have a strong dose of humility about the mistakes I made. It’s hard to take the full brunt of a mistake squarely on your chest. We so often blame it on market conditions, the economy, our people, competitors. But acknowledging your mistakes, especially the ones that cost money or harmed the business, that’s what pushes things forward. It builds thick skin, but more importantly, it shows your people that you don’t have all the answers — and that’s okay.”

Alex Hormozi: Use whatever fuel you have to get started. “When you’re starting out, everything sucks. That feeling of hopelessness — it comes from not knowing what to do. That’s just ignorance. And when you’re new, you don’t know anything. But most entrepreneurs don’t need to look very far to find the pain in their lives — anger, shame, fear, resentment. I’d rather people just use what they have. If we consider passion a resource that’s required to be successful, I don’t think that’s true. I think you need fuel. And you should use whatever fuel you have. That’s what entrepreneurship is: being resourceful, not having resources.”

Joey Coleman: Loyalty is earned, not assumed. “Most employers really do care about their people — but they tend to lead more with ‘tell’ than with ‘show.’ They say they care about work-life balance, but then ask for vacation requests months in advance or question every day off. We’re not living our values. Loyalty happens when you get the entire employee journey right. From the moment they apply, to how you onboard, how you affirm their decision to join you, how you support their goals, and how you offboard them. Even people who leave your company can be some of your greatest advocates — if you treat them right.”

Kara Goldin: Keep moving, even when things fall apart. “We had Hint in Starbucks for over a year and everything was great — and then suddenly, it wasn’t. We got pulled. It was a huge hit. And what I learned was this: you have to always have options. When you only have one big partner, when all your distribution is in one place, they’ve got you by the throat. You’ll start making bad decisions just to survive. So I started thinking: how do I diversify? How do I stay on my toes, even when things are going well? You don’t always see the light coming — but when it shows up, it’s brighter because you had to walk through the dark first.”