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The Game with Alex Hormozi

4 Problems Every Business Needs to Solve to Survive | Ep 741

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 24 July 2024

⏱️ 39 minutes

🧾️ Download transcript

Summary

"You have to learn to say no to people who are not the ideal customer" In this episode, Alex (@AlexHormozi) covers the 4 most common problems that business owners need to solve in order to break through to high levels of scale. You're going to hear definitions, examples, and tactical solutions for each that will help you get to wherever your business is right now to where you want it to go.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned and will learn on his path from $100M to $1B in net worth.

Timestamps:

(00:08) - Problem #1

(4:20) - Problem #2

(12:50) - Problem #3

(19:40) - Problem #4

(29:30) - Bonus Problem


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Transcript

Click on a timestamp to play from that location

0:00.0

Every business needs to solve each of these four problems in order to make more money and scale.

0:07.0

And the first of those problems is figuring out the customer that you're actually going to serve.

0:14.0

And in talking to many of you, the issue is you have no idea.

0:18.7

And that's OK.

0:20.7

Because in the beginning, you need to sell everyone because you have no money and they have a pulse and a credit card and you only require one of those things.

0:28.0

And so you ask them for their credit card so that you can pay your bills so you can actually make

0:33.2

your business work and that's okay and that's normal and that's expected.

0:36.6

But when you keep taking every single Tom Dick and Harry who can give you you a third down

0:42.2

today and I'll pay you when I get

0:43.4

paid and and everything else they're like hey do you think you could you know give me the

0:47.0

world and you're like I could give you two worlds and they're like awesome here's

0:50.0

my credit card again bill me on the fifth. That's when I get paid, right?

0:53.8

And you deal with all of these bad customers

0:56.0

and you promise the world, which is normal in the beginning

0:58.6

because there's only you and you maybe can't help

1:01.0

this person in a completely unscalable way and that's what you should do because

1:04.2

you just need to generate income, you need to generate word of mouth, you need to help people out.

1:08.1

Cool.

1:09.1

But there comes a point and it's usually around a million bucks a year, sometimes three million bucks a year, where the operational

1:14.9

complexity the business becomes really tough because now you've got a lot of different customers that all have different

1:19.8

needs, that have different promises at different price points that you've sold and they're still just you.

1:25.0

And so this process is the sticking point.

...

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