4 Traits of an Entrepreneur | Ep 505

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 28 February 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

“The hardest thing to know is what you don't know.” Today, Alex (@AlexHormozi) talks about the four frameworks he and his company use to analyze the skill of an entrepreneur and how these frameworks tell them how good of an entrepreneur the person is and how much we're willing to bet on the fact that they're gonna be successful.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(2:49) - 1st Trait: Surround yourself with people wealthier than you

(4:03) - 2nd Trait: Pay to learn and develop your skills

(6:45) - 3rd Trait: Get people to do other tasks for you

(9:12) - 4th Trait: Be in an environment where you can prove your skill

(11:24) - Assess which trait you’re lacking in & work on it

(12:20) - Ignorance & 2 ways to figure out what’s possible

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Transcript

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0:00.0	Most of the nation real quick, if you are a business owner that has a big, old business
0:04.0	and wants to get to a much bigger business, going to $50, $100,000 plus we would love to talk to you.
0:09.6	And if you like that or would like to hear more about it, go to acquisition.com and you can
0:13.2	play anywhere on the page and talk to one of our team and see if we can help you get there.
0:17.6	The most expensive thing that's costing you the most money in your business right now is ignorance.
0:22.2	Right now, not knowing how to make a billion dollars a year,
0:25.0	cost you a billion dollars a year, which is why the biggest debt you have to pay down as fast as
0:29.2	possible is what you're paying to the universe, what you're paying to other people, what you're
0:32.1	paying yourself to not know how. Welcome to the game where we talk about how to sell more stuff to
0:37.6	more people in more ways and build businesses worth owning. I'm trying to build a billion dollar
0:41.6	thing with acquisition.com. I always wish pesos, musk and buffet had documented their journey,
0:45.9	so I'm doing it for the rest of us. Please share and enjoy. At acquisition.com, my private equity firm,
0:51.7	we talked to 600 entrepreneurs doing over a million dollars a year every single month. And 300 of them
0:58.4	are over three million dollars a year and 100 of them are over 10 million dollars a year. And so
1:03.2	we talk to a lot of entrepreneurs every day. And over time, we've developed kind of a rubric or
1:07.5	framework for how we analyze the skill of an entrepreneur. And so what I'm going to do today is
1:13.3	break down how you can think through yourself as an entrepreneur and the four elements that we look
1:18.8	at to say how good of an entrepreneur this person is and how much we're willing to bet on the
1:23.2	fact that they're going to be successful. And if you're the person who's going to be successful
1:26.5	for yourself, then it's about how do I increase the likelihood that I'm successful by looking
1:30.9	through these four frameworks. So every entrepreneur isn't successful because they don't know how to do
1:36.2	one of four things. They either don't know that something is possible altogether. Number two,
	...

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