99% of Businesses Fail Over a Long Enough Time Horizon | Ep 663

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 25 January 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

“I think most people miss is that they don't even know the hats that they are wearing.” Today, Alex (@AlexHormozi) talks about the importance of transitioning from selling your services to selling your business and making your business a sellable asset. He discusses the key aspects of focusing on people to scale up the business, the need for operational independence, the relevance of high-quality talent, and the understanding towards the importance of continuing the learning process.

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 on his path from $100M to $1B in net worth.

Timestamps:

(1:02) - Understanding the value of a business

(2:08) - The misconception of being a business owner

(3:20) - Importance of replacing yourself in the business

(5:19) - Journey of entrepreneurship and scaling a business

(7:41) - Role of leadership in a sellable business

(10:52) - Importance of making your business sellable

(14:05) - Transition from business owner to investor

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(This episode is a re-run. Original airdate was on February 22, 2022)

Transcript

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0:00.0	And the thing is you're going to hire somebody who you think is going to be good at marketing and they're not going to be.
0:03.8	You got to hire another person, right?
0:05.4	And if you're like, man, that sounds tiring.
0:07.1	That's the reason most people who own big companies are like, it is hard to do this.
0:10.8	This is not easy.
0:11.8	This is not for the faint of heart. You must have a long-term
0:14.0	vision that you are committed to because you will burn out if you're only doing
0:17.9	it for the money.
0:20.9	The wealthiest people in the world see business as a game.
0:24.0	This podcast, the game, is my attempt at documenting the lessons I've learned on my way to building
0:27.3	acquisition.com into a billion dollar portfolio.
0:29.9	My hope is that you use the lessons to grow your business and maybe someday soon, with us to get to $100 million and beyond. I hope you share and enjoy.
0:37.0	99% of businesses end up closing down over a long enough time horizon. Only 1% of businesses ever get sold or train chance.
0:48.0	And the reason for that is not because, you know, what you might think, right?
0:52.9	You might think that it's because business owners don't know
0:54.8	how to sell their business or don't know how to market the business
0:56.9	to get sold, but that's actually not the real reason.
0:59.5	The real reason is because most businesses are worthless.
1:03.0	And so what I want to talk about today
1:04.5	is how to go from a worthless business
1:07.1	to a business that has actual value.
1:09.0	All right?
	...

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