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The Game with Alex Hormozi

Bad Advice from Good People | Ep 153

The Game with Alex Hormozi

Alex Hormozi

Business, Education, How To, Entrepreneurship

4.94.8K Ratings

🗓️ 26 September 2019

⏱️ 12 minutes

🧾️ Download transcript

Summary

"When you have an opportunity, or you have made the decision to capitalize on a new thing that you're going to do, to go all in on that thing.” Today, Alex (@AlexHormozi) discusses the struggle of determining who to listen to for advice as an entrepreneur and shares personal experiences with making non-ideal decisions that ended up being the right ones. He encourages listeners to weigh decisions based on opportunity cost and to go all in once the decision is made.

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:

(1:54) - Good-intentioned advice has a micro-perspective

(2:54) - Weigh expected earnings to compare opportunities

(4:23) - Decide without emotion, look at realistic mat

(7:50) - Weigh decisions and take risks as entrepreneurs

(9:20) - Listening to wealthier people can be dangerous, seek relevant advice

Follow Alex Hormozi’s Socials:

LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Transcript

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0:00.0

Real quick guys, if you can think about how you found this podcast, somebody probably

0:03.8

tweeted it, told you about it, shared it on Instagram, or something like that.

0:07.5

The only way this grows is through word of mouth. And so I don't run ads, I don't do sponsorships,

0:12.2

I don't sell anything. My only ask is that you continue to pay it forward, do whoever showed you,

0:16.4

or however you found out about this podcast that you do the exact same thing. So if it was a review,

0:21.0

if it was a post, if you do that, it would mean the world to me and you'll throw some good comment

0:24.3

out there for another entrepreneur. There you go, everyone. We're having an awesome start to you

0:29.0

or Thursday. I'm here at the Hormuzzi Lair taking a quick morning dip to clear my head because

0:38.0

that is what I've been trying to work on as a show up at Eras Leader. So anyways, I was feeling this,

0:41.8

I wanted to bring it up to you guys. So I wanted to talk about good advice from good invention people

0:48.3

and bad advice from good people. And I think it's one of the hardest things that you struggle with

0:52.1

as an entrepreneur is who do you listen to, right? Where do you get your information from and how can

0:55.6

you test whether or not that information is valid or good for you to act on? And so I was talking to

1:01.2

a friend earlier this morning who's got six locations and they're trying to, you know,

1:04.6

they're thinking about going into licensing and he's kind of going back and forth between selling

1:11.1

his six locations, keeping them, keeping one of them, et cetera. And so he was like, what do you do

1:14.4

when you sold your sticks? And what I wanted to tell you is I actually did what most people would

1:18.3

consider in a non-ideal outcome. And so what I mean by that is that I got advice from most people to

1:24.5

not do a lot of the things that I've done in my life. And these were people who had very good

1:27.6

intentions. And so parents, friends, you know, mentors, things like that. And so, but the decisions

1:34.6

that we ended up making ended up being the right decision for us. And so like for example,

1:39.3

when I had the gyms that I had, I actually sold five of them and closed down one of them, right? And I

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