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The Game with Alex Hormozi

First 5 Hires As You Grow | Ep 632

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 14 November 2023

⏱️ 11 minutes

🧾️ Download transcript

Summary

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

Who you hire are the extensions of yourself. Today, Alex (@AlexHormozi) talks about hiring the first 5 people to your business in "reverse order" and being aware of what kind of debt you incur when you start.

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:

(1:14) - First 3 hires: admin, customer support, salesperson

(3:18) - 4th & 5th hires: marketing assistant, fractional bookkeeper

(5:23) - Entrepreneurship: buying back time for high leverage activities

(7:22) - Incur debt strategically: financial, operational, talent, management, CRM

(9:18) - Hiring in reverse order of value and cost to replace

Follow Alex Hormozi’s Socials:

LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Transcript

Click on a timestamp to play from that location

0:00.0

the process of entrepreneurship if you think from a big picture perspective it's always just

0:04.4

buying back your time right so that you can level up the amount of time that you're spending on high-lever

0:09.8

activities.

0:18.0

Welcome to the game where we talk about how to sell more stuff to more people in more ways and build businesses worth owning. I'm trying to build a billion dollar thing with acquisition.com.

0:21.0

I always wish Bessos, Musk, and Buffett Buffett had documented their journey so I'm doing it for the

0:25.0

rest of us. Please share and enjoy.

0:27.0

I want to walk you to the first five hires that you need to bring on in your company as you are growing.

0:34.1

And as a fundamental framework to think through this, you want to think about, especially for the first five,

0:39.5

that they are really just helping you do more. And so think of them as extensions of yourself.

0:44.2

Over time, we're gonna transition from that philosophy

0:46.3

to really building a team in departments.

0:48.4

But each of the five will more or less correspond

0:51.5

to being an extension of you and doing the repeated tasks that are time consuming but do not necessarily add as much value as some of the more strategic pieces of each of the roles.

1:01.0

So the first of these things in terms of the order and sequence that you're going to be hiring them in is going to be in the reverse order of the value that's being delivered and or where you can get in the marketplace in terms of dollars per hour.

1:12.0

And so the more valuable the skill,

1:13.2

the more it will cost.

1:14.4

And so you want to replace the skills

1:15.8

that cost the least amount of money for you, right?

1:18.0

Should make sense.

1:19.4

And so typically, one of the first two hires, and this can happen in any order is going to be

1:24.6

one person who's going to be more of an administrative help to you because as you

1:28.2

start a business especially in the beginning there's lots of administrative work

...

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