Getting Bad Advice from Good People | Ep 687

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 20 March 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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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:

(1:48) - The power of going all in

(2:52) - Opportunity cost: The key to making big moves

(4:01) - The importance of speed in decision making

(8:04) - The delta between short and long term gains

(9:03) - Choosing your mentors wisely

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(This episode is a re-run. Original airdate was on September 26, 2019)

Transcript

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0:00.0	A lot of times people have really good intentions and they're not bad people and they give good advice for most people.
0:06.5	It just may not be the right advice for you right now.
0:09.1	If you're done with something, then be all in about being done with it.
0:13.7	When you're making that kind of decision,
0:15.2	make the decision in a non-emotional place,
0:17.4	and then when you make the decision, go all fucking in
0:19.2	and be done with it so that you can look at the opportunity costs.
0:25.0	The wealthiest people in the world see business as a game.
0:27.0	This podcast, The Game, is my attempt at documenting the lessons I've learned on my way to building acquisition.com into a billion dollar portfolio.
0:33.4	My hope is that you use the lessons to grow your business and maybe someday soon, partner with us to get to
0:37.0	$100 million and beyond. I hope you share and enjoy. I wanted to talk about good advice from good invention people and bad advice from
0:49.3	good people and I think it's one of the hardest things that you struggle
0:52.0	with as an entrepreneur is who do you listen to right?
0:53.6	Where do you get your information from and how can you test whether or not that information is valid or good for you to act on?
0:58.9	And so I was talking to a friend earlier this morning who's got six locations and they're trying to you know they're thinking
1:04.1	about going into licensing and he's kind of go back and forth between selling his six locations, keeping them, keeping
1:10.7	one of them, etc. And so he was like, what do you do when you sold your sticks?
1:13.7	And what I want to tell you is I actually did what most people would consider in a non-ideal outcome.
1:19.5	And so what I mean by that is that I got advice from most people to not do a lot of the things that I've done in my life and these were people who had very good intentions and so parents, friends, you know, mentors, things like that.
1:30.0	And so, but the decisions that we ended up making ended up being the right decision for us.
1:34.7	And so, like, for example, when I had the gyms that I had, I actually sold five of them and closed down one of them, right?
1:40.5	And I could have sold all of them, and I could have probably bundled them together and I could have
	...

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