How To Win At Business | Ep 36

The Game with Alex Hormozi

Alex Hormozi

How To, Business, Entrepreneurship, Education

4.9 • 4.8K Ratings

🗓️ 6 March 2018

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

“The only thing that differentiates what we get done is our level of skill." Today, Alex discusses the importance of focus and hard work in entrepreneurship. He shares his experience of working hard to work smarter and advises entrepreneurs to focus on one business and acquire the necessary skills to succeed.

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:

(0:57) - Avoid unprofitable partnerships, pay instead of sharing income.

(3:24) - Focus on one area to excel and avoid overextension.

(6:32) - Core functions are crucial for business success.

(8:53) - Hard work and motivation are keys to success.

(11:43) - Skills matter more than work-life balance in the market.

(15:43) - Successful businesses require skill and hard work.

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Transcript

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0:00.0	Hey guys, real quick. So Layland, I are definitely working on our social media presence if you guys haven't noticed and we're just breaking now into linked in.
0:06.4	Alright, it's not as bad as I thought.
0:08.1	It's actually been pretty awesome so far and you guys have been really cool in there and people are sharing our stuff a lot.
0:12.2	So if we aren't connected on LinkedIn, go ahead and let's connect and let's rock and roll.
0:17.3	Good morning everyone. I hope you guys are having an awesome day so far.
0:22.4	Man, I woke up with this and I was like, I'm gonna have to share this one.
0:26.1	So yesterday I had the privilege of chatting with an old friend from high school.
0:34.3	He reached out and was like, hey, we hadn't probably talked since high school.
0:37.1	So it's been like 10 years. I was like, oh, yeah, how's it going?
0:40.2	Just caught up and whatnot. But he was reaching out about entrepreneurial stuff.
0:44.2	So he's got his own business and he's seen some of the things that we've had and kind of wanted to sound important. So I was like, sure.
0:50.7	And I thought it was there were some things that were covered that were so central to a lot of the things that people in this group talk about and
1:02.2	struggle with that I was like, well, you know what? This is too good not to make a video about.
1:06.6	So first thing is from an outside standpoint, he was in a partnership that made no sense.
1:14.4	Meaning if you both are doing the exact same thing in a business, there's really no point.
1:20.0	For you guys to like if you have the same skill set and all you're doing is dividing up work, there's no point in being in partnership because it will come to a
1:26.7	head because at some point you will be able to pay someone to do what the other person is doing.
1:31.7	And then you will resent that person for taking half the income of the business rather than just paying the hourly rate that you would have paid that person.
1:38.3	I've watched a bunch of your gym owners out of partnerships.
1:42.7	It's just because it doesn't make sense and eventually it does come to a head.
1:46.4	And so that was the first thing that I was like, hey, here's a red flag.
1:48.9	This doesn't make a lot of sense.
	...

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