Lessons Learned from Failed Partnerships | Ep 712

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 17 May 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

"You have to be able to allocate time money effort into the thing that's get you the most back.” Today, Alex (@AlexHormozi) shares valuable insights past failed partnerships, emphasizing the importance of equity, contributions, and disciplined profit generation for business success. He provides practical advice for entrepreneurs on wise spending, navigating equity distribution, and making strategic decisions for sustainable business growth.

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:

(2:05) - Partnership dynamics: equity and contribution

(5:52) - The realities of business ownership and profit distribution

(7:33) - Profit as a discipline: The importance of spending wisely

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Transcript

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0:00.0	If you just keep running your business and keep taking the profit and buying shit you don't need
0:05.0	in the business, you're not running a profitable business.
0:08.4	You're not reinvesting in growth.
0:09.8	You're just not making money because you don't have discipline of spending.
0:16.0	The wealthiest people in the world see business as a game.
0:18.3	This podcast, the game, is my attempt at documenting the lessons I've learned on my way to
0:21.4	building acquisition.com into a billion dollar portfolio.
0:24.3	My hope is that you use the lessons to grow your business
0:26.0	and maybe someday soon, partner with us to get to $100 million and beyond.
0:28.9	I hope you money and doing what I do now.
0:40.0	And there was a long period after those partnerships where I had zero partners for a very long period of time where I made all my money.
0:46.0	I seemed like I am against partnerships, but I am the opposite of that. I love partnering people, arguably too much.
0:52.0	And so I had to make a hard rule for myself
0:54.2	that I was no longer going to do this and I'm only defining those partnerships as
0:57.2	partners that I made money with as in like that we generated business
1:00.5	generated revenue businesses and when I talk about how I've had many failed businesses,
1:04.6	many of them were with partners.
1:06.9	All right, and there's nothing wrong with that.
1:08.5	It's just that I didn't know how to do them well.
1:10.8	So I'm going to give you the nitty gritty of every lesson I learned from all of them. So the first
1:15.6	partner that I ever took on was an advisor told me, hey, use your partner with this guy to start a gym.
1:22.6	All right, my very first gym.
	...

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