Most Business Owners Have a Focus Problem | Ep 736

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 12 July 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Your lack of ability to make decisions will kill you." In this episode, which was originally delivered to an audience at an Acquisition.com Scaling Workshop, Alex (@AlexHormozi) shares a lesson that he's had to learn repeatedly - focus. A lack of ability to focus is the Kryptonite to many entrepreneurs, and chasing shiny objects will keep your business smaller than almost anything else. Paradoxically, leaning into new opportunities is what got many first time entrepreneurs their first success, but focus is what will take you to $10M, $100M, and beyond.

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:

(0:09) My Business Backstory / How I Learned The Importance of Focus

(2:40) You Have To Learn To Say “No” / My Definition of Focus / What Focus Means / What Is Focus?

(3:42) Justine Musk Quote

(4:25) $B Opportunities

(5:22) Steve Jobs Quote / The Juicy “No’s”

(7:02) The Greatest Superpower of Entrepreneurs / Volume Negates Luck / The Perfect Clay Pot

(10:05) The Perfect Competitor

(11:15) Why Do We (I) Say “Yes”?

(13:02) Fighting The Same Boss

(14:51) Hiring My First Sales Director

(17:06) Why I Document My Journey

(19:38) World class Results

(21:12) People Will Always Make Room For Winners

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Transcript

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0:00.0	The biggest mistake that I have done in my entrepreneurial career. I'm going to walk through and then I'll explain kind of the meta concept that I think is why we are doing better now than we've ever done before.
0:10.0	The very beginning of my business, I started an online fitness coaching business called the free training project which then flipped to for-profit.
0:17.0	I then started a gym.
0:19.0	Now I did a smart move and said I'm going to focus on only one of them which was the gym and the gym grow I kept doing this gym thing because that kept working and then all of a sudden as I kept opening locations I was like man I'm pretty good at this marketing and sale stuff then all these people started being like hey can I give you money to do other stuff?
0:32.7	And I was like, well, I accept money and I can do other things, so that sounds great.
0:35.6	Within the next 12 months, I had a dental agency, a chiropractor agency, and a business that was the
0:40.8	turnaround business, which was me flying out to gyms.
0:43.1	And so I tried to grow four businesses at the same time where I was CEO of all of them.
0:48.0	It took me getting into a head-on collision in a DUI where I had a mentor of mine, whatever
0:52.2	you want to call it, who's like your lack of ability to make
0:55.8	decisions will kill you.
0:57.6	After that, over the next seven days I broke up with, it's probably the best term because some of
1:01.6	you guys are in terrible partnerships and won't admit it I broke up with a couple of gyms not all of them but a couple of them I broke up with partner I had for dental I broke up with a partner I had for Cairo, and then broke up with another
1:14.7	business that was related to tangentially with the launch thing.
1:18.4	And it sucked.
1:19.5	But finally, after all of those conversations, I was able to just do the turnaround business and then
1:24.3	within the next however many months you guys know that story it exploded we made a whole
1:28.1	bunch of money and then we switched to licensing and then we did three something
1:32.4	then 480 then three something then
1:32.6	four-80 then a million then one two, then one five, then two.
1:35.9	And then we kept going straight line all the way to four.
1:38.1	At that point, I was like, huh, you know what we could do?
	...

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