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The Game with Alex Hormozi

My Biggest Mindset Shift I Made As An Entrepreneur | Ep 794

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 22 November 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

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 and will learn on his path from $100M to $1B in net worth.

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Transcript

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0:00.0

What one thing, if it were true about my business, would change everything? Of all of these other

0:06.8

things that are on my to-do list, if I were able to accomplish all of them, would it be as big

0:12.5

as me just doing that one thing? Welcome back to The Game. Today, I have a special fun episode

0:19.2

about making more money.

0:21.0

So that's a common theme on the game.

0:24.0

And so today I want to talk about the difference between optimization and orders of magnitude,

0:31.2

aka step function increases in a business.

0:34.4

I think that this may be one of the most impactful shifts in thinking that I've had

0:38.8

as an entrepreneur and one that I would at least encourage adopting. First off, what is the difference

0:45.9

between these two things? Before I even get into that, real quick, why does this matter? If we think

0:51.5

about the function of every entrepreneur as the person who prioritizes the

0:55.5

resources of the business, then you are the person who's saying, what gets invested in? What are we

1:01.1

allocating time towards so that we can get the best return? And I talk a lot about the difference

1:06.7

between, you know, doing more, doing better, doing new. And so fundamentally, whatever you're going to do

1:11.7

is going to fall within one of those three buckets. Are we going to do something better?

1:15.5

You know, are we doing what we're currently doing a little bit better, little optimizations?

1:18.6

Are we going to do some, you know, just straight up do more of it? Or we're going to do something new?

1:23.1

You might think that this whole optimization versus step function is going to be new versus better. And that's actually not the direction this is going to go with.

1:29.9

I bring this up because I see business owners come out to our headquarters.

1:34.9

This is, you know, companies that are either, you know, just coming to a workshop that we have

1:38.6

or companies that we're looking at investing in or both.

1:41.9

When I talk to the founders, the pranol question is like, what do I need

...

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