Picking Your Niche | Ep 660

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 18 January 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

You will never make it by taking shortcuts. Today, Alex (@AlexHormozi) highlights the success in improving existing business models rather than pursuing new ones, cautioning against diving into unfamiliar niches. The episode underscores the significance of perseverance, hard work, and mastering various skills for long-term success in entrepreneurship.

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:

(1:20) - The value of doing better, not necessarily new

(4:17) - Reality of building a successful business

(6:45) - Dangers of rushing success

(8:33) - Misconceptions of quick entrepreneurial success

(10:55) - The importance of practical experience over theory

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(This episode is a re-run. Original airdate was on March 15, 2022)

Transcript

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0:00.0	everyone's trying to take a shortcut to get there when they realize like when I'm telling you right now you're never going to get there because you're not good enough.
0:06.0	Like you're never going to get there because you're not good enough.
0:08.0	You have to do the rocky cut scene, you have to eat the shit for a period of time so that you can get the reps in so you can put your time
0:13.7	under the bar in so that you can actually get good.
0:19.3	The wealthiest people in the world see business as a game.
0:21.5	This podcast, the game game is my attempt at documenting
0:23.7	the lessons I've learned on my way to building acquisition.com into a billion dollar
0:26.7	portfolio. My hope is that you use the lessons to grow your business and maybe someday
0:30.0	soon partner with us to get to a hundred million million and beyond. I hope you share and enjoy.
0:34.0	I'm going to walk you through the best way, in my opinion, to pick the niche that you're going to focus on to start your business.
0:45.0	So picking the niche, I think this is something that's like wildly misunderstood and I'll tell you where most people get wrong is that they pick a niche and they have no idea about the niche.
0:55.0	All right, and so why Combinator, which is a venture, it's like an incubator type thing in Silicon Valley,
1:00.0	they have their things that they look for when they're investing businesses and they're
1:04.7	accepting them into YC.
1:06.7	And one of the ones that was really interesting to me is that they look for past experience
1:10.6	within the space.
1:12.2	And because I think a big part of that is that a lot of times new businesses are not actually
1:16.8	really new.
1:17.8	They're slight iterations on things that are old, right?
1:20.7	And candidly, within my own business experience, I don't even do anything new.
1:24.1	I just try and do stuff better, which people somehow poo-pooh on.
1:27.5	It's like you can go into dry cleaning and do it better than everybody else and still win.
	...

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