Stop Trying to Get Rich. Get Better | Ep 733

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 5 July 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

"Getting rich is an output, getting better is an input." In this episode, Alex (@AlexHormozi) breaks down a fallacy that many small business owners fall into, which is that they need more leads in order to scale. This episode explores an alternative way to scaling; what if you just improved your product or service that nobody ever left?

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:

(00:31) Business Owners All Ask This Question

(01:36) Building Back To Front

(2:05) The Business You Don't Want to Be In

(4:03) How To Actually Get To $1m Per Month

(6:23) My Friend’s Business

(11:12) What The Biggest Businesses Avoid

(15:24) Keeping Your Promises

(19:56) What Metrics You MUST Understand

(24:07) Nobody Thinks

(28:47) Break Stuff Move Fast

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Transcript

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0:00.0	Stop trying to get rich, get better.
0:03.6	And if you get better, getting rich will happen as a consequence.
0:07.1	Getting rich is an outcome.
0:08.6	Getting better is an input.
0:09.9	Most entrepreneurs are focused on the output as the thing, and so they're scattered in terms of where their focus is because they're just during to do everything they can to drive this number up rather than trying to do the thing that creates the wealth.
0:20.8	If you talk to a hundred small business owners and ask them, what do you need to grow your business?
0:24.4	All of them will say, I need cheaper leads. And they're all also wrong, which is why they're still
0:29.7	small business owners and not big business owners. I see a lot of small business
0:34.3	owners circling around asking the same question which is figuring out how they're
0:38.4	going to scale and you're almost all doing it the wrong way.
0:42.9	This is how most people do it, right?
0:44.7	So they have a product and they learn one way of advertising it.
0:48.4	So they learn outbound, they start making content.
0:51.2	They run ads. They find a referral partner who sends them business and they start making sales. And then they're like I need to scale
1:00.0	But in my experience and this is to be fair very normal when you're in the beginning because you don't know what you're doing and the biggest risk of the business is you.
1:07.0	But if you approach the business from, you know, call it a decade or more of experience, then you approach business differently.
1:14.4	And so when somebody, let's say an investor who wants to build a billion dollar brand gets into, let's
1:19.6	say, a local business, they're not building that single store with the intention of maximizing that
1:25.2	potential store. They're trying to nail the model so it's as simple as humbly possible so that
1:29.2	they can scale it. And I think that what a lot of small businesses lack is perspective and so you have to build with the end in mind.
1:36.5	And so I think if I were to theme this call, this live, this podcast, it would be building back to front.
1:43.5	And so I think one of the things that has worked really well for me in the past and when I failed,
	...

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