Volume Negates Luck | Ep 592

The Game with Alex Hormozi

Alex Hormozi

How To, Business, Entrepreneurship, Education

4.9 • 4.8K Ratings

🗓️ 26 September 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

"You just have to keep laying the bricks all the way across the bridge from where you are to where you want to be.” Today, Alex (@AlexHormozi) shares a quick lesson he learned while he was talking to his 18-year-old neighbor about probability, luck, why volume negates both those factors, and tries to paint a different frame of seeing success & the work required to get there.

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:

(1:27) - Volume beats luck and skill.

(2:45) - Embrace learning, patience breeds success.

(5:31) - Quit only if the industry disappears.

(6:22) - Probability and volume matter.

(7:34) - Success takes time, avoid unrealistic expectations.

(8:22) - Bricks, patience, and consistency.

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(This episode is a re-run. Original airdate was January 12, 2021.)

Transcript

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0:00.0	Hey guys, real quick, so Leyla and I are definitely working on our social media presence
0:03.0	if you guys haven't noticed, and we're just breaking now into linked in.
0:06.2	All right, it's not as bad as I thought. It's actually been pretty awesome so far,
0:09.4	and you guys have been really cool in there and people are sharing our stuff a lot.
0:12.2	So if we aren't connected, on LinkedIn, go ahead and let's connect and let's rock and roll.
0:16.9	What am I doing different? What am I doing different?
0:18.4	They might not be doing anything different. You might have just hit the gold nugget
0:21.9	way too early in the cycle, and now you got to sift through a lot more nose to get to your next one.
0:26.4	Welcome to the game where we talk about how to sell more stuff to more people in more ways and build
0:33.2	businesses worth owning. I'm trying to build a billion dollar thing with acquisition.com.
0:37.1	I always wish pesos, musk and buffet had documented their journey, so I'm doing it for the rest of us.
0:41.3	Please share and enjoy.
0:44.6	I want to share a quick lesson that I had with my 18-year-old neighbor who's going through
0:48.7	his entrepreneurial journey, and this is a lot of fun for me because he's at ground zero,
0:52.1	so I'm hearing the anxieties and the worries and the false beliefs come up as they go and I get
0:57.6	to confront them and ask good questions. The lesson or the theme of yesterday was around volume
1:04.6	and luck. One of the key differences that I see with people who are successful and do grow and do
1:11.4	scale is that they have a firm understanding of probability. What that means is chance.
1:19.3	What's the percentage likelihood that something happens? If you want to be an investor,
1:24.9	then you have to calculate the risk associated with an investment. That's a probability outcome.
1:30.9	If you are a business owner, you have to gamble on marketing and assess the probability that
1:37.8	you will get a return on that investment. What's interesting is that volume negates luck.
	...

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