When To Take The Chips Off The Table | Ep 584
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 7 September 2023
⏱️ 14 minutes
🧾️ Download transcript
Summary
"The objective of a business is to make a profit (…) That is what separates it from a nonprofit.” Today, Alex (@AlexHormozi) discusses the importance of taking profits out of your business and investing in yourself rather than constantly reinvesting in the business. He emphasizes the cyclical nature of the business and the need to be disciplined in taking money out every month to increase net worth and prepare for potential downturns.
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:
(0:47) - Difference between reinvesting in business versus reinvesting in self
(2:49) - Take more money out to need to make more money
(6:07) - Losing on profit and valuation of business by keeping money
(9:16) - Rip out as much cash as possible every month
(12:23) - Prioritize maximizing monthly profits, keep in mind the cyclical nature of the business.
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(This episode is a re-run. Original airdate was March 3, 2020)
Transcript
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| 0:00.0 | Real quick, guys, you guys already know that I don't run any ads on this and I don't sell anything. |
| 0:04.5 | And so the only ask that I can ever have are you guys that you help me spread the words, |
| 0:07.7 | we can have more entrepreneurs, make more money, feed their families, |
| 0:10.9 | make better products, and have better experiences for their employees and customers. |
| 0:14.9 | And the only way we do that is if you can rate and review and share this podcast. |
| 0:19.4 | So the single thing that I have to do is you can just leave a review, |
| 0:21.9 | but take you 10 seconds or one type of the thumb. |
| 0:23.9 | It would mean the absolute world to me. |
| 0:25.2 | And more importantly, it may change the world of someone else. |
| 0:28.0 | If you feel like you're not likely to skillset, then you're lacking a character trait |
| 0:31.2 | or you have a belief about the world that is false, right? |
| 0:35.1 | It's just false. And so you have to figure out what that belief is. |
| 0:37.6 | And sometimes that investment comes with going into communities, |
| 0:40.8 | connecting, paying to have access to people who can break that belief for you. |
| 0:47.0 | The wealthiest people in the world see business as a game. |
| 0:49.3 | This podcast, the game is my attempt at documenting the lessons I've learned on my way to building |
| 0:52.9 | acquisition.com into a billion dollar portfolio. |
| 0:55.4 | My hope is that you use the lessons to grow your business and maybe someday soon |
| 0:58.0 | partner with us to get to a hundred million dollars in beyond. |
| 1:00.0 | I hope you share and enjoy. |
| 1:03.6 | I wanted to talk about something that's a little different than the actual business, |
| 1:07.4 | but very important, which is just about the money of the business. |
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