Why Creating Another Business Isn't The Answer | Ep 334

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 5 October 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Take a few steps back, and you won't regret it! Today, Alex (@AlexHormozi) talks about his experience of starting another business was a mistake, the lessons he wishes to impart, and why doing the boring work is just as important as making money.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(1:22) - Alex talked with his neighbor who wanted to create the same business again after selling his first one - he already had the existing skills and knowledge rather than starting all over again with a different kind of business

(3:25) - A good strategy is knowing what to say or “no” to. If you try there for everyone, you won’t succeed. You’re stopping yourself from developing your existing skills

(5:00) - You can’t be the CEO of two businesses just like how you can’t serve two masters. You’re most likely not focusing to improve on the weak points of your business

(7:50) - Learning from your experiences in your 1st year doesn’t make you better. Learning from over 10 years of experience is more fruitful

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Transcript

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0:00.0	Real quick, you guys already know that I don't run any ads on this and I don't sell anything.
0:04.6	The only ask that I can ever have are you guys that you help me spread the words.
0:07.8	We can have more entrepreneurs make more money, feed their families, make better products,
0:11.9	and have better experiences for their employees and customers.
0:14.9	The only way we do that is if you can rate and review and share this podcast.
0:19.4	The single thing that I have to do is leave review.
0:21.9	I'll take you 10 seconds or one type of the thumb.
0:23.9	It would mean the absolute world to me.
0:25.2	More importantly, it may change the world of someone else.
0:28.2	I was CEO of one business and so I said, oh, I'm outside of the day today.
0:32.5	I'll start another business.
0:33.9	Welcome to the game where we talk about how to get more customers,
0:36.2	how to make more customers, how to keep them longer,
0:38.2	and the many failures and lessons we have learned along the way.
0:40.7	I hope you enjoy and subscribe.
0:43.3	So when I was 28 years old, we made $28 million and $17 million in profit.
0:49.3	And the next year, I made one of the biggest mistakes in my business career,
0:52.4	which was I started another business.
0:54.4	And so what I ended up doing was I was CEO of one business.
0:58.8	And so I said, oh, I'm outside of the day to day.
1:01.0	I'll start another business because there's this big pile of money right here
1:03.5	that I can't say no to because I'm a capitalist and I should definitely do that.
	...

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