Why Creating Another Business Isn't The Answer | Ep 518

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 30 March 2023

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

(This episode is a re-run. Original airdate was October 5, 2021)

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 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) - Neighbor creating same business again: used existing skills & knowledge

(3:25) - Good strategy is knowing what to say “no” to

(5:00) - Can't be CEO of two businesses

(7:59) - Learning from 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,
0:12.0	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.
0:19.5	The single thing that I have to do is leave review, take you 10 seconds or one type of the thumb.
0:24.0	It would mean the absolute world to me.
0:25.3	More importantly, it may change the world of someone else.
0:28.2	I was CEO of one business and 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, how to make more
0:36.8	per customer and how to keep them longer in the many failures and lessons we have learned
0:40.0	along the way. 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.
0:49.4	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 and so I said, oh, I'm outside
1:00.2	of the day to day, 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.
1:06.8	And so the next year, we did $37 million in top line revenue and we did $13.4 in profit.
1:12.4	So my profit went down and my revenue went up.
1:15.4	Now I could try and BSU and tell you that it was because we reinvested in infrastructure
	...

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