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The Game with Alex Hormozi

Why You Should Document Your Business Mistakes | Ep 731

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 1 July 2024

⏱️ 31 minutes

🧾️ Download transcript

Summary

"I can't keep repeating these same mistakes... I have to find a way to learn from this." In this episode, Alex (@AlexHormozi) breaks down the importance of documenting failures in business & the process he's been doing for over a decade that he attributes much of his success to.

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:

(0:52) An Interesting Thing Happened...

(4:15) Small Business Owners Have This Problem

(10:00) What I Learned From ALAN

(13:25) How this helps with Content

(17:39) Biggest Meta-Lesson

(20:03)Document Everything Publicly

(26:24) Bonus Q&A

Follow Alex Hormozi’s Socials:

LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

Documenting your business mistakes may be the most important thing you do in your entire business career to make more money.

0:05.0

After I lost everything for the second time in my career, that experience was so painful that I was like, I can't keep doing this, I can't keep repeating these same mistakes.

0:15.0

So I was like I have to find a way that I can learn from this.

0:18.0

And so within the next three months I started my podcast.

0:21.0

And the intention behind that podcast was that I would learn to document the things that I was doing and what I was thinking about the problems that I was talking from at that time.

0:30.0

And I always thought the concept of having like a Jeff B Basos vlog with once a week he was like,

0:34.8

this is what we're dealing with at Amazon, this is what we're doing with at Amazon,

0:36.8

all the way to his current state would have been so valuable.

0:39.8

And I always had the belief that I would get to that level eventually.

0:44.2

And so, you know, delusional or not.

0:47.0

So I thought, why not start now?

0:49.3

And so I started documenting my mistakes and my successes and an interesting thing happened.

0:56.0

From that point until now I haven't lost everything again and we've built you know

1:00.1

$100 million plus net worth arguably a lot more than that but just for the sake of this video

1:05.2

in that next seven or so years and so I've been in business for 13 but I lost everything about the halfway point

1:12.1

twice and so making sure but I lost everything about the halfway point twice.

1:13.0

And so making sure that I learned the right lessons from my mistakes

1:17.5

has been, I think, one of the largest contributing factors

1:21.1

to me being able to move forward at such a fast rate.

1:24.8

Whether you document it through video or you document it through podcast or you document it through

1:29.4

written, I don't think matters.

1:30.9

I've actually done both and so I started with just

...

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