You Need to Understand this if You Want Your Business to Scale | Ep 735

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 10 July 2024

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

"If you want to build an asset that makes you generationally wealthy, this is for you." In this episode, Alex (@AlexHormozi) shares that for most businesses that he's started and worked with, there's a core value driver that must be understood in order to truly scale. And if the entrepreneur does NOT work on this and instead gets distracted on other problems, they won't grow as quickly.

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:

(5:30) - What Business?

(7:50) - Supplement Example

(9:30) - Paired Incentives

(15:00) - What is solving the problem worth?

(16:00) - The Woman in the Red Dress

(20:00) - Every Business Has Shit

(26:30) - Marry Your Business

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Transcript

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0:00.0	I started and sold a software company, started and sold a
0:04.2	supplement company, and six other businesses over the last 13 years.
0:07.5	The vast majority businesses that I talked to, the entrepreneurs think they're in one
0:10.6	business, but they're actually in another.
0:12.8	By only being able to solve one set of problems,
0:15.2	they continue to jump from business to business to business
0:17.2	to business, rather than realize that there's one big problem,
0:20.0	the business they're actually in,
0:21.8	that unlocks all the enterprise value that gets
0:23.8	to the next level. But if you want to make a big business, you want to build an asset
0:27.0	things to make you generationally wealthy, this is for you. I have made the mistake in almost
0:31.7	every business that I've been in in thinking I was
0:33.9	getting into one business when in reality I was getting into a very different
0:36.9	business and discovering the real business that you're actually in is what
0:42.0	will unlock the amount of growth and money making
0:44.8	that you really want to get into. It's usually the second and third level of
0:49.1	entrepreneurship within whatever opportunity you're pursuing. So let me give you
0:52.1	example to kind of make this real.
0:53.5	When I got into the gym business, I liked fitness.
0:56.5	And so I thought that the business was going to be about like macros and results
1:02.0	and workouts and all of that. That's what I thought the business was going to be about.
1:06.4	But once I got into the business, I realized it was actually just about marketing and sales.
	...

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