Business Was Hard Until I Understood These 4 Concepts
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- Опубліковано 27 сер 2024
- Want to SCALE your business? Go here: acquisition.com
Want to START a business? Go here: skool.com/games
If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $200,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I’ll give you some stuff you can google to verify below.
How I got here…
21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Closed down 6th gym. Lost everything.
26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
26 yrs old: In desperation, started licensing model as a hail mary. It worked.
27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
28 yrs old: Started Prestige Labs. $20M the first year.
29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
31 yrs old: Started our family office Acquisition.com. We invest and scale companies using the $42M in distributions we had taken + the cash from the $46.2M exit.
32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.
34 yrs old: I became co-owner of Skool.com to help the many people who want to start a business online do so.
Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).
To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.
You either get an epic outcome or an epic story. Both mean you win.
Keep crushing. May your desires be greater than your obstacles.
Never quit,
Alex
FULL DISCLOSURE
I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.
00:02 Identify the ideal customer to serve
01:55 Identify ideal customers for better profits
06:02 Businesses must solve the dilemma of needing money but also requiring ideal customers.
07:53 Business growth requires changing compensation and charging more.
11:40 Charge based on value, not based on wallet
13:37 Focus on quality inputs over revenue goals
17:25 Enduring short-term pain for long-term gain in business
19:12 Confront sticking points to avoid stagnancy and reputation damage.
22:54 Eliminate alternatives to show commitment
24:44 Commitment is key to the success of a diet, marriage, or business.
28:11 Success is not just about what works, but considering alternative paths
30:05 Businesses must sell better or recurring versions of their product to survive
33:48 Shift from blame to accountability for skill improvement
35:34 To survive, a business must solve key problems and adapt to changes.
youre a modern day hero
@@vedanshsrivastava9111 thanks your the goat
Hero.
Disliked the up guy to bump you💪
Watch the whole video and learn to concentrate!
I’ve been list3ning to Alex for 2 years. I went back on his first podcast and listened to everything. Almost 700. My business is not successful, and I do a maker work every day till 12PM. Sometimes more. I shifted my mindset to the input. As long as I do the behavior, i’m winning. I’m in a season of no and I work on week-ends. I have no idea how long it will take for me to succeed, but as Leila said, I will not be the reason why it didn’t work. Volume negates luck. More Better.
PS: just to be clear i’m having the hardest and most fulfilling days of my life.
What business are you in?
If you still struggle after 2 years it only proves one thing, if you listen to all his advice then all his advice is usless.
Maybe do change the business you are working in, if you are smart enough you would realize that beating a dead horse will not make it go faster.
I commend your effort on this. This is the type of dedication and mindset it takes to win.
@@TheWayoftheWolf Don't give BS advice, even Alex would say that this is dumb to keep putting your effort in a business that's not making any profits after 2 years
@@stefan1669 You're joking right? He is always talking about thinking in decades instead of months or years and how the first few years you simply eat dirt while you are learning.
Alex you have helped me to achieve my dream of being self-sufficient as a musician.
Everyone told me to become a doctor and to give up on music.
Your value is true 🕊
Just curious, can you expand on how you became self-sufficient as a musician? Like doing session work or making songs? I feel like music is a really interesting byproduct of these kinds of videos!
I am also interested. Can you elaborate on how you applied Alex teachings on music industry? About content, leads, streams
I am also curious. Can you explain a little bit more?
Im not curious but ill wait here too
I’ll just wait
Loved that laugh at “You’re scaling the problem, not the solution.” Honestly what a great line. Thanks for this video Alex!
😂 brilliant!!!
1111111q11111%1Q😊😊😊😊@@operavin
4 problems every business has to solve:
1) finding your customer
2) charging too little or paying too much
3) overexpanding
4) focus
Bonus:
Self-development
I totally get the temptation to take on any client with a heartbeat and a credit card when you're starting out. It's survival mode, but eventually, you realize not every client is a good fit for your sanity or your bottom line.
True. Especially when you have the resources ready, you sell yourself out and low for that dopamine rush of finally having a paying client, albeit compromising your value. This is why it should be standard protocol for people starting businesses especially ones from bootstrap to know how much their competition charges so that they can have a point of comparison, but offering the same or even better valued products or services.
I have learned this the hard way, and now I'm taking 1-2 years to rescale my business and come back with the mindset of "I don't need your money" if a client insists on paying less than my offer.
I saved this quote
and won't know unless you take all those clients in the beginning - you have to learn and sometimes that is through real life experience
Alex is on fire 😂 he's not sleeping anymore, giving value is worth more than anything
Perhaps we could be grateful for the value he is sharing. Excellent stuff.
He's getting paid to give this value... ;)
I've never listened to a person whose every word is important and meaningful. No fillers, no fluff. I am scared to breathe in case I miss a single syllable. Alex, we owe you so much.
I love how he's teaching honesty in business. I always had an imposter syndrome for even charging any price.
But now that I think about it I used every trick in the book to get my leads and conversions. And didn't deliver on half of the promises.
Basically I was a scam. I'll do better 🤝thank you alex
Scam better! 💪
@@JeffCaplan313 haha ! you will never make it in life if you think that way tbh.
You need to do the real shit which is delivering not just talking
@@Abdkourabi. Deliver scams better! 🥳
content idea: document someones starting/improving a business by mentoring
I just discovered your channel through this video. Case studies are extremely beneficial and I hope to see more in the future! Creating wealth includes developing habits, such as setting aside money on a regular basis for smart investments.
Yes, I do currently practice modest living and prudent money management. My investments have increased by 43% over the past 19 months. But I'm nervous because I've lost money in the last month. I can't decide if I should sell everything now or wait.
It's important to speak with a financial counselor prior to making any decisions on investments.
Yes true, I learnt that in 2023, when I lost almost everything. But I switched to using a financial advisor and I've been returning at least $98k every month so I’ve been sticking to investing via an Advisor.
I'm new to this space and i've been getting suggestions to use one for a while, how can i find a decent one like the one you use?
Leah Foster Alderman is the licensed advisor I use. Just search the name. You’d find necessary details on the web to set up an appointment.
This is great, I love this shift back to biz content.
I know these are primarily recorded at the acquisition HQ, but it would be cool if there was a webpage where I could see Alex's upcoming presentations.
Another banger! Thanks Alex. It's sad how difficult things have become in this recessive economy. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to protect my $250K-worth stock portfolio from decline, but haven't figured which way to go.
Very difficult indeed, but when the going gets tough, the tough gets going. You have to learn and handle finances properly. you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows. Don't go for penny stocks.
One of the best videos of Alex, although he already said that in other videos, but there’s something that was for me in this one. Tremendous value as always!
Watching Alex's content at 3am hits different
Me too watching at 3am :-) it’s brilliant 👍
Yeah? How..
Go to sleep you two
I promise you it'll hit a lot better if you're well-rested.
The focus part is what people need just starting out, eliminate alternatives and pick something. Grated, its nice to know yourself and what you're most interested in. Serial focus through to the "this just isn't working out" phase, if that occurs or not. Alex has probably done something on this already, if so I havent seen it yet. I mow lawns and enjoy producing art, I like being in the role of inspirational coach for artists but I want to make money selling art first, so my process of elimating alternatives is to do my art until somebody buys one. And wait for the possible "this just isn't working out" moment, what, another 12 months? I share to give a glimpse of a normal guy reasoning about this content.
I really resonated with what Alex said about commitment and decisions. As someone who struggles to stay focused on one thing for more than a few weeks, think it is crucial to consider how I can improve my focus. It’s interesting to think about focus as being driven by learning new skills in order to solve problems that present themselves in your business. I think gamification is a brilliant way to stay motivated!
I think this has been the best video i've ever watched.
This is the best video on business I've ever seen. Thanks Alex.
Hitting dislike so that the ops can't solve their problems.
LOL
😂
Hitting the like so it's more interesting 😂
@@mrk01125 bro you're gonna get us cooked
🧠
My perspective is quite unique as I have taken Alex’s teachings and viewpoints and tried to apply them to the music business. (I actually saw him and Leila having dinner in a restaurant I play piano at in Vegas and I complimented him on his beard haha). So far it is working out tremendously. Specifically, his viewpoints on rate negotiation/value prop have helped me increase my personal rates and I finally generated 5 figures in a month a few times now from playing piano in live performance settings (which is wild lol). I used to be the guy to accept every gig coming my way but now I realize that in doing so I devalued my 35 years of experience and wasn’t seeing my competitive advantage in the marketplace. I started a music software company (which is finally something I can scale) last year and now I’m able to watch videos like this with any sort of relatability as I am stepping into entrepreneurship and out of the gig economy (although the gigs I negotiated for are the highest paying, comparatively speaking). The way Alex views the world has helped me align with similar visions and business life on a whole has improved greatly. Thank you Alex for just being yourself. Keep pushin’ yall!
If you haven't read 3 Secret Books by Russel Brunson, Highly Recommended ... !
The fact that this is free is crazy. This is so important and most business owners dont even realize it.
Work once (live) then stream on all the platforms for ×1000 leverage. Thats the lesson.
Alex has been one of the people who I’ve never met that has helped me change my life permanently. I quit my full time job because I was sick of that life and I knew I could do way better if I truly committed. I started my business and it’s definitely hard but the meaningful and purposeful stress that it brings will never compare to the stress of doing something meaningless 8 hrs a day working for someone else.
To be successful, you need to make plans and work towards them. Investing is still the smartest way to prepare for the unexpected. I have been investing consistently for 6 years and I am extremely pleased with the returns. For anyone who wants to start; The good news is - it's never too late to start.
I'm celebrating a $30k stock portfolio today. started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me
Trading hasn’t been going well for me lately. Every day, I came to watch video's I only see people appreciating how good they trading works
This is not the first time I'm hearing of him but I have no idea how to reach him.
Thanks to Mr Fred Stephen.
His a licensed broker here in the states 🇺🇸
Phenomenal business content, Alex. Just awesome. Thank you.
I swear this video was made specifically for me. Thanks Alex.
As you mention consistency over and over again, you are just perfect over and over again. Thanks for all!👏👏
Been years…BEST content piece more pls like this 💯💯💯🏆🏆🏆thank u 🙏🙏🙏
Wow so glad I found this. Fundamentals no one else I have listened to share. Awesome, thank you!
That means the customer is NOT always right. There are bad customers - they'll waste your time and frustrate you
So charge more.
@@JeffCaplan313 Bad customers exist at all price points. Same for employees.
True@@TheoriginalBMT
In matters of taste, the customer can always be right.
Hey @AlexHormozi,
Please advise.
1. What are the core subject areas that a person should focus on and master despite any industry/business they are in (I.e. Sales, Finance, etc...) that have the most ROI and what things are best to be delegated to professionals?
2. How do we define the limitations in our learning that we don't over-focus on a subject that could be or would be delegated to someone else (I.e. taxation) to utilize Time(24 Hours) wisely ?
3. Could you teach an end-to-end business loop, from Ideations to Market Research to Analysis to Test to Launch to Growth and etc ?
Grateful for these videos! Excited to attend a workshop one day!
Shout out to the back of my head in this video. Was awesome to be there in person
Did you pay a lot to be there?
@@jesseB50423 tickets were 5k a piece
I'm not at the million yet, so skipping this one for now. Will see ya later. Time to work on my million.
Selling to everyone with a pulse and credit card at the moment...same
I hate watching your videos because I feel so seen. How are you so good at articulating every single one of my business' problems?
“Nature loves courage...You make the commitment and nature will respond to that commitment by removing impossible obstacles.
Dream the impossible dream and the world will not grind you under, it will lift you up.
This is the trick. This is what all these teachers and philosophers who really counted, who really touched the alchemical gold, this is what they understood.
This is the shamanic dance in the waterfall.
This is how magic is done. By hurling yourself into the abyss and discovering it's a feather bed.” - Terence Mckenna
Thank you Alex for such great content!
This was an awesome business sermon!!
In the 3rd year of overtime. Thanks alex, this was like a tough conversation
I finally hit 70k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 16k a month ago, 2024 is amazing!
Thank you for all the wisdom minus the cursing. That makes it more effective. Thank you. I'm glad you don't need cursing to get the point across. 😊
Waouh really love your content... Your the best... Please I have a suggestion, can please create a video on how you will start from 0 show your process on how you will acquire customers, how you will create your offer, funnels, how you will outreach please... Your the God in this niche really appreciate your content
@AlexHormozi world class 🌎 🏆. Thank you for the content!
really wish you could help those who aren't nicely coasting their way to $1m a year and need to scale.
I've kinda given up watching your content because I'm trying to get to $1000 a year and struggling (by selling products) and every inch of that process feels impossible and like there are a million other people selling the exact same product that you thought was one of a kind.
Excellent and great value add content.. As always
Thank you Alex . Lots to think about. Enjoyed listening .
Spent 15 years doing this GREAT 🙏
mannn this video is soooooooo on time. Thank you
Sometimes....GEMS appear, and don't need mining.
"Revenue is a consequence not a goal." WOW!
Always come away motivated. Thank you, Alex!
Empowerment and accountability are key life lessons
Some great insights here - thank you
I love the conceptual business information thats broken down to a science. You can really benefit from this.
Scaling the problem not the solution …..“lots of laughter”
PRAISE TO THE EDITOR. No long intros, flashy graphics, distracting background music!!
Excellent, easy to digest information. B2B Cold Calling is my PRIMARY business. Time to make more calls.
it sounds like real hell to have a business .
„Commitment is the elimination of alternatives.“ …“I measure focus by the number & quality of things I say no to.“
Thank you so much Alex for the insights.
Creating quality first . Boom 💥
Alex is considerably a genius.
Yes, both in his business acumen and his ability to communicate it
"I would always rather have intense short term pain than very long term pain of not living up to what I think I can do" 19:30
Sat Nam Alex, Thank you for sharing your wisdom, it's very empowering. I appreciate your time. Be gentle with yourself Scott Hutchison-McDade
Great video.
want to start an architecture firm someday. Any advice?
$100,000 saved up. That would be amazing. Great video.
What an eye opener....👀
My God , that was a really hard punch 👊
Damn, I'm watching this for a second time 😅
Bro this is straight 🔥🔥🔥🔥🔥
solid advice, the concepts are very solid
takes a page of notes and goes *holy sh*t we're only 4 mins in."
Another banger! Thanks Alex
Best business education online hands down!
This one hits hard, and I love it
Watch every single one of Hormozi videos
Alex is such a perfect human, the only thing I hate about him is his dressing sense.
Close your eyes when you listen 😂…no reason to hate on him
Revenue is a consequence, not a goal
I love this guy
I needed this video Alex , Thank you
19:50 focus
30:00 asset vs a job
Excellent excellent thank you Alex!!!
Shoutout to the people who payed premium for this mastermind and we getting it for free
It's not a mastermind. It's a group presentation and qa.
Why would you get satisfaction ridiculing people who got off their arse, put their money where their mouth is booked in time to go to a personal meeting with Alex.
Sure, it's great that Alex distributes all his information for free. So enjoy the free stuff and just be happy for others who are happy to pay for it.
@@user-uh2nh6vi1p i did not find he is ridiculing them. I found he was thankful for them to spend the money and he can benefit thanks to them 😇
🔥 thank you, Alex. Exceptional video.
Alex you should consider dubbing your content in Spanish, I want to share with so many people but they don’t speak English.
What a great video. Top notch
That was deep
Excellent.
This is so incredibly helpful. Thank you!!
Commitment is the elimination of alternatives. Great nugget!
Having lived through 3. Multiple time retrospectively it’s so simple 🤣🤣
Is there a difference between chasing shiny objects and skill stacking?
I'm in a spot where I can learn new skills that are adjacent to my core offering.
I think I know the answer but I'm curious if there is a frame to use in discerning skill stacking and going after the wrong "lady in the red dress".
If you are learning skills within the field you are in. I think that's totally fine. But if it's new skills that are just nice to have so you can chase a red dress. Less so
Revenue is a consequence. Focus on input
Sad to see hanza become such a money hungry guy went from self improvement to self destruction
"Revenue is the consequence, not the goal"
Fred Deluca did #3 😂🤷♂️
Does anyone know who the physical therapist is early on in the video? Id like to get in touch with him if possible. Thanks
Thank you for sharing bro
Dear Brahman, thank you for creating Alex.