#142: Alex Hormozi: Why you're still broke // Next Level Pros Podcast
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What is keeping you broke according to Alex Hormozi?
This one action is keeping you broke. In today's discussion, we're throwing it back to a interview that I did with Alex Ramosi. Alex shares with us a little known secret that actually changed the trajectory of his career. Have you ever been focused on a certain aspect of your business, but found yourself distracted looking at other opportunities in the way you can make money? Don't worry. This is what every single entrepreneur goes through. In this episode, we'll talk about the principle that launched Alex into his personal brand and the success that you know him as and what made a huge difference in our two nine-figure exits. All this and more on today's episode.
How can comparing growth affect your business strategy?
growth that your company had in the last year is probably more than it did in the first five years right and so like that's the thing yeah like and and it's a it's a tough gear shift probably i mean like oh this is me just to share i know you're you're in in the process of this too but like when you go from comparing your your seven to your eight growth of a business that you owned to your two to year three growth of a newer thing that you're doing like we can't compare the two like this is this is i'm just telling this is what's been hard for me that i've had to like wrap my head around is that like oh my god like it's so it'd be so easy for me to add another like 10 million in ebitda uh you know to the solar business right versus like or or in gym watch like add another like six or add another ten whatever it is right like adding that kind of like ebitda like that can happen pretty quickly right whereas uh you know when you're the new thing like you have to think in percentages
rather than in absolute amounts. Because otherwise you'll just get way too bogged down. Like you'll get way too sad about how things aren't working as fast as you want them to. And so that's been helped too. So shifting from absolutes to percentages to relative changes. And also just, at least for me, thinking that like different businesses have different pain at different times.
What are the different types of business pain?
And so like, I'll give you a quick extreme example. It's like on one extreme, you've got like info businesses, right? There's lots of people who have those. The pain that you experience is when you wanna get past a million a month, two million a month, three million a month. So you basically pick a vehicle that's easy to start, easy to make money fast for, but you're not gonna make massive money, right? It's very hard to do it. Not that you can't, it's very, very hard. On the flip side, you start a software company, And like, if you do it the right way, you're probably not going to make any money at all for a long period of time. And so all your pain is front loaded. But once you achieve critical mass, then the things just starts compounding on its own month over month over month, and at no incremental cost to you, and the thing becomes a profit monster, right? And so it's like, those are completely opposite sides of the spectrum. And it's really just like, where do you want your pain?
And if you know, if you know, ahead of time, this is where the pain is going to happen, not being surprised when the pain comes.
Let's dive in, Chris. So Levi, pain now versus pain later. How have you experienced that in your life? When have you tried to avoid pain now just to experience it later?
How does avoiding short-term pain impact long-term success?
Oh, I mean, I think the easiest thing that I can relate to is just fitness, like fitness and nutrition. Like it's so easy for me. Oh, like I want to wake up in the morning and work out now, but I can always go later. But then when I wait to go later, I can always say I could go tomorrow or the next day and whatnot. And I think a lot of times we like I'm 27 years old. Yep. I'm still pretty young. I'm taking advantage of my youth by not setting myself up for the future of when I could be experiencing more pain of like joints or whatnot by not being in shape and doing what I should be doing now to prepare myself for the future.
So Chris, actually I wanna ask you differently because we work with a lot of business owners and you see companies at all different levels who've been there for a different period of times, timeframes. What do you see as like a business owner? What are some of the short-term things avoidances that people do so they don't have to go through the pain now, but they pay it later.
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Chapters
7 chapters
1
What is keeping you broke according to Alex Hormozi?
0:00–0:41
2
How can comparing growth affect your business strategy?
0:41–1:58
3
What are the different types of business pain?
1:58–3:06
4
How does avoiding short-term pain impact long-term success?
3:06–7:53
5
Why is decisiveness crucial in entrepreneurship?
7:53–13:48
6
How can joining a community accelerate business growth?
13:48–17:28
7
What is the importance of commitment in personal life?
17:28–25:17
Speakers
4 identifiedMore from Next Level Pros
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