17 Conversations That Made Me A Millionaire | Spotify Video Exclusive
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What are the 17 conversations that shaped Alex Hormozi's journey to becoming a millionaire?
These are 17 conversations that made me millions in my 20s. Number one, I was going back and forth between quitting my job and starting a gym or starting my entrepreneurial journey.
How can continuous learning lead to success in low leverage opportunities?
Another early mentor, he sat me down and said, man, I've been listening to you waffle for months now. He said, at some point, you're not going to know anymore. You just have to jump. He said it in a way that made me feel like a pansy.
What is the importance of budgeting for learning and accepting failure?
I realized I didn't need more information. I'd already done all of the research.
How does sharing success with others create value?
I just needed to decide. The definition of decision comes from the Latin, decadere, which basically means to cut off or kill off.
Why is a strong online presence crucial for attracting the right people?
The question was, which future was I deciding to kill off? Was it the future that I was in currently that I didn't like anymore, or was it the future that I had the potential to accomplish the dreams that I had?
What pitfalls should you understand before making investments?
By not deciding, I was actively killing off the future that had my dreams, and then I needed to choose which one I wanted to kill. Number two, very beginning of my entrepreneurial journey, I didn't know how to sell anything. When a mentor just said, do you want to know the secret to sales? I leaned in and I was like, yes, please. I like had my notepad out and said, the secret to sales is making an offer so good, people feel stupid saying no. And that obviously became the subtitle of my $100 million offers book. I kept thinking that I had to learn how to like try and manipulate and going through sales scripts and building rapport. And sure, some of those skills are useful to have when it's so much easier to just find things that people really want.
Chick-fil-A doesn't need to sell you on chicken sandwiches. They just have amazing chicken sandwiches and people go buy them. And that forever changed how I created new products, created new services, was I started with how do I get the most people to say yes and then worked backwards. Number three, my next mentor was a $10 billion COO. He always said, you got to go slow to go fast. He kept repeating it to me over and over and over again. You only unlock the compounding, which later on grows significantly faster than the erratic activity of small thing here, small thing here, new thing here, new thing here, than just doing the same thing for an extended period of time. feels slow in the micro looks fast in the macro when you look at the trajectory over a long period of time but what looks really fast in the micro is usually really slow in the macro because people can never get that compounding start harnessing because they're always starting back over at ground zero whenever you change something the one cost is guaranteed is that change will have to get paid for and what isn't guaranteed is that it's going to work you know you have this fixed cost which is how you should see it is that whenever you change something you have to pay a price number four
The next lesson I learned was in level of effort. One of my early mentors told me about flyers. I thought I needed to go put a lot of flyers out to get business. Put out 300 flyers. So I called the mentor back up and I was like, hey, this didn't work. And he's like, you know, what was your test size? What do you mean by test size? And I just put out 300 total. He just laughed. 300? Like, you're not gonna know anything with 300. He's like, we test with 5,000 and then we do 5,000 a day after that. 5,000 a day? 150,000 flyers a month. I might've been doing the right thing all along, but I was just doing far too little of it. And at that point, I decided that whenever someone gave me advice, I wouldn't let the volume of activity to be the reason it failed.
But I just hadn't done enough of them long enough. I see so many smaller, younger entrepreneurs who do something for too short, too little time, not enough volume that they might've been doing the right thing. They just didn't wait long enough or they didn't do enough of it. Number five, I was at actually a mastermind and I saw a guy get up and he seemed so disorganized. And he said, yeah, you know, we're making three or $400,000 a month.
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Chapters
6 chapters
1
What are the 17 conversations that shaped Alex Hormozi's journey to becoming a millionaire?
0:00–0:09
2
How can continuous learning lead to success in low leverage opportunities?
0:09–0:18
3
What is the importance of budgeting for learning and accepting failure?
0:18–0:22
4
How does sharing success with others create value?
0:22–0:27
5
Why is a strong online presence crucial for attracting the right people?
0:27–0:35
6
What pitfalls should you understand before making investments?
0:35–13:57