The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Wed, 16 Apr 2025
Dave Ramsey’s Newest Book Is Out Now: https://www.ramseysolutions.com/buildWelcome 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 and will learn on his path from $100M to $1B in net worth.Wanna scale your business? Click here.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
Chapter 1: What are the key lessons from Dave Ramsey's business journey?
You're about to see a fascinating conversation I had with Dave Ramsey, where we talk about how he makes money, the advantages of in-person versus remote, a project that he lost millions of dollars on that I think has underlying lessons that any business owner can take from them. And finally, five stages of scaling all entrepreneurs go through. I think you're gonna love it. Enjoy.
Welcome everyone to the game. I'm here with Dave Ramsey, the man, the myth, the legend.
Honor to be back with you, my friend. I'm so excited with everything that's happening with you guys. You're blowing up, man. I'm proud to watch you. It's great.
Well, thank you. We're trying to follow in the Ramsey footsteps. There's so much stuff that I had written down and prepared for today, and I doubt we'll get to all of it. But if you could walk me through just kind of lay of the land in terms of Ramsey Solutions as the business exists today, because I think it'll be helpful for the audience to give context.
Yeah, what what ended up happening with us was we classic entrepreneurs.
um you know we were um we bit add and so uh you know just something something flashy and uh shiny went in front of us we would look at it because but it all came through the funnel of or the filter of does this serve our mission and our mission is just to help people uh with common sense education and empowerment in some area in their life it started in the money piece
And so when I first started, I was doing a free I was working for free at a talk radio station, doing a little talk radio show on the local station. And I print a little book, start selling it out of the trunk of my car. So publishing was born. Right. And then we did an event at the local Ramada Inn. So live events were born. And so each of these in those days, everything was analog.
Of course, the Internet comes along and one of these kids working for me comes in and goes, hey, we need a Web site. And I'm like, what's that? And so we built a website on one of those tiny little antique. You ought to look them up. They're cool. Those little first little Apple computers, the first little they look like a little shoe box.
And he built it, built us a site on there with cold fusion. And it was pitiful, but it was still cutting edge. It was a big time deal in those days because nobody had a website. We had one of the first people had a web store to sell stuff online.
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Chapter 2: How did Dave Ramsey start his business?
And or can we you know, can we iterate it five or 10 degrees and cause it to work? I don't want to kill everything instantaneously. But I mean, if we're going to invest even enough to get it into the test tube, we're going to we're going to iterate, iterate, iterate before we kill it. But when we lose hope that the thing is going to have happened.
have a scale or have a margin that is commensurate with the with the resources committed, as you said, then, you know, when we lose that hope, we've got to be grownups and go, yeah, I really like this thing, but it just it's not it's not it's not good business.
So with these new endeavors, the first thing I wrote down when you started when you brought it up was, was who does new. And the reason I bring this up, because I'd imagine a lot of business owners have many ideas, you know, you said it earlier on to like shiny objects, like, Oh, this looks exciting. This looks exciting. This looks exciting.
But for something to work, you typically have to have talent overseeing it. And I would imagine at the point that you're at now, you're probably not overseeing each of these kind of new profit centers or new ideas, maybe they're, you know, brought to you and you review the metrics, but you're not really driving, unless you are, in which case this is an open question. Who does new?
Because are you going to take resources from something that's working? Are you bringing somebody new in? Or do you have a specific testing department that's all they do and then they hand it off to somebody else? Can you walk me through that process?
Probably a hodgepodge of a little bit of all of that. I don't do it, no. But what we have created is this collaboration freedom for anybody to throw an idea on the table. And then you've got to defend it. You've got to make a case for it. And so you can't just throw it out there and go, well, you guys go do that now because I'm so smart I came up with it. Because ideas are a dime a dozen.
People who can implement them are the problem. Any one of the profit centers, for instance, Entrez Leadership. So it's got several components to it. It's got a digital component, Entrez Leadership Elite. which is a digital coaching product for small businesses, right?
So if somebody comes in and says, I got a great idea to add something, a tool to that digital product or whatever, that's usually going to bubble up somewhere in that Entrez leadership team. From the vice president who's running that, Jason, or, you know, John Velkins, our senior coach over there. So he's got a lot of him and his coaches there on the front lines.
They're interfacing with a customer all the time. The customer's going to throw needs at them. They went, okay, we need to serve this need. How can we do that? Is that a digital thing? Is that a coaching need? How are we going to fill it? So fill the need, fill the need, fill the need from an entrepreneur's perspective.
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