My 2024 Lessons in Business That Will Make You Rich | Ep 800
episodePreviously titled “My 2024 Lessons in Business That Will Make You Rich | Ep 819” — renamed by the publisher on Aug 2, 2026
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What lessons did Alex Hormozi learn in 2024?
Every year I make a podcast on the lessons and failures from the year before, and every year it is my most listened to podcast. And the wait is over. This is my lessons and failures from 2024. To give you context on the companies that I own, our average position at acquisition.com is just about 40%. And the reason it's just about is because we have options, we have performance kickers, things like that, but it's about 40%. Our EBITDA growth, meaning basically the profit of those companies in total, went from just over $50 million to this year we'll probably finish just under $100 million in EBITDA. So really good growth here for us. For back of napkin math, if you assume a 10x multiple on the valuation, the company in total in aggregate is over $1 billion. Probably pretty easily because the bigger the company is, in general, the larger the multiple. Now, to be clear, I don't want to claim that until we have some sort of third party validation. But it was a very good year for Acquisition.com.
How did Acquisition.com achieve significant growth?
And so we'll likely cross $300 million in revenue up from $85 million in 2020. And so we have consistently grown year over year. And so this video is about what changed from $85 million in revenue to 300 plus. My first piece of advice is set fewer goals and do less long term planning. Hear me out. The first big shift that I would say that's happened over the last year has been I have emphasized less and less long term planning. And this may sound contradictory. does some of my content about being patient. And so I think the patience is about being able to figure out what you're going to do in the meantime as you pursue your long-term goals. And I think long-term goals are very important. But the obsession over the minutia of how you're going to get there is, I believe, an act of mental masturbation. You try and create these massive projections that are based on hundreds of variables that in reality, you just don't know what's going to happen.
And so over time, I've consistently trimmed and trimmed and trimmed our planning processes such that at this point, I pretty much only care what we're going to do in the next 12 weeks. And beyond that, we might have one target or two targets by the end of the year, but we're not going to dedicate a lot of resources to this. And this is somebody who's a big fan of preparation.
Why is long-term planning considered a waste of time?
But I've just found that it ended up being a huge waste of time, mostly because whenever I looked at the plans that I made the year before, one year later, I was like, man, half this stuff isn't even relevant anymore because of new changes in conditions. I will probably continue to lean more in this direction. And I think this has become a little bit more popularized by some of the CEOs like Jensen Huang, who despite having Nvidia over 30 plus years, has recently talked about how he basically doesn't do a lot of long-term planning. Because fundamentally, you have things that you can do today, and those are the things that you begin to allocate. Now, sometimes what you need to do today is work for something that's going to happen in the future, but you can only control what you do today. And so I have shifted more and more in terms of what will this change about our behavior, and the rest of it, I more or less toss out.
The first thing is that we think that you're going to have this really neat line of how the growth is going to happen, right? But reality is very messy. And so what's likely going to happen is that you will flatline and then figure something out and then you'll flatline and then figure something out and then flatline to figure something out. This is what it looks like if you were to zoom in on this little area here. If you were to zoom in here, it actually looks closer to what this is, which is you have the stagnation and then you have these improvements that occur and then increase revenue. Now, one of the things that's also shifted my perspective on how to plan is let's say that we've got thing A, thing B, thing C, thing D, thing E that we need to do. Well, before this, I would try and, you know, diverse, you know, delegate each of these things to person one, person two, person three, person four, person five and so on.
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Chapters
8 chapters
1
What lessons did Alex Hormozi learn in 2024?
0:00–0:56
2
How did Acquisition.com achieve significant growth?
0:56–2:17
3
Why is long-term planning considered a waste of time?
2:17–8:37
4
What is the importance of prioritizing goals?
8:37–20:47
5
How can businesses leverage their constraints?
20:47–1:49:22
6
What are the six horsemen of business stagnation?
1:49:22–2:07:02
7
How can you overcome overextension in business?
2:07:02–2:19:59
8
Why is understanding missed opportunities versus problems crucial?
2:19:59–2:55:26