In this episode, Alex (@AlexHormozi) breaks down the four ways you can win in business: speed, risk, price, and ease. You only need to dominate one of them to crush 99% of your competition.Welcome 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 Mentioned in this episode:Get access to the free $100M Scaling Roadmap at www.acquisition.com/roadmap
Full Episode
I think you can beat 99% of people not by beating them in every possible facet, but just picking one thing to beat them on. And that's how you can win in competition. Now, if you can do more than one, you dominate. What's going on, guys? This will be either the absolute best video you'll ever see, the worst video you'll ever see, or somewhere in between.
So, listen, you can beat 99% of other businesses if you only pick one thing to beat them on. Now, if you can beat them in two vectors, you become a possible. But there's four that you can compete on. All right, and so that's what we're going to talk about. Now, the first of the four vectors is speed. How do I do what I'm going to do faster than everybody else?
Now, what's interesting about this is that I have been doing business for a minute now, and I would say that of the four vectors, I'm starting with speed because I actually think it's the most important of the four. And I think the reason for that is that humans learn behaviors with decreased latency, meaning...
If like Facebook and Instagram or whatever you're watching this on has trained us to come back, not because they pay us to come back, because they have compressed latency for some positive outcome. And the positive outcome they give us is a thumbs up. They literally give us a little red light. And other people give actual money, but at a delay, and they struggle to get people to do things.
So think about it like this. You pay someone who works for you every two weeks. It's much harder to motivate them than if you actually paid them in real time. And paying someone in real time is actually so effective, it's illegal. And so truckers, for example, used to be able to get paid per mile and like almost essentially in real time.
And so they actually outlawed it because guys would just keep driving to the point of like insanity and wouldn't sleep for days. And it was unsafe. All right. That's how powerful speed is because that is what trains behavior. And so functionally, the questions that we have to ask ourselves is, okay, if speed is going to be my competitive advantage, it doesn't matter what we do, right?
If you're in lawn care, there's components to speed, right? So on one angle, like you have to think about each of these larger vectors and smaller sub-vectors. So for speed, it could be the distance between when someone purchases and when they get something, right? That's one vector of speed.
The other vector is that if you're doing something on a recurring basis, how much time is it going to take each time? So, for example, if I had a 10-minute workout, it's going to be more valuable than an hour-long workout if I could get the same results, right?
If I say I'm going to help someone get leads and I can help them get those leads in an hour versus waiting a week to turn on the ads, that's more valuable. And so at all times, it's always like, how can we take what we're currently doing and do it faster?
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