Throwback: 4 Critical Traits of An Entrepreneur | Ep 504
episodePreviously titled “Throwback: 4 Critical Traits of An Entrepreneur | Ep 868” — renamed by the publisher on Aug 2, 2026
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What are the four critical traits of an entrepreneur?
So this is a throwback episode of the things that limit entrepreneurs within the business. And so if you think of each of these four, you might check off one or more of the boxes. But big picture, it's you're not growing as fast as you want because you don't know that something is possible, but it is. Number two is that you might know that, but you don't know how to do something in order to make it possible. Number three is you don't know how to get someone else to do that thing. And then number four is you don't know how to get them themselves to do it. And so as in you yourself. And so each of these situations can be a limiter and you can have more than one. And in this podcast, I break down what to do about it. At acquisition.com, my private equity firm, we talk to 600 entrepreneurs doing over a million dollars a year every single month. And 300 of them are over $3 million a year. And 100 of them are over $10 million a year. And so we talk to a lot of entrepreneurs every day. And over time, we've developed kind of a rubric or framework
for how we analyze the skill of an entrepreneur. And so what I'm going to do today is break down how you can think through yourself as an entrepreneur and the four elements that we look at to say how good of an entrepreneur this person is and how much we're willing to bet on the fact that they're going to be successful. And if you're the person who's going to be successful for yourself, then it's about how do I increase the likelihood that I'm successful by looking through these four frameworks. So every entrepreneur isn't successful because they don't know how to do one of four things. They either don't know that something is possible altogether. Number two, they don't know how to do something.
Three, they don't know how to get other people to do something. And four, they don't know how to get themselves to do something. And so we'll break down each one of these. When I had my chain of brick and mortar gyms and I was transitioning to flying across the country and helping other people do gym turnarounds. So I had six gyms of my own. And then I started doing that as a service.
How can ignorance limit entrepreneurial success?
I would actually fly out, get someone's gym to full capacity and go to the next gym. And I did that for almost two years. We did 30 plus turnarounds of gyms, right? Do it, fill the gym up in less than 30 days, collect all the cash and move on. And it was only when I talked to a mentor of mine that he said, Alex, you're too good at this stuff. You need to be showing other people how to do it. And he introduced me to the concept of licensing. I didn't know that that was possible. So for me, my deficiency was number one. It was an ignorance around what is possible in the universe. And so that's the same degree. It's the biggest threat most entrepreneurs have is they don't even know what they can do. And that's because, and this is the biggest handicap
for poor people or people who were born in lower socioeconomic status or their parents didn't make a lot of money. So if that's you, listen up. The way that you do that is by getting around people who make more money and watching and consuming the content of people who are wealthier than you and wealthier than your parents and wealthier than your parents have ever been. And ideally as wealthy as you wanna become or beyond that. Because they will tell you the things that are possible that you didn't know were. Like you probably didn't know that insurance isn't a taxable thing. Huh? You didn't know that was possible. You didn't know that the guy who sells your mortgage makes $5,000 to $20,000 on the mortgage itself. Really? Just for selling an interest rate?
You bet they do. You didn't know that on average, 35% of the average American income goes towards interest expenses to banks. So people don't know, why do banks own the world? Because they have a rev share on everyone's paycheck of 35%. Because when they get you to take a loan out for a car or a house or a boat or whatever, Most of what you're paying is not principal, but interest.
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Chapters
6 chapters
1
What are the four critical traits of an entrepreneur?
0:00–1:54
2
How can ignorance limit entrepreneurial success?
1:54–6:37
3
What tactical skills do entrepreneurs often lack?
6:37–7:33
4
How can entrepreneurs learn essential skills effectively?
7:33–10:38
5
What is the meta skill of getting others to act?
10:38–12:48
6
How do personal and interpersonal skills influence entrepreneurship?
12:48–15:47
Speakers
1 identifiedMore from The Game with Alex Hormozi
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