Logo
    Search

    This Idea Will Make Your Business Unstoppable | Ep 722

    enJune 10, 2024

    Podcast Summary

    • PreparationPreparation is vital for success in various fields, saving time and effort in the long run. Legends like Vince Lombardi and John Wooden emphasized its importance over the will to win.

      Preparation is crucial for success in various fields, and the amount of work required to excel is often underestimated. Preparation comes in two forms: for routine tasks and for new endeavors. For instance, in sales, customer success, marketing, and content creation, an ounce of preparation saves a pound of post-work. Legends like Vince Lombardi and John Wooden emphasized the importance of preparation over the will to win. Jimmy Carr wisely noted that people are more envious of what we've achieved than how we achieved it. The Navy Seals' mantra, "we don't rise to the level of our expectations, we fall to the level of our preparation," highlights the significance of preparation. A simple example from the content creation world demonstrates the difference: while some creators may spend hours preparing for a 15-minute video, others may not invest enough time, leading to a significant gap in quality. The key is to recognize that high achievers work much harder than most people realize, often involving larger teams and dedicating more time to preparation.

    • Preparation and consistencyPreparing extensively beforehand and consistently creating high-quality content or strategies can lead to better outcomes and a competitive edge.

      Preparation and consistency are key to success in various situations, whether it's a business consultation or running ads for a company. The speaker shared two stories to illustrate this point. In the first story, the speaker shared how he prepared extensively for a day-long consultation with a business acquaintance, spending four hours reviewing the business beforehand. He came into the meeting armed with valuable insights and recommendations, leaving a lasting impression on the client. The speaker emphasized that this level of preparation is not difficult and can make a significant difference in achieving better results. In the second story, the speaker discussed the importance of creating a large volume of high-quality ads for paid campaigns. He explained that having a mediocre ad can limit the potential reach and scalability of the campaign. By increasing the creative output, advertisers can expand their audience and achieve greater success. Overall, the speaker's message is that putting in the effort to prepare and consistently create quality content or strategies can lead to better outcomes and a competitive edge.

    • Expectations vs. Reality in AdvertisingRealizing the vast amount of work required to produce high-performing ads can help reset unrealistic expectations and prioritize resources effectively.

      Achieving excellence requires significant preparation and effort. The speaker shares his experience of realizing the vast amount of work required to produce high-performing ads, which led him to help reset his friend's expectations. Surrounding yourself with people who have already achieved what you aspire to can provide valuable insights into the level of dedication needed. The speaker emphasizes the importance of focusing on a few priorities and allocating resources effectively to make progress. By understanding the volume of work required, you can better prioritize and put in the necessary effort to achieve your goals.

    • Effective preparationEffective preparation is a skill that saves time and increases success in various aspects of life. The more you practice, the more efficient you become, and cramming can be effective for high-stakes situations. Preparation for recurring tasks can be shortened, making it more valuable. Demonstrating preparation builds competence and professionalism.

      Effective preparation is a skill that improves with practice, and it's essential for success in various aspects of life, including business. Preparing for tasks, whether it's creating ads, content, or presenting to a team, can be time-consuming initially. However, the more frequently you prepare, the more efficient you become. Elon Musk's concept of cramming, or using Parkinson's Law in reverse, can be an effective strategy for high-stakes situations where you need to impress clients or your boss. Preparation for recurring tasks can also be shrunk over time, making it more valuable when done closer to the event. Demonstrating that you've prepared for a meeting or presentation can significantly impact the perception of your competence and professionalism. Ultimately, investing time in preparation is an investment in your success.

    • Performance PreparationExtensive preparation is necessary for one-time events to control variables and maximize returns, while efficient preparation is key for recurring situations to save time and effort.

      The amount of preparation required for a performance or interaction, whether it's a one-time event or a recurring one, significantly impacts the outcome. For recurring situations, efficient preparation is key, while for one-time events, extensive preparation is necessary to control as many variables as possible and maximize returns. The return on effort and time should be considered when determining the level of preparation. For instance, speaking to a large audience for the first time requires extensive preparation to ensure a successful performance. Similarly, in a sales or customer success context, even a small amount of preparation before a call can significantly enhance the outcome. Ultimately, the level of preparation required depends on the stakes and the potential returns.

    • Preparation is keyThorough preparation reduces anxiety, builds confidence, and leaves a positive impression. Demonstrating effort is valued more than material possessions.

      Nervousness during presentations or performances often stems from underpreparation rather than anxiety. To overcome this, it's essential to habituate to the stressor by thoroughly preparing for the event. This not only helps reduce anxiety but also leaves a positive impression on those you're trying to impress. Moreover, the speaker emphasized that it's crucial to demonstrate effort and hard work to those you want to impress, especially the wealthy or successful individuals. They value the effort put in behind the scenes and are less impressed by material possessions or attempts to flex. Another important point made was that many people lose opportunities before they even begin due to a lack of preparation. They try to sell themselves during the encounter instead of showcasing their value in advance. The speaker advised spending time preparing for meetings and interactions to maximize the impact and make the best use of your bandwidth during the encounter. In essence, being well-prepared is the key to success in various aspects of life, from presentations to interactions with potential clients or partners. By focusing on preparation and demonstrating effort, you can build confidence, reduce anxiety, and make a lasting impression on those around you.

    • PreparationPreparation saves time and yields greater value, making it a high-return investment for maximizing efficiency and productivity in your business.

      Preparation is essential for maximizing efficiency and productivity in your business. An ounce of preparation saves you from the need for a pound of cure or post-meeting work. If you're pressed for time, consider shortening meetings and dedicating the saved time to preparation. Preparation is a high-return investment, yielding greater value than the time saved by skipping it. Share this message on social media if you found it helpful, and tag the speaker to help ensure that content continues to align with the needs of business owners. Preparation is just as much work as the work itself, and neglecting it can impact your personal and professional life. So, appreciate the importance of preparation and make it a priority.

    Recent Episodes from The Game w/ Alex Hormozi

    How to Build a Valuable Business You Can Sell Someday | Ep 726

    How to Build a Valuable Business You Can Sell Someday | Ep 726

    "Keep the Goose, Sell the Eggs." Today, Alex (@AlexHormozi) shares a valuable framework for understanding if your business is sellable, and if it has multiple components of it, which could be the most valuable aspects of it to sell.

    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 on his path from $100M to $1B in net worth.

    Timestamps

    (00:24) - Story of someone trying to sell his business

    (01:16) - The Golden Goose

    (03:24) - The Big Picture You Have to Understand

    (06:21) - How to Verify What Your "Goose" Is

    (9:56) - Mrbeast Holdco Example

    (14:38) - How Rollups Work

    (18:42) - Closing Remarks

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    This Isn't Fun But it Will Make You So Much Money | Ep 725

    This Isn't Fun But it Will Make You So Much Money  | Ep 725

    "You can't be busy and be broke. Pick one." Today, Alex (@AlexHormozi) speaks about one of the core ways to scale as a small business - do the unscalable. It's a belief that holds many back that are scared of doing work that won't be feasible at a different revenue number.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:43) - People being scared of doing the scalable

    (4:06) - You can't be busy and be broke. Pick one

    (4:40) - Two most powerful questions to ask your customers

    (11:30) - Don't copy the time management of rich people

    (13:30) - Doing the unscalable

    (20:13) - Closing remarks

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    Your Business Is NOT What You Think It is | Ep 724

    Your Business Is NOT What You Think It is | Ep 724

    “People don’t know the actual business they’re in.” Today, Alex (@AlexHormozi) dives into the core elements driving business success, emphasizing the significance of sales, marketing, brand, media, and distribution. Using real-world case studies, he illustrates strategic pivots and the importance of recognizing unique business challenges, offering invaluable insights for entrepreneurs, gym owners, software developers, and supplement companies.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:22) - Understanding the gym business

    (2:54) - Lessons from the software industry

    (5:12) - The cleaning business revelation

    (8:52) - Scaling service-based businesses

    (12:48) - The hard truths of entrepreneurship

    (20:23) - Maximizing enterprise value

    (23:48) - Case study: The canned cocktail business

    (26:21) - The importance of repeat customers

    (30:42) - The hail mary strategy

    (36:13) - Confronting the real problem

    (38:09) - Concluding thoughts

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    How to Recover From Huge Mistakes in Business | Ep 723

    How to Recover From Huge Mistakes in Business | Ep 723

    "Messing up is a part of business.” Today, Alex (@AlexHormozi) discusses the significance of managing business mistakes effectively and transforming negative customer experiences into positive ones. He highlights strategies such as prompt accountability, issuing refunds, and delivering exceptional service, fostering loyal customers and boosting business reputation.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (1:11) - Story 1: The bent gym equipment

    (2:41) - Story 2: The Ritz-Carlton experience

    (5:07) - Principles for handling mistakes

    (10:49) - The angry boat concept

    (11:54) - Going above and beyond

    (16:41) - Empowering employees to fix mistakes

    (20:50) - Turning mistakes into opportunities

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    This Idea Will Make Your Business Unstoppable | Ep 722

    This Idea Will Make Your Business Unstoppable | Ep 722

    “It’s not that you have anxiety, it’s that you didn’t do the work that you know you should have done.” Today, Alex (@AlexHormozi) highlights the crucial role of thorough preparation in achieving success in various fields like sales, marketing, and customer success. By reshaping views on effective preparation, Alex provides valuable insights to help alleviate anxiety and imposter syndrome, ultimately enhancing performance and enabling listeners to excel in their endeavors.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:37) - The importance of preparation

    (2:01) - Types of preparation

    (5:33) - Consulting and preparation

    (8:35) - Ad preparation and scaling

    (18:40) - Preparation for one-time events

    (25:12) - Final thoughts on preparation

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

    How 1 Woman Turned 5800 Followers into $1 Million Per Year | Ep 721

    How 1 Woman Turned 5800 Followers into $1 Million Per Year | Ep 721

    ”You can make an absolute killing just talking about what you're really good at. Today, Alex (@AlexHormozi) shares how a dietitian successfully monetized a small, niche Instagram audience, earning nearly a million dollars annually. Highlighting the value of targeted, value-driven content over vanity metrics, this episode reaffirms that genuine engagement and a dedicated audience lead to significant financial gains.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:15) - A surprising encounter: the dietitian's story

    (3:43) - The importance of niche content

    (6:36) - Lessons from personal experience

    (9:31) - The value of a dedicated audience

    (13:32) - Followers make you famous, business makes you rich

    (18:02) - Focus on business metrics, not vanity metrics

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

    What to Do When People Shamelessly Steal Your Stuff [Hint: Get Over It] | Ep 720

    What to Do When People Shamelessly Steal Your Stuff [Hint: Get Over It] | Ep 720

    “You should want to have as many people as possible copying you because it means you're leading the way.” Today, Alex (@AlexHormozi) challenges the concept of thought ownership and highlights the importance of viewing competition as an opportunity for growth. He emphasizes serving customers, improving your product, and achieving success through innovation, rather than obsessing over intellectual property theft.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:31) - Thought ownership: a misguided notion

    (2:36) - Real-world examples of idea theft

    (3:12) - Legal realities and futility

    (4:25) - The competitive nature of business

    (9:28) - Focus on customers, not competitors

    (14:27) - No idea is owned especially in business

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

    You're Not Behind: My System for Outlearning Everyone | Ep 719

    You're Not Behind: My System for Outlearning Everyone | Ep 719

    "Winners win and they win because of who they are, not because of what happens to them." Today, Alex (@AlexHormozi) explores the five levels of competence and their impact on individual success in business, programs, and self-improvement. Highlighting the importance of a positive mindset, continuous learning, and replication of successful behaviors, he emphasizes how personal growth (not external conditions) determines success.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (1:02) - The power of positive action

    (4:38) - Transforming mindsets

    (7:21) - Negative active to champion

    (15:48) - The bottom-up approach

    (23:21) - Replicate before you iterate

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    The Ultra Rich Playbook [Legal and Tax-Free] | Ep 718

    The Ultra Rich Playbook [Legal and Tax-Free] | Ep 718

    "The single greatest and most valuable skill that a human being can have is the ability to come to their own conclusion..." Today, Alex (@AlexHormozi) shares his strategies for achieving a net worth of over $100 million through smart investing and value generation. Learn how the ultra-wealthy build their fortune with unique insights into income generation, passive investing, private equities, and the importance of selecting high-leverage opportunities.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:33) - The four strategies of the ultra rich explained

    (10:13) - Scaling down billionaire tactics to achieve a $10 million goal

    (16:55) - Common themes across wealth-building strategies

    (18:07) - Debunking the Warren Buffett strategy myth

    (20:40) - The ultimate wealth-building advice

    (27:02) - Conclusion

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

    This is How to Deal with Haters | Ep 717

    This is How to Deal with Haters | Ep 717

    “If people know that they can control your behavior by pushing this button to get this response from you, more people will hit that button.” Today, Alex (@AlexHormozi) shares effective tactics for managing hate and criticism, drawn from his experiences as a successful entrepreneur behind Acquisition.com. He emphasizes the power of persistence, resilience, and humor in turning negativity into motivation and maintaining a positive public image.

    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 on his path from $100M to $1B in net worth.

    Timestamps:

    (0:45) - Dealing with criticism and negativity

    (2:49) - The art of ignoring

    (4:13) - Turning hate to your advantage

    (9:54) - Handling lies and protecting your reputation

    (12:42) - The four box strategy

    Follow Alex Hormozi’s Socials:

    LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition