How to Recover From Huge Mistakes in Business | Ep 723

"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 remarksFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

“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 thoughtsFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

"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 opportunitiesFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition 

“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 preparationFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

”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 metricsFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

“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 businessFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

"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 iterateFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

"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) - ConclusionFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

“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 strategyFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition

“All businesses have sh*t. The challenge is knowing which sh*t you're willing to deal with.” Today, Alex (@AlexHormozi) delves into the crucial aspect of truly understanding your business's core challenges and its nature to unlock substantial growth. He emphasizes the disparity between initial expectations and the real core problem within each venture, advising entrepreneurs to focus on their business's actual challenges rather than pursuing seemingly easier opportunities, for achieving significant 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:(1:03) - The essence of knowing your business(6:23) - Expanding your horizons(10:54) - Consulting and professional services(13:21) - The big picture: solving the right problems(16:06) - Avoiding “the woman in the red dress”(26:13) - The importance of commitment and focusFollow Alex Hormozi’s Socials:LinkedIn  | Instagram | Facebook | YouTube  | Twitter | Acquisition