The Game w/ Alex Hormozi
Calculated Decisions: Risk, Reward, and Entrepreneurship (with Erika Kullberg) Pt.1 - Apr. ‘23 | Ep 567
Sat Jul 22 2023Description
The episode covers topics such as motivation, mindset, decision-making, networking, business growth, and character traits. It explores the speaker's journey from seeking validation to taking control of their own life. The importance of hard work, dedication, and calculated risks is emphasized. The episode also delves into the decision-making process, the value of networking, and the role of business schools. It discusses a $100 million leads offer, the challenges and stressors of starting and growing a business, and the need for developing character traits for long-term success.
Insights
Success is a combination of many small things
The commonly held view that success comes from having one thing is incorrect. Success is actually achieved through a combination of many small things.
Taking control of your own life is crucial
You are the only person who has complete control over your own life. Taking control and making progress is key to achieving success.
Networking through providing value
Providing value to others in your network leads to access and connections. Different perspectives on networking exist, but providing value suits some personalities better.
Business growth requires adapting and changing
Different stages of a business bring different types of stress and challenges. Adapting to change, managing cash flow, and licensing digital products can unlock significant growth.
Character traits are important for long-term success
Character traits such as patience, honesty, courage, and discipline play a significant role in long-term success. These traits can be developed through actions despite not feeling that way.
Chapters
- Motivation and Mindset
- Decisions and Networking
- $100 Million Leads Offer and Business Growth
- Character Traits and Long-Term Success
Motivation and Mindset
00:00 - 06:33
- Feeling a need for validation and driven by pain, the speaker was determined to achieve their goals.
- Success is not achieved through one thing alone, but rather a combination of many small things.
- Taking control of your own life and making progress is key to success.
- Learning the value of hard work from an immigrant father.
- Realizing that success takes time and effort in college.
- Shifting mindset to accept that success requires dedication and hard work.
- Taking a terrifying risk by quitting a job to start a gym, but believing it was worth it.
- Making calculated decisions while being open to mistakes and learning from them.
Decisions and Networking
06:09 - 12:20
- Most mistakes come from delay rather than wrong decisions.
- Decisions can be reversible or irreversible.
- Approaching reversible decisions with a 'best bad guess' mindset.
- Focus on testing and iterating at acquisition.com.
- Leaving a prestigious law firm for entrepreneurship had best and worst case scenarios.
- Business school seen as a crutch for validating entrepreneurial skills.
- Top-tier schools provide valuable networks and socializing opportunities.
- Social media followers can offer similar networking benefits as an MBA.
- Providing value to others in your network leads to access and connections.
- Different perspectives on networking exist, but providing value suits some personalities better.
$100 Million Leads Offer and Business Growth
11:56 - 17:57
- A lost chapter has been added to build hype for a $100 million leads offer.
- The unreleased chapter discusses the first avatar and customer segmentation for increased profits.
- To get the chapter, visit acquisition.com/leads and provide your email address.
- Anticipating success but not through gyms or gym turnaround businesses.
- Internal validation is now more important than external validation.
- Experiencing rapid success with the gym after quitting their job.
- Sleeping at the gym and managing everything alone for six months at the start.
- Insecurity has diminished over time but still exists to some degree.
- Different stages of the business brought different types of stress and challenges.
- Managing cash flow was a major stressor during the gym launch phase.
- Licensing digital products and B2B services unlocked significant growth for the business.
- Changing character traits to handle stress and focus better as the business grew larger.
Character Traits and Long-Term Success
17:29 - 22:52
- Stress and emotional tolerance are important for decision making.
- Character traits play a significant role in investing in entrepreneurs.
- Character traits like patience, honesty, and courage can be developed through actions despite not feeling that way.
- Discipline is crucial for long-term success.
- The standards of character traits increase as the business grows.
- Learning comes more from doing than consuming information.