The Game w/ Alex Hormozi
Mastering The Art of Bold Decision-Making (GymCon Day 3) - Pt. 2 | Ep 568
Tue Jul 25 2023Description
The episode covers various topics related to sales and decision making. It emphasizes the importance of spreading the word about the podcast and shares lessons on building a successful business. The episode also discusses overcoming obstacles in sales, such as lack of authority, and provides strategies for encouraging decision making. It highlights the significance of making informed decisions, investing in education, and taking small steps towards goals. The episode concludes by emphasizing the long-term benefits of education and the importance of making decisions that align with personal growth.
Insights
Spreading the word and building a successful business
The host asks listeners to help spread the word about the podcast and shares lessons on building a billion-dollar portfolio.
Overcoming obstacles in sales
Lack of authority is one of the hardest obstacles to overcome in sales. Strategies for overcoming this obstacle include getting the decision maker involved and addressing objections related to consulting with others.
Encouraging decision making
When someone says 'I need to think about it,' they are actually avoiding making a decision out of fear of making a mistake. Reminding them of their past decisions and actions can increase their action threshold and encourage them to make a decision.
Making informed decisions
Making a decision requires information, not time. Providing a framework, removing emotions, and offering free trials or money-back guarantees can help people make informed decisions.
Taking small steps and investing in education
Taking small steps consistently can lead to progress, even if the first decision is not perfect. Changing expectations and investing in education can yield higher returns and empower personal growth.
Maximizing returns on education
Investing in education increases capacity for income and pays dividends forever. Education is an asset that appreciates with time and makes other assets more valuable.
Chapters
- Introduction
- New Identity and Overcoming Obstacles
- Overcoming Lack of Authority in Sales
- Encouraging Decision Making
- Making Informed Decisions
- Taking Small Steps and Investing in Education
- Investing in Education and Making Decisions
- Maximizing Returns on Education
Introduction
00:00 - 06:28
- The host asks listeners to help spread the word about the podcast
- The host wants to kill off the future of more of the same and everything that people say they want
- The wealthiest people see business as a game
- The host shares lessons he's learned on his way to building a billion-dollar portfolio
- He encourages listeners to use these lessons to grow their own businesses
- The best case worst case close is an effective sales technique
- Self-made millionaires and listeners have in common that they both started at zero
- Being resourceful is more important than having resources
- Listeners should value their time and use the information from the podcast to close more sales
New Identity and Overcoming Obstacles
06:01 - 12:11
- When you have a new identity, you have new priorities.
- The pain of change must be greater than the pain of staying the same in order for change to happen.
- Resetting your thermostat can help you achieve new goals.
- Asking prospects if they would do something if certain obstacles were removed can help close sales.
- Overcoming the objection of needing to consult with others by highlighting that they are being controlled by those people.
- Lack of authority is one of the hardest obstacles to overcome in sales.
Overcoming Lack of Authority in Sales
11:41 - 17:53
- To overcome lack of authority, it's important to get the decision maker involved.
- Isolate and collapse the foil by asking why they think their spouse or partner wouldn't approve.
- Attack the reasons they give and shift the focus to their own beliefs.
- Relying on past agreements and future forecasting can hinder progress.
- Sales is about empowering people to make decisions for themselves.
- If they say no, there should be no resentment.
- Offer a guarantee to alleviate fears of making a mistake.
- 'I need to think about it' often means 'I want to avoid making a decision.'
- Exhaust all external reasons and focus on someone who is empowered.
Encouraging Decision Making
17:25 - 23:25
- When someone says 'I need to think about it,' it actually means they are avoiding making a decision out of fear of making a mistake.
- By reminding them of their past decisions and actions, we can increase their action threshold and encourage them to make a decision.
- We can agitate and remind them of why they are here, so they don't have another year of almost achieving their goals.
- Not deciding has already cost them pain in the past, so it's not that expensive to make a decision now.
- The present moment is where decisions are made, not in the future. They don't need time, they need information to make a decision.
Making Informed Decisions
23:03 - 28:51
- Making a decision requires information, not time.
- To help someone make a decision, ask if they believe in the product, trust you, and have access to money.
- Teach people how to make decisions by providing a framework and removing emotions.
- Offer free trials or money-back guarantees to help people make informed decisions.
- Future casting can help people visualize the consequences of their current actions.
- Consider the options and emphasize that both are risk-free.
- Address emotional needs when logical arguments fail.
- Highlight the long-term benefits of making a decision now rather than later.
- Focus on whether a decision will get you closer or further from your goals.
Taking Small Steps and Investing in Education
28:31 - 34:27
- The problem is that many people lack the perspective to make informed judgments.
- The first fitness program someone buys may not be the one that gets them to their goal, but it can still be a step in the right direction.
- Making a perfect decision is not necessary; taking small steps consistently can lead to progress.
- Changing expectations can result in getting more out of an investment or educational experience.
- The goal is to empower prospects and help them make their own decisions.
- A technique called 'best case worst case' involves repeating the prospect's reasons for not taking action as reasons why they should take action.
- People have complete power over their decisions and should focus on being resourceful rather than relying on external circumstances or other people for permission or support.
- When someone says they need to think about it, they are actually trying to avoid making a mistake. Providing them with information can help them make a decision.
- Taking responsibility for decisions and learning from mistakes is important for personal growth and development.
Investing in Education and Making Decisions
34:05 - 40:12
- Making decisions empowers you and helps you learn.
- Investing in your own education yields higher returns than other investments.
- Each skill, belief, and trait you acquire gets you closer to your goals.
- People often attribute their success to the last thing they learned, ignoring the previous steps that got them there.
- The best decision maker makes many directional decisions and course corrects quickly.
- Education is crucial for personal growth and success.
- Every decision is a vote towards or against the person you want to become.
- Buying time by learning from others' mistakes accelerates progress.
- Ignorance is an expensive debt we pay every day.
- Investing money in education increases your capacity for income and pays dividends forever.
Maximizing Returns on Education
39:43 - 40:49
- Investing in education increases your capacity for income and pays you forever.
- Education is an asset that appreciates with time and makes other assets more valuable.
- Make decisions that help yourself and implement them vigorously.
- There are no silver bullets, but some things can move you closer to your goals.
- Take advantage of rare acceleration opportunities in life to win or learn.