Alex Hormozi: 17 Conversations That Made Me A Millionaire

The video is about 17 conversations that helped Alex Hormozi become a millionaire, including advice on making decisions, sales, effort, learning from successful people, and taking advantage of opportunities.

This video by Alex Hormozi was published on Mar 8, 2023.
Video length: 13:58.

In this video, Alex Hormozi shares 17 conversations that helped him become a millionaire in his 20s.

He talks about the importance of making a decision, creating products and services that people really want, going slow to go fast, testing with a large enough sample size, being inspired by successful people, stretching your horizon, and going hard when things get easy.

He also emphasizes the value of getting around people who can help you grow and learn.

• Make a decision and choose which future to pursue.
• Create an offer that people can't refuse in sales.
• Effort is important, but consistency is key.
• Take advantage of opportunities and be prepared to work hard for them.
• Focus on doing more of what works in marketing and innovation.
• Allocate a percentage of marketing spend towards new ideas and take risks.
• Collaborate and make decisions together with those who share the same values and mission.
• Scale the business by hiring talented individuals and mastering every department.

17 Conversations That Made Me A Millionaire - YouTube

Section 1: Making Decisions

• At some point, you just have to jump and make a decision.
• The definition of decision comes from the Latin decadari which means to cut off or kill off.
• Decide which future you want to kill off - the one you're currently in or the one with your dreams.
• Don't wait for more information, you've already done the research.
• Choose which future you want to kill and make a decision.

Section 2: Sales

• The secret to sales is making an offer so good people feel stupid saying no.
• Manipulating sales scripts and building rapport are useful, but finding what people really want is easier.
• Start with how to get the most people to say yes and work backwards.
• Don't focus on the volume of activity, focus on doing enough of it for long enough.
• Test with a large enough sample size to get accurate results.

Section 3: Effort

• Effort is important, but doing too little for too short a time won't yield results.
• Don't let the volume of activity be the reason something fails.
• Wait long enough and do enough of it to see results.
• Believe in yourself and use other people's successes to fuel you.
• Get around people who can stretch your horizon and show you what you're capable of.

17 Conversations That Made Me A Millionaire - YouTube

Section 4: Taking Advantage of Opportunities

• When things start working well, that's when you need to go hard.
• Don't ease off the gas when it gets easy, that's when you need to push harder.
• Expect to sacrifice short-term gains for long-term success.
• Don't miss out on fat pitches in life, they don't come very often.
• Take advantage of opportunities and be prepared to work hard for them.

Marketing and Innovation

• When something is going well, focus on doing 10 times more of that thing.
• The hardest part is getting product market fit.
• Once you have that, focus on doing more volume.
• Don't innovate the product anymore, innovate on how to do more volume.
• Spending more on marketing can be more effective than starting a new business.

Learning and Taking Risks

• Allocate a percentage of your marketing spend towards new ideas.
• Expect to lose that money, but gain experience and lessons.
• One out of five crazy ideas can become a leading edge innovation.
• Give yourself permission to spend money without an immediate return.
• Extend your time horizon for a return on investment.

Decision Making and Collaboration

• If you don't agree, don't move forward.
• Take an extra second to think and consider if there's something you're missing.
• Ask what information the other person is using.
• Make decisions together and slow down if necessary.
• Having the same values and mission will ultimately lead to the same decisions.

Scaling and Talent

• The riches are in the niches, but at a certain point, you need to open up the aperture.
• Get other people who can make decisions on your behalf.
• Give them a big slice of the pie and let them get rich too.
• Have mastery in every department of the business in order for it to scale.
• Buy experience through other people who have already spent years in their respective departments.

Section 1: Lessons on Sales and Effort

• Building relationships is important in business, even if it means sacrificing some privacy.
• Making content consistently on every platform is key to growing an audience.
• The more work you do, the more you get, and this principle applies to everything in business.
• Having a set of rules or parameters for investing can save time and decision fatigue.
• Investing in businesses that you understand can lead to better returns.

Section 2: Lessons on Product and Branding

• An exceptional product is the strongest leverage in business, and it can lead to exponential growth through word-of-mouth marketing.
• Building a better product takes time, but it is less work in the long run than building a mediocre product and having to constantly market and sell it.
• The power of branding can be quantified through the amount that can be charged above the commoditized version of a product.
• Investing in brands is a strong way to retain pricing power and create a compounding effect through audience awareness.

Watch the video on YouTube:
17 Conversations That Made Me A Millionaire - YouTube