Alex Hormozi: Get Rich in the New Economy [2022]

The video discusses how the economy has shifted towards attention as the new oil, and how entrepreneurs can leverage skills, beliefs, and character traits to create compounding vehicles for success.

This video by Alex Hormozi was published on Oct 9, 2022.
Video length: 10:29.

In this video, Alex Hormozi discusses how the economy has shifted from being based on oil to being based on attention, which he refers to as the "new oil." He explains that the most successful entrepreneurs are those who have the most leverage, and he outlines the four types of leverage:

skills, beliefs, character traits, and compounding.

Hormozi emphasizes the importance of having a compounding vehicle in business, which multiplies itself over time, and he uses examples of successful entrepreneurs like Kylie Jenner and Warren Buffett to illustrate his points.

• The economy has shifted towards attention as the new oil.
• Entrepreneurs need to identify and challenge their limiting beliefs to achieve success.
• The people who make the most money are the ones who have the most leverage.
• Compounding vehicles are the key to achieving long-term success and wealth.
• The best time to start is now because media will only become more expensive over time.
• The longer you can wait, the bigger the audience can be at the end.
• Entrepreneurs need to be able to capture, hold, and multiply attention.

Get Rich in the New Economy [2022] - YouTube

The New Oil: Attention

• The economy has shifted towards attention as the new oil.
• The wealthiest individuals of the last century were built on oil, but now the biggest companies in the world are not built on the old oil but the new oil, which is attention.
• The attention of the masses is being pumped and drilled every day.
• The digital landscape is the new real estate of the collective attention that exists.
• Attention is the scarce resource that is the most valuable.

Beliefs and Mindset

• Skills, beliefs, and character traits are the three things that hold back entrepreneurs.
• Beliefs construct our reality and we make our decisions based on the things that we believe to be true.
• Entrepreneurs need to identify and challenge their limiting beliefs to achieve success.
• Beliefs can be changed through exposure to new information and experiences.
• Entrepreneurs need to adopt a growth mindset and be open to learning and growth.

Leverage and Compounding

• The difference between what you put in and what you get out is leverage.
• The people who make the most money are the ones who have the most leverage.
• Compounding is a form of leverage that multiplies unto itself over and over again.
• Entrepreneurs need to create compounding vehicles for success.
• The four types of leverage are labor, capital, code, and media.

Get Rich in the New Economy [2022] - YouTube

Creating a Compounding Vehicle

• Entrepreneurs need to unlock one of the four types of leverage to create a compounding vehicle.
• Compounding vehicles are built within businesses and multiply unto themselves over and over again.
• Compounding vehicles are the key to achieving long-term success and wealth.
• Entrepreneurs need to focus on creating a compounding vehicle rather than just making money.
• Compounding vehicles require a long-term perspective and patience.

Shift towards Attention as the New Oil

• Software and media are the new oil.
• Media compounds, and it is a huge way of creating leverage.
• The audience is what compounds, and it is the thing that pumps attention over and over again.
• The best time to start is now because media will only become more expensive over time.
• The people who will become the new sense of billionaires are going to be people who can capture, hold, and multiply attention.

Building a Brand

• The biggest brands that exist come from the endorsements of celebrities.
• People make the association in their mind and then they buy the brand to get the association of the thing they could never do but always aspire to.
• The more dimensions that someone can go deep on, the more they'll get an audience from.
• These Mega stars go deep on many things and capture bigger and bigger audiences that compound on themselves.
• They wait because they stay loyal to their brand and then they appeal to a segment of their audience or they try to cut across the one that appeals to the most of them.

Content is the Input, Audience is the Output

• The content is not the output, it is the input.
• The output is the audience, and the audience is what compounds.
• The longer you can wait, the bigger the ass can be at the end.
• The longer the runway, the bigger the plane that can take off from it.
• The thing they chose to monetize from was on brand.

Entrepreneurial Traits for Success

• Entrepreneurs can leverage skills, beliefs, and character traits to create compounding vehicles for success.
• They need to be able to capture, hold, and multiply attention.
• They need to be able to wait and stay loyal to their brand.
• They need to be able to appeal to a segment of their audience or cut across the one that appeals to the most of them.
• They need to be able to match their actions to their words.

Watch the video on YouTube:
Get Rich in the New Economy [2022] - YouTube