Alex Hormozi: Hard work won't make you rich.

The video discusses how hard work alone is not enough to become rich and successful, and emphasizes the importance of leveraging activities and organizing a team with complementary skills in order to achieve success in entrepreneurship.

This video by Alex Hormozi was published on Oct 5, 2022.
Video length: 08:08.

In this video, Alex Hormozi argues that hard work alone will not make you rich.

He criticizes the "no one can outwork me" mentality and instead emphasizes the importance of leveraging your activities to create the most output. He uses examples of successful businesspeople like Warren Buffett and Jeff Bezos who prioritize reading and making strategic decisions over working long hours.

Hormozi also stresses the importance of building a team with complementary skills and roles in order to succeed in entrepreneurship.

• Hard work alone is not enough to become rich and successful.
• Inputs with the most leverage create the most output, not just volume of activity.
• Marketing, sales, and leadership are crucial roles for success.
• Low leverage activities need to be eliminated or handed off to others.
• Organizing a team with complementary skills is crucial for success.

Hard work won't make you rich. - YouTube

Hard work alone is not enough

• Many gurus and influencers brag about being the hardest worker, but this is not enough to become rich and successful.
• Warren Buffett, one of the best investors and business people, talks about making only a few good decisions a year.
• Volume of activity and leverage of the activity are what create total output.
• Low leverage activities need to be handed off to others or eliminated.
• Organizing a team with complementary skills is crucial for success.

Inputs with the most leverage create the most output

• Inputs with the most leverage are what create the most output, not just volume of activity.
• Low leverage activities need to be eliminated or handed off to others.
• Organizing a team with complementary skills is crucial for success.
• Entrepreneurs need to be the coach of the team, not the star player.
• Knowing each role within the business and mapping to your skill set is important.

Marketing, sales, and leadership are crucial roles

• Marketing is about building a brand, telling stories, and providing value to an audience.
• Sales is about converting attention into a sale, whether it's physical products or software.
• Leadership is about training and leading people who sell.
• Organizing a team with complementary skills is crucial for success.
• Entrepreneurs need to know each role within the business and map to their skill set.

Hard work won't make you rich. - YouTube

Organizing a team with complementary skills is crucial for success

• Organizing a team with complementary skills is crucial for success.
• Low leverage activities need to be eliminated or handed off to others.
• Inputs with the most leverage create the most output, not just volume of activity.
• Entrepreneurs need to be the coach of the team, not the star player.
• Knowing each role within the business and mapping to your skill set is important.

The Importance of Leveraging Activities and Organizing a Team

• Brilliant marketers may not be good at sales, and vice versa.
• Understanding product design and user experience is a different skill set from understanding customer engagement and success.
• As a business grows, the skills needed become more specialized.
• Being able to recruit and manage a team is a high leverage activity.
• Working hard is not enough; it's about being able to leverage your activities effectively.

The Importance of Being a Coach and Recruiting Top Executives

• Being a coach means recruiting the best players and creating a high-performance culture.
• Creating a farm system to feed into the company ensures sustained competitive advantage.
• The value of a coach or CEO is measured by the difference between what players would do without a leader and what they do with the best leader.
• The CEO needs to have the highest return on time in the organization.
• The CEO's greatest leverage is the Delta across the entire organization.
• If the CEO can turn a business around based on their standards and values, that Delta will be the greatest leverage for the organization.

Watch the video on YouTube:
Hard work won't make you rich. - YouTube