Alex Hormozi: How I'm building a BILLION DOLLAR empire working 2-3 days per week..

Last updated: Jun 15, 2023

The video discusses how entrepreneurs often desire novelty and challenges, but instead of constantly starting new businesses, they should redefine growth as developing the character traits to persist and continue doing the same things over and over again, and channel their desire for innovation into creating new front ends or backends for their existing business.

This video by Alex Hormozi was published on Aug 2, 2021.
Video length: 12:49.

In this video, Alex Hormozi talks about how many entrepreneurs make the mistake of constantly seeking novelty and new challenges, when they should instead focus on developing the character traits to persist and continue doing the same things over and over again.

He shares stories of successful entrepreneurs who have stuck to the same business for years and have become wealthy by matching the market's growth.

Hormozi also gives tips on how to create new challenges within the business without destroying it, such as changing the front ends or backends.

  • Entrepreneurs desire novelty and challenges, but growth can be redefined as developing character traits to persist and continue doing the same things over and over again.
  • Businesses need to provide value to customers, not satisfy personal needs.
  • Entrepreneurs can create challenges without destroying the business by channeling desires for innovation into creating new front ends or backends for existing businesses.
  • Entrepreneurs should understand constraints and create different ways to win.
  • Successful people sacrifice everything for their success, and entrepreneurs should add constraints to the existing game to make the game more fun for them.
  • Entrepreneurs should not break the machine because it exists to serve the customer, and they should not conflate serving themselves with serving the customer.
  • Entrepreneurs should learn to sacrifice and add constraints to achieve their goals.

How I'm building a BILLION DOLLAR empire working 2-3 days per week.. - YouTube

Alex Hormozi: How I

Entrepreneurs Desire Novelty and Challenges

  • Entrepreneurs often desire novelty and challenges.
  • They think growth means starting something new.
  • Growth can be redefined as developing character traits to persist and continue doing the same things over and over again.
  • Desire for innovation can be channeled into creating new front ends or backends for existing businesses.
  • Real estate moguls don't start new businesses when they get bored, they keep doing real estate.
Alex Hormozi: How I

Businesses Don't Exist to Satisfy Personal Needs

  • Businesses don't exist to satisfy personal needs.
  • Entrepreneurs often project their own needs onto their businesses and make the wrong decisions.
  • Businesses need to provide value to customers.
  • Entrepreneurs need to do with their own personal stuff.
  • Matching the market can make entrepreneurs extraordinarily wealthy.
Alex Hormozi: How I

Ways to Create Challenges Without Destroying the Business

  • Channel desires for innovation into creating new front ends or backends for existing businesses.
  • Change hooks, creative, ad ideas, marketing, and front ends to attract different types of avatars and ultimately grow the business.
  • Use entrepreneurial add to serve the business without breaking it.
  • Don't start creating more businesses when bored, keep doing what works.
  • Don't make the business solve personal problems, solve clients' problems.
Alex Hormozi: How I

How I'm building a BILLION DOLLAR empire working 2-3 days per week.. - YouTube

Conclusion

  • Entrepreneurs should redefine growth as developing character traits to persist and continue doing the same things over and over again.
  • Businesses need to provide value to customers, not satisfy personal needs.
  • Entrepreneurs can create challenges without destroying the business by channeling desires for innovation into creating new front ends or backends for existing businesses.
  • Entrepreneurs should not start new businesses when bored, but keep doing what works.
Alex Hormozi: How I

Desire for Novelty and Challenges

  • Entrepreneurs often desire novelty and challenges.
  • Constantly starting new businesses can lead to having lots of businesses but no money.
  • Entrepreneurs should redefine growth as developing character traits to persist and continue doing the same things over and over again.
  • Entrepreneurs should channel their desire for innovation into creating new front ends or backends for their existing business.
Alex Hormozi: How I

Understanding Constraints

  • Entrepreneurs should understand constraints.
  • Multiple metrics for success are important.
  • The marginal utility of more money is very little.
  • Entrepreneurs should create different ways to win.
  • Adding constraints makes goals far more interesting.
Alex Hormozi: How I

Sacrifice and Constraints

  • The first level of achieving any goal is learning how to sacrifice everything to achieve the goal.
  • Successful people sacrifice everything for their success.
  • Entrepreneurs should add constraints to the existing game to make the game more fun for them.
  • Entrepreneurs should not break the machine because it exists to serve the customer.
  • Entrepreneurs should not conflate serving themselves with serving the customer.
Alex Hormozi: How I

Learning to Sacrifice

  • The first time Alex saw success was when he learned how to sacrifice.
  • When Alex was in college, he pledged a fraternity with a hard pledging process.
  • During pledging, Alex had to do three hours of homework every day.
  • Alex realized that doing three hours of work every day allowed him to get ahead on future work.
  • Entrepreneurs should learn to sacrifice and add constraints to achieve their goals.
Alex Hormozi: How I

Building a Billion Dollar Empire

  • Sacrificing everything is necessary to achieve success.
  • Learning how to sacrifice everything is important before learning how not to sacrifice.
  • Achieving mastery over something before giving it up is necessary to eliminate the desire for it.
  • Multiple metrics of success should be considered, but don't change your business just to challenge yourself.
  • Create new front ends or product lines within your existing business to satisfy your desire for innovation.
  • Use constraints to create challenges in your own business that improve your life in other ways.

Watch the video on YouTube:
How I'm building a BILLION DOLLAR empire working 2-3 days per week.. - YouTube

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