Alex Hormozi: How my job changed from $10k/day to $100,000/day

The video is about the entrepreneurial journey and how control shifts throughout it, with the biggest reason for people getting stuck being their reluctance to give up control.

This video by Alex Hormozi was published on May 7, 2021.
Video length: 09:14.

In this video, Alex Hormozi discusses the importance of control in the entrepreneurial journey and how it shifts as a business grows.

He explains that entrepreneurs must transition from a lack of control to complete control, but the thing that takes them to the first step of complete control is usually the thing that stifles their growth. As the business grows, entrepreneurs must continue to buy back their time by relinquishing control of lower skilled support tasks, selling, contracts, billing, and eventually leadership. Hormozi emphasizes that every level of entrepreneurship is uncomfortable because the thing that entrepreneurs are holding onto is the thing they must give up.

He concludes by sharing the most valuable rule of thumb he has learned in scaling his companies.

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• The video discusses the entrepreneurial journey and how control shifts throughout it.
• Reluctance to give up control is the biggest reason for people getting stuck in entrepreneurship.
• Entrepreneurship forces individuals to change their identity and values as they transition from lack of control to complete control.
• The most valuable rule of thumb for scaling companies is to always be giving up control and finding someone better to take over tasks.

How my job changed from $10k/day to $100,000/day - YouTube

Introduction

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• The video is about the entrepreneurial journey and how control shifts throughout it.
• The biggest reason for people getting stuck is their reluctance to give up control.

The Difficulty of Entrepreneurship

• Entrepreneurship forces you to change who you are, your identity, and the values that you supposedly have.
• Most of us have to transition from a lack of control to complete control.
• Complete control is great, but there's only one of you.
• Every time you add someone in and buy back more of your time, you relinquish control.
• Every level of entrepreneurship is always uncomfortable because the thing that you are now holding on to is the thing that you have to give up.

Buying Back Time

• In the beginning, most people are buying back support time, which is lower skilled support tasks.
• After that, there might be higher level support or administrative tasks.
• The next level of control that people have to give up is selling.
• Every time you add someone in and buy back more of your time, you relinquish control.
• It's always uncomfortable because the thing that you are now holding on to is the thing that you have to give up.

How my job changed from $10k/day to $100,000/day - YouTube

Teaching and Leading

• Once you cross a million, it's usually difficult to be doing the selling yourself.
• Now you have to teach other people in a group how to sell, manage a sales team, recruit, hire, train, compensate, etc.
• When you get to 10 million, trying to go to 30, the level of control that you're giving up here is leadership.
• There are too many departments, too many people, and you can't lead everyone.
• You have to lead a small group of people and get them to lead their own small groups.

The Most Valuable Rule of Thumb

• The most valuable rule of thumb that Alex Hormozi has learned in scaling his companies is to always be giving up control.
• It's uncomfortable, but it's necessary for growth.
• Identify the thing that you are holding on to and give it up.
• Find someone who is better than you at that thing and let them do it.
• Keep doing this until you are no longer holding on to anything.

Control and Leadership

• Leadership is about control over your culture.
• As you continue to buy back, you have to give up control.
• Think about what you are trying to control and what part of your identity you are giving up by giving up control.
• You should be able to have people close half as many sales as you and still make the model work.
• With each cycle, you have to give up control.

Entrepreneurial Journey

• Most people get stuck because of personal issues that prevent them from giving up control.
• Know where the bodies are buried in each department to avoid being too far away.
• Personal issues like trust issues can prevent people from building something great.
• Take back control over your outcomes and take responsibility.
• Continue to buy back and relinquish control in different areas of the business.
• Freedom comes from relinquishing control.

Watch the video on YouTube:
How my job changed from $10k/day to $100,000/day - YouTube