Alex Hormozi: How To Create Luck - The Simple Strategy Billionaires Use

The video is about how successful people understand probability and how volume can negate luck and skill in achieving success.

This video by Alex Hormozi was published on Feb 16, 2021.
Video length: 08:55.

In this video, Alex Hormozi shares a lesson he had with his 18-year-old neighbor who is on an entrepreneurial journey.

The lesson is about understanding probability and how volume can negate luck and skill. Hormozi explains that successful people have a firm understanding of probability and take calculated risks. He also emphasizes the importance of persistence and learning multiple skills before achieving success.

Hormozi encourages his neighbor to continue cold calling and not give up until he convinces him that the entire industry of wholesaling real estate has disappeared.

• Successful people understand probability and calculate risk.
• Volume can negate luck and skill.
• Progress takes time and effort, and it's important to be willing to suck at something before becoming successful.
• There are many little skills to learn before getting the big payoff.
• The first dollar independent of whatever you're doing is always the hardest one to get.

How To Create Luck - The Simple Strategy Billionaires Use - YouTube

Understanding Probability and Volume

• Successful people have a firm understanding of probability.
• Probability is the percentage likelihood that something will happen.
• Investors calculate the risk associated with an investment, which is a probability outcome.
• Business owners gamble on marketing and assess the probability of getting a return on investment.
• Volume negates luck, which means that if you do enough volume, you can negate luck and skill.

The Importance of Sucking

• People who are unwilling to suck at something will not be successful.
• Many people assume they should be a millionaire in their first year of entrepreneurship.
• It is important to understand that progress takes time and effort.
• There are many little skills to learn before getting the big payoff.
• Most people learn one skill or don't learn a skill and then give up.

Volume vs. Skill

• Volume can negate skill, which means that if you do enough volume, you will become good at something.
• It is important to understand that it takes time and effort to become good at something.
• For example, it may take 1,000 cold calls to get one deal, but eventually, it will be unreasonable for you to suck anymore.
• There are many little skills to learn before getting the big payoff.
• Eventually, you will become good at something if you do it enough.

How To Create Luck - The Simple Strategy Billionaires Use - YouTube

The Hardest Dollar

• The first dollar independent of whatever you're doing is always the hardest one to get.
• There are many little skills to learn before getting the big payoff.
• Most people learn one skill or don't learn a skill and then give up.
• The only way to become successful is to keep going and learn from your mistakes.
• The only way to quit is if you can convince someone that the entire industry has disappeared.

Understanding Probability and Volume

• The only thing that separates you from what you want is skill.
• The only way to acquire that skill is volume.
• When you have enough skill, you get luckier.
• The more volume you do, the better you get, and therefore the luckier you become.
• People who invest and do business at a larger scale understand probability.
• If you want to become lucky and have probability on your side, you simply increase the volume.

The Importance of Persistence

• Most people don't understand the concept of large numbers.
• If you keep laying the bricks all the way across the bridge from where you are to where you want to be, the first dollar walks across.
• It takes a lot of time to put those bricks in place and to figure out which brick you're missing.
• The only way to do it is more.
• Most people end up hopping and always doing these half-built bridges.
• You just have to keep laying the bricks and keep persisting.

Watch the video on YouTube:
How To Create Luck - The Simple Strategy Billionaires Use - YouTube