Alex Hormozi: Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND)

Last updated: Jun 15, 2023

The video discusses three things to consider before quitting your job and starting a business, including self-awareness, understanding the mindset and skill set needed for entrepreneurship, and considering short and long-term payoffs.

This video by Alex Hormozi was published on Jun 28, 2021.
Video length: 13:22.

In this video, Alex Hormozi shares his personal experience of quitting his job and starting his own business.

He talks about the mindset and self-awareness required to make such a decision, and emphasizes the importance of understanding the short and long-term payoffs of entrepreneurship.

He also discusses the challenges and loneliness of the entrepreneurial journey, and advises against starting a business if one needs constant motivation or is not willing to take risks.

  • Self-awareness is important in deciding to start a business.
  • Entrepreneurship requires a certain mindset and skill set.
  • Short and long-term payoffs should be considered before starting a business.
  • Running a business requires acquiring many skills.
  • Entrepreneurship is the ultimate value investment in oneself.
  • Alternative choices should be considered before starting a business.
  • Success can be achieved with no choice.

Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube

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Self-Awareness

  • Quitting a job to start a business is a difficult decision.
  • Self-awareness is important in making this decision.
  • Passive ideation is a sign of depression and dissatisfaction with life.
  • Entrepreneurship is not for everyone.
  • Understanding your pain and dissatisfaction is important in deciding to start a business.
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Mindset

  • Quitting a job to start a business requires a certain mindset.
  • Entrepreneurship is not easy and requires motivation and commitment.
  • Starting a business is a lonely path.
  • Starting at zero with no one is difficult.
  • Short and long-term payoffs should be considered.
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Skill Set

  • Entrepreneurship requires a certain skill set.
  • Learning how to learn is important in entrepreneurship.
  • Understanding your own skill set is important in deciding to start a business.
  • Entrepreneurship is not for everyone.
  • Starting a business requires risk-taking and a willingness to fail.
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Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube

Short and Long-Term Payoffs

  • Starting a business may not result in immediate financial gain.
  • It may take years to make a significant amount of money.
  • Breaking even or making less money than in a previous job is possible.
  • Mistakes will be made, but they are a part of the learning process.
  • Short and long-term payoffs should be considered before starting a business.
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Skills Needed for Entrepreneurship

  • Running a business requires acquiring many skills.
  • Entrepreneurs need to understand how to generate demand, leads, and sales.
  • They also need to know how to fulfill and deliver, manage people, communicate, and recruit.
  • Learning all these skills can be overwhelming, but it is necessary for success.
  • Entrepreneurs need to understand all aspects of a business, not just one specific function.
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Short and Long-Term Payoffs

  • Entrepreneurship is the ultimate value investment in oneself.
  • Expect a decrease in income for the first few years.
  • Reinvesting in oneself and acquiring skills, beliefs, attitudes, and character traits can lead to long-term payoff.
  • Entrepreneurship is not for everyone, and that is okay.
  • The vast majority of people should not be entrepreneurs.
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Alternative Choices

  • If dissatisfied with the company, consider switching companies.
  • If dissatisfied with the work, consider switching to a different position and getting paid to learn.
  • If satisfied with the company and work, but not getting paid enough, ask how to provide more value.
  • Start investing extra time in acquiring skills and doing the work to prepare for entrepreneurship.
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Success with No Choice

  • Putting oneself in a position with no choice can lead to success.
  • People can accomplish amazing things when they have no choice.
  • Forced into a hole, one can be surprised at what they can accomplish.
  • Success requires wanting it as bad as one can breathe.
  • Entrepreneurship is hard, but it is possible to succeed with no choice.
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Considerations before starting a business

  • Decrease your downside risk by learning more skills.
  • Get paid to learn more skills by asking your business how you can provide more value.
  • Reinvest in yourself so that you can become more valuable and increase your earning potential.
  • Live cheap and keep your expectations at a minimum to make short-term trade-offs.
  • Switch companies or jobs before starting a business.
  • Start a side hustle first and make sure it works before betting everything on it.
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Unreasonable expectations and understanding the stats

  • The average 18-year-old believes they will be a millionaire by age 25 and in the top 1% within 7 years of graduating high school.
  • Understand that these are unreasonable expectations and the stats are against you.
  • Measure value instead of revenue.
  • Most people are broke, and the reason for this channel is to make sure you are not one of them.

Watch the video on YouTube:
Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube

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