Alex Hormozi: The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO

Last updated: Jun 16, 2023

The video is about how to pick a niche for your business and why it's important to have past experience within the industry.

This video by Alex Hormozi was published on Feb 21, 2022.
Video length: 10:42.

In this video, Alex Hormozi gives advice on how to pick a niche when starting a business.

He emphasizes the importance of having past experience within the industry and understanding the problems and opportunities within the niche.

He also encourages viewers to accept a long period of sucking and putting in the necessary work to become good at the chosen niche before considering teaching it to others or expanding the business.

  • Picking a niche requires understanding the industry and providing more value to customers.
  • Experience in the industry is important for entrepreneurial opportunities and solving problems.
  • Skipping the work of understanding the niche won't work and requires a long period of sucking before getting good.
  • Once good at something, the decision is to teach or do more of it yourself, but experience in the industry is important before teaching others.
  • Don't listen to people who have never done the thing in the niche or been anywhere but the sidelines.

The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube

Alex Hormozi: The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO 002

Picking a Niche

  • Many people misunderstand the process of picking a niche.
  • Y Combinator looks for past experience within the industry when investing in businesses.
  • New businesses are often slight iterations on old ideas.
  • Service with a smile is underrated.
  • Strategy in business is about providing more value to customers than anyone else can.
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Experience in the Industry

  • Y Combinator looks for past experience within the industry when investing in businesses.
  • Understanding the lingo, avatar, and problems of an industry takes time and experience.
  • Entrepreneurial opportunities arise from problems in every industry.
  • Fundamentally, business is about solving problems and making sure the math makes sense.
  • The better you solve a problem, the more viral your business will be.
Alex Hormozi: The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO 007

Doing the Work

  • Many people try to skip to a higher leverage opportunity without doing the requisite work of understanding the niche.
  • People who have never done the thing in the niche are trying to focus on it.
  • Shortcuts won't work because you're not good enough yet.
  • You have to accept a long period of sucking before you can get good.
  • Eventually, you'll suck so little that you'll actually be good.
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The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube

Teaching or Doing

  • Once you're good at something, you have a decision to make: teach it to others or do more of it yourself.
  • A realtor can grow a team of 100 realtors and own the entire thing.
  • It's better to have experience in the industry before teaching others how to do it.
  • Many people are trying to sell how to do a niche well without having done it themselves.
  • Don't listen to people about how to play the game who have never been anywhere but the sidelines.

Watch the video on YouTube:
The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube

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