The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235

Last updated: Jun 2, 2023

The video is an interview with entrepreneur and investor Alex Hormozi, discussing his success in building businesses and his mission to make business accessible for everyone.

The video features an interview with Alex Hormozi, a successful entrepreneur, investor, and philanthropist who has turned $1,000 into $100 million. He shares his insights on building a successful business and making money, as well as his personal journey and the role his wife played in his success. The video also discusses Hormozi's mission to make business accessible for everyone and the value he aims to provide to entrepreneurs at all stages of their journey.

  • Alex Hormozi is an entrepreneur, investor, and philanthropist who understands how to build a business.
  • His wife believed in him and supported him when he was broke.
  • He started his company with a mission to make business accessible for everyone.
  • The mission of the company is to make business accessible for everyone.
  • The company tries to make their content relevant to everyone, from those just starting out to those with established businesses.
  • Alex Hormozi's parents are immigrants to the U.S.
  • Alex decided to leave Baltimore and start a business of his own.
  • Alex believes that anyone can be successful in business if they have the right mindset and work ethic.
  • The interviewee started a gym business and opened multiple locations.

The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235 - YouTube

The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235 001

Alex Hormozi's Journey

  • Alex Hormozi is an entrepreneur, investor, and philanthropist who understands how to build a business.
  • He was miserable in his job and wanted to change his life.
  • His wife believed in him and supported him when he was broke.
  • He believes that pain motivates significantly faster and stronger than pleasure.
  • He started his company with a mission to make business accessible for everyone.
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Mission of the Company

  • The mission of the company is to make business accessible for everyone.
  • They put everything out there for free, with no pay walls.
  • They produce as much content as they can and share the learnings from their portfolio companies.
  • Their goal is to provide more value to a company before they've ever spoken to them.
  • Their audience is entrepreneurs at all stages, from those launching their first product to those with businesses doing 100 million plus a year.
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Going Wide and Deep

  • The company tries to make their content relevant to everyone, from those just starting out to those with established businesses.
  • They try to think about both people at the same time, which becomes more challenging but also fun.
  • They make content that brings down barriers, whether psychological or practical, to enable people to reach their dreams.
  • Their content is like a funnel, helping people at all stages of their journey.
  • The company's goal is to provide value to their audience and make business accessible for everyone.
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The Man That Makes Millionaires: How To Turn $1,000 Into $100 Million!: Alex Hormozi | E235 - YouTube

Alex Hormozi's Childhood

  • Alex Hormozi's parents are immigrants to the U.S.
  • He grew up in a low-income household and had to work hard to succeed.
  • He learned the value of hard work and perseverance from his parents.
  • He was always interested in business and entrepreneurship, even as a child.
  • His childhood experiences shaped his entrepreneurial spirit and his mission to make business accessible for everyone.
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Early Life and Career

  • Alex Hormozi was raised by his father after his parents split when he was young.
  • He worked hard in school to gain his father's approval.
  • He got a job at a government contracting consulting firm in defense contracting.
  • He was unhappy and experienced suicidal ideation.
  • He realized he didn't want to live the life his father wanted for him.
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Leaving Home and Starting a Business

  • Alex decided to leave Baltimore and start a business of his own.
  • It was the hardest decision he ever made because he knew it would put a dent in his relationship with his father.
  • He started driving across the country and it took him six months to do it.
  • He called his father when he was halfway across the United States and told him he was going to California to open a gym.
  • His father was upset and they didn't talk much for a long time.
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Experiencing Suicidal Ideation

  • Alex never had a plan for how he would kill himself, but he often wished he wouldn't wake up the next day.
  • He felt like he had to let his father's dream die for his own to live.
  • He had always been pushed to go to school and do certain studies.
  • He believes that having an authoritarian parent taught him valuable skills and discipline.
  • He thinks that having a less involved parent may have prevented him from learning those skills.
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Reflections on Life and Business

  • Alex believes that anyone can be successful in business if they have the right mindset and work ethic.
  • He thinks that people often make excuses for why they can't succeed.
  • He believes that people should focus on what they can control and take action.
  • He thinks that people should be willing to take risks and make sacrifices to achieve their goals.
  • He believes that people should be willing to learn from their mistakes and keep moving forward.
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Struggling with Career Choices

  • The interviewee's father wanted him to become a doctor.
  • He initially pursued pre-med but switched to a business degree.
  • He struggled with the decision to start a business instead of going to Harvard Business School.
  • He felt terrible about his life and wanted to start a business.
  • He had to confront his father about his career choices.
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Building a Successful Business

  • The interviewee started a gym business and opened multiple locations.
  • He sold the gyms and started a gym turnaround business.
  • He started a licensing business called Gym Launch, which became very successful.
  • He received a call from his father apologizing for not supporting him earlier.
  • He was angry and didn't accept the apology.
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Understanding His Father's Perspective

  • The interviewee's father was a single dad raising a child in another country.
  • He wanted his son to have access to opportunities he didn't have.
  • He wanted his son to be able to fit in and succeed in business.
  • The interviewee now appreciates his father's perspective.
  • His father did the best he could with what he had.
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Benefiting from Hardship

  • The interviewee's difficult relationship with his father hardened him.
  • He believes that the hardness has benefited him in business.
  • He encountered people who did him wrong but understands that they were doing the best they could with what they had.
  • He believes that everyone's experiences shape their behavior.
  • He has learned to appreciate the lessons he learned from his difficult experiences.
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Empathy and Understanding

  • Think about the person who wronged you and understand that if you were in their shoes, you would do the same thing.
  • Resentment is a byproduct of not understanding.
  • It's impossible to both hate and understand someone at the same time.
  • Empathy invokes understanding and can help let go of resentment.
  • Many times, hate comes from the unknown and not understanding.
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Personal Growth and Change

  • Entrepreneur Alex Hormozi used to be fear-driven and interacted with his team and customers purely through fear.
  • He didn't understand influence as well at the time.
  • Meeting his wife changed his life and brought out the best in him.
  • She believed in him and brought him out of his fear-driven mindset.
  • He became significantly friendlier and learned to use influence instead of fear.
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Business Ventures and Setbacks

  • Alex Hormozi had an idea for a turnaround business and sold all his gyms to put the money into it.
  • He partnered with someone who was a good operator and launched one, two, three gyms a month.
  • He woke up one morning to find the bank account completely empty.
  • His partner accused him of skimming from the business.
  • His partner had already been indicted for fraud and it was a big misunderstanding.
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Belief and Support

  • Alex Hormozi's wife brought out the best in him by believing in him.
  • She supported him through setbacks and helped him grow personally and professionally.
  • Belief and support can help people overcome fear and achieve their goals.
  • Having someone who believes in you can make all the difference in personal and professional growth.
  • Belief and support can help people overcome setbacks and achieve success.
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Starting from Scratch

  • Lost everything in 2016, owed $22,000 in commissions and had only $1,000 left.
  • Planned to launch six gyms but didn't have the funds to do so.
  • Used a credit card with a $100,000 limit to launch the gyms.
  • Had no way to process money and had to collect contracts without being able to run cards.
  • Finally found a higher risk processor that charged 8% processing and held 10% as a safeguard.
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Overcoming Challenges

  • Had to deal with processors holding onto money for routine checks.
  • Had to collect contracts without being able to process them.
  • Had to find a higher risk processor that charged more and held onto money as a safeguard.
  • Had to wire $22,000 in commissions owed to a sales guy.
  • Had to use credit cards to fund the launch of six gyms.
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Scaling the Business

  • Launched six gyms doing $3,300 a day.
  • Had to find multiple processors to be able to process all the contracts.
  • Started making a profit of $30,000 by the end of February.
  • Continued to scale the business and make a profit.
  • Used the profits to invest in other businesses and make more money.
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Making Business Accessible

  • Believes that anyone can start a business and make money.
  • Wants to make business accessible to everyone.
  • Provides resources and education to help people start and grow their businesses.
  • Believes that anyone can turn $1,000 into $100 million with the right mindset and strategy.
  • Encourages people to take action and start their own businesses.
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The Flawed Model

  • The model was to fill a gym up, sell memberships, keep the money, and then deliver on the services.
  • After the delivery, the gym could keep the customers.
  • There were negative transactions, and the gyms had to refund the customers.
  • There were 150,000 dollars in refunds that Alex had to cover.
  • He had no way of doing it, and he was stressed out.
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Queen Transformation

  • Layla had a personal training business that she converted to an online weight loss program.
  • She was making three to four thousand dollars a month.
  • Alex decided to call it Queen Transformation and start running ads for it.
  • They took the sales team and put it on Layla's program.
  • Within 14 days, Layla was doing a thousand dollars a day online.
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Selling Secrets

  • Alex sold his secrets to the gym owners for six thousand dollars.
  • He sold licensing packages for all the stuff they did to do the turnarounds.
  • He sold 60,000 dollars in licensing packages in a day.
  • It was a PDF that he used to train his sales teams.
  • He had to create a white label landing page for the gyms that they could put their logo on.
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Recurring Model

  • The licensing packages became a recurring model over time.
  • It was a PDF that he used to train his sales teams.
  • He had to create a white label landing page for the gyms that they could put their logo on.
  • He licensed the ads themselves that they already knew to convert.
  • They made sixty thousand dollars in a day.
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Building Gym Launch

  • Alex and his wife started Gym Launch to help gym owners increase sales.
  • They initially focused on weight loss programs but realized they were doing it wrong.
  • They changed their approach and called up the gyms they had previously helped turn around.
  • The average gym saw an extra $30,000 in cash collected in their first month using Gym Launch's system.
  • Gym Launch grew rapidly, doing $26 million in top-line sales and $17 million in EBITDA in their first 12 months.
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Expanding into Other Businesses

  • Gym Launch's success led to the creation of Prestige Labs, a supplement company.
  • They also started a software company to help gyms get leads in the door.
  • In 2021, they sold all three companies for a total of $46.2 million.
  • They started Acquisition.com as their family office to invest in other businesses.
  • They typically buy minority stakes in companies and help them grow.
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Transitioning to General Business

  • Alex wanted to do more than just be the "gym guy" for the rest of his life.
  • He started Acquisition.com to invest in other businesses and buy minority stakes.
  • They focus on growth partnerships and adding value to the businesses they invest in.
  • Alex's area of brilliance is in building systems and processes to help businesses grow.
  • He relies on his team to handle other areas of expertise.
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Conclusion

  • Alex Hormozi built Gym Launch into a successful business that helped gym owners increase sales.
  • He expanded into other businesses and eventually sold them for $46.2 million.
  • He now invests in other businesses through Acquisition.com, focusing on growth partnerships and adding value.
  • Alex's area of brilliance is in building systems and processes to help businesses grow.
  • He relies on his team to handle other areas of expertise.
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Problem Solving and Simplifying Complex Solutions

  • Alex's approach to solving problems is to simplify complex things into more digestible actionable solutions.
  • He defines terms that a lot of people use every day to make it easier to solve for those things in business.
  • He breaks down frameworks to help people grow their business.
  • He provides eight ways to get more customers and asks which one people feel they are best at.
  • His way of thinking through frameworks has helped him be relatively competent in a world that feels confusing.
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The Importance of Asking "Why"

  • Asking "why" is the very nature of innovation.
  • Elon Musk is one of the people who is really good at asking "why."
  • Steve Jobs was the voice in the room that never understood why they couldn't do something.
  • Asking "why" is important in entrepreneurship because it helps people innovate.
  • People who ask "why" naturally are the most common thing in entrepreneurship.
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Skills Needed for Successful Entrepreneurship

  • Entrepreneurs need to have the power to influence and move other people.
  • They need to have tremendous drive, whether that's a combination of towards or away.
  • They need impulse control and the ability to say no to things on a regular basis for an extended period of time.
  • They need to be able to boil down the success of their business into inputs and outputs.
  • If they have these skills, they become a very difficult person to beat.
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The Importance of High Volume Transactional Sales

  • Alex believes that high volume transactional sales, such as door-to-door sales or cold calling, are important for entrepreneurs.
  • Having a high volume of sales helps entrepreneurs gain experience and learn how to sell.
  • It also helps entrepreneurs learn how to handle rejection and build resilience.
  • High volume transactional sales can help entrepreneurs develop the skills they need to be successful in business.
  • Alex believes that if everyone spent two years doing door-to-door sales, they would learn valuable skills that would benefit them in any career.
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Importance of Sales in Developing Business Skills

  • Repetition and quick feedback loops are important in learning a skill.
  • Mentor-mentee relationship with repeated exposure and fixing mistakes is ideal.
  • Surviving the first three months of sales is crucial for success.
  • Shadowing the best salesperson and doing twice the volume can help improve skills faster.
  • Learning how to handle rejection and developing interpersonal communication skills are valuable in sales and marketing.
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The Price of Developing Skills

  • Developing skills requires patience and a willingness to pay the price tag attached to each trait.
  • Reframing the period of life as the price paid out of one's time wallet can make the trade more appealing.
  • Self-belief is necessary to take risks and overcome hurdles.
  • Hating one's current existence or having a strong conviction that the change will happen can help build self-belief.
  • Change happens when the pain of staying the same becomes greater than the pain of making a change.
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The Role of Negative Motivation

  • Negative motivation is often overlooked but can be useful in driving action.
  • Anger and sadness can be channeled into motivation.
  • Passion is not always necessary in the early stages of developing skills.
  • Going away from pain or towards pleasure can be a motivator.
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The Importance of Patience and Persistence

  • Developing skills requires patience and persistence.
  • Each trait has a price tag attached to it, and the willingness to pay that price is necessary for growth.
  • Believing that success is possible and having a plan can help with persistence.
  • Looking back on life with the desired traits is a motivating factor.
  • Hard times can be made more bearable with the understanding that they are part of the price paid for growth.
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Believing in Yourself

  • Believe in yourself, but also be directionally correct.
  • Don't worry about getting it right on the first shot.
  • Take steps in the right direction, even if it means ping-ponging a bit.
  • Be willing to try things out and accept failure.
  • Believe in yourself based on evidence and past successes.
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Dealing with Self-Doubt

  • Self-doubt is a common experience for entrepreneurs.
  • Fear and anger were big motivators for Alex in the beginning.
  • He was always certain that he wouldn't stop, even if he didn't know if he would succeed.
  • Focus on the controllables and set unreasonable goals.
  • Input-output equations can be helpful in achieving success.
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Input-Output Equations

  • Input-output equations involve setting a goal and determining the necessary steps to achieve it.
  • For example, if you want to be a good salesman, you might set a goal of collecting 5,000 no's.
  • Input-output equations can be helpful in achieving success in any field.
  • Alex used input-output equations to achieve success on the GMAT and in business.
  • Practice and repetition are key to achieving success through input-output equations.
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Building Confidence

  • Believing in yourself is key to building confidence.
  • Set unreasonable goals and work towards them every day.
  • Focus on the controllables and take steps in the right direction.
  • Be willing to try things out and accept failure.
  • Input-output equations can be helpful in achieving success and building confidence.
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Using Pain as Motivation

  • People need to hate their current existence enough to make a change.
  • Agitate the pain for yourself to motivate change.
  • Find the thing that's the pain and use it as motivation.
  • Pain motivates significantly faster and stronger than pleasure.
  • Use pain more if you don't have enough motivation.
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The Hardest Decision of My Life

  • Quitting his job was the hardest decision of his life.
  • Opinions of other people were the biggest obstacle.
  • Had to let other people's dreams for his life die to live.
  • Continuing to not want to wake up was his wake-up call.
  • Money wasn't the main motivation for making the decision.
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The Love of the Game

  • Money doesn't really motivate him.
  • He loves playing the game and the tokens are there.
  • Beating his dad was his motivation.
  • He didn't want his dad to be right.
  • He loves the challenge of building businesses.
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The Importance of Taking Action

  • People need to take action to make things happen.
  • Don't wait for motivation to come to you.
  • Take action and motivation will follow.
  • Don't be afraid to fail.
  • Failure is a necessary part of the process.
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Working Hard and Finding Joy in Work

  • Alex Hormozi shares his experience of working hard to build his gym business.
  • He worked long hours, taught classes, did marketing, sales consults, and billing.
  • He did this for six months and started losing his mind.
  • He didn't want to go back to his old life and be owned by his father.
  • He believes that some people need to agitate some pain in their life to get out of their current circumstance.
  • He thinks that people can find joy in work if they decide to do it well.
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