Alex Hormozi: Watch these 55 minutes if you want to be a millionaire in 2022..

Last updated: Jun 16, 2023

The video is about Alex Hormozi sharing his insights on level seven entrepreneurship and how to assess and appraise opportunities to increase personal net worth.

This video by Alex Hormozi was published on Dec 31, 2021.
Video length: 53:38.

In this video, Alex Hormozi talks about his experience as a level seven entrepreneur and shares four frameworks that he has developed to assess and appraise opportunities.

He also discusses the importance of fighting for oneself and the fact that money only solves money problems.

Hormozi shares some personal anecdotes about his success and the success of others, including a neighbor who took home 1 billion in income in a year.

  • Alex Hormozi shares insights on level seven entrepreneurship and how to increase personal net worth.
  • He emphasizes the importance of making the right decisions to achieve success.
  • He defines level seven entrepreneurship as using businesses to increase personal net worth.
  • Alex shares his personal success story and the importance of fighting for oneself.
  • Passive income is overrated, and active income can provide engaging activities and options.
  • Creating a business with intention can make it more successful.
  • Time allocation is the key to achieving material success.
  • Alex Hormozi's entrepreneurial journey includes scaling gym locations and starting a supplement company.
  • Opportunity is a function of the market times the scalability of the deliverable.

Watch these 55 minutes if you want to be a millionaire in 2022.. - YouTube

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Introduction

  • Alex Hormozi shares his insights on level seven entrepreneurship and how to assess and appraise opportunities to increase personal net worth.
  • He talks about the importance of making the right decisions to achieve success.
  • He introduces himself as an entrepreneur, investor, and CEO of Acquisition.com.
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Level Seven Entrepreneurship

  • Alex defines level seven entrepreneurship as rising above the businesses and using them as products that increase personal net worth.
  • He talks about how to assess and appraise opportunities to increase personal net worth.
  • He shares his favorite presentation on this topic.
  • He hopes that the audience will get value from his insights.
  • He emphasizes the importance of learning from his lessons to achieve success.
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Achieving Success

  • Alex shares his personal success story and how he was able to take home more in a year than the CEOs of major companies combined.
  • He talks about how expressing his success can create envy, anger, skepticism, or confusion in others.
  • He shares some level seven observations, including the fact that everyone wants you to do well, just not better than them.
  • He emphasizes the importance of fighting for oneself and the fact that money only solves money problems.
  • He talks about how success is not a destination but a journey.
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Watch these 55 minutes if you want to be a millionaire in 2022.. - YouTube

Conclusion

  • Alex concludes by saying that he hopes his insights will inspire a select few to achieve success.
  • He shares that he has more frameworks than he can share in one presentation and that he is writing a book on the topic.
  • He emphasizes the importance of learning from his lessons and applying them to achieve success.
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Active Income vs Passive Income

  • Passive income is overrated because people seek freedom but what they really want is options and engaging activities.
  • Buying back all your time and doing nothing is terrible.
  • Active income can be cool again because it provides engaging activities.
  • After achieving passive income, all you want to do is start something else.
  • Active income can provide options and engaging activities.
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Intention Behind Business Creation

  • Creating a business with intention can make it more successful.
  • People can feel why you're doing things.
  • When you make things just for the sake of making them, they take on a whole different form.
  • Creating from a space of art can lead to success.
  • Most people operate from a place of lack and desire to get other people to give them money.
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Path to Material Success

  • Time allocation is the only thing that matters in achieving material success.
  • Mastering time leads to mastering material success.
  • Success is achieved by being a better allocator of a single resource.
  • Success is not necessarily achieved faster, but by better time allocation.
  • Success does not necessarily lead to happiness.
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Alex Hormozi's Entrepreneurial Journey

  • Alex Hormozi started with $1036 and turned it into $85 million in portfolio revenue in five years using four frameworks.
  • He scaled gym locations from zero to six in three years off cash flow.
  • He did 18 months of gym turnarounds, which he called "Jim Launch."
  • He packaged the IP for a better gym model and scaled it to 2.4 million a month, which was a B2B business.
  • He started a supplement company and scaled it to 1.7 million a month, which was B2B to C and B2C.
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Section 1: Introduction

  • Speed is not lots of activity, it is making the right strategic decisions and making fewer mistakes.
  • Entrepreneurs often go really fast and then change directions, but consistency is key.
  • 90% of success can be boiled down to consistently doing the obvious thing for an uncommonly long period of time without convincing yourself you're smarter than you are.
  • Money is the denomination of time, and our wealth is a measure of how little of our lives we must trade for the things that we desire.
  • The key multiplier on time is leverage, and the size of the opportunities we pursue is directly proportional to the amount of leverage we can employ.
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Section 2: Four Frameworks for Applying Leverage

  • Scale the entrepreneur.
  • Scale the market.
  • Scale the deliverable.
  • Scale the business.
  • Opportunity is a function of the market times the scalability of the deliverable.
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Section 3: Scaling the Entrepreneur

  • Level 10 talent is only attracted to big opportunities, so it's harder to build a small business than a big one.
  • Small goals and big goals are equally difficult, so it's worth it to make them big.
  • Invest in high leverage opportunities like real estate, funds, acquisition, and business ownership.
  • Rich dads encourage their kids to pursue high leverage opportunities, while poor dads encourage their kids to pursue low leverage opportunities.
  • Consistently doing the obvious thing for an uncommonly long period of time without convincing yourself you're smarter than you are is key to success.
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Section 4: Scaling the Market, Deliverable, and Business

  • Scaling the market involves finding a large and growing market with a high willingness to pay.
  • Scaling the deliverable involves creating a product or service that is scalable and has a high profit margin.
  • Scaling the business involves creating systems and processes that can be replicated and scaled.
  • Opportunity is a function of the market times the scalability of the deliverable.
  • A level 10 entrepreneur on a level one opportunity will still do pretty well, but not that great.
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Entrepreneurial Deficiencies

  • Every business is bottlenecked by the entrepreneur in one of three ways: lack of skill, lack of character trait, or lack of belief.
  • Entrepreneurs need to assess their deficiencies and learn from their competitors' strengths.
  • Visualize deficiencies as a ladder with traits, beliefs, and skills as the rungs.
  • If any side of the ladder is missing, the entrepreneur will be limited to the lowest rung.
  • The niche slapping fallacy is the belief that pursuing multiple businesses will increase the chances of success, but it actually limits success.
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Focusing on Opportunities

  • Entrepreneurs need to focus on one opportunity to increase their chances of success.
  • Competitors who are beating you have one thing they focus on.
  • Big strategic decisions make the biggest impact on our lives, not incremental gains.
  • Entrepreneurs need someone from the outside to provide perspective and identify opportunities.
  • Belief deficiencies can limit an entrepreneur's trajectory and potential.
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Transitioning to a Licensor

  • Entrepreneurs need to be open to changing their trajectory and business model.
  • Switching from a multi-gym owner to a licensor allowed for more potential and growth.
  • Believing in the possibility of a new opportunity is crucial for success.
  • Entrepreneurs need to be willing to pivot and adapt to changing circumstances.
  • Learning from failures and mistakes is essential for growth and success.
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Assessing Opportunities

  • Entrepreneurs need to assess and appraise opportunities to increase personal net worth.
  • Assessing opportunities involves analyzing the market, competition, and potential for growth.
  • Entrepreneurs need to have a clear understanding of their strengths and weaknesses.
  • Assessing opportunities involves identifying potential bottlenecks and finding ways to overcome them.
  • Entrepreneurs need to be willing to take calculated risks and make strategic decisions.
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Skills and Continuums

  • Skill deficiency is a common problem in internet marketing.
  • Recruiting, interviewing, training, and managing a high-performance sales team are skills that can be learned.
  • Skills and traits exist on a continuum, not a binary.
  • Phrasing your bottleneck or complaint into a solvable question can help you learn.
  • Repetition and feedback (volume) are the best ways to learn skills.
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Building Character Through Work

  • Your work works on you more than you work on it.
  • Doing the boring work and outworking yourself doubt builds conviction.
  • Expectations are the biggest deficiency people have.
  • Lofty expectations lead to people trying to become a millionaire in 90 days.
  • Slow gradient is better than starting over every 90 days.
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Compound Returns

  • Skills, traits, and beliefs all compound to yield crazy outside returns seemingly overnight.
  • Math skills can lead to bookkeeping, accounting, and tax strategy.
  • Compound returns are the key to becoming a millionaire in 5 years.
  • Slow and steady progress is better than trying to get rich quick.
  • Compound returns are the result of consistent effort over time.
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Assessing Opportunities

  • Assessing opportunities requires a framework.
  • Level 7 entrepreneurship involves assessing and appraising opportunities to increase personal net worth.
  • Assessing opportunities involves looking at the market, the product, and the team.
  • Assessing opportunities involves looking at the potential for growth and the potential for competition.
  • Assessing opportunities involves looking at the potential for leverage and the potential for risk.
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