Alex Hormozi: Why entrepreneurs stay broke and sad [trigger warning]

The video discusses the importance of maintaining hunger and drive in entrepreneurship, and how complacency can lead to failure.

This video by Alex Hormozi was published on Dec 3, 2021.
Video length: 14:14.

In this video, Alex Hormozi talks about why entrepreneurs stay broke and sad.

He shares a story about gym owners who complain about low show rates but only have one hour of availability per day for new clients. He emphasizes the importance of hunger and drive in achieving success, and how complacency can lead to failure.

He also discusses how successful people are driven by something deep inside them, often an insecurity or fear, and how only trying to make enough to live on will limit one's success.

• The video emphasizes the importance of hunger and drive in entrepreneurship.
• Complacency can lead to failure, and entrepreneurs need to be willing to make sacrifices and take risks to succeed.
• Entrepreneurs need to manage their personal life and business to maintain hunger and drive.
• Once entrepreneurs have the tactics, they need to prioritize and do the boring work.
• Entrepreneurs need to be enthusiastic, greet people with a smile, and ask the same questions repeatedly.
• Coaching oneself can lead to finding the answer to problems, and mastermind groups can help entrepreneurs identify the holes in their business.
• Entrepreneurs need to be willing to do what is necessary to achieve their goals and discover if they truly want more or if they are content with what they have.

Why entrepreneurs stay broke and sad [trigger warning] - YouTube

Introduction

• The video is about the importance of maintaining hunger and drive in entrepreneurship.
• Complacency can lead to failure.
• The speaker is Alex Hormozi, an entrepreneur, investor, and CEO of Acquisition.com.
• He shares lessons and failures to help people be more successful.

The Importance of Hunger

• Hunger is what sets apart winners from losers in entrepreneurship.
• People who have success often get complacent and lose their hunger.
• Once people feel like they have "made it," they stop doing the obvious things that got them there.
• People need to approach their business as if their family member's life depended on it.
• The most successful people are driven by something deep inside of them, often an insecurity or fear.

The Danger of Complacency

• Complacency is a dangerous mindset in entrepreneurship.
• People who are only trying to make enough to live on will always only make enough to live on.
• Once people start making money, they often stop trying to make more.
• People need to stay hungry and continue to push themselves to succeed.
• Entrepreneurs need to be willing to do the hard work and make sacrifices to achieve their goals.

Why entrepreneurs stay broke and sad [trigger warning] - YouTube

The Drive to Succeed

• People need to be driven by something deep inside of them to succeed.
• Entrepreneurs need to be willing to do whatever it takes to achieve their goals.
• People need to cut out the noise in their lives and focus on what is important.
• Entrepreneurs need to be willing to make sacrifices and take risks to succeed.
• People need to be willing to push themselves out of their comfort zones to achieve their goals.

The Importance of Hunger and Drive

• Internal motivation is crucial for success in entrepreneurship.
• Complacency can lead to failure.
• Entrepreneurs need to be willing to sacrifice other things in order to achieve their goals.
• Coaching oneself can often lead to finding the answer to problems.
• Entrepreneurs need to focus on the reasons why they are not doing what they know they should be doing.

The Relationship Between Personal Life and Business

• Entrepreneurs need to manage their headspace, relationships, and personal life in order to succeed in business.
• Many entrepreneurs struggle to balance their personal life and business, leading to a cycle of neglecting one for the other.
• Mastermind groups can help entrepreneurs identify the holes in their business and why they are not addressing them.
• Entrepreneurs need to prioritize and learn how to do both personal life and business.
• It is important to manage both personal life and business in order to maintain hunger and drive.

The Importance of Hunger and Drive (Continued)

• Entrepreneurs need to be hungry and willing to put in the work to achieve their goals.
• Entrepreneurs need to stop complaining and start doing what they know they should be doing.
• Once entrepreneurs have the tactics, they need to figure out why they are not hungry or trying.
• Entrepreneurs need to discover if they truly want more or if they are content with what they have.
• Entrepreneurs need to be willing to do what is necessary to achieve their goals.

The Importance of Tactics and Prioritization

• Once entrepreneurs have the tactics, they need to prioritize and do the boring work.
• Entrepreneurs need to work the leads, give great service, and remind people to weigh in.
• Entrepreneurs need to be enthusiastic and greet people with a smile.
• Entrepreneurs need to ask the same questions over and over again because it is the first time for the customer.
• Entrepreneurs need to have availability for sales appointments during optimal times.

The Importance of Internal Motivation

• Entrepreneurs need to maintain hunger and drive to succeed.
• Complacency can lead to failure.
• It's important to figure out why you're not doing what you already know you should do in order to achieve success.
• Some entrepreneurs need external motivators, such as paying someone a lot of money, to get motivated.
• Fear and insecurity can hold entrepreneurs back.
• Money should not be the sole motivator for entrepreneurs.

Conquering Procrastination

• Entrepreneurs often know how to make money but choose not to do it.
• It's important to figure out why you're not taking action when you already know what to do.
• Conquering procrastination is key to unlocking greater success.
• Internal motivation is more important than external motivators like money.
• Entrepreneurs should strive to build something greater than themselves to truly succeed.

Watch the video on YouTube:
Why entrepreneurs stay broke and sad [trigger warning] - YouTube