Motivation Daily by Motiversity - THIS IS WHY ONLY 1% SUCCEED | An Eye Opening Interview with Alex Hormozi

Episode Date: December 6, 2022

"This is what the 1% won't tell you!" ALEX HORMOZI. How to build a $100M business!Special thanks to Tom Bilyeu for the interview. SpeakerAlex HormoziAlex Hormozi is a first-generation Iranian-American entrepreneur, investor, and philanthropist. In 2013, he started his first brick & mortar business. Within three years, he successfully scaled his business to six locations. He then sold his locations to transition to the turnaround business. From there he spent two years turning 32+ brick & mortar businesses around using the same model that made his privately owned locations successful. After that experience, he packaged his process into a licensing model which scaled to over 4000+ locations in 4 years. Over that same four-year period, he founded and scaled three other companies to $120M+ in cumulative sales across four different industries without taking on outside capital. He has scaled and exited 7 companies. His most notable exit was his majority sale of his licensing company for $46.2M in 2021.Follow Alexhttps://www.instagram.com/hormozi/https://www.youtube.com/c/alexhormozihttps://www.acquisition.com/https://www.linkedin.com/in/alexander...https://twitter.com/AlexHormoziMusic:Secession Studios Hosted on Acast. See acast.com/privacy for more information.

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A lot of people, it's the expectation that destroys their ability to be successful because they expect to win on the first shot. And no one does. And so it's like, are you asking the universe to be unreasonable for you by expecting to be good on your first try? With 20 hours of focused effort, most people can be pretty decent at something. But most people spend years waiting to do the first hour. How can I decrease that action threshold and get someone to just embrace the suck? You should expect to suck. and it would be unreasonable for you to be good if you haven't done it before.

I think that most people know to get in shape or to lose weight, whatever, they know they need to eat fewer donuts and move more in general. But they don't, right, because they're afraid of getting started or they don't have the discipline to keep going, which is they can't make the short-term sacrifice for the long-term achievement. Once people understand, you're going to fail, and you're going to fail a lot. If you can't deal with that failure, then you won't do the things you need to do to ultimately be successful.

Most people had a graveyard of failures before they had their actual first success. Is this the path for me? Well, if I started something, I would be more likely to be successful than if I did not start anything. Like when you squat, the first time you squat, you're orienting yourself to your environment. You're barely actually squatting. You're just looking like you have a bar on your back. But you learn so much between that first rep and your 10,000th rep. You have to be, in my own language, willing to stare nakedly at your inadequacies.

Yeah. And if you can stare nakedly at your inadequacies, then you can actually get better. I think most people have a dramatic underestimation of how much volume it takes to be successful. They're like, okay, I should go on five dates and then find the girl I'm going to marry. Like, what if it was 500? Do not cast power to your excuses. Own your circumstances because no one else will. I think the difference between rich people and poor people successful,

people, not successful people is the degree to which they give power to their circumstance. When I say these beliefs, I don't say these as an affront to anyone who shares different beliefs, to be clear. But for me, a very core belief that has been, I think, intrinsic to at least the material success that we've experienced has been a belief that meaning is self-escribed. There is no inherent meaning in the things that we do or the actions we take or the outcomes that happen, but only that which we ascribe to it. So because of that, I feel like it's allowed me to achieve the things on the other side. I think it's allowed me to reframe a lot of the discomfort into what if this just is how it always has been. Or what if this is actually amazing? And what if this is

exactly what it should look like? And so I think a lot of times it's the discrepancy between our expectations and reality that shape the emotions that we have. in response to any given situation, bad, good, et cetera. And so I think a lot of people can't control their state. And we deal with this with a lot of the portfolio companies, is there's a big percentage of time where they're stressed and they think there's something wrong with that. And so I feel like a lot of people feel like there's something wrong

with experiencing human emotions. It's my belief. It's contrary. I accept that. That it's the beliefs we have about our emotions that are the things that drive us mad. And so somebody's sad, and then they tell themselves that they're bad because they're sad, or they're wrong to be sad,

or they're a piece of shit because they're sad, rather than saying, isn't this a beautiful thought about human existence? If I could not be sad, then I would not experience joy. So, like, if I say that I don't want to be sad anymore, then I would also have to give up joy. Am I willing to do that? No. Well, then this is just a part.

Like, I can't say that I want sunny days if there are no rainy days. Like, we don't say weather is good or bad, it just is. And so I think to the same degree, the human experience is also that way, too, at least how I define it. And so I think having that as my backbone frame in terms of my worldview has helped me a lot in dealing with the things that often derail entrepreneurs on their path to getting what they want. They were trying to find habits of highly successful people. And when they actually pulled apart, it's not, you know, and I hope I'm not contradicting anything. But there's people who are really rich who wake up really late and work really late. And there's people really rich who wake up really, really early. And there's people who are really rich who eat really healthy.

And there's people really rich who drink Coca-Cola and eat French fries every day. And so there's all these things that we want to make as truths, but there's easy examples that counter those things. So it's like, what are the few things that are true, or at least that seem to be present in all of the situations? And it seems as though they were surprisingly few. And so the three common trace that they had found were one, that people have superiority complex.

They believe they're better than others, and they believe that they deserve more than everyone else does, and that they can accomplish big goals. Right. So they have a bigger vision because they believe they deserve it or whatever it is, that they were able to identify that. The second thing that they were able to identify is that they had crippling insecurity, which is a paradox of paradoxes.

They feel they'll never be enough, and they'll always be measured against the things that they've achieved. And so you've got this crazy dynamic between they think they're better than everyone, they think they deserve more, they want to go after this big hill, and at the same time they fear they'll never be good enough, they'll never actually achieve it, and they actually suck. And then the third piece, which kind of adds the beautiful mix of this is impulse control. And so they're able to control their actions and focus on a single thing for an extended period of time. And so if you put those three things together, it's like you've got a big goal that's pulling you this way.

You've got this big fear that you are running away from, and then you've got impulse control to keep you focused on the one thing that matters. And if you do that, if you are the type of person who has those traits, then you are very likely to be successful. There's this competition that I used to feel towards like the older classmen. You know, like think about it in like entrepreneurial grades. I just be like, I'm going to be further faster or whatever by that time than that guy is. But those guys helped me. So of course it would make sense that I get there faster. And they're guys in their mid-20s with nine-figure companies and they're killing it.

And that wasn't, it just wasn't, I don't want to say it wasn't possible. It was extremely, extremely, extremely unlikely 20. But because of the access to information, the information's out there. And so somebody who's 26 can have the. experience of somebody who's 60. So they can be as good at the game. Real talk. As good at the game as somebody that much older is because they've had Warren Buffett videos they've been able to watch their whole high school about finance

and investing and Charlie Margaret talking about character traits and all these things that you wouldn't have. And here's the thing. The older guys owe to themselves to be thrilled that business is a sport that you don't have to age out of. My knees going bad doesn't fucking matter in business, man. A lot of times we think, like, I want to be the greatest full time. I'm sure a lot of people do, right? Whatever.

But if I did my job, I won't be. Because somebody else will be better than me if I did my job. And so that was like a really interesting point that I feel like shifted inside of me in terms of a competition and thinking like, I shouldn't be competing against these guys who are ahead of me. I should be thanking them because of course I'm going to be there sooner or faster than them. I was like, because I had them and they didn't have them.