Episode
Alex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
1:08:05
Published: Fri Jun 10 2022
Description
Alex Hormozi is a first generation Iranian-American entrepreneur, investor, and philanthropist. In 2013, he started his first brick & mortar business, successfully scaling his business to six locations in three years. From there, he spent two years turning 32+ brick & mortar businesses around using the same model that made his privately owned locations successful. In total, He has scaled and exited 7 companies. His most notable exit was his majority sale of his licensing company for $46.2M in 2021. Concurrently in 2020, he transitioned from CEO to the owner/shareholder position in these companies and founded Acquisition.com as a way to invest his own wealth (both monetary and intellectual capital) into other businesses.Buy his book: $100M Offers: How To Make Offers So Good People Feel Stupid Saying NoIn this episode, you will learn:How to turn a No to a YesWhen to bring in price when sellingWhy diminishing your ego is so important to your success.The key habit to practice in order to bring in more abundance. The key difference between the rich and the poorFor more, go to: lewishowes.com/1278The Biggest Lies You've Been Told About Money, Debt & Building Wealth w/ Jaspreet Singh (Minority Mindset): https://link.chtbl.com/1257-podScooter Braun On Healing Past Trauma, Building A Business Empire & Finding Peace: https://link.chtbl.com/1244-podOvercome Your Beliefs Around Money & Begin Investing In Yourself w/Grant Cardone: https://link.chtbl.com/1229-pod
Chapters
The difference between someone who is constantly selling and someone who is doing a disservice is that the former knows how to market and is not afraid to offer products or services that could provide value to others, while the latter may shy away from sales in favor of building their brand.
00:00 - 03:43 (03:43)
Summary
The difference between someone who is constantly selling and someone who is doing a disservice is that the former knows how to market and is not afraid to offer products or services that could provide value to others, while the latter may shy away from sales in favor of building their brand. Not knowing how to sell can limit success and earning potential.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The success of a company depends on the product being loved by its customers.
03:43 - 07:06 (03:22)
Summary
The success of a company depends on the product being loved by its customers. Achieving scale requires an enormous amount of effort and attention to detail.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
This podcast offers tips on how to improve the success of your product, by discussing the importance of being obsessed with product improvement, as much as companies obsess over promotion.
07:06 - 11:44 (04:37)
Summary
This podcast offers tips on how to improve the success of your product, by discussing the importance of being obsessed with product improvement, as much as companies obsess over promotion.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
Decreasing hidden costs while increasing perceived value can lead to a better customer experience and more revenue for businesses.
11:44 - 14:58 (03:13)
Summary
Decreasing hidden costs while increasing perceived value can lead to a better customer experience and more revenue for businesses. Time to value is a crucial aspect in creating the perception of value.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker discusses the importance of identifying customer complaints and how mitochondrial DNA traces back to one woman.
14:58 - 19:46 (04:48)
Summary
The speaker discusses the importance of identifying customer complaints and how mitochondrial DNA traces back to one woman. They mention how some perspectives can contradict mainstream ideas and refer to big companies like Amazon.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
In this episode, the speaker shares his thoughts on embracing awkward moments and expressing gratitude.
19:46 - 24:41 (04:55)
Summary
In this episode, the speaker shares his thoughts on embracing awkward moments and expressing gratitude. He believes in shining the light on others and the importance of hugging someone to let them know that you appreciate them in your present.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
Learn how using other people's money and their labor can be powerful tools in growing wealth, as explained by the speaker's experience starting a gym.
24:42 - 28:15 (03:33)
Summary
Learn how using other people's money and their labor can be powerful tools in growing wealth, as explained by the speaker's experience starting a gym.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker recounts a difficult time in their life where they were unhappy at their job and felt they were failing to meet their father's expectations.
28:15 - 32:02 (03:47)
Summary
The speaker recounts a difficult time in their life where they were unhappy at their job and felt they were failing to meet their father's expectations. They explain that they found some comfort in their own suffering and only truly found success when they quit their job and achieved financial stability through their own business.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
In this episode, the speaker describes an incident where a conversation turns hostile due to miscommunication and reflects on how he could have handled the situation better.
32:03 - 34:36 (02:32)
Summary
In this episode, the speaker describes an incident where a conversation turns hostile due to miscommunication and reflects on how he could have handled the situation better.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker talks about valuing meaningful work and relationships over financial gain and how this mindset propelled their business success.
34:36 - 38:43 (04:06)
Summary
The speaker talks about valuing meaningful work and relationships over financial gain and how this mindset propelled their business success.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker shares how he shifted from feeling like nobody cared about him to understanding the value of managing and saving money.
38:44 - 45:45 (07:01)
Summary
The speaker shares how he shifted from feeling like nobody cared about him to understanding the value of managing and saving money. He also talks about some innate beliefs related to money and the importance of prioritizing and saving for the future.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The best businesses for cash flow are those that don't require a lot of upfront capital expenses like inventory, supply chain, and manufacturing.
45:45 - 49:53 (04:07)
Summary
The best businesses for cash flow are those that don't require a lot of upfront capital expenses like inventory, supply chain, and manufacturing. It is important to take dividends regularly instead of waiting for an exit strategy in the future.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The importance of gross margins and tax structures in small businesses success.
49:53 - 56:14 (06:21)
Summary
The importance of gross margins and tax structures in small businesses success. A higher gross margin and lower income tax with higher capital gains tax may be more beneficial to business owners.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The idea of leaving a legacy is based on a flawed premise: the belief that our actions in the present will continue to have influence in the future.
56:14 - 1:01:29 (05:14)
Summary
The idea of leaving a legacy is based on a flawed premise: the belief that our actions in the present will continue to have influence in the future. Winners win because of who they are, and time will inevitably tax our money to infinity.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker discusses the challenges of measuring success based on cash flow and how it led to difficulties during the creation of acquisition dot com.
1:01:29 - 1:04:25 (02:56)
Summary
The speaker discusses the challenges of measuring success based on cash flow and how it led to difficulties during the creation of acquisition dot com.
EpisodeAlex Hormozi On Becoming A Millionaire, Quieting Your Ego & Forgetting About Legacy EP 1278
PodcastThe School of Greatness
The speaker shares their experience of fixing and selling their business and how it turned into an emotional journey of attachment and self-discovery.
1:04:25 - 1:07:54 (03:28)
Summary
The speaker shares their experience of fixing and selling their business and how it turned into an emotional journey of attachment and self-discovery.