Alex Hormozi: How I CRUSH copycats, thieves and competition.

The video is about how to handle copycats, thieves, and competition in business, and the strategies that Alex Hormozi has used to deal with them.

This video by Alex Hormozi was published on Oct 29, 2021.
Video length: 11:07.

In this video, Alex Hormozi, CEO of Acquisition.com, discusses how to handle copycats, thieves, and competition in business.

He shares his personal experience of having 22 different clients and employees try to repurpose his licensing material into their own business and offers strategies for dealing with this situation. He advises entrepreneurs to align what is in their best interest with what is in the copycat's best interest to harness their selfish nature towards a common goal.

He also suggests not acknowledging the copycat and instead getting louder about your own solutions, purpose, and mission.

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• Entrepreneurs should not take copycats and competition as a personal attack on their character.
• Focus on predicting behavior, not listening to what people say.
• Don't focus too much on copycats and competition, as it can hurt your own business.
• Actions to take include not acknowledging the competition, focusing on your own business, and doubling down on the value you provide to your customers.
• Expect competition and use it as a sign of success.
• Use your values as a guide for your actions in response to competition.

How I CRUSH copycats, thieves and competition. - YouTube

Introduction

• Alex Hormozi is an entrepreneur, investor, and CEO of Acquisition.com.
• He has had 22 different clients and employees try to repurpose his licensing material into their own business.
• He wants to share his strategies for handling copycats, thieves, and competition in business.

Don't Take It Personally

• Many entrepreneurs take copycats and competition as a personal attack on their character.
• Assume that people will act in their own best interest, and think from their perspective.
• Align what is in their best interest and what is in your best interest together.
• Focus on predicting behavior, not listening to what people say.
• Align people's selfish nature towards a common goal.

Focus on Your Own Business

• Don't focus too much on copycats and competition, as it can hurt your own business.
• Most customers have no idea what is happening behind the scenes.
• Remember that they need you, you do not need them.
• People who copy are followers, not leaders, and cannot lead you.
• People who copy will always operate from a place of scarcity.

How I CRUSH copycats, thieves and competition. - YouTube

Actions to Take

• If they get loud, you get louder about yourself, your solutions, your purpose, and your mission.
• Never acknowledge them, as there is no point and you gain nothing.
• Don't give them credit.
• Focus on your own business and customers.
• Remember that you are the source of everything they have.

Strategies for Dealing with Copycats, Thieves, and Competition

• Never acknowledge the competition, as it elevates them to your level.
• Use the competition as motivation to market and sell harder.
• Focus on beating them in the field, not on their smack talk.
• Remember that the person who gives the most to customers wins.
• Double down on the value you provide to your customers.

Expecting Competition and Using It as a Sign of Success

• Expect that people will try to take what you have if it's desirable.
• Use the fact that they are trying to take it as a sign of success.
• Having mental tools to deal with competition is useful as an entrepreneur.
• When you win, you don't get a victory lap or dance, as they fade into non-existence.
• Most people don't have the skills to compete with you, so they eventually disappear.

Values-Based Decision Making

• Use your values as a guide for your actions in response to competition.
• If your actions won't be in alignment with your values when you're older, don't do them.
• Taking the high path may not result in a victory lap, but it's fulfilling in the long run.
• When people lose to you, they fade into non-existence and don't take ownership for why they sucked.
• Winning is not fulfilling because it's all happening in your mind.

Final Thoughts

• Use competition as motivation to market and sell harder.
• Double down on the value you provide to your customers.
• Expect competition and use it as a sign of success.
• Use your values as a guide for your actions in response to competition.
• Winning is not fulfilling because most people don't have the skills to compete with you.

Dealing with Copycats, Thieves, and Competition in Business

• It's frustrating to deal with copycats, thieves, and competition in business.
• When they disappear, you'll forget they exist, and it's not like you get a notification that they wave the white flag.
• The only reward for continuing to act in alignment with values and providing more value to customers is that you'll continue to win in the long haul.
• Don't take a stupid action as a result of a competitor, ex-employee, or ex-client trying to siphon your clients.
• The fact that they're doing it shows you that you're on the right path.
• Don't do anything that 85-year-old you wouldn't be proud of.

Watch the video on YouTube:
How I CRUSH copycats, thieves and competition. - YouTube