Alex Hormozi: I Built My $100M Business WRONG...

The video is about the lessons Alex Hormozi learned from a 500 million dollar mastermind, including the importance of scaling zero and going after a bigger marketplace.

This video by Alex Hormozi was published on Mar 25, 2021.
Video length: 09:39.

In this video, Alex Hormozi shares two major lessons he learned from a mastermind group of entrepreneurs who collectively make over $500 million a year.

The first lesson is the importance of achieving "scale zero," where the business can grow without the founder becoming a bottleneck. The second lesson is to aim for a bigger marketplace and not limit oneself to a single niche.

Hormozi also shares a bonus lesson about the importance of focusing on one business and one customer.

• Alex Hormozi shares lessons from a 500 million dollar mastermind.
• Scaling zero means getting the business to a point where there is zero requirement of the owner.
• Going after a bigger marketplace can lead to more growth and success.
• It's important to keep things simple and focus on one business and one customer.
• Outsourcing administrative work, back-end customer service work, sales, marketing, and messaging is necessary for scaling zero.

I Built My $100M Business WRONG... - YouTube

Introduction

• Alex Hormozi shares lessons he learned from a 500 million dollar mastermind.
• He was the second smallest entrepreneur in the group, with a business worth 32 million dollars.
• The two biggest takeaways he learned were about scaling zero and going after a bigger marketplace.

Scaling Zero

• Scaling zero means getting the business to a point where there is zero requirement of the owner.
• The owner should become less and less important to the company's success in order for the company to grow without them being the bottleneck.
• Scaling zero requires outsourcing administrative work, back-end customer service work, sales, marketing, and messaging.
• The only thing that should be left for the owner to do is make the biggest and most important decisions.
• Scaling zero is hard to do, and it takes time to move up the skill set.

Going After a Bigger Marketplace

• Everyone else in the mastermind was going after a bigger marketplace than Alex was.
• They were all in oceans, while Alex was in a lake.
• Alex was encouraged to go after a bigger market and not limit himself to a single niche.
• Going after a bigger marketplace can lead to more growth and success.
• It's important to not limit oneself and to always be looking for opportunities to expand.

I Built My $100M Business WRONG... - YouTube

Keeping It Simple

• Everything that everyone sold in the mastermind was simple.
• Alex was the only one with three businesses, which was a terrible idea.
• He lost two years of development as an entrepreneur because he split his attention.
• Everyone else had one business that they were focused on and one customer.
• It's important to keep things simple and focus on one business and one customer.

Mistakes in Building a Business

• Starting and being CEO of multiple businesses is not feasible for most people.
• Successful entrepreneurs usually make their money in one vehicle and own pieces of other businesses.
• It's important to scale from zero in order to avoid being the bottleneck.
• Going after an ocean instead of a lake can be a mistake, but it depends on the season of the business.
• It's important to focus on one main business as your primary vehicle and eliminate other options.

Lessons from a Half a Billion Dollar Mastermind

• Successful entrepreneurs sell high margin, high value products or services.
• It's important to structure the business in a way that you are not the bottleneck and have better decision-making leaders.
• Leaders should have experience and come pre-loaded with solutions.
• When making a decision, actively choose to kill off other options.
• It's important to find ways to provide value in bigger ways for less hard costs and risk.

Watch the video on YouTube:
I Built My $100M Business WRONG... - YouTube