Alex Hormozi: Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND)

The video discusses three things to consider before quitting your job and starting a business, including self-awareness, understanding the mindset and skill set needed for entrepreneurship, and considering short and long-term payoffs.

This video by Alex Hormozi was published on Jun 28, 2021.
Video length: 13:22.

In this video, Alex Hormozi shares his personal experience of quitting his job and starting his own business.

He talks about the mindset and self-awareness required to make such a decision, and emphasizes the importance of understanding the short and long-term payoffs of entrepreneurship.

He also discusses the challenges and loneliness of the entrepreneurial journey, and advises against starting a business if one needs constant motivation or is not willing to take risks.

• Self-awareness is important in deciding to start a business.
• Entrepreneurship requires a certain mindset and skill set.
• Short and long-term payoffs should be considered before starting a business.
• Running a business requires acquiring many skills.
• Entrepreneurship is the ultimate value investment in oneself.
• Alternative choices should be considered before starting a business.
• Success can be achieved with no choice.

Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube

Self-Awareness

• Quitting a job to start a business is a difficult decision.
• Self-awareness is important in making this decision.
• Passive ideation is a sign of depression and dissatisfaction with life.
• Entrepreneurship is not for everyone.
• Understanding your pain and dissatisfaction is important in deciding to start a business.

Mindset

• Quitting a job to start a business requires a certain mindset.
• Entrepreneurship is not easy and requires motivation and commitment.
• Starting a business is a lonely path.
• Starting at zero with no one is difficult.
• Short and long-term payoffs should be considered.

Skill Set

• Entrepreneurship requires a certain skill set.
• Learning how to learn is important in entrepreneurship.
• Understanding your own skill set is important in deciding to start a business.
• Entrepreneurship is not for everyone.
• Starting a business requires risk-taking and a willingness to fail.

Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube

Short and Long-Term Payoffs

• Starting a business may not result in immediate financial gain.
• It may take years to make a significant amount of money.
• Breaking even or making less money than in a previous job is possible.
• Mistakes will be made, but they are a part of the learning process.
• Short and long-term payoffs should be considered before starting a business.

Skills Needed for Entrepreneurship

• Running a business requires acquiring many skills.
• Entrepreneurs need to understand how to generate demand, leads, and sales.
• They also need to know how to fulfill and deliver, manage people, communicate, and recruit.
• Learning all these skills can be overwhelming, but it is necessary for success.
• Entrepreneurs need to understand all aspects of a business, not just one specific function.

Short and Long-Term Payoffs

• Entrepreneurship is the ultimate value investment in oneself.
• Expect a decrease in income for the first few years.
• Reinvesting in oneself and acquiring skills, beliefs, attitudes, and character traits can lead to long-term payoff.
• Entrepreneurship is not for everyone, and that is okay.
• The vast majority of people should not be entrepreneurs.

Alternative Choices

• If dissatisfied with the company, consider switching companies.
• If dissatisfied with the work, consider switching to a different position and getting paid to learn.
• If satisfied with the company and work, but not getting paid enough, ask how to provide more value.
• Start investing extra time in acquiring skills and doing the work to prepare for entrepreneurship.

Success with No Choice

• Putting oneself in a position with no choice can lead to success.
• People can accomplish amazing things when they have no choice.
• Forced into a hole, one can be surprised at what they can accomplish.
• Success requires wanting it as bad as one can breathe.
• Entrepreneurship is hard, but it is possible to succeed with no choice.

Considerations before starting a business

• Decrease your downside risk by learning more skills.
• Get paid to learn more skills by asking your business how you can provide more value.
• Reinvest in yourself so that you can become more valuable and increase your earning potential.
• Live cheap and keep your expectations at a minimum to make short-term trade-offs.
• Switch companies or jobs before starting a business.
• Start a side hustle first and make sure it works before betting everything on it.

Unreasonable expectations and understanding the stats

• The average 18-year-old believes they will be a millionaire by age 25 and in the top 1% within 7 years of graduating high school.
• Understand that these are unreasonable expectations and the stats are against you.
• Measure value instead of revenue.
• Most people are broke, and the reason for this channel is to make sure you are not one of them.

Watch the video on YouTube:
Never start a business until you hear this..(3 THINGS THAT MAY CHANGE YOUR MIND) - YouTube