Alex Hormozi: The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO

The video is about how to pick a niche for your business and why it's important to have past experience within the industry.

This video by Alex Hormozi was published on Feb 21, 2022.
Video length: 10:42.

In this video, Alex Hormozi gives advice on how to pick a niche when starting a business.

He emphasizes the importance of having past experience within the industry and understanding the problems and opportunities within the niche.

He also encourages viewers to accept a long period of sucking and putting in the necessary work to become good at the chosen niche before considering teaching it to others or expanding the business.

• Picking a niche requires understanding the industry and providing more value to customers.
• Experience in the industry is important for entrepreneurial opportunities and solving problems.
• Skipping the work of understanding the niche won't work and requires a long period of sucking before getting good.
• Once good at something, the decision is to teach or do more of it yourself, but experience in the industry is important before teaching others.
• Don't listen to people who have never done the thing in the niche or been anywhere but the sidelines.

The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube

Picking a Niche

• Many people misunderstand the process of picking a niche.
• Y Combinator looks for past experience within the industry when investing in businesses.
• New businesses are often slight iterations on old ideas.
• Service with a smile is underrated.
• Strategy in business is about providing more value to customers than anyone else can.

Experience in the Industry

• Y Combinator looks for past experience within the industry when investing in businesses.
• Understanding the lingo, avatar, and problems of an industry takes time and experience.
• Entrepreneurial opportunities arise from problems in every industry.
• Fundamentally, business is about solving problems and making sure the math makes sense.
• The better you solve a problem, the more viral your business will be.

Doing the Work

• Many people try to skip to a higher leverage opportunity without doing the requisite work of understanding the niche.
• People who have never done the thing in the niche are trying to focus on it.
• Shortcuts won't work because you're not good enough yet.
• You have to accept a long period of sucking before you can get good.
• Eventually, you'll suck so little that you'll actually be good.

The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube

Teaching or Doing

• Once you're good at something, you have a decision to make: teach it to others or do more of it yourself.
• A realtor can grow a team of 100 realtors and own the entire thing.
• It's better to have experience in the industry before teaching others how to do it.
• Many people are trying to sell how to do a niche well without having done it themselves.
• Don't listen to people about how to play the game who have never been anywhere but the sidelines.

Watch the video on YouTube:
The 10 Minute MILLIONAIRE entrepreneur advice for people starting from ZERO - YouTube