How I’m building a BILLION DOLLAR empire working 2-3 days per week..

Summary

• Entrepreneurs often confuse growth with novelty, seeking new challenges rather than perfecting and growing their current business.
• True growth can mean developing the perseverance to continue doing the same things with excellence.
• Many successful business people understand their industry deeply and choose to replicate their success rather than starting anew in a different field.
• It's important to break the habit of making businesses fit our personal needs for status, connection, or challenges.
• Innovation within a business can be applied by creating new front ends or backend processes, satisfying the entrepreneurial urge without jeopardizing the business core.
• Setting multiple metrics for success allows for a more fulfilling entrepreneurial journey, beyond just financial metrics.
• Adding constraints, like limited working hours or balancing work with personal health, can create more interesting and sustainable challenges.
• Learning to sacrifice is a step toward success, but the ultimate goal is mastering your craft without needing to sacrifice other aspects of your life.
• Wealth and success should not be used to fill internal voids; the goal is to serve customers and create value effectively and efficiently.
• Remember the wisdom of those who have built their wealth by focusing on their strengths and not getting distracted by the allure of starting over in a new industry.

Video

How To Take Action

I would suggest implementing the concept of focusing on what you know and leveraging your existing skills to grow your business. This means resisting the temptation to constantly chase new ideas and instead, optimizing and scaling your current operations.

A good plan would be to innovate within your business by altering its 'front end'—the customer-facing aspects—or improving 'backend' processes. This can satisfy the urge for change without risking what already works.

Set multiple success metrics. Financial goals are important, but also consider your personal relationships, health, and life balance. This creates a more rounded definition of success.

One actionable strategy would be to add constraints. For instance, pursue business growth but with a limit on the hours you work each week. This can push you to make smarter decisions and work more efficiently rather than just working more.

Remember, the goal is to serve customers and create value, not to use the business to fill personal voids or chase status. A business should be a machine for wealth creation, not a tool for personal fulfillment.

Introduce challenges within your business instead of starting new ones. Test new marketing strategies or product lines. But keep these changes within the scope of what you already do well to avoid losing focus.

In short, enhance what you're already doing, use your skills wisely, and remember why you're in business in the first place—to create value. Innovate, but don't get distracted. Stay within your area of expertise to build wealth and success effectively.

Quotes by Alex Hormozi

"We desire novelty, we desire challenges, we want growth, right? But the thing is, is that we think growth means new"

– Alex Hormozi

"The business doesn't exist to satisfy our internal deficiencies – that's usually when most of us build it"

– Alex Hormozi

"I already know everything about the trash business, he's like I'll just do it again"

– Alex Hormozi

"The machine doesn't exist to serve me, it exists to serve the customer"

– Alex Hormozi

"If we have the 85 million and we grow by 10% a year, in 20 years we'll probably be there"

– Alex Hormozi

Full Transcript

this video is for all my friends who are doing you know one million three million five million dollars a year and who come to me and are always like man i want a challenge this is so boring i want to do something new and exciting and so let me tell you a story um about my neighbor and so my neighbor had a trash business all right trash collection business about as boring as it gets and he sold his business a few years back for a lot of money i'll just put it that way and i was walking one day and uh he was like watering his lawn and i was like hey man um you know what's going on and uh he said i just got out of my non-compete and i was like oh that's awesome so you know what are you planning on doing he's like well i plan on doing the exact same thing again and i was like wait what what do you mean he was like well i plan on starting another trash business and selling it right back to the guys who bought my last one and i was like what and like he could tell that i was kind of like confused by this and he was like he's like why would i learn something new he's like i already know everything about the trash business he's like i'll just do it again it just really hit me because i was like so many entrepreneurs myself included right and i made this mistake so many times earlier on in my career we desire novelty we desire challenges we want growth right but the thing is is that we think growth means new when i think that a lot of times we could redefine growth as meaning we develop the character traits to be able to persist and continue to do the same things over and over again you don't see these real estate moguls for example being like man i've built you know 20 million dollars in real estate i kind of just need a challenge i'm going to start i'm going to start a restaurant right they don't do that i mean think about how stupid that would sound to you you're like dude you're so good at real estate just keep doing real estate right but i see this especially in the marketing community more than anything is this this need for constant change and and and growth and challenge right but i think you need to redefine the challenges this is becoming hard for you because you're getting bored so the challenge is learning to a be comfortable with boredom or b not need it because the business doesn't exist to satisfy our internal deficiencies right that's usually when most of us build it we're insecure we need connection we need we want status right these are all the things that we build our business to solve but our business doesn't actually need to solve any of those things it just needs to provide value to the customer and then we try and extrapolate or project our own needs onto the business and in so doing break our businesses and make the wrong decision and so let me tell you a different story so i've had one two three different guys tell me uh in the in the internet marketing space who i say one's doing 15 to 20 million another is doing about 10 million now there's doing about 10 million a year probably in the neighborhood of like three-ish million in profit per year around there three to five and so each of them on their own reached out to me and said hey man i think i'm gonna start um a software company because i'm uh i'm not i'm not challenged enough doing this anymore right and um i thought about that and i just thought how kind of hilarious it was it's like i've risen to the top of my game i'm bored doing what i'm doing and so i'm going to stop doing this and then i'm going to enter a new arena where everyone else has been doing that for 10 years and there are other kingpins in that arena and i'm gonna try and relearn everything from ground zero uh and then try and beat them now here's what's interesting right here's what's crazy if you were to let's say make a hundred thousand dollars a year in your business and you decide that you're going to be a true entrepreneur and it means you're never going to quit and it means that you're going to continue to do business for you know 40 years or whatever right if you were to gain at the same pace as the marketplace which by the way when you're smaller is really easy right it's 10 a year if you were to grow by 10 a year by the end of the 40 years you would have a gazillion dollars right but most people are always trying to beat the market when in reality if you just matched the market you would become extraordinarily crazy wealthy at the end of this game but because we are so frenetic and we have these insecurities that we project on our business and then force our business to solve our own personal issues we end up breaking the thing that is actually working just fine because we have these interpersonal needs that we're trying to satisfy and i this was very hard for me to learn i'm saying this because for me this was a mistake that i made over and over again probably for the first four years of business for me i tried to make my business solve my personal problems when it really just needed to solve my clients problems and i needed to do with my own personal stuff right one of the things that i wanted to give you was the ways that i create uh challenges for myself within the business without destroying the business all right so let me give you two different things that have been complete lifesavers for me so i have desires for innovation i have desires for new things right and so where to channel that is not to create new businesses where to channel that is to create new front ends or new backends so meaning like how can i change the hooks how can i change the creative how can i change the ad ideas the marketing the front ends that bring people in because the more variety i have there the more different types of avatars i'm willing to attract and ultimately grow the business so you can use that entrepreneurial add but use it in a way that's going to serve you right and serve the business without rather than breaking the business right whereas if you start creating more businesses to satisfy your add then what ends up happening is well you know you have lots of businesses and you don't have any money that's the first thing the second thing that i do um that i'll walk you through is understanding constraints all right one of the the lessons that i've learned over the last 12 months is multiple metrics for success and so i'll dive more into that in another video but basically for a very long time in my life the only metric for success that i had was how much profit and how much increase in net worth i had at the end of the year that was it's all i cared about and i think that as we've gotten to the point where like an increase in net worth the marginal utility of more money meaning like the amount of extra good that i can purchase or that more money can purchase me is very very little right there's nothing that an extra 10 million dollars or an extra 50 million dollars is going to purchase me that the first you know 50 doesn't buy me right there's nothing right that i can there's nothing that i can't already get right and so when you think about things like that right what it forces you to do is create different ways to win right because it's a game right if you're entrepreneurial then you should especially if you become more successful you'll see it as a game right and so you have this game that we're playing and we have these metrics for success that originally are just increasing net worth right but then you could say can i increase my net worth and have a good marriage can i increase my net worth and and be in shape right and so one of the constraints that i'd like to offer you as a challenge to give to yourself so that you don't get bored in the business that you have is a constraint around time right and so that was one of the things that i did over the last 12 months was like okay i want to build something that does a billion dollars a year in revenue which is the goal for the portfolio and transparently we're not there you know we're at about 85 million dollars a year across our portfolio we're still a little short um but it's a good thing to focus on now the thing is is that i don't want to make and the way that i have to make that is i can't i'm not gonna outwork to get to a billion right you have to make good decisions and you have to let compounding work in your favor right because if we have the 85 million and we go grow by 10 a year in you know 20 years we'll probably be there right and so well let's see a doubling would happen every seven years so 21 years would be double double double so that would be two four eight so eight times 85 no we'd still be so we need another doubling so we'd have to like 28 years from now we could be it if we just grow at the market rate which is pretty encouraging i think because i think we can beat the market right but anyways the point is adding constraints makes the goals far more interesting because i think the first level of achieving any goal is learning how to sacrifice everything to achieve the goal which i think candidly i don't know many people who are super successful who haven't done that you have to be able to put everything you have on the altar of success and sacrifice it for what you want some people may not like that idea and that's fine i don't i just don't know people who are ultra successful who have done that and the reason they are willing to sacrifice everything is because the deficiency they have in their soul is so great that the pain they're suffering from is like for not having the thing is so great that they'll put everything else on the altar for their success and i know that i did that firsthand and so i remember even when i when i was growing growing into this entrepreneurial role that i didn't tell myself um i'm gonna outwork everyone because i didn't even think that was realistic i said i will out sacrifice everyone so when my competitors are going out to dinner when my competitors are hanging out with their kids or my competitors or hanging out with their wives or being good husbands i was like i will get ahead that was what i told myself and it worked but at a certain point and this is why multiple metrics of success are important the new goals that i'm setting have constraints on them because anyone can just sacrifice everything to get what they want but the question is can i build a billion dollar a year revenue portfolio working two or three days a week right and can i do that also while being in competitive shape physically right and working out one to two hours a day because i like it can i do all of those things and so this is kind of the new levels of challenge i'm doing rather than trying to break what i have and going doing 10 other new things it's like can i add constraints to the existing game to make the game more fun for me without breaking the machine because ultimately like the machine doesn't serve to it doesn't exist to serve me uh it exists to serve the customer and uh making sure that i don't conflate those two things has been a very valuable lesson in the very beginning for me i'll tell you the story when i when i started uh the first time where i really saw success was when i learned how to sacrifice i was saying sacrifice earlier so i'll tell you how i actually learned how to do this so when i was in college um i ended up pledging a fraternity and it was a very hard pledging process hard being like time consuming right and i think we had to basically every hour of the day minus three hours and minus class time so we had three hours of study hall and we had uh whatever our class time was all the rest of the time we had during the day we had to be at the house and doing chores and stuff and so that was pretty miserable and that wasn't like you know a ton of fun um but what ended up happening was i ended up getting really good grades that semester um in college and uh it was because they forced me to do three hours a day every single day of homework and if you do three hours a day of work every day and that's what i realized in college um there's the days that you don't have work to do if you still work three hours you get ahead on future work and so i realized that for only three hours a day if i just did that i would i think that that semester i got like a 383 or something like that what i did after i finished pledging was i realized that all these extra hours of the day were mine and so what i did was i was like well if i can just study all the rest of the hours then i should do really really well and that ended up being a really good methodology was i just sacrificed all of my day um so i basically went to the gym went to the library um and went to class and that was it and i i that was it i never worked past 9 p.m and i went out almost the nights of the week but by always doing it that way and not wasting my time i ended up doing really well and it was the first time i ever learned how to sacrifice everything which was everything else i just didn't do anything besides work work out and go to class like that was it throw on day and so when i started applying that same kind of concept to business it was actually fairly easy for me because i was so used to sacrificing everything i just switched over what i was sacrificing for and i think that you have to learn how to sacrifice first in order to learn how not to sacrifice later right because a lot of people were like why would i achieve the success you have or whatever but i don't want to sacrifice x y and z i just i think you can say that i just don't know anyone who's done it um it's kind of like saying i want to get over the the hole that money has on my life except i haven't made any money i think you have to achieve something before you can give it up right i mean buddha who who gave up his his worldly riches like he talks you know he he walked the middle path because he had been extremely wealthy in a prince and then given it all up and lived as a poor person and then walked the middle path and so i think that in order for us to walk the middle path in life we have to have achieved the thing in order we have to achieve mastery over the thing before we can truly master it and mean and give it away right and that's how we can eliminate the desire for the thing because we truly know what it's like to have it right and then that means we can truly know why we don't need it and so i think that's um i know it didn't mean to get 100 business philosopher on you um but uh but that's that's kind of where i think this goes full circle so um big picture here multiple metrics of success don't change your business just to challenge yourself find new ways to either create front ends or new product lines or things like that within your business that can satisfy your add and if neither of those things are what you want to do then just use constraints to create challenges in your own business that improve your life in other ways right and uh you can uh always go back to my neighbor uh the guy who sold his business for trash uh his trash business uh for a lot of money and uh and just said he's like why would i learn another business when i'm already really good at this one he's like i'd have to learn everything from ground one he's like that just sounds hard and stupid and i couldn't really argue with the wisdom of that advice because he doesn't use his business to satisfy his interpersonal desires he used his business to create wealth which was the whole point so anyways i hope you found value in this video um click subscribe if you did more videos like this uh to help you make more money uh mozi nation keep being awesome and i'll catch you guys on flip side bye