I made $30,000,000 by changing this belief…

Summary

• If you're feeling stuck in your business, it's typically due to an incorrect belief, a lacking character trait, or a deficiency in skills.
• Many entrepreneurs limit their growth because they don't know people in their space who have achieved more, but this belief can lead to self-imposed limitations.
• It's important to challenge the belief that your business can't grow beyond what's been previously done in your industry.
• Evaluate whether your market has real constraints. If your audience is large enough, there might not be a cap to your growth potential.
• You can potentially surpass the collective revenue of your competitors by being better at acquiring and fulfilling customer needs.
• Believing in your product or service is paramount since a lack of genuine conviction can prevent you from pushing the business beyond your personal financial needs.
• Growth can be capped not by market limitations but by personal limitations in character traits or skills.
• Acquiring skills is essential, either by learning how to do necessary tasks yourself or identifying who can fulfill those needs for the business.
• Before looking to delegate the running of your business, assess if you truly believe in your product and if there is any real market cap that justifies such a decision.
• When stuck, determine if you've truly reached the full potential of your marketplace or if you simply need to develop more in beliefs, traits, or skills to break through the cap.

Video

How To Take Action

I would suggest starting by examining your beliefs about your business. Many times, we feel stuck because we think we can’t grow beyond a certain point. But ask yourself, is there really a cap on your growth or is it just a belief? If your audience is large enough, your potential is likely untapped.

Next, focus on strengthening your character traits. Are you persistent, patient, and genuine in your belief in your product or service? This is critical because if you truly believe in what you’re offering, you’ll push beyond just meeting your personal financial needs.

Now, identify skill gaps. What do you need to learn to take your business to the next level? You can either learn these skills yourself or find someone who can. Remember, it’s about understanding what needs to be done first then finding the ‘who’ if you can’t be the ‘how’.

Here's a simple breakdown to implement these insights:

1. Challenge Your Beliefs:

   • Write down your limiting belief about growth.
   • Research industry trends to see if your market really is capped.
   • Change your mindset to believe growth beyond current limits is possible.

2. Develop Your Traits:

   • Reflect on whether your character aligns with your business goals.
   • Practice patience and persistence daily.

3. Acquire Skills:

• List the skills you need to grow your business.
• Decide if you will learn these skills or delegate.
• If delegating, start searching for the right person to fill this gap.

And if you find yourself thinking, “Is my market really capped or do I just need to become better than my competitors?” Figure out what they are doing and aim to surpass it. If each competitor can get a slice of the market, why can't one business take a bigger piece by being the best?

Remember, often our ceilings are self-imposed. Tackle your beliefs, traits, and skills head-on, and you’ll likely discover that the only real cap on your business is the one you set yourself.

Quotes by Alex Hormozi

"Just because no one has done it doesn't mean it's not possible"

– Alex Hormozi

"The only reason to make more money past that if you're a self-aware individual is because you actually believe the thing that you have is going to help more people"

– Alex Hormozi

"If you believe in the thing then you want to be the one who's driving it"

– Alex Hormozi

"You haven't capped your market you just have capped your skill or your beliefs or your traits"

– Alex Hormozi

"If you knew how to do each one of those things and you did it better than them then there's no reason that you couldn't beat them"

– Alex Hormozi

Full Transcript

if you're stuck in your business then this video will help you get unstuck so this morning i was reached out to by a business owner who's doing about one and a half million dollars a month in revenue and he was like hey man i'm kind of stuck doing what i'm doing and i just don't know anyone who's in my space who does more than two million dollars a month he's in the online marketing space and i thought that was really interesting and we had a good conversation about it and so i wanted to share um what we talked about and so the first thing is i completely oppose that viewpoint and i think this is so interesting because the reason we get stuck in our business is because we either have a belief that is incorrect we there's this character trait that we lack where there's a skill deficiency we don't know how to do what we need to do we don't know how to be who we need to be we don't believe what we need to believe right that's what we think about the world and so whenever i'm looking at a business or business owner or myself and i'm stuck at a certain level i think is this a belief that i'm lacking or that that's wrong is it a trait that i have that i need or i need to change or is there a skill right and a lot of times it depends on who you're talking to but you need all three and a lot of people who are just really good at character development only talk about traits people are really good at skill development only talk about skills and people who are kind of like a little bit more woo and they talk about beliefs but you need all three right and so when i was talking to this guy he said you know no one's in the online space making more than two million dollars a month and i thought this was interesting because when i came into the gym space with our first company there was no one who's making more than three million dollars a year in that space and um for those who don't know you know we grew that company to 30 million a year plus and so we 10xed what the biggest person in the space was doing at the time and so a lot of that's kind of like running the four-minute mile for the first time is like just because no one has done it doesn't mean it's not possible and so you know for this individual i was like we'll break it down to physics right break it down like tell me why you think that you can't get past that no one excuse me that no one can get past 2 million a month like why is there not enough customers right and he's mass market so of course there's enough customers it's like so so tell me like why can you not do it right as we're talking about this i want you to think like think about your business right um i get research all the time like hey i'm doing you know two million dollars a year i'm doing 5 million a year i'm doing 10 million a year i just don't think we can grow any bigger within our market now there are real market constraints right so for example if you were if you were serving chiropractors and there's 50 000 chiropractors in the united states if you had all 50 000 of them then yes you wouldn't be able to grow in that space and then at that point you could grow adjacent and so then at that point your business would still would continue to grow and it's normal for businesses to go vertical to vertical and expand uh horizontally in that way but in if you're in a mass market business or a business that serves consumers in any any way the entire marketplace is your base and so when he said that he doesn't know anyone who's doing over two million dollars a month that is a belief issue right i'm like well let me give you this one to think with well if you have 10 competitors and each of them are doing 2 million a month then it means that one of you could be better than all of you and make 20 million a month say with that for a second think about it because when i when i looked at the gym space when i got into the very beginning i looked at all of the people who were out there and i saw that all of them were doing one to three million a year and so i was like if i'm better than all of them then i should be able to do 30 million i should be able to add up all of their businesses and that should be what my business should be able to do and so if you think about like that like it is a hundred percent that way how much do people spend on logistics and you know fulfillment right how much do people spend in consumer can you imagine jeff bezos like in the in the early days of amazon thinking to himself like well like you just can't get past 10 million a year just can't get past 100 million a year like there are so many people the reason that people get limited is because of their beliefs and the reality is because they don't have one of those three things and so with this individual i first started with the belief i said do you believe it's possible that you can get there because like if we don't have that then nothing can happen right and so i was like well let's just add up all your competitors is there any reason that you couldn't just get all of their revenue right i was like well no okay cool so that one's done traits well this one is like are you are you patient enough to see it out um with which and part of that comes to the fact of like if you believe you're making a positive impact right you believe that your product or service really is benefiting the world which is honestly what i think one of the biggest issues is a lot of people don't really genuinely when they look at themselves in the mirror at night believe that the product is good enough and so subconsciously they do not push it further than to meet their own individual needs think about that for a second like if you if you've matched your own individual like you've you've capped out your ability to spend money and and like your ability to generate money the only reason to make more money past that if you're a self-aware individual is because you actually believe the thing that you have is going to help more people and so it shifts from being a self-centered focus to another center-focused process right and so that person may not have the traits or the like to have that like to do that right and the third is like he might not be able to grow because he lacks the skills like he might not have the skills of of recruiting somebody to uh open a new sales channel right he might not have the skill himself to do it or the skill to find someone because those are two different ways to think about it like you can always acquire the skill which is how do i do it uh or you can have the you know probably the wealthier mindset of like well who can do this right and so then you can make you can approach that but as long as you know what needs to happen then you can find the who now if you are completely unaware because i get this question all the time like what at what point do i bring someone in to like run my business for me so i had someone asked me this yesterday they were making i think like 50 or 100 a month i can't remember what it was and i was like dude like you're just starting you don't even mean like you're just getting into the game like what's the you know i mean like you don't need to have like is your market capped is there a reason that you like why do you want to do this right and i think it's because they didn't really believe in the thing right that they're selling because if you believe in the thing then you want to you want to be the one who's driving it you know and continuing to grow it over time so anyways all that to say right now if you're stuck right or you perceive yourself to be stuck i would break down is there an actual cap on how big my market is right and have i sold 100 of my marketplace i sold 30 of my marketplace and if you're in like the one percent of your marketplace or half a percent of your marketplace or 0.1 percent of your marketplace you haven't capped your market you just have capped your skill or your beliefs or your traits and so then i would look at okay well if all my competitors are doing this put together then there's no reason i can't get all of that or half of that if i were way better than all of them right if you were better because each one of those businesses has a specific way they acquire customers a specific way of fulfilling those customers right and so if you knew how to do each one of those things and you did it better than them then there's no reason that you couldn't beat them right and so if you think about that then then all of a sudden that should break the limit that you have on how much you can actually make within your current vehicle then you get forced to look at the other two which is like is there a trait that i lack or is it a skill that i lack uh in getting to where i want to go and so this was the conversation i had with him at the end of the conversation like wow i guess i can get this thing to 10 million a month etc and i was like right and so um that was the entire purpose of this video is that if you are stuck and you are thinking that you are capped you might be but it's not because your market oftentimes it's because of your beliefs a trait or a skill that you lack and then figuring out which one it is and then attacking it is usually the way to go through it so anyways hope you found value in this video keeping awesome hope you like my mobile studio setup we are we're rocking the colorado mountains it's beautiful up here and i hope you guys uh are having an amazing day catch you guys soon bye