Millionaire explains why time is NOT the most precious resource…

Summary

• For three years, I consistently created content and improved my communication skills by recording two videos a week for a Facebook group.
• I developed a video discussing the most valuable resource for entrepreneurs, which turned out to be incredibly impactful, illustrating the concept of attention management.
• Many assume time is the ultimate resource, but I learned that attention is the true golden resource, and managing it is key to explosive business and personal growth.
• Successful individuals, like my billionaire friend, are masters at managing their attention, creating barriers to minimize distractions, and ensuring only important matters take their limited focus.
• The entrepreneurial traits that help you start a business are not the same traits that will scale it; you need to evolve and emphasize different characteristics as your business grows.
• Scaling your business requires focusing your attention and growing other people, which can only happen if you have sufficient bandwidth and attention to dedicate.
• High-level entrepreneurs keep their environment clean and quiet, spending their attention judiciously and being intolerant to distractions.
• I learned during my coaching sessions that in order to level up, you need to do less rather than more, which involves tough decisions about delegation and discernment in business opportunities.
• The truly successful entrepreneurs maintain an incredibly focused and disciplined lifestyle to maximize their attention, which in turn allows them to handle their core business effectively.
• Having multiple businesses or side hustles usually dilutes your attention and hampers growth. Consolidating your focus can lead to better outcomes.
• Handling unresolved issues, like personal conflicts or habits, can reclaim your attention, making seemingly difficult tasks manageable.
• I stopped drinking alcohol to better confront unresolved anxieties and gain back attention, showing improvements in my personal and professional life.
• Simplifying your business goals and focusing on a clear number of necessary clients or transactions can guide your decision-making processes with clarity.
• It's essential to examine where your attention is going in all facets of your life to ensure you're maximizing the growth potential of your business.
• The higher you rise in entrepreneurial success, the more essential it becomes to keep a controlled, quiet, and disciplined environment and lifestyle.
• You can experience significant growth and simplify your business operations by honing your focus, eliminating diversions, and investing your attention where it truly matters.

Video

How To Take Action

I would suggest starting with focusing your attention. Treat it like the golden resource it is. This means creating barriers to distractions and really paying attention to what's important for your business and personal life. Start small by cleaning and quieting your space, just like successful entrepreneurs do.

A good way of doing this is to delegate tasks that don't need your direct attention. This will help you to do less in order to grow more. It's about evolving the traits that helped you start your business into those that will help you scale it. You will need to make tough choices, but it's crucial for growth.

Manage your attention by resolving any personal issues or habits that are eating up your focus. For example, if you're holding onto unresolved anxieties or conflicts, deal with them to reclaim your attention. I stopped drinking alcohol to confront these issues head-on and it improved my personal and professional life.

Simplify your goals. Have a clear idea of the number of clients or transactions you need. This will guide your decision-making and help you focus your efforts. Ask yourself, will this help me reach my key business number? If the answer is no, ignore it and move on.

Lastly, examine where your attention is going in all areas of your life. Make sure you're investing it in a way that will maximize your business growth. Avoid having too many side hustles or multiple businesses that dilute your focus. Commit to one thing and make it excellent. That's how you'll see real progress.

Quotes by Alex Hormozi

"Attention is money. That is the golden resource"

– Alex Hormozi

"In order to grow, you need to do less"

– Alex Hormozi

"The better you get, the better the opportunities that you have to say no to"

– Alex Hormozi

"Doing more of your own internal characteristic… is not what it takes to be more successful"

– Alex Hormozi

"The only way that you can do that is if you have the attention and the bandwidth in order to do so"

– Alex Hormozi

Full Transcript

for three years i recorded two videos a week and i put them in a a facebook group uh because i didn't understand how youtube worked and uh over that time period i got better at communicating and things like that um but there was a specific video that was uh among the most watched and most shared videos um that i ever made and i thought i would share it here with you guys mozi nation uh for those of you guys who don't know my name is oxford the own acquisition.com you know portfolio companies that does about 85 million a year now in the video it's from the past so if you hear some of the numbers that are in there it's what i was doing at that time um and this specific video is incredibly valuable to me because it was one of the videos that really set me free in understanding the true single most valuable resource that we have as entrepreneurs and how most entrepreneurs are leaking it and once i plugged that hole for myself is when i started seeing explosive growth uh in my business but also in my life overall and so i wanted to share this video because i think it's incredibly valuable and the the marketplace of attention has said that this was one of the most valuable videos ever made and so i wanted to share with you hope you guys enjoy this is a little bit less common for me i'm uh i was i'm going to make a video or i guess podcast depending on how you're consuming this on a pretty pie in the pie in the sky topic um and i titled this the new entrepreneurial golden resource and how you're probably leaking it so a lot of people don't know this but uh i probably i would say a mentor four or five people on the side not in a formal business setting in terms of like them paying me or anything like that but just people that are have become friends that i've taken interest in their business and i've helped them along and invariably and what's interesting is that the higher up you go the less tactical the mentorship is and so i have so i've had i've had the fortune of actually connecting and befriending my my first billionaire friend which is cool and what's what's happened as a result of that is that like i i obviously obsessively look at what people who are doing better than me are doing and then when i'm relaying to the people who are who i'm trying to help there's this one resource that people who make a ton of money manage extremely well and people who um do not do not and a lot of people i would say mistakenly think that the number one resource is time right everyone's like time is money time is money time is money and i would argue that that's not necessarily true i would argue that attention is money that is the golden resource so the billionaire friend that i have he's actually been helping me on um the new endeavor that we are launching to our gym lords uh soon which i think will change the industry anyways he's been helping me with that stuff but like here's an example on his phone his phone does not ring unless you are already a contact that has been whitelisted his phone doesn't ring it's he is impossible to reach the more successful the more the the larger your company grows the more you scale the more you need to scale the only way to scale you is because you do have a finite amount of attention and so what happens is you have to decrease all of the other things in your life that drain attention because you can have as much time as you want but if you're not there you're not potent you're not able then you can't get anything done with that time that you're supposedly allocating which is why a lot of people end up in this in-between state of always everywhere and at the same time nowhere right and so they're they're everywhere but they're not paying attention to anything and that's and the reason that it's difficult to focus is because entrepreneurs the character trait that made us into entrepreneurs is that we're go getters we're we're risk-averse we're creators we're innovators we're builders right we have all of those traits but the difficulty is is that the thing that gets you from zero to one is not the thing that gets you from one to two right and so one of the the reason that you have to totally morph and why you have to be a growth oriented individual is because you have to change your own individual character traits in order to progress as a business owner and so like i said the things that got you here are not the things that are going to get you there the things that got you here which is your own internal skills are not the things that you need to pass on to other people so the only way that you were able to grow your business at a certain point is by growing other people right and the only way you can do that is if you have the attention and the bandwidth in order to do so and that's why if you look at a business owner and like the more i obsess on looking at billionaires and people who are doing better than we are is i look at how quiet and how clean they keep their space and i mean that both both in a literal sense that like their surroundings their office their house their homes their cell phone their computers right there it's it's it's quiet right everything like it's it's pristine and when you talk to these people there's a certain amount of of tranquility that's there and and they just they just have very low tolerance and it's not that they're trying to be impatient with you or impatient with the world it's just that they understand that they have so like they're they're operating at such a high level that there's so many things that are demanding of their time and attention that they just like they can't and so they have to forcibly remove themselves from so many different situations and i'm going to give you an example so one of the people that i'm i'm i'm somewhat mentoring right they had they had four businesses and this is something that that happens so many times it lit like like you want you want a hundred thousand dollar coaching this is what happens in hundred thousand dollar coaching sessions and i'm being honest with you what happens is someone who's coming in usually doing between one and three million dollars a year um can't get past a certain point right and the reason they can't get past is because they only have so much attention they've spread between four or five different cases that's when the gym owner has four gyms and is making less money than they did when they had one gym because the amount of attention that they can allocate to one facility has gone down so much that with fixed costs they basically are breaking even right and so the same thing happens now that entrepreneur is probably making one to three million in gross revenue but not taking anything home because they don't have the attention actually put onto things and so in order to grow you need to do less in order to grow you need to do less and that comes from both delegation and also choosing what not to do the better you get the better the opportunities that you have to say no to imagine the level of opportunities that we have now i'm just being honest so imagine how many things we could do or trying jv with or do a partnership with or whatever because of the distribution network that we have and the trust and the goodwill that we have with the gym owners um that we have in our network right a lot i get i you know how many people cold message me like i have an opportunity for you i'm like really you have an opportunity for me and so the better you get the better your opportunities you have to say no to which is why becoming a higher and higher and higher level entrepreneur is more and more difficult because it requires discipline it's not about doing more it's about doing less because we innately want to do more so doing more of your own internal characteristic if that was what it took to get to be more successful then everyone would be more successful because it would be something that does not take effort because that is something that we already do it's like man i outwork anyone i've got all this work with it cool that gets you from zero to one it's not gonna get you any further than that so stop identifying with that it was something that i used to identify with i was like i'll i'll outwork anyone or whatever like that was something that i used to think about and it was a character trait it was an identity thing and the more you grow the more you realize that your identity needs to be fluid because what it needs to be is exactly what it needs to be at that given time of development because the character traits that i'm going to have to emphasize in a year are going to be different than the ones that i have to emphasize now the skills that you need to learn like delegation leadership those are things that are not the things that take you in the beginning you have to be independent you have to be a hustling you have to be grinding you have to be willing to put in the work because no one else will do it for you especially if you have no capital to start which most people who are on here are in that situation to reel this back in the number one thing that you have to be paying attention to is where you are paying your attention right like you spend attention that's why they call it paying attention it's because it is a resource and most people don't pay attention to that right and so one of the things that a lot of people don't know about me this one's going to go along um some of the things that a lot of people don't know about me is that i for nine months paid a coach to teach me one thing which was to manage my attention was to teach me how to think and so for 90 minutes every single day all i did was talk about what i was thinking about think about that every day i paid attention to where my attention was and when i did that all of a sudden my business blew up right and i realized that i had toxic relationships i had toxic relationships with parents i had toxic relationships with friends or pseudo friends things that i that were taking my attention past things that i had on my mind that i knew i had not handled so those are called like open loops or open cycles right so when you have something that you like i haven't resolved this then you need to handle that and you'll get that attention back because what happens is you have this bowl this tiny little bowl of marbles that each of those marbles is is a unit of attention right if you had to measure it and so you put little marbles of attention on your childhood traumas you put little marbles of attention on your marriage you put little uh marbles of attention on your health you put little marvel's attention on your spirituality and then massive marbles of attention on your business but the thing is is that sometimes you need to quiet and collect all of these other little marbles so that you have more potency more potential energy more potential units of attention to spend on the one thing that you're trying to grow which in this case would be your business and what's interesting is that what happens is that things that were perceived as difficult become really easy and i don't know if you've ever had this happen but like if you were in college or you were in high school and you're like man i can't solve this problem this math problem and you were exhausted then you go to bed and you wake up the next morning and then all of a sudden it seems really easy you're like i don't know why i didn't see that before because attention gives you the ability to see right like if you're if you think about wisdom right wisdom is an ability to see what other people cannot see right two people are presented the same situation the wiser person sees things that the other person doesn't and how can you see better you see better if you have more ability to see which comes from your most valuable resource attention how much horsepower do you have and so look at the things that you have in your in your life right now like if i see someone who has a messy relationship life who's got a messy love life who goes out every weekend and gets trashed right like i can tell you billionaires don't do that that like the whole tony stark like vision of the entrepreneur is a farce it's not true don't believe that every single billionaire every single high-level entrepreneur is quiet unbelievably quiet they keep themselves completely isolated they have a bubble around them of of layers of protection they're like like for me it's it's me and then there's layla and then we have our co and then we have our executive assistant team because we have a team of eas at this point we have four um who work the next level there's no one who has direct access to me including our employees no one does and that's because it's it would disserve you you guys our gym owners if everyone had access to me the reason that i don't respond to facebook messages is not because i don't want to it's because i literally can't and if i did i would be disturbing everyone because then my attention would be split because someone can't generate leads in their mind or whatever you know what i mean like because these little things these little things that are perceived as huge issues to you in that moment because you have a little bit of attention you you have so little left that everything seems like an explosion but when you have lots of capacity big problems seem small and small problems seem big and it sounds reverse because what you do is you start seeing that all of these things are attention drains and you just say i don't want to play anymore then you stop playing and then all of a sudden everything gets really simple because the only things you have to do become really simple at our gym lord's event one of the things that we had to do or that i had everyone do was simply define the number that they needed to have in their gym number of efts in order to have the lifestyle that they wanted to have really simple simple process most people didn't have that but it's amazing what happens when you have clarity because then it allows you to put your attention in one direction right and then it gives you a litmus test will this help me grow this number yes or no yes cool let's do it no ignore it right and it takes discipline to say ignore it it takes discipline that's why it's hard that's why most entrepreneurs aren't successful that's why most entrepreneurs don't grow is because it's hard it's counterintuitive it's counter your character and so you have to learn how to not be yourself in order to be the person that you want to be and that's why that's why most people don't do it and so to go ridiculously full circle on this every time i meet with an entrepreneur and i told you we i coach is probably a loose term but i'll meet with um a few a handful of entrepreneurs um on a semi-regular basis and just see how how's it going and the question that i always ask is what's your attention where's your attention and if someone comes in and they seem really really like scattered i already know that their attention's all over the place they're super spread they're less able so of course they can't grow their business because they don't have the very horsepower the main resource that allows them to grow and push right and so look at your life look at your relationship with your spouse loved one look at your habits how you wake up how you eat how you exercise do you drink here's an example for why we stop drinking all right and it has nothing to do with any kind like there's no religious anything regarding this we stopped drinking because i realized that i would drink at night on a fairly regular basis not like i always had some issue with it i really didn't i mean i drank a lot but i just whatever the point is this is that i would i would drink in the evenings because i would it would it would help me just de-stress but help me unwind but what that does is it masks the thing that is taking my attention that i have anxiety on right and so if you need to take a drink to unwind then it means you have things that you have not resolved and so one by one what happened is that when i stopped drinking everything got really loud and so i had to face and confront the things that i had not resolved yet and so in the beginning it's the hardest but then what happens is once you've actually resolved all of those things the desire to drink goes away because you're like well i actually feel really good right now i don't want to mess that up and so it flips but it took it took probably six months for that to happen from it um and so i'm just giving that as an example of um of what of what having your attention split and kind of getting gaining that attention back can be so look at your life look at your relationships look at your habits and the things that are taking your attention you need to handle complete the cycles and get the attention back so you can work on the one thing that you're trying to grow and if you have side hustles and side businesses get rid of them kill them that's what people like people come and they pay tons of money to tell them do one thing and the only reason that they listen is because we make one and i'm telling you right now that's what i would tell you do one thing focus do one thing focus saying it again that's why most times uh when someone comes in they're like hey i want to start an online business in a food prep business and and and uh whatever right all at the same time because one of them is going to take off it doesn't work that way all of them could take off you could have a billion dollar uh food prep business you could have a billion dollar gym business like your business like having more businesses is a farce i was talking to a gym owner the other day and he's like yeah i mean two paychecks is better than one and i was like no one fat paycheck is better than two you can have a hundred million dollar roofing business right that just repairs rooms you don't need to do general contracting and also windows and also gutters and roofs you can just do one thing and be really really really really really good at it and make as much money as you want and so just break that belief of yourself of like i have to have three things in order to make more money you know you don't you don't it's not true you need one thing i had someone who's in the real estate space who was doing real estate coaching after uh her first month of being in the coaching uh called me up and was like there's just not enough real estate agents she was doing like 200 000 a month and i was like real estate agents i said how how how small of a market do you think micro gym owner is i was like you literally outnumber my market a hundred to one and i was like and we are out doing outpacing your revenue twenty to one it's it's just these beliefs that we have that are silly and i can tell you that the the higher up you go all of those limiting beliefs disappear and you just see people who operate a very high level very quiet very clean they they're like if someone walks in the door and there's any negativity those people just get up and late nothing personal i just can't have that in my life right someone complained someone's negative oh this weather ah traffic stop like no worries i'm just gonna get up and go it's nothing personal right that's how they handle themselves so um thank you guys for your attention um i hope i gave you a positive return on it that was my intention um this wasn't a normal uh type of uh video that i would normally make but it was something that was like on my mind and i just had uh two or three calls recently where i had told people to consolidate their businesses get rid of one two or three businesses and then within a matter of 30 days two of those people had a multiple of 3x on their total revenue between of what they were doing before within a 30-day period just by getting their attention back look at what you can consolidate lots of everyone i appreciate you and um shoot a like for someone who feels really distracted or if you have a spouse and you're like we should clean up our stuff tag them so that you can clean it up and uh have to get some attention back all right that's a lot have an amazing thursday and i will talk to you guys soon all right