People With Nothing to Lose

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People With Nothing to Lose…

Summary

  • Remember that having less can make you a fierce competitor because you have little to lose.
  • Risk aversion tends to increase with the more assets or success you accumulate.
  • My own willingness to take risks has changed; I gamble less now than when I started because I have more at stake.
  • If you're starting from the bottom, life's opportunities are like free lottery tickets.
  • Refusing to take a chance with those opportunities is like declining a free shot at potential success.
  • Failure costs you nothing if you're already at a low point, but the risk might pay off big time.
  • It only takes one "yes" in a sea of rejections to transform your life drastically.
  • The "lottery ticket" may be the repetitive tasks like making calls, knocking on doors, or sending emails; persistence is key.

Video

How To Take Action

I would suggest taking bold steps when you're starting out or aiming for personal growth. Think of challenges as lottery tickets. The fewer assets you have, the less you have to lose. So, here's what you need to do specifically:

  1. Identify your "lottery ticket." This could be a task you've been avoiding, like picking up the phone to make sales calls, sending out cold emails, or reaching out to potential mentors.
  2. Start small but be persistent. Dedicate a specific part of your day to your "lottery ticket" activity. If it's making calls, maybe you start with 5 calls a day, then increase as you get more comfortable.
  3. Don't fear rejection. Remember, every "no" is cost-free. You're in the same place as before, so there's nothing lost. But each "no" brings you closer to that transformative "yes."
  4. Keep track of your efforts. Write down what you're doing each day, like how many calls you made or emails you sent. This helps you see your progress and stay motivated.
  5. Reflect on your risks. As you grow and start having more to lose, your willingness to take risks may change. That's normal, but don't let fear hold you back. You can still make strategic risks that fit your new situation.
  6. Celebrate the small wins. Each positive response, no matter how small, is progress. It means you're moving forward, so give yourself credit for it.

By doing these things, you can leverage your current position, no matter how small, to reach great heights. Let those challenges fuel you; persistence is truly key.

Quotes by Alex Hormozi

"the people who have the least also have the least to lose which makes them the most dangerous competitors"

– Alex Hormozi

"as soon as you have something you become more risk averse"

– Alex Hormozi

"but if you have nothing to lose then it's basically like life giving you a scratch off lottery ticket and you saying you don't want to scratch it off because you don't want to lose"

– Alex Hormozi

"you get the lottery ticket and you lose and where are you just as poor and still having nothing just like you did before"

– Alex Hormozi

"that lottery ticket is you can get one yes and it can change your life"

– Alex Hormozi

Full Transcript

the people who have the least also have the least to lose which makes them the most dangerous competitors because as soon as you have something you become more risk averse you can't take the same gambl like I don't take the same gambl now as I did when I started why cuz I have something to lose but if you have nothing to lose then it's basically like life giving you a scratch off lottery ticket and you saying you don't want to scratch it off because you don't want to lose but they're giving you the lottery ticket for free because what happens you get the lottery ticket and you lose and where are you just as poor and still having nothing just like you did before but in that one ticket out of 20 or 100 or a th000 tickets which is phone calls reaching outs knocking on doors sending cold emails whatever that lottery ticket is you can get one yes and it can change your life

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