Shopify Made People $200B

Summary

• When you're generating wealth, remember you'll typically keep about a tenth of what you make for others. It changes your perspective to focus on enriching others.
• It's vital to be someone people want to do business with because you're known for making them money.
• Take the example of Shopify in 2022: their revenue was $5.6 billion, but their merchants collectively made almost $200 billion.
• I take pride in the fact that our success is tied to the success of our merchants; it's a testament to a healthy business ecosystem.
• Ensuring your partners are profitable is crucial—it means they'll likely return to do business with you in the future, like Shopify's merchants will in 2023.

Video

How To Take Action

I would suggest focusing on enriching others as a path to your own success. Remember, the more value you create for people, the more profitable your own business will become. Look at it this way: if you help others make money, they will want to keep working with you.

A good way of doing this is by taking a page from Shopify's book. They made billions, but their merchants made way more. To put this into action, ensure that your product or service is designed to help your customers succeed. If you're in e-commerce, for example, provide tools that help your users sell more products.

It's crucial to establish a reputation as someone who makes others money. Start by being fair and transparent in your dealings, and always aim to over-deliver on your promises. Happy customers and partners are likely to spread the word and bring in more business.

Here's how I would break it down into a plan:

1. Analyze your business to find ways to increase your customers' or partners' profits.
2. Improve your products or services with features or benefits that specifically aim to boost others' earnings.
3. Share success stories of customers or partners who have benefited greatly from what you offer.
4. Keep the communication open with your customers and partners to ensure their continuous success, resulting in a strong, long-term business relationship.

If you're helping your customers and partners get richer, they will trust you, and they're going to want to keep doing business with you, just like Shopify's merchants will in 2023.

Quotes by Alex Hormozi

"you get to keep about on Tenth of the wealth that you generate for other people"

– Alex Hormozi

"framing it that way is like how do I make everyone else a ton of money"

– Alex Hormozi

"everyone loves doing business with someone who makes the money"

– Alex Hormozi

"in 2022 Shopify's Revenue was $5.6 billion"

– Alex Hormozi

"make your partners really really rich"

– Alex Hormozi

Full Transcript

you get to keep about on Tenth of the wealth that you generate for other people framing it that way is like how do I make everyone else a ton of money everyone loves doing business with someone who makes the money in 2022 shopify's Revenue was $5.6 billion people that use Shopify made almost $200 billion I'm very proud of that I love the fact that our Merchants made 200 and we made 5 point something that matters because it means for 2023 they're going to come back and work with us again make your partners really really rich