The Real Reason People Stay Poor
Summary
- I've realized that staying poor often comes from an inability to say no.
- I understand going after quick cash can hurt you in the long run.
- I've noticed people scale up costs due to taking on too many wrong customers.
- Maintaining a bad customer base means continually acquiring more less-than-ideal customers.
- I believe you can break free from this cycle by downsizing and fixing your ego.
- I’m committed to working only with customers who are most likely to succeed.
Video
How To Take Action
Here's how to use what I've learned to improve your situation. First, learn to say no to bad deals! Even if you want more money now, think long-term. Quick cash isn't worth it if it brings trouble later.
If you take on customers that don't fit your business, it can make things worse. You're not just losing time and energy; you're spending more money too. These are the wrong customers for you.
To break free from this bad cycle, be brave and downsize. Yes, it might feel like you're going backwards, but it's really about getting ready to leap forward. Shrink your business, focus on who you serve best, and stop chasing people who aren't a great fit.
Only work with customers who have the best chance to do well with what you offer. Think about it: if they succeed, they'll stick around, and they'll tell others too.
Here's a step-by-step plan:
Identify Your Ideal Customer: Figure out who benefits the most from what you sell.
Set Clear Boundaries: Decide what you won't accept in a deal or customer and stick to it.
Review Current Customers: See if they match your ideal. If not, it might be time to let them go.
Adjust Your Marketing: Speak directly to your ideal customer in your ads and social media.
Improve Your Offer: Make sure what you sell really helps your ideal customer succeed.
Check Your Pride: Don't let ego make you keep bad customers. Downsizing isn't failure; it's smart.
Remember, it's not about having lots of customers; it's about having the right ones. This way, you build strong, lasting success.
Quotes by Alex Hormozi
"That's why they stay poor; they can't say no"
– Alex Hormozi
"You go for the short-term money and you sacrifice the long-term money"
– Alex Hormozi
"You scale up your costs to meet the fact that you took on all these customers that you shouldn't have taken on to begin with"
– Alex Hormozi
"You get in this vicious cycle that you can't get out until you downsize"
– Alex Hormozi
"Fix your ego and then say I'm only working with these customers"
– Alex Hormozi
Full Transcript
that's why they stay poor they can't say no I'm dead serious they can't say no and what happens is you go for the short-term money and you sacrifice the longterm money and then you scale up your costs to meet the fact that you took on all these customers that you shouldn't have taken on to begin with and then you have to pay them every single month so then you have to keep on taking on customers that you shouldn't have taken on to begin with and you get in this vicious cycle that you can't get out until you downsize you take two steps back five steps back fix your ego and then say I'm only working with these customers because ethically I know that these are the ones that have the highest likel to success with
