The Top 1% of Business Owners Aren’t Smarter Than You

Summary

• Success in business isn't about being smarter than everyone else; it's often about doing things differently. The top 1% of business owners find unique ways to tackle challenges.
• Whatever strategies advanced your business from one level to the next (e.g., $100,000 to $1 million) won’t necessarily get you to the next level. Focus on adapting and finding what’s truly important now.
• My initial venture into the fitness business taught me that focusing solely on workouts wasn't enough. It was crucial to understand sales and marketing to get people through the door and keep them engaged.
• To truly understand and scale your business, study those who are way ahead of you, not just a step or two. They have solved problems you haven't even encountered yet.
• Recognize that a gym business, on the surface about fitness, is primarily about mastering sales and marketing. The ability to attract and retain members is more important than just having top-notch equipment or classes.
• Successful gyms understand that most people need external motivation to join and stick with gym memberships. Effective sales and marketing strategies can fill this gap.
• The supplement industry is more about brand and distribution than the product itself. It's critical to understand consumers’ perceptions and desires, such as how a product makes them feel or its “cool factor.”
• The biggest challenge in the software business is providing a product that fulfills its promise without causing new problems. An underlying issue here isn’t selling the product but making sure it’s user-friendly and resolves the user's main pain points.
• Always align with partners whose interests match your goals; otherwise, you may end up with unnecessary obstacles, like developers billing you for their gain rather than creating a useful product.
• In service-based businesses, your primary product is your team. Without a system to acquire talented individuals, business growth is limited.
• Don’t focus on increasing efficiency in areas that are already top-tier; instead, identify weaker areas, like monetization strategies, and work to improve them.
• Facing business challenges often requires acknowledging and solving the "big hairy problem"—the major issue holding back your business. This often introduces a completely different skill set.
• Entrepreneurship often involves solving unique, complex problems. Play to this strength by focusing on what your specific business really needs rather than distractions or new ventures.
• Longevity and commitment in a business can outcompete most other factors. Sticking to a single task long enough often brings more success than hopping between ventures.
• Every business has the potential to reach significant profitability, such as $100 million in value, by identifying and addressing its core market needs.
• To grow, focus on ROI and maintaining potential consumer bases, like maintaining customer acquisition channels.
• Finding hard problems is a firsthand approach to training and understanding business needs, but sometimes it’s important to recognize when a core assumption about your venture is incorrect and adjust accordingly.
• The pain of entrepreneurship often directly correlates with the value of output; enduring more significant pain often leads to more significant accomplishments.

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How To Take Action

I would suggest starting by rethinking your business approach. Business success isn't just about being smart; it's about doing things differently. Look at what got you where you are, but understand that to move forward, you may need a new strategy.

A good way of advancing is by focusing on the real essence of your business. If you're in fitness, realize you're in the sales and marketing business. No matter how excellent the service, attracting and retaining customers is what keeps you afloat.

Next, study industry leaders. Look far ahead, not just at those a step above. This gives you insights into problems you haven't encountered yet and ideas for scaling your business.

Prioritize understanding your market's core needs. Whether you're in supplements or software, it's more about brand perception and user experience. Ensure your product or service solves your customer's problem without creating new ones.

For personal growth, embrace the entrepreneurial mindset. View challenges as puzzles rather than insurmountable barriers. Problems often feel big and hairy, but solving them is what adds value to your business.

In any service business, your team is your product. Build a system to attract talented individuals, pay them well, and focus on improving weaker areas rather than perfecting what’s already excellent.

Finally, commit to your journey. Don't jump between ventures seeking easy success. Longevity and tenacity are often the biggest keys to outshining competitors in business.

Quotes by Alex Hormozi

> #### "The top 1% of business owners aren't smarter than you. They do things differently."
>
> *- Alex Hormozi*



> #### "What got you from 0 to 100,000 or $100,000 to a million isn't going to be the thing that gets you to the next level."
>
> *- Alex Hormozi*



> #### "The problem that most businesses have is they don't know the business they're actually in."
>
> *- Alex Hormozi*



> #### "If you're not one of us, you're one of them."
>
> *- Alex Hormozi*



> #### "The woman in the red dress... is the distraction."
>
> *- Alex Hormozi*