Where Do You Spend Your Resources?
Summary
- You face a world with unlimited options, but your resources are very limited.
- To succeed, it's crucial to narrow down the problem you're trying to solve.
- When you focus, you can use your limited resources to completely solve that problem.
- Consider how Amazon began with books and Facebook with college networks; they mastered one area before expanding.
- Allocate your resources wisely to solve a specific problem before moving on to adjacent opportunities.
Video
How To Take Action
I would suggest implementing a focused strategy. Here's how you can do it:
Pick One Problem: Think about what you're really good at or what problem your business can solve better than anyone else. Stick with that one problem to begin with and don't get distracted by other opportunities.
Use Resources Smartly: Take a look at what you have, like time and money. Be smart about how you use them. Only spend them on things that help solve the main problem you chose. Don't waste resources on other stuff that won't help right now.
Be the Best in Your Niche: Work hard to be the best at solving your one problem. Like how Amazon started with just books, be known for your one thing before you try to do more.
- Expand Carefully: Once you've done a great job with that one problem and you're doing well, then you can think about solving another related problem. But only do this after you're really, really good at the first thing.
Remember, you can do a lot with a little if you focus right. Keep going and don't spread yourself too thin.
Quotes by Alex Hormozi
"You have unlimited options but you have very limited resources"
– Alex Hormozi
"In order to be successful, you have to narrow the problem that you're trying to solve"
– Alex Hormozi
"So you can allocate the small amount of resources you have to adequately solve that problem completely"
– Alex Hormozi
"Like Amazon started with books and Facebook started with colleges"
– Alex Hormozi
"It's allocating limited resources against unlimited options"
– Alex Hormozi
Full Transcript
you have unlimited options but you have very limited resources and so in order to be successful you have to narrow the problem that you're trying to solve so you can allocate the small amount of resources you have to adequately solve that problem completely and then from adequately solving that problem completely like Amazon started with books and Facebook started with colleges you solve and then you can go adjacent it's allocating limited resources against unlimited options
