My 2024 Lessons in Business That Will Make You Rich | Ep 819
The Game w/ Alex Hormozi
Deep Dive
What was Acquisition.com's EBITDA growth from 2023 to 2024?
Acquisition.com's EBITDA grew from just over $50 million in 2023 to just under $100 million in 2024.
Why does Alex Hormozi recommend setting fewer goals and doing less long-term planning?
Alex Hormozi suggests that long-term planning often becomes irrelevant due to changing conditions, and focusing on the next 12 weeks is more productive. He believes obsessing over minutiae is 'mental masturbation' and that trimming planning processes leads to better results.
What is the 'biggest domino' strategy Alex Hormozi uses for prioritizing tasks?
The 'biggest domino' strategy involves identifying the single most important task that, when accomplished, will make other tasks easier or faster. All resources are concentrated on solving that one priority first, which often accelerates progress on other tasks.
How does Alex Hormozi define a 'supply-constrained business' and give examples?
A supply-constrained business is one where the demand is high, but the challenge lies in finding the right staff or resources to meet that demand. Examples include cleaning services, accounting firms, and high-end consulting, where recruiting skilled professionals is the primary bottleneck.
What is Alex Hormozi's approach to handling legal issues in business?
Alex Hormozi views legal issues as a cost of doing business and focuses on the return on time. He suggests understanding the potential cost and time required for litigation, and if necessary, defending oneself based on a dollars-and-cents analysis rather than emotional reactions.
What is the 'kind, not nice' culture principle Alex Hormozi emphasizes?
The 'kind, not nice' principle involves giving candid, constructive feedback without emotional judgment. It focuses on observing gaps between desired and actual performance and providing clear steps for improvement, rather than sugar-coating or avoiding difficult conversations.
What is the 'S-C-A-L-E' framework Alex Hormozi uses for scaling businesses?
The 'S-C-A-L-E' framework stands for Start, Compound, Augment, Leverage, and Expand. It’s a loop where businesses begin a process, do more of it, improve it, automate it, and then expand it to new areas or channels.
Why does Alex Hormozi believe in the importance of in-person (IRL) experiences despite their scalability challenges?
Alex Hormozi believes in-person experiences create stronger brand affinity, loyalty, and referrals. He argues that while IRL experiences are harder to scale, their value makes them worth the effort, especially as they foster deeper connections and customer satisfaction.
What is the 'proof, promise, plan' framework Alex Hormozi uses for content creation?
The 'proof, promise, plan' framework involves starting content with evidence of credibility (proof), stating what the audience will gain (promise), and outlining the steps to achieve it (plan). This structure helps make content more engaging and actionable for the audience.
- Set fewer goals and do less long-term planning.
- Prioritize the most impactful task.
- Embrace the messy reality of business growth and adapt as needed.
Shownotes Transcript