We’re big fans of Alex Hormozi’s content on entrepreneurship and personal development. In this video, Hormozi speaks about a conversation that he had with a billionaire recently. He distills some of his take-aways from this conversation on taking a company from doing millions in revenue to one that generates billions every year. Below are our key learnings from this video:
- Finding good people is the fundamental issue in every business. This statement reminds me of the book “Who Not How” by another successful entrepreneur, Dan Sullivan. Highly recommend if you haven’t read it.
- When you do find rock-stars, hire them and properly incentivize them to perform. In other words, don’t be afraid to offer them equity in the company. The profit motive (or “invisible hand” as Adam Smith called it) is a strong catalyst for all human beings and these rock-stars are no different. Their desire to achieve will drive your company’s growth.
- Everyone running a company is 3 hires away from all of the growth they’ve ever wanted as well as their time back. There are 3 areas where every successful business needs a rock-star driving growth: acquisitions (deal finding in real estate), delivery (capital raising), and operations (asset management). Hiring or partnering with rock-stars in each area and empowering them to make decisions means that they’ll solve problems, implement solutions, and move the business forward without any intervention needed from you.
- While we sometimes think we’re masters of the Universe, it takes a mature and humble entrepreneur to admit that we don’t have all of the answers. Having strong-willed and highly competent drivers in the right seats of your business can lead to more optimal decision-making. Translation: find rock-stars, don’t be afraid to give them equity AND autonomy, and lean in to their expertise.
