I Made $31,714,980 in 2020 (Here’s What I Learned)

Summary

• Scaling a business often requires pursuing larger markets; I learned this from observing successful people at the 500 Million Dollar Mastermind.
• Expanding to new markets might require different advertising methods and evaluating what's holding me back.
• Learned the importance of hiring quality talent over adding more people; focus more on "who" than "what."
• The niche you start with can initially boost growth but can also limit it, so assess if it's the niche or your business model that's restricting expansion.
• Alternative acquisition channels, like developing outbound channels, can be key to growth; hiring skilled people can lead to success in these endeavors.
• Transitioning to an owner/investor role from a CEO role can benefit the business, giving leaders space to operate effectively.
• Aim to build teams with people who come with "pre-loaded" solutions – those with experience and a track record of solving similar problems.
• A business can sometimes grow after downsizing, indicating that fewer, more productive employees can be more beneficial than a large workforce.
• Good data management with tools like a robust CRM system is crucial; investing in the right systems early can save a lot of money and aid growth.
• Simplifying the product and focusing on key priorities helps to provide more value to customers and makes execution more manageable.
• Reflecting on making the wrong decisions that turn out right, and vice versa, highlighted the importance of not unlearning good habits despite outcomes.
• Setting an expanded time horizon for goals allows for more strategic, steady growth with reduced risk.
• Knowing how to invest money and manage wealth beyond just earning it in a business is essential for sustained growth and security.
• Having a bigger purpose beyond financial success adds fulfillment and direction to your work and life.
• The realization that contentment can come from action and progress, rather than constantly seeking happiness, has been personally valuable.

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How To Take Action

I would suggest going after larger markets to scale the business. This might mean learning new ways to reach potential customers beyond what you've tried before.

A good way to expand is by focusing on hiring quality talent. It's not about adding more people, but about finding the right "who" with the experience to solve problems. This can be more efficient than just increasing the workforce.

Evaluate if the niche you started in is holding you back or if it's your business model that needs adjusting. Consider alternative acquisition channels, like developing outbound channels, which can tap into new customer bases.

If you're in a leader role, think about transitioning to an owner/investor role to give your teams space to operate effectively. Build teams with people who have "pre-loaded" solutions — those with a track record of solving similar problems.

Consider downsizing if it may help your business grow. Sometimes having fewer, more productive employees can make your business leaner and more effective.

Invest in good data management tools like CRM systems early on. This saves money over time and supports growth by helping manage customer relationships and tracking sales.

Simplify your product offering. Focus on key priorities that really matter to customers, which makes execution easier and can provide more value.

Reflect on your decisions critically, whether they turned out right or wrong. Don't unlearn good habits just because an outcome was not as expected.

Set longer-term goals to allow for more strategic growth with less risk. Be patient and persistent in growing your business, avoiding the desire for instant success.

Learn how to invest and manage wealth, not just earn it. This can secure sustained growth and security for your personal and business finances.

Finally, find a bigger purpose beyond financial success. It brings contentment from progress and action, which adds fulfillment and direction to professional and personal life.

Quotes

"The only reason that you were upset right now is because of a fictitious expectation that you arbitrarily made up in your mind that you are not reaching"

– Alex Hormozi

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"If you can expand your time horizon beyond months and even a year or two you will be so much better off"

– Alex Hormozi

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"I would rather get rich for sure than get rich fast and lose it"

– Alex Hormozi

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"One A player literally does more work than 5 B players"

– Alex Hormozi

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"Invest early in really good data systems"

– Alex Hormozi