00:42:50 · Jordi Hays, Alex Hormozi, John Coogan
[00:42:50] S2: A great product, all these things. [00:42:53] S1: Yeah. I think if you look at the marketplace that you're trying to get into, there's usually gonna be a bolus of businesses at some part. Mhmm. And that gives you some idea of where the difficulty in that business is. Mhmm. And so, like, for example, if you're gonna get into I wanna start a social media marketing agency. It's like, well, there's a bolus at the bottom. And then very few who ascend to the top, and it's because it's really, really difficult operationally. Because if you're really good at marketing, then you can usually make enough money to not work at one of those types of businesses. And so you're constantly, you have to be so good at ops and so good at marketing and branding and sales Mhmm. In order to just slowly get these bigger and bigger accounts, you kinda level up the types of customers that you can go after. Because all those businesses go after SMBs, and SMBs are inherently volatile. And so even if you do a great job, they'll still cancel. And so it's just a churn and burn business. [00:43:36] S2: Not not to mention Yeah. Your flagship client will eventually say, like, hey, we're spending a $100,000 on this service. We could hire five people [00:43:43] S0: Mhmm. [00:43:44] S2: That are the best in the world at what they do, and they'll just focus on us. Let's do that instead.
00:43:44 · Jordi Hays, Alex Hormozi, John Coogan
[00:43:44] S2: That are the best in the world at what they do, and they'll just focus on us. Let's do that instead. [00:43:48] S1: Yeah. Like, there are there there are impediments to that business scaling. Can you do it? Absolutely. But I'm just a huge advocate of just, like, just look at what the biggest version of that business looks like. Because this is obviously a more tech forward show, but, like, the vast majority businesses are not tech businesses. Yeah. Right? There's, like, HVAC businesses all over the place. There's pool cleaners. There like, there's a lot of shit you can do for money. Yeah. And so I like, unless you want to be a trillionaire, like, you can be a billionaire in just about any boring business. You look at you look at what's his name? Is it Brad Jacobs? Yeah. Yeah. Yeah. Excellent. Six times or Yeah. Yeah. Make a few billion dollars. Yeah. A few and then he has a sequel, a few more billion. Few more billion. You guys are kind of you guys are very yeah. [00:44:26] S2: I never I never thought of you [00:44:28] S0: as home building materials.
00:44:28 · John Coogan, Alex Hormozi
[00:44:28] S0: as home building materials. [00:44:30] S1: Yeah. There's just a lot of businesses out there, and so it just depends on, what the goal is. But any business done for like, zooming all the way out, if you do one thing for forty years and you get better every year, you're gonna fucking dominate. Mhmm. And so on some level, going after the tech opportunity, though they're they're for sure are the big the big mega winners. It's easier to compete against the people who are going after the pool cleaners. There's just there's like, there's less sophisticated players, there's less capital. And so having a little bit of street smarts and a lot of work ethic can get you pretty far there. And you look at that compared to, you know, you look at the guy who's doing 7,000,000 a year top line, 2 and a half million dollars in bottom line, doesn't really work that much, has a crew of guys. Is that the life you want? Yeah. Because there's nothing, like, there's nothing wrong with that. And so I think it's deciding first to the younger guy, like, what do I want? Mhmm. Or what is an acceptable outcome? And then what of the many, many paths that are ahead of me have the highest likelihood of me getting there? And then once you pick that path, know that if you stick with that path for twenty years, the likely that you fail is basically zero as long as you have some feedback loop for improvement. [00:45:36] S0: Yeah.
00:45:36 · John Coogan, Alex Hormozi, Jordi Hays
[00:45:36] S0: Yeah. [00:45:36] S1: That's basically it. Figure out where you wanna go, find the highest likely path of getting there, and then do not let the opinions of strangers or people who do not have what you want dissuade you from getting there. [00:45:47] S0: Yeah. What do you think about there's this odd trend of entrepreneurship, like, I don't know, like, mindset stuff where you gotta be doing sauna, cold plunge, meditation. And I feel like that only makes sense once you're successful. And then you look at the successful people, and you're like, well, yeah, the rich guy has a sauna. But Yeah. What was he doing when he was broke? He was waking up and getting on his laptop. But Yeah. How how have you read? [00:46:12] S1: Yeah. Rich people fly private, so I should fly private in order to get rich. Right? It's it's doesn't work. It's conflation. Okay. So at the most basic level, you have to do work. Yeah. And if it is not the work, then you have to have a very strong argument that is going to increase your output per unit of time. Mhmm. Period. Yeah. And so if you have a three hour morning routine, and that's the first three hours a day when you're probably the cognitive, like, the freshest of the most energy, you would have to have an incredible do you curse on the show? [00:46:39] S0: We don't. [00:46:40] S1: Okay. A credible darn argument. You're welcome to Our [00:46:43] S2: kids are our kids are watching, but,
00:46:43 · Jordi Hays, Alex Hormozi, John Coogan
[00:46:43] S2: kids are our kids are watching, but, [00:46:45] S1: you know, by all means. Have to an incredible argument for why that's going to improve your output. And so, like, morning routine that I'm a big advocate of is you wake up and then you caffeinate. Sure. You shut off your your distractions, and then you begin the work. And how how much you can compress the time from waking to beginning work Sure. Is the ideal. And you are the freshest whenever you are post sleep. [00:47:05] S0: Yep. [00:47:07] S1: And so I like, if you wanna do that stuff, I'm like, by all means, go for it. But, like, just understand, like, you can plenty of people have hobbies. You can have hobbies. Like, there's nothing wrong with that. It's just is this actually and you also didn't need to work sixteen hours a day in order to get what you want. I have plenty of friends who are super successful and don't work that much. Yeah. Now did they work sixteen hours a day to get there? Probably. Yeah. And so this is the modeling the rise, not the plateau. What's difficult is the plateau is what's more visible. [00:47:31] S0: Sure. [00:47:32] S1: What do you think about and then you can make the content. [00:47:33] S0: Yep. [00:47:34] S1: Right? What No one's Yeah. Making this part. No. No.
00:47:34 · Alex Hormozi, Jordi Hays
[00:47:34] S1: Right? What No one's Yeah. Making this part. No. No. [00:47:36] S2: What do you think about, people sort of like staging out their sort of career as an entrepreneur? I was talking to a friend of mine who has a something like an agency business in fashion. He's gonna do like about a million dollars this year of like profit. A fantastic business. He has he he eventually wants to have his own his own brand. My my advice to him is like fashion is such a, like, bad business until it's a great business till you have like a flagship brand that takes twenty years to make. I was like, get your business to like a couple million a year. Get it like established. Couple million a year profit, at least. Get it established. Get, you know, ten, twenty flagship clients that are on sort of long term contracts. And then, basically, use that cash flow to invest in your brand. And, like, a lot of people would be, like, given the advice now of, like, just go all in on go all in on the brand. Like, why are you wasting time with this other thing? Yeah. And I feel like that's very, that that works super well, like, if you have a trust fund. But for somebody who's, like, 27, let's assume they wanna have a family in a few years, I was pushing him to say, like, make this thing great even though you know it's not the thing that you wanna be doing for that forty year chunk of your career. But how would you talk to to somebody in that sort of space?