The Game w/ Alex Hormozi cover image

The Game w/ Alex Hormozi

The Biggest Mistakes that Entrepreneurs Make | Ep 654

Jan 4, 2024
09:48
Snipd AI
Learn the importance of focusing on one thing at a time in business. Explore the analogy between lifting weights and doing business. Discover the pitfalls of over-expansion and the solution of simplifying and focusing. Hear personal experiences and final thoughts on the topic.
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Podcast summary created with Snipd AI

Quick takeaways

  • Focusing on expanding audience and attracting new customers is more effective for long-term growth than trying to sell more to existing audience.
  • Entrepreneurs should simplify their offerings and focus on opportunities that align with their core strengths for better results and scalability.

Deep dives

The Mistake of Trying to Solve Business Growth by Expanding Products Instead of Audience

One of the biggest mistakes entrepreneurs make when trying to grow their businesses is focusing on expanding their product offerings rather than expanding their audience. Instead of trying to sell more to their existing audience, entrepreneurs should consider expanding their reach and attracting new customers. This mistake can hinder long-term business growth because it often involves taking on strategies that are too advanced for the current stage of the business. Just like in weightlifting, where lifting heavier weights is beneficial but too advanced for some, business complexity should be increased gradually. Scaling through simplicity and focusing on what entrepreneurs are best at can be more effective than trying to do everything for everyone.

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