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In this podcast, Alex Hormozi discusses the 'size of the pie' fallacy and how it can lead to focusing too much on one competitor. He emphasizes the need to be open-minded and not reactive. The importance of understanding the true market size is highlighted, along with the value of focusing on existing customers. Alex shares personal experiences and reflections on competition in the marketplace.
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Quick takeaways
- The size of the marketplace is often much bigger than we realize, causing us to focus too much on one competitor instead of exploring other opportunities and channels.
- Instead of being reactive to competitors, it is important to stay focused on delivering value to customers and constantly improving our own business strategies.
Deep dives
The Fallacy of the Size of the Pie
The speaker discusses the fallacy of assuming that the size of the market is limited to our immediate circle. He shares personal experiences from his gyms and gym launches, where he believed competition from new players would drastically impact his business. However, he realized that the majority of people were not even aware of his or the competitors' existence. He emphasizes that the marketplace is much larger than we think, with numerous other channels and platforms beyond just Facebook. The key takeaway is to focus on delivering value to customers and constantly improving instead of being reactive and worrying about competitors.
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