The Game with Alex Hormozi $1.2M Avoidable Mistake | Ep 281
Feb 25, 2021
The discussion centers on a costly $1.2 million mistake made during a software investment, highlighting the dangers of taking on too much too soon. Alex emphasizes the need for gym owners to track important data to understand client retention and profitability. He advises entrepreneurs to keep their business models simple for effective scaling. The importance of saying no to distractions is also explored, encouraging focus on core goals to prevent diversions.
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$1.2M CRM Mistake
- Alex Hormozi invested $1.2M developing a gym CRM, driven by gym owners' lack of data tracking.
- He realized he couldn't manage a third company and abandoned the project, learning a costly lesson.
Reinvest and Simplify
- Reinvest profits into your existing business, not new ventures.
- Focus on scaling what works, keeping it simple to grow bigger.
Say No to Shiny Objects
- Learn to say no to exciting new opportunities, as they can distract from your core business.
- Strive for energized focus, not emotional excitement, to make sound decisions.