The Power of Saying No: Achieving Balance and Success in Entrepreneurship w/ Alex Hormozi

As entrepreneurs start their journey, they begin thinking of different ideas and innovative inventions and solve real-world problems that can help and serve others. And so if an opportunity arises, they tend to just say yes to too many things, causing them to do numerous things simultaneously. This habit of just saying yes creates an imbalance in the effort people put into the money they earn.

Alex Hormozi discusses how he quickly shifts from running a business to running a portfolio, why choosing when to say no to many things is better than saying yes, why his entrepreneurial journey roots from being nurtured, and where we can find good young people to employ. Tune in as young leaders ask questions about investment, business, life, entrepreneurship, and more!

Quotes:

• “If you're a part of this community, doing stuff isn't really the limiting factor. It's the stuff we're doing which is the limiting factor. And so I defined the stuff that I want to do as the stuff that has the highest leverage, and I defined leverage as the difference between what you put in and what you get out. ” – Alex Hormozi
• “I think one of the things that have been helpful for me is thinking what hourly wage I want to have, and then not doing activities that I believe will make less than that.” – Alex Hormozi
• “Extraordinarily successful people say no to almost everything. So it's just the quantity and quality of the no’s, because the hard no’s are the ones that you want to say yes to. ” –  Alex Hormozi

Takeaways:

• If everyone is working for the maximum number of hours per day, the difference in speed is what they gain for their efforts. So looking for higher leverage options at the basic level of your career, such as starting a business, provides you with more leverage.
• Everyone has an hourly wage; whether you trade your time for money or not, you simply divide what you earned last year by the number of hours you worked, which is your hourly wage.
• Entrepreneurship is most likely the most effective avenue for personal development because you receive direct input from your surroundings, marketplace, employees, teammates, customers, etc. Therefore, if you produce less money every year, something must be wrong with your actions.

Conclusion:

Focus on what you do and how it can give you the highest leverage you can gain. Think of the hourly wage amount you desire and eliminate actions that reduce it. Remember that even saying no is hard; you must say it. It’s all about quantity and quality of no’s. These takeaways can help you succeed in entrepreneurship, ultimately leading to your personal development.