The Game with Alex Hormozi Picking Your Niche | Ep 660
23 snips
Jan 18, 2024 The podcast discusses the importance of improving existing business models rather than pursuing new ones, cautioning against diving into unfamiliar niches. It emphasizes the significance of perseverance, hard work, and mastering various skills for long-term success in entrepreneurship. The value of gaining practical experience and expertise in a niche before selling information or services related to that niche is highlighted. It also emphasizes the need for patience, skill development, and building a solid foundation in a chosen niche. The importance of putting in time and effort, accumulating knowledge and experience through action, and considering industry experience when choosing a niche is discussed.
AI Snips
Chapters
Transcript
Episode notes
Improve Existing Models
- Success often comes from improving existing business models, not creating new ones.
- Doing a common service better can still lead to winning in the market.
Experience Before Expertise
- An agency owner struggled because he lacked real niche experience.
- Alex advised him to earn a real estate license and build a business before running the agency.
Learn By Doing
- Avoid taking shortcuts and learn by doing within your chosen niche.
- Get practical experience before trying to teach or scale in that industry.