Alex Hormozi on Mastering Sales, Making Your First Million & Overcoming Mediocrity | The School of Greatness Podcast with Lewis Howes

Key Takeaways

  • Time horizon is the greatest differentiator between income groups
    • Those who know how to master time, know how to master money
  • Choose businesses based on the impact you want to make, not because of the money you’ll earn
  • Getting married is a great hack for making money
    • There’s a level of commitment that comes with a marriage that makes the whole relationship more stable and makes us more eager to take risks in other areas of life
  • CLOSER framework: Alex’s sales scripting process
    • Clarify why the prospect is there
    • Label them with a problem
    • Overview of past experiences or past pains
    • Sell the vacation – identify the top 3 things that will help
    • Explain away their concerns
    • Reinforce the prospect’s decision
  • Walk prospects through the decision process
    • Do you believe the product or service that we offer will get you where you want, the way you want it?
    • Do you want to work with me/us?
    • Do you have access to the money needed to start?
  • How to reach your first million?
    • Learn how to sell
    • Find the most expensive thing you can sell, and go sell it 
  • If nothing matters, you get to decide what matters – use your power
    • Greatness exists when reality exceeds expectations

Introduction

  • Alex Hormozi (@AlexHormozi) is an entrepreneur, investor, and philanthropist. In 2013, he started his first brick & mortar business, successfully scaling it to 6 locations in 3 years. He spent the following 2 years applying the same model to more than 32 brick & mortar businesses
    • In 2020, he founded Acquisition.com as a way to invest his monetary and intellectual capital into other businesses
  • In this episode, you will learn how to avoid the most common mistakes people make in sales, the most significant difference between people with financial wealth and those without it, and much more
  • Host: Lewis Howes (@LewisHowes)

Shifting Intention and Mindset From Scarcity to Impact 

  • Time horizon is the greatest differentiator between income groups
    • Money: a condensed unit of time
    • Those who know how to master time, know how to master money
  • Create something that can create a lasting change
    • Choose businesses based on the impact you want to make, not because of the money you’ll earn
  • Everyone who is successful now has 10 failed business ideas behind them
  • Marshmallow test and delayed gratification 
    • If I give you one marshmallow now or two later, what do you choose?
    • Kids who wait the most are believed to become most successful in life and share these values: an inflated sense of self, inferiority, and impulse control
  • You can know how wealthy someone is based on the time horizon they are using

The Effect of Love and Married Life on Business

  • Getting married is a great hack for making money
    • There’s a level of commitment that comes with a marriage that makes the whole relationship more stable and makes us more eager to take risks in other areas of life
    • Novelty gets traded for loyalty
  • Measuring love: how much are you willing to endure to keep it?
    • The more you love someone, the longer you’re willing to wait for another positive reinforcement 
  • 3 elements of successful marriages
    • Aligned mission on what you want to accomplish in life
    • Shared values on how you want to get there
    • Similar interests 
  • The best way to stay married is to figure out how to stay married
    • Deliberately create space for longing and variety
    • Since he started dating his now wife, Alex got in better shape and started making more money

Selling to Someone Who Doesn’t Want to Buy

  • At the beginning of every sale, ask yourself what problem you are solving for them
  • CLOSER framework: Alex’s sales scripting process:
    • Clarify why the prospect is there
    • Label them with a problem
    • Overview of past experiences or past pains
    • Sell the vacation – identify the top 3 things that will help
    • Explain away their concerns
    • Reinforce the prospect’s decision
  • “No is the job. If they could decide without you, you would be unnecessary.” – Alex Hormozi
  • Levels on which people upset themselves – it’s on you to challenge these
    • They blame the circumstances (e.g. time, money, fit)
    • They blame other people (e.g. spouse)
    • They blame themselves (e.g. avoidance)
  • Walk prospects through the decision process
    • Do you believe the product or service that we offer will get you where you want, the way you want it?
    • Do you want to work with me/us?
    • Do you have access to the money needed to start? 
  • If all 3 are yes, congrats, you just made the decision together!
    • Whatever reason they tell you that they don’t want to do it is the reason why they should do it

How to Reach Your First Million

  • Learn how to sell
  • Find the most expensive thing you can sell, and go sell it
  • The more expensive it is, the easier it is to sell

Alex’s Key Views on Life

  • Give first and without expectation
  • If you can’t do it forever, don’t do it for a day
  • If nothing matters, you get to decide what matters – use your power
  • Greatness exists when reality exceeds expectations
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