How to go from $0 to MILLIONAIRE [33 min training]
Summary
TLDRLaila Hormozy, co-CEO of Acquisition.com, shares her journey and strategies to scale a business from zero to a million dollars in revenue. She outlines the four stages of entrepreneurial competence, from 'unconscious incompetence' to 'unconscious competence,' emphasizing the importance of learning, consistent selling, and overcoming fears. Hormozy provides insights on mastering sales, leveraging marketing, and focusing on one product, one channel, and one customer avatar to achieve business growth and success.
Takeaways
- 🚀 The speaker, Laila Hormozy, is the co-CEO of Acquisition.com, a portfolio of companies with about 100 million per year in revenue, and aims to help businesses scale from 3 to 10 million in revenue for free.
- 🎯 Laila emphasizes the importance of focusing on the journey to reach a million dollars in revenue, which is a milestone many businesses struggle to achieve.
- 🤔 She addresses the common question of how to make a million dollars and shares her experience in helping businesses reach this revenue mark, including her own journey.
- 🏋️♂️ Laila's entrepreneurial journey began with a personal fitness transformation, which led her to want to help others achieve similar results, eventually leading to her business ventures.
- 🔧 The concept of the 'hierarchy of competence' is introduced, outlining the stages of learning for any new skill, which applies to the process of scaling a business to a million dollars.
- 🌱 The four stages of entrepreneurship to reach a million dollars are defined as Entrepreneur, Starter, Producer, and Master, each with its own characteristics and challenges.
- 🔄 Laila discusses the common reasons why people get stuck at different stages, such as fear, a safety net, and lack of support, and how to overcome these obstacles.
- 🛠️ The importance of mentorship, resourcefulness, and ruthless execution is highlighted as crucial for moving from being a Starter to a Producer.
- 📈 The transition from a Producer to a Master involves mastering sales and leveraging marketing, as well as managing a team to create a more consistent and reliable business.
- 🎯 The key to reaching a million dollars is consistency and mastering the fundamentals of sales and marketing, rather than constantly seeking new opportunities or distractions.
- 💡 The final message is the power of focus and the need to say no to distractions in order to achieve the goal of making a million dollars and beyond.
Q & A
What is the primary goal of Laila Hormozy's channel?
-The primary goal of Laila Hormozy's channel is to help businesses grow from $3 to $10 million in revenue for free.
What is the focus of the video that Laila Hormozy discusses in the script?
-The focus of the video is to provide a framework for individuals to understand how to get their business to a million dollars in revenue.
What is Laila Hormozy's background in terms of business experience?
-Laila Hormozy has personally sold over 3,000 fitness programs, serviced over 6,200 high ticket B2B customers, and built and sold three businesses in different sectors, each for multiple eight figures.
What is the significance of the 'Eating [__]' stage in Laila Hormozy's entrepreneurial journey?
-The 'Eating [__]' stage refers to a challenging period in her career where she and her business partner lived in extended stays, worked tirelessly, and traveled extensively to turn around gyms, which eventually led to the success of their business, Gym Launch.
What does Laila Hormozy attribute her success to, apart from hard work?
-Laila Hormozy attributes her success to being smart enough to achieve it and dumb enough to believe it's possible, emphasizing the importance of self-belief.
What is the 'Hierarchy of Competence' and how does it relate to making a million dollars?
-The 'Hierarchy of Competence' consists of four stages: unconscious incompetence, conscious incompetence, conscious competence, and unconscious competence. It relates to making a million dollars by illustrating the learning process one must go through to consistently sell something people want, achieving product-market fit.
What are the four stages of entrepreneurship to reach a million dollars as outlined by Laila Hormozy?
-The four stages are Entrepreneur, Starter, Producer, and Master. Each stage represents different levels of competence and understanding in the business growth process.
What is the main challenge for someone in the 'Producer' phase according to the script?
-The main challenge for someone in the 'Producer' phase is achieving consistency in their business. They may have some sales and marketing skills but struggle with reliability and stability in their revenue.
What advice does Laila Hormozy give for overcoming the fear of the unknown when starting a business?
-Laila Hormozy suggests creating more safety in the unknown than the known, or 'burning your boats' by eliminating the safety net, to force oneself to commit fully to the new venture.
What does Laila Hormozy suggest as a method to gain clarity and move forward as a 'Starter'?
-Laila Hormozy suggests investing in a mentor, course, or coach to gain clarity. She emphasizes the importance of ruthless blind execution and being resourceful during this phase.
What is the role of 'focus' in achieving a million dollars in revenue, as discussed by Laila Hormozy?
-Focus is crucial in achieving a million dollars in revenue because it allows an entrepreneur to concentrate on one product, one channel, and one avatar, blocking out distractions and maintaining consistency in their efforts.
Outlines
📈 Introduction to the Million-Dollar Business Journey
Laila Hormozy introduces herself as the co-CEO of Acquisition.com, a portfolio of companies generating around 100 million per year. Her channel aims to help businesses scale from 3 to 10 million in revenue for free. She addresses a common question about reaching the first million in revenue and shares her experience in helping businesses achieve this milestone. Laila outlines a framework for reaching a million in revenue and invites feedback from viewers. She also discusses her personal journey, from having no management experience to selling fitness programs and building successful businesses.
🚀 From Zero to One Million: The Entrepreneurial Struggle
This paragraph delves into Laila's personal struggles and her path to becoming a successful entrepreneur. She talks about her transformation from a troubled past to a driven individual focused on fitness and personal development. Laila shares her early attempts at entrepreneurship, including moving to California, working at 24 Hour Fitness, and venturing into online training. She emphasizes the importance of persistence and the willingness to learn from failures, highlighting her journey from the 'eating [__] stage' to the establishment of Gym Launch and Prestige Labs, which eventually scaled to 50 million in 20 months.
🎯 The Four Stages of Entrepreneurship to Reach a Million Dollars
Laila outlines the four stages of entrepreneurship necessary to reach a million dollars in revenue: Entrepreneur, Starter, Producer, and Master. She explains that each stage represents a different level of competence and understanding of one's own skills and business. Laila emphasizes the importance of learning and growing through each stage, from being unaware of one's deficiencies to mastering the skills needed to consistently sell a product or service that customers want.
🤔 Identifying and Overcoming Obstacles to Reach a Million
In this paragraph, Laila discusses the obstacles that prevent many entrepreneurs from reaching the million-dollar mark. She identifies three main reasons: negative influences from one's inner circle, the security of a safety net that prevents taking risks, and fear of the unknown. Laila suggests strategies to overcome these obstacles, such as seeking mentorship, breaking perfectionist tendencies, and surrounding oneself with successful individuals who can provide valuable guidance.
🛠 The Producer Phase: From Inconsistency to Predictable Growth
Laila describes the transition from a Starter to a Producer, where an entrepreneur begins to see some success but still faces inconsistency. She explains that at this stage, an entrepreneur starts to wear multiple hats, handling sales, billing, and other aspects of the business. The key to moving past this phase is to find mentors, understand the importance of adaptability, and focus on sales and marketing skills. Laila also discusses the common pitfalls at this stage, such as the fear of hiring and the struggle to let go of control.
🏆 Achieving Mastery and Consistent Revenue Streams
In the final paragraph, Laila discusses the Master phase, where an entrepreneur has achieved consistent sales and predictable growth. She emphasizes that reaching this stage requires hard work, focus, and the ability to leverage systems and people effectively. Laila also addresses the challenges of maintaining this level of success, such as avoiding shiny object syndrome, the fear of hiring, and the overcomplication of systems. She concludes by stressing the importance of focus and strategic choices in order to continue growing a business beyond the million-dollar mark.
Mindmap
Keywords
💡Entrepreneurship
💡Revenue
💡Mentorship
💡Product Market Fit
💡Sales
💡Marketing
💡Leverage
💡Consistency
💡Fear of the Unknown
💡Shiny Object Syndrome
💡Focus
Highlights
Laila Hormozy introduces herself as co-SEO of Acquisition.com, a portfolio of companies with around 100 million per year in revenue.
The channel's goal is to help businesses grow from 3 to 10 million in revenue for free.
Laila addresses the common question of how to reach a million dollars in revenue, sharing her experience from helping businesses achieve this milestone.
She outlines a simple framework for reaching a million in revenue, based on her own journey and insights.
Laila shares her personal story of transformation from a troubled past to becoming a successful entrepreneur.
She emphasizes the importance of starting with a clear idea and the willingness to learn and improve.
The concept of the 'hierarchy of competence' is introduced, detailing the stages of learning for any new skill.
Laila discusses the four levels of entrepreneurship to reach a million dollars: Entrepreneur, Starter, Producer, and Master.
She explains why most people get stuck and how to level up past the 'Eat [__]', a stage characterized by hard work and little financial gain.
The importance of mentorship and finding the right guidance to navigate through the stages of business growth.
Laila talks about the transition from doing everything oneself to delegating tasks and managing a team.
The video emphasizes the need to overcome fear, resist shiny object syndrome, and maintain focus on one's business.
She discusses the challenges of scaling a business from one million to ten million dollars and the importance of consistency.
Laila shares insights on how to identify and overcome the barriers that prevent businesses from reaching a million dollars in revenue.
The video concludes with a call to action for viewers to reflect on their current stage and identify the next steps for growth.
Laila invites feedback and encourages viewers to share their thoughts on the video's content and style.
Transcripts
what is up welcome to my channel my name
is laila hormozy co-seo of
acquisition.com which is a portfolio of
companies that is about 100 million per
year in revenue and my goal with this
channel is to get you from wherever
you're at in your business between 3 to
10 million in revenue for free that
being said video that i have made for
you today is actually um i try to really
break down because i get this question a
lot i get this question leela how do i
get to a million dollars in revenue and
i talk a lot on this channel about how
to get to you know 5 million or 6
million or 10 million i think honestly
guys like that's because i don't know
that's where i live and that's where i
spend most of my time is just helping
people who are already at you know
between three and six but for a really
long time in my career in fact the six
years prior to starting acquisition.com
all we did was help people get to really
that one million revenue mark and so i
kind of put my head down and worked a
couple weeks on this presentation really
outlined like a simple framework for how
to get to a million in revenue so uh let
me know what you think in the comments i
hope this is valuable and useful for you
if it's not let me know if it is let me
know i would just like feedback so enjoy
the video and uh hope that i've earned
my whatever 40 45 minutes that this is
all right like i said in the
introduction today we're going to talk
about how to make a million dollars so
this is definitely a different kind of
piece of content because i usually talk
about
you know making eight figures or like
you know being the ceo etc but a lot of
people ask me like how do i make a
million dollars and i kind of want to
put together like a generic
how-to for those people that are asking
and so this is gonna be a little bit
different than my normal content but i
think it's really important so if you're
starting out and you're at zero or
you're at you know i don't know 10 grand
a month 20 30 40 50. whatever if you're
not making a million dollars yet this
video is for you that being said what i
want to share today is really a couple
things the four levels of
entrepreneurship to get to a million
dollars because i can talk about and i
have talked about you know levels of
entrepreneurship to get to 100 million
plus but i haven't talked about how to
get to a million and it's really a
journey of its own i also want to
include in there why most people stay
stuck and don't make a million dollars
and then how do you level up past this
that being said who the heck am i and
i'm reintroducing myself to those who
don't know who i am because i think that
you know hopefully this video uh helps a
lot more people than typically watch my
channel and i think that it would do you
disservice not to explain why i'm
qualified to talk about this at all so
for the last half decade i've taken home
an average of a hundred and a hundred
one million and two hundred
i don't even know how to say the name uh
over a million dollars 1.2 million
dollars a month as a 29 year old from
portage michigan so i have personally
sold over 3 000 fitness programs
serviced over 6 200 high ticket b2b
customers provided supplements to over
200 000 people in the united states and
personally built skilled and sold three
businesses one service one sas and one
e-commerce four multiple eight figures
for each one so i say this not to sound
uh like i'm pumping myself up but to
motivate you because crazy enough is i
started where all of you guys are right
now so if you're watching this you
haven't made a million dollars i had no
[ __ ] experience before i made a
million dollars in fact no management
experience i had no formal training i
didn't barely had taken any courses and
somehow i still managed to make a
million dollars so if you have zero
experience you can still do it too that
being said you know it really started
with um and many of you can relate to
this because there's something in your
journey that probably got you started
wanting to be an entrepreneur or make a
million dollars for me it was my fitness
journey so as you can see over here on
the side i was a fat and you know
basically drinking all the time i got
arrested six times you know i just
didn't know what i was doing with my
life and i felt honestly terrible about
myself and it wasn't until you know one
day i kind of woke up to realizing that
if i kept going down that path i was
just going to become this person that i
really really really [ __ ] didn't want
to be and so it's really driven from a
place of insecurity and fear that you
know drove me to you know lose weight
and really go into my fitness journey
stop drinking stop doing drugs stop you
know being a [ __ ] ass and turn my life
around and it really changed me as as a
person entirely so naturally what i want
to do is help other people do the same
and i see this a lot in people that are
you know starting their first business
is it kind of is derived from something
you did for yourself you know like
you've achieved something for yourself
you figured out something for yourself
and now you want to help other people do
it too and so for me that was in fitness
and so i actually end up moving from
michigan to california i didn't know
anybody i took my prius packed it up two
days after i graduated college i drove
out there and i was like i'm just gonna
go apply to uh every gym that i can
think of and try to get a job some more
and that being said i ended up getting a
job at a big box gym called 24 hour
fitness in california and then i kind of
started dabbling in online training you
know i'm doing fitness i'm learning that
i'm realizing that it's all sales and
marketing and you know the fact that i
know how to move your elbow the right
way nobody gives a [ __ ] about and so i
started dabbling in online training
because that was actually really hot
back then and then at that point that
was really the peak of my fitness career
right so i was drinking monster all day
i was doing fitness exercises i was
doing competitions i was doing races
training people all day and i kind of
knew that i wanted to do something in
fitness but i felt like this is just too
much like this is not efficient i'm
trading time for money and i wanted to
figure out a way to leverage myself and
so then i met this stranger on the
internet um actually i met him on bumble
uh you might know who he is his name is
alex romosi he also has a youtube
channel that is really great and i met
alex and he was basically like uh
you know quit everything you're doing
and you'll make way more money if we do
this gym launch thing together and i was
like dude i've got an opportunity to
have an online business i have an
opportunity to or not to be in a gym and
like i don't understand and he was like
i swear to god you'll make way more
money if we do something together and i
was you know 23 at the point at that
point and really young and so i was like
[ __ ] it you know like worst case
scenario i live on my parents couch and
like that's not even bad at all like
i've done that before
it's like high school all over again so
we launched essentially a gym turn
around business together and that's when
we entered the eight [ __ ] stage and this
was when we had essentially no money we
were living out of extended stays
basically what we would do is we would
do the marketing and sales for jim and
we would fly out to that gym uh so i'd
be like in hawaii he'd be in virginia
we'd fly out to the gym and we'd do the
marketing and we'd sell people into
their facility and then try and you know
semi help them keep those people at that
point you know we had no money we were
you know working all the hours of the
day plus more living out of motels
extended stays and uh flying around all
the time so i think we did like 33
cities or some crap like that in 18
months i mean it was just it was bananas
and so that's why i called the eat [ __ ]
stage after nearly two years of being in
the eating [ __ ] stage we finally found
some success after tons of having money
stolen and losing everything and having
only a thousand dollars left and getting
our processors shut down just tons of
crazy [ __ ] we finally got some success
and that's when our company jim launch
was born really from there it just
continued to go up uh you know we had a
lot of success stories we had if you see
everyone on the swords over there it's
all those people making a million
dollars that's the first team picture we
ever took and then we had some more
success alex wrote a book called jim
launch secrets we were able to donate
actually we donate over two million
dollars to after school all-stars we
started prestige labs which is an
e-commerce uh supplement line and really
we actually were able to scale from
nothing to 50 million in 20 months and
so i say this to impress upon you that
anybody can do it because listen i'm not
the smartest person in the world i in
fact don't think there's anything
uniquely special about me i just am
smart enough to do it and dumb enough to
believe it's possible that's what i like
to say and then that chapter ended right
we actually end up selling gym launch
and prestige labs to apg which is an
investment group and promoting uh maggie
and kale owen to become a ceo and ceo of
those businesses and they're actually
doing really well they're continuing to
grow without us and um you know we moved
on to kind of our next chapter which we
really took 18 months to think about
what we would dedicate our rest of our
lives to and we decide on
acquisition.com and acquisition.com is
really our mission is to document and
share the best practices that build
world-class businesses and we do that
guys by we talk to 30 businesses a week
we work with all the portfolio companies
that we are invested in and we take
those practices and we share them here
on youtube for free and the reason for
that is because alex and i had to ask
ourselves like what is something that we
would do if we were never paid for it
and i [ __ ] wish that i had had
somebody telling me and sharing with me
like unapologetically and without any
scarcity all the stuff that i i needed
to know when i was building my business
and i wish i'd had that information and
so you know that's what we do and as for
the portfolio companies like i wish i
had had some on that i could just bounce
everything off of who'd already been
there who'd already done it and they
were there honestly whenever i needed
them and that's what we are to them and
so that is when we decided to start
acquisition.com to kind of uh you know
bring it back around what i have
realized in in doing this is that many
of the people in fact we get about you
know almost a thousand inquiries a month
for acquisition.com only three percent
of businesses actually ever make only a
million dollars in total revenue so we
often more than often than not you know
i would say 60 of those people haven't
even made a million dollars yet so
they're doing you know 200 grand a year
400 grand a year maybe 500 grand a year
and they're stuck they can't figure out
how to get to a million dollars and so
that is why
i'm making this video today because i
want you to understand that this is what
i see the most of is people that are not
able to get that million a month mark
and i want to kind of provide some
clarity into the patterns that i have
seen over talking to hundreds and
hundreds and hundreds of people
as to why they're not able to get there
and what this means just so you know is
that out of every 100 people only three
are going to hit a million dollars which
is crazy right because there's a lot of
ways that you can make a million dollars
right you could sell a thousand people
into a thousand dollar product you could
sell 500 people into a 2000 product you
could sell 200 people a 5 000 product
you could sell 100 people a 10 000
product there's a lot of ways to make a
million dollars but
despite that you know only three out of
100 businesses ever get there and so
what that means is too is like if you're
watching this video and you haven't had
a million dollars are you one of those
three i think that if you watch this
video you have a higher likelihood of
increasing your success in doing so and
that being said our goal is really to
create free training materials to make
this simple for you guys and that's why
i've created this video today because
what else would i do with my life before
i die and so that's why what i want to
share with you today uh is really what
i've done personally four times which is
i'm not saying i've only made a million
dollars four times but i have gotten
over the million dollar mark four times
personally and i've helped over 200
businesses directly do so indirectly i
would hope it's a lot more from the
content we put out there and such but i
can you know recognize 200 that have uh
been because of our direct teaching that
being said i hope in sharing this with
you and sharing my own story you
understand that i deeply understand
where you are i care because i've been
there that was our bank account when we
had only a thousand dollars and this
wasn't that [ __ ] long ago guys this
is like look at that that's 2016. i
didn't start with any resources in order
to act like we didn't have any more
information than you do today and if
anything i want to give you more
information than i had so you understand
how to get there faster and with less
headache and hopefully people don't rob
you and you lose all your money because
that sucks and so what i want to dive
into is really the repeatable process
that i have learned from how to get from
zero to one million dollars so let's go
in who here has heard of the hierarchy
of competence there's no crowd so raise
your hand at the computer right okay
somebody probably has somebody has
probably not essentially what it is it's
the stages of learning for any new skill
and it looks like this you've got
unconscious incompetence conscious
incompetence conscious competence and
unconscious competence okay so what does
that look like right well unconscious
incompetence is really you're dabbling
in something and you don't know that you
suck yet you're so new to it that you
have no idea how [ __ ] bad you are
and i think everyone starts there and
the only reason you get started is
because of this because if you knew who
bad you were you wouldn't even start the
second stage is conscious incompetence
which means that you're aware that you
suck and you're getting better at not
sucking so you're like i [ __ ] blow
but because i know how bad i blow i know
how much i need to improve in order to
get where i need to go conscious
incompetence is you suck less with
practice and effort so you're like i am
now putting the work in i have a
consistent routine i know what i'm doing
to get better and the unconscious
competence is you don't suck much at all
with very little effort right and so you
might see people that you're like i
don't know how they do that that would
take me hours and days and can't even
imagine it's years and years of
competence built up so it takes very
little effort to have a high output
competence leads to confidence and so
right now if you haven't hit a million
dollars yet you might not be feeling
very confident the thing is that you're
not going to get there until you get
through the period of [ __ ] until you go
through the eat [ __ ] stage where you
feel like [ __ ] you're not confident you
don't believe in yourself you never get
to the other side where you do and so
how does this really relate to you zero
to one million dollars is all about the
learning process of consistently selling
something that someone wants okay what
does that look like alex and i have come
up with this framework for entrepreneurs
zero to one million you have one product
one avatar one channel the problem is
you have no [ __ ] clue what you're
doing that is the problem at zero to 1
million you don't know what to do you
don't know who to ask you don't know
where to go the objective is that you
consistently sell something people
actually want which is essentially
achieving product market fit that is
when you have found something that
customers actually want to buy for the
price that you were selling at or the
value you provide so that being said i
uh i put these into phases that i've
labeled and i'm not going to give you a
revenue level for what these each look
like but i am rather going to label them
because the revenue level is different
depending on the business you're in and
depending on the market that you're in
and so if you look at this when you are
unconsciously incompetent you're really
an entrepreneur you don't know how bad
you are and you're you know looking to
get started but you really just have no
clue how much you suck conscious
incompetence when you're aware that you
suck and you're getting better you're
typically a starter you've gotten
started you've got your feet in there so
you see what it should look like and you
realize that you're very far away then
when you're consciously competent you're
typically a producer which means you are
able to produce money you're making
money right and more consistently and
you suck less but you're not mastery and
then last level is really in unconscious
competence which means you don't suck
much at all and you put very little
effort into not sucking you have
mastered the skill and so in order to
get to one million dollars to
consistently sell something you have to
go through these four stages to get
there and that is why i've observed time
over time again
if you think about this in the context
of something easy like sales which many
people watching my channel might know
this is kind of what it looks like to
master sales it's like when you master
sales it doesn't take much effort at all
and you're very consistent that's when
your sales master so first i want to
define what each of these is so first i
want to start off at unconscious
incompetence which is when you're an
entrepreneur a entrepreneur is going to
be defined as someone who is dabbling
yet unaware of their skill deficits that
are needed to start a business they're
dabbling they have no idea how much they
don't actually know and so typically
what this looks like is you start with
an idea and three months later you have
an idea you have nothing else you have
no business right that is what i would
define as an entrepreneur you have no
tangible evidence to support that you
have a business then you have a starter
a starter is someone who at least gets
started they have actually started the
business they currently have an llc that
they own right consciously incompetent
so they're aware of their deficits and
they're attempting to create positive
business impact through acquiring new
technical skills specifically sales and
marketing that is typically where people
start am i saying that's a hundred
percent of the time no but typically
it's sales and marketing and so what
that might look like is you have an idea
and three months later you do have a
business you have an llc you know you
have something that you have actually
created and put together and then we go
to producer which is when you're
consciously competent right this is
someone who is aware of their deficits
and is inconsistently
creating positive business impact
through their technical skills again
specifically sales and marketing so you
are able to produce results it's just
not reliable so it feels very up and
down erratic there's no consistency in
the business right lumpy revenue etc so
what that looks like is you know you
started the business and then you make
inconsistent progress which is like some
weeks you feel like none someone feels
like there's a ton it's just up and down
and then you go to mastery which is
unconscious competence which is someone
who is aware of their deficits but can
consistently create positive business
impact through practice technical skills
influence and vision a master is
somebody who then once they master just
being consistent at the skill they make
a lot more progress so you can see that
between starting the business and
consistently adding in that positive
progress you add a lot more over time
once your competence breeds confidence
the growth is then exponential getting
to a million is the hardest part if you
can make it there it is much easier once
you get there and this is usually what
happens you hit a million dollars and
then literally it's like compounded and
you hit 10 million so much faster you
hit a million and i can tell you this
i've done it time and time and time
again it's like it takes so much
tweaking and working and skill
acquisition and like breaking of your
own beliefs to get to a million dollars
once you've gotten there you've done a
huge amount of work you just have to
kind of double what you're doing to get
to 10 million it's much more simple so
the question is what level do you fall
into and i would like you to really
think about this like in terms of those
levels of the entrepreneur the starter
the producer and the master where do you
fall and that's going to help you as
you're watching the rest of this
presentation on the youtubes
and so again what i would also say is
that if you're watching this we lose 40
percent of new information that we see
or hear within the first 24 hours so i
say atn always take notes that being
said first off let's go into
entrepreneur what is an entrepreneur
what does it look like and how do we
move on to the next level entrepreneur
you are dabbling you do not know how bad
you suck you are unaware of your suckage
for me what this looked like was uh you
know if i were to say what it looked
like when i was on entrepreneur right i
was doing some online traveling training
with you know some clients online
dabbling in it training some people in
person dabbling with it you know
honestly just mentally masturbating all
day like spent all my time in my head
just like constantly overthinking and
then literally just consuming the shout
out of everything like masters of scale
you know entrepreneur on fire
entrepreneur podcast gary vee tai lopez
rich dad poor like anything i'd get my
hands on i was eating it up
but there was honestly no action right
like i was literally just in my head all
day whether it was consuming things or
was overthinking things and so typically
what it looks like is this right i got a
new idea i bought a domain did nothing
with it bought a new got a new idea i
bought a domain i never actually shipped
the project and i really liked this
little i saw this somewhere i think on
twitter i thought it was hilarious
because i feel like this embodies an
entrepreneur and so if you look at it
really the level you're at as an
entrepreneur you're dabbling without
awareness of your suckage your beliefs
are i'm not sure i could do this so i
will test it out until i am sure of
myself right it's like i can't go all in
because i'm not sure i can actually do
this the key trait of somebody like this
is you're highly cautious the key skill
is the skill is overthinking like you
are overthinking everything and your
time is constantly spent in your head
overthinking that's what it looks like
to be an entrepreneur here's the thing
startups have a 10 chance of success
ideas never executed on heavy zero
percent chance and so if right now
you're watching this video and you're
like i need some inspiration to get
started to tell me i'm going all you
have to do is [ __ ] get it started
like if you just get started you at
least have a 10 chance if you never
start you have zero think about it so
the question really is why do so many
people get stuck there's really three
reasons at this level one i see a lot of
this you've got a spouse a spouse who's
holding you back people around you that
are holding you back it's your spouse
it's your friends it's your inner circle
they don't believe it's possible they
don't root for you they don't support
you it is
much harder not impossible but much
harder to succeed when you're surrounded
by people who are [ __ ] the second is
you've often got some kind of safety net
which i say is the golden handcuffs
which it's probably a high paying job
maybe it's that your spouse has a high
paying job uh there's something there
that allows you to remain safe and so
you feel no need to jump because you're
like well i've got this thing and it's
really good but it's not much you want
it's not for you and then lastly is fear
it's just fear of the unknown and people
don't know how i'm scared of this i was
scared of that humans are scared of
unknown they're they're scared of
situations that they cannot predict and
that's [ __ ] okay you're never not
going to be scared of a new situation
you just have to understand that's just
your brain and how it works it's 2
billion years old or 2 million years old
what the [ __ ] ever
and it's not you this is not it's not
special to be scared you have no unique
situation it's just unpredictable that's
all
and that's why so many people say suck
the question is how does somebody
actually level up at this point a lot of
the time
you have two options which is
create more safety in the unknown than
the known right by basically mentally
tricking yourself or burn your boat so
you have no option for me it was burning
my boats that was what i had to do i had
to quit my job i had to get rid of my
clients i had to say i'm doing this and
if i fail i'm not going to die like if
you fail starting new business you will
not die so like
what's there to be scared of like you'll
be okay so that is how someone levels up
now starter okay
a starter is somebody who is aware they
suck and they are getting better right
consciously incompetent what did that
look like for me when i was a starter
well i'd quit my job i had decided i was
going to go fly around the country and
do this gym launch thing started taking
online courses honestly just testing
stuff you know like i was taking online
courses watching youtube videos reading
books you know all anything i get my
hand on at this point like online
learning was just kind of starting so
it's like not as popular as it is today
so you dig a little bit more i was
flying around the country you know
basically just testing out launching
these gems it was like i would say the
first three were just like complete
tests it was like i don't even know if
this is going to work and that's kind of
what it looked like now what does that
look like um in terms of the level well
i'm a starter i'm aware that i suck but
i am getting better and i'm trying to
get better my belief at this point had
changed my belief was if somebody else
has done it there is a chance i can do
it too and that's really all you need is
like if there's evidence that one person
on this earth who is made up of the same
[ __ ] as me can do something then there's
honestly no reason why i couldn't
my key trait is that i'm resourceful
right and in this in this phase that is
absolutely the number one trait that you
need is to be a person of
resourcefulness the key skill right here
is actually ruthless blind execution
because the thing is like i said when
you're going to a million you just don't
[ __ ] know and you have to be okay not
knowing and you have to be able to act
even when you're not knowing and where's
your time spent at this point you know
you've just started a business you're
just getting in you're 100 sales 50
coaching 50 admin 50 delivery 50 on
billing 50 learning 50 programming 50
marketing you are doing all of it you
are working overtime it is uncomfortable
that is okay you will not be here
forever it is a season and so the
question is why do so many people get
stuck well at this stage there's a few
things that i see that typically prevent
somebody from getting to the next stage
right when i'm talking about you want to
understand the one project one channel
on avatar all those things right in
order to get past the not knowingness
right what do i do next who can help me
who is my avatar what are my values
because at this point you've gotten
started but you have no idea who is my
avatar what is my product what is my
channel how should i market right the
first thing you probably want to do is
invest a mentor this could be a course
this could be a coach this could be you
know something it doesn't need to be
like a person one on one coaching you
but like some kind of program or
guidance because what you need right now
is clarity you have no clarity you don't
know what to do next you have no [ __ ]
clue doing something is better than
nothing and doing something cookie
cutter that somebody else tells you do
is often also better than trying it on
your own because right now you have no
[ __ ] clue so that's the first thing
the second thing is that a lot of people
say suck because they don't break their
perfectionist mentality they get started
and they can't even figure out how to
grow because they won't let anything not
be perfect and so because of that they
actually paralyze themselves and then
they don't do anything they get started
they build the business they get like
one person in there and then they're
like i can't do anything because if i
can't do it to 100 i can't do anything
at all and here's the thing in the
beginning you suck at [ __ ] everything
because it's just you and that's okay if
you don't get past this you don't accept
that you will ever actually reach a
million dollars and then the last part
and this is a theme you'll notice is
that you typically are surrounded by
idiots you know people are just getting
started and you're taking advice from
people who aren't even where you want to
be and it's typically something that i
see in people that haven't reached a
million dollars and i'm like well who
told you that i was gonna do it they're
like well the contractor i got from
upwork said blah blah or like my friend
who is a mechanic said that and you're
like dude
if they're not where you want to be why
are you [ __ ] listening to them that's
not going to help you so you have to
stop listening to idiots you have to
only listen to the people who know where
you're trying to go and have been there
before and so the question on how does
one level up is really just utmost
clarity you need to get clarity of your
avatar and clarity of your product and
you only get that by finding people who
have been there before watching what
those people have done and using that as
like almost like a stilt to get yourself
off the ground because like at this
point it's usually better to replicate
before you innovate because you're just
trying to get started and like you want
to know that the method isn't wrong and
if you've never done it before how are
you going to know if the method is wrong
or not probably only if you find
somebody else who's done it now once
you've gotten started and you've leveled
up past that we move on to the producer
phase okay what's the producer phase
this is when you suck less with a good
amount of practice and effort so for me
what did this look like right well i was
actually making a good amount of sales
um it wasn't like highly consistent but
i was making a good amount of sales i
was wearing all the hats but still
mainly doing sales as a priority but
also doing billing i was also dming
people i was also doing contracts i was
also doing taxes i was literally doing
everything and all of the hours involved
the days and then i started working with
multiple mentors who knew what the next
step was i think that's a big piece of
success when you're under a million
dollars like finding somebody that you
can trust everything that they say is
not going to make sense
probably half of what they say is going
to be applicable to you but it is better
to follow somebody than nobody at this
point because you've no [ __ ] clue
what you're doing and so what this
really looks like broken down you're a
producer you suck less with practice and
effort the belief is that if i want to
be great i have to suck first anyways
that's the thing you don't become great
without sucking
kobe bryant whatever first time i picked
up basketball probably sucked if you've
never done something before of course
you suck nobody's there's rarely
somebody that's naturally talented at
something so to hold that belief and to
think that you must be good in order to
do something is just keeping you stuck
where you are the key trait of somebody
at this point is they're determined they
see a little success they see the light
at the end of the tunnel and they're
like i need to keep [ __ ] going now
the key skill here is you've got
adaptability and sales and light
marketing right at this point in most
businesses that i am speaking to on this
youtube channel you most likely need to
understand sales and some like marketing
in order to get to this point where's
your time spent again
[ __ ] everywhere
you are you are spending your time
everywhere at this point it is pretty
much the same as when you started it is
just getting harder and harder and
there's like it's building up to the
point where you're not going to be able
to do it on your own and so at this
point typically what it looks like when
you've moved in the stage where you can
produce is just inconsistent is you have
a really flexible infrastructure you
might have a digital agency that's
running your ads and you might have like
two vas or something to that extent that
are like helping you with dms or helping
you with something involving the
marketing or sales they're basically
assisting you and helping you leverage
yourself out of the marketing sales just
a little bit and so the question is why
do so many people get stuck right the
questions at this point are should i
spend more money i'm nervous that nobody
will do it like me if i get more people
in here to help me what is a priority
right now and am i stable enough to
invest more into this business at this
point many people stay stuck because you
have science working you have a little
bit of leverage but you're afraid you're
afraid of really committing to it and so
people typically resist trading money
for time you've been so used to trading
time for money that's what you've done
to get here
to trade money for time is very foreign
but the thing is that until you start
you know hiring people paying more money
to leverage yourself you're never going
to get out of the stage the going hand
in hand with this is the need for
control right which is you don't want to
let anybody else do anything because
you're afraid nobody will do it like you
the thing is you have been doing it that
long you probably still suck some
and the longer that you delay giving
this to somebody else the longer that uh
you get better and the person who should
be doing it in the future gets worse and
then lastly is the inability to manage
time effectively is often people are
still saying yes to what they said guess
to when they were a entrepreneur they're
still trying to maintain those
friendships they're still trying to
maintain that lifestyle they're thinking
there's something wrong with the fact
that they're working so much
and they're trying to maintain what they
were doing before rather than
sacrificing for the short term knowing
that you're in a season getting to 1
million is the hardest season
and it requires a lot of focus and
effort the more time you spend on a
daily basis to get there the faster you
will get there the more hours you
dedicate per week to figuring out how to
get to a million the easier it is when
you get to a million and the more time
you'll have back then so it's worth
investing the time letting go of the
control and starting to realize that you
also need to trade money for time and so
if you want to level up again like i
said you want to learn to trade money
for time and then usually take that
money trade it for talent and buy back
your time because at this point what
you've realized is that in order to even
be consistent you have to have one to
two people helping you full time and so
lastly we reach the level of master
right master is when you are able to
make a million dollars what does that
look like it's usually unconscious
competence you have figured out how to
sell something consistently to somebody
that they actually want what this looks
like you are consistently making sales
you have predictable sales you know that
you're going to grow month over month if
you continue making these sales you have
happy customers you have a mentor who's
helping you and you have support so
delivery systems are solid you're not
just you know scrapping things together
you've got some people helping you so
that this isn't like a house of cards
and so here's the thing
if you don't interfere with this process
you will reap the benefit of time
and what happens is that most people
don't allow that to happen they
interrupt the natural process that will
occur to allow you to reach a million
dollars i'll explain what that means in
a second so you're at the level of
master you don't suck and it requires
much less effort so you're saving time
in terms of your expertise your belief
is often that consistency trumps
intensity you realize now that what guy
you started doesn't keep you going
consistency is going to be a more useful
tool right now than intensity key trait
is that you are industrious you're
working your freaking ass off and your
key skill is sales and leveraged
acquisition so you might still be making
all the sales but you have leveraged the
marketing so you are lightly involved
but not nearly as much as you were
where's your time again it's selling
overseeing marketing coaching calls
directing small vendors and contractors
and typically at this point you have
outsourced some of the small admin work
to those people that are on your team
right you've got someone else helping
with billing somebody helps helping with
contracts and you're managing those
people and so what that might look like
again is that you have a few more people
on your side you know you've got uh
three part-time or even full-time people
that are helping you with delivery
you've got outsourced accounting you've
got outsourced marketing and of course
these are not fully outsourced you're
heavily involved in the management and
then you have these people that are
helping you leverage or delivery systems
and that's typically what it looks like
so why do so many people get stuck why
is it that so many people can't level
out here once you've hit a million
dollars how do you level out of a
million dollars it's really actually one
of the hardest transitions for
entrepreneurs
is you ask yourself these questions
right
what if there's a better opportunity
now that you see that you can make a
million dollars you start to think where
else could i make a million dollars look
at all these other cool things i could
do
and then you think
uh this is not another business this is
a new product line i'm going to start
you start thinking i need new things now
i've reached i need something new we
need a new product i think maybe enough
people aren't buying it now and then you
wonder should i hire help how many sops
do i need like what do i need to do to
grow this business
so i would say the first threat to
getting past a million is shiny object
syndrome i can't tell you how many times
i've talked to people once they make a
million dollars they start like four
more businesses and guess what they just
have four businesses making a million
dollars their life is like so [ __ ]
complicated
it's shiny object syndrome
it's thinking that
that new opportunity is better than the
current opportunity but the reality is
you just don't know enough about it yet
to know that it has the same amount of
[ __ ] as the one you are currently in
the second is the lack of ability to
hire you are refusing to hire help
you're thinking i don't know if this is
consistent i don't know what this is
going to look like i don't know i don't
know and you're so uncertain that you
are refused to hire people out of fear
of loss
the thing is you will never win unless
you take some risk and risk at this
point is using is bringing other people
onto the team and knowing that if it
fails you have to fire people or if this
doesn't work out it's on you
but like you're never actually going to
have a business unless you get past that
point
and then lastly is overthinking systems
there's like a thing that happens at a
million where everyone's like i need
sops i need order and i need to have a
million systems in place
and you actually bog your your business
down if you're at a million dollars you
don't need that many [ __ ] systems
you're fine on excel sheets i know
people with 50 million dollar businesses
that run off excel sheets there's
nothing wrong with that it's working
it's working
so at this point you don't need to
reinvest in heavy infrastructure most of
the time and so the question on how do i
level up
is really in 90 of the cases focus
there's this thing that happens when we
hit a million dollars and we think we're
now the special unicorn we're the
special case scenario where's you know
we've got to do something else we need a
new product we need a new business we're
in the wrong opportunity vehicle
and we steal our future success from our
future selves
by quitting too early by giving up too
early by losing focus too early and not
reinvesting in the current thing we have
and so at this point that is when focus
is the utmost important thing that you
could do
you do the boring work
and so i end with this quote which is
strategy is choice strategy means saying
no to certain kinds of things
and in order to get to a million dollars
you have to have the utmost focus which
is often what doesn't get you started
what gets you started is like the
excitement of something new but what
gets you to a million dollars being able
to say no to everything else and focus
on one product one channel one avatar
one task at hand
and that being said guys if you do this
if you can do this the only thing that
compounds faster than interest is
learning once you spend all that time
learning how to make a million dollars
to get to 10 million is not as hard
i promise
is much less difficult but a lot of
people steal that from themselves
because they don't focus and they won't
allow themselves the opportunity to even
get there and so my question
is do you have a clear idea of what you
need to focus on to level up what i
would do after watching this
presentation is identify what level
you're at and then ask yourself what do
i need to do to get to the next level
what kind of person do i need to become
what skills do i need what kind of
people do i need around me and that will
answer the question of what you need to
do to get two million dollars so let me
know uh what you guys think in the
comments of this video this is
definitely a different style than i
normally do and honestly i've had a lot
of people ask me like how do i make a
million dollars and i was like i don't
feel
i don't feel like telling anyone and
putting it into a system and so this
took me a bit of refining and i'm sure
i'm gonna refine it to be better and
better each time but i hope this
provides like a broad picture of what it
takes to make a million dollars so let
me know what you think in the comments
if this was useful and if you like the
style of presentation
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