What Fuels You? | Ep 831
In this episode of The Game w/ Alex Hormozi podcast, entrepreneur Hormozi reflects on the evolution of his mindset from harnessing fear and anger to fuel his entrepreneurial ventures, to embracing a more balanced approach focused on enjoyment, faith in the process, and consistent effort over short-term gains.
Hormozi shares strategies for dealing with entrepreneurial challenges, including sacrificing comforts like sleeping on the gym floor during financially strained times. He contrasts these genuine struggles with the often glamorized portrayals of entrepreneurial suffering. Hormozi emphasizes the power of long-term thinking and self-reflection, describing his practice of envisioning dialogues with his 85-year-old self and the importance of documenting one's entrepreneurial journey.
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1-Page Summary
Hormozi's Entrepreneurial Journey and Mindset Evolution
Entrepreneur Hormozi reflects on his transition from harnessing fear and anger as motivators for entrepreneurial success to embracing a more balanced, long-term mindset focused on enjoyment, faith in the process, and consistent effort.
Initial Approach Driven by Fear and Anger
Hormozi admits his early ventures were fueled by fear of embarrassment from leaving a prestigious job and anger over controlling his own destiny rather than faith in himself. Intense determination defined his "plan B": relentless work and starting anew until he achieved success.
Shift Towards Balance and Long-Term Thinking
Hormozi's approach matured to prioritizing enjoyment, faith in the process, and building lasting businesses over short-term gains. This marked a departure from his belief in quick success and restlessness driven by negative emotions.
Strategies For Dealing With Entrepreneurial Challenges
Sleeping on the Gym Floor
Hormozi experienced extreme financial constraints early on, forcing him to sacrifice comforts like sleeping on the gym floor to avoid extra rent. Despite discomfort, he persevered, motivated by small wins and patience during tough times.
Genuine Struggle and Suffering Distinct From "Glamorized" Accounts
Hormozi critiques how entrepreneurial suffering is often glamorized, stressing the reality is lonelier and more demoralizing. Passion develops later through proficiency in overcoming startup struggles.
In an intense analogy, Hormozi compared his relentless work ethic to the conditions faced by slaves, underscoring his extreme determination and willingness to endure suffering.
The Power of Long-Term Thinking and Self-Reflection
Conversing With 85-Year-Old Self: The "Solomon Project"
Hormozi regularly engages in mental exercises envisioning dialogues with his 85-year-old self for accountability and long-term perspective. He believes no one cares for your future as much as your older self.
These imagined coaching calls allow Hormozi to break free from needing external advice and make thoughtful decisions through self-knowledge and consideration of his long-term wellbeing.
Documenting the Entrepreneurial Journey
Hormozi regrets not thoroughly capturing the hardships and "low points" that add meaning to success stories. He urges others to document experiences—good and bad—for feedback, perspective, and inspiring others going through similar struggles.
1-Page Summary
Additional Materials
Counterarguments
- While fear and anger can be powerful motivators, they can also lead to burnout and unhealthy work habits. Sustainable motivation often comes from positive sources such as passion, purpose, and intrinsic rewards.
- Embracing enjoyment and faith in the process is beneficial, but it's important to maintain a sense of urgency and not become complacent, as the competitive nature of entrepreneurship often requires quick adaptation and decisive action.
- Extreme financial constraints like sleeping on the gym floor can be seen as a testament to dedication, but they also highlight the lack of a safety net for entrepreneurs, which can disproportionately affect those without financial resources or support systems.
- The comparison of entrepreneurial work ethic to the conditions faced by slaves is a strong and potentially insensitive analogy that may trivialize the historical and ongoing suffering of enslaved individuals.
- Mental exercises like conversing with an 85-year-old self can be helpful, but they may not replace the value of diverse perspectives and advice that come from engaging with mentors, peers, and other external sources.
- Documenting the entrepreneurial journey is important, but it's also crucial to maintain privacy and consider the potential impact of sharing personal struggles publicly, as it can affect personal and professional reputation.
- The glamorization of entrepreneurial suffering can be problematic, but it's also important to recognize and celebrate resilience and the ability to overcome challenges, as these stories can be inspiring and educational for others.
Actionables
- Shift your mindset by starting a 'Future Self Journal' where you write letters to your future self, discussing your current challenges and how you hope to overcome them. This practice can help you gain perspective and maintain accountability, similar to the mental exercises mentioned. For example, write a letter to your 85-year-old self explaining the steps you're taking to build a lasting business and ask for advice. This can be a reflective exercise to ensure you're aligning your actions with long-term goals.
- Create a 'Resilience Timeline' to visually map out your entrepreneurial journey, including both the low points and the victories. Use a large poster or digital drawing app to draw a line representing your path, marking significant events with symbols or colors. This can serve as a reminder of your growth and resilience, much like the importance of documenting hardships and successes. For instance, mark the day you made your first sale with a star and a day of unexpected setbacks with a storm cloud, then connect these with lines to show your progress.
- Develop a 'Control and Enjoyment' strategy plan where you list down areas in your business or personal life where you feel a lack of control and brainstorm ways to regain it while also identifying what you enjoy most and how you can do more of it. This could be as simple as setting aside an hour a week to focus on a hobby you love or delegating tasks that cause stress. For example, if you dread accounting, consider using a budgeting app or hiring a part-time bookkeeper, allowing you to focus on more enjoyable aspects of your work.
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Hormozi's Entrepreneurial Journey and Mindset Evolution
Entrepreneur Hormozi shares his personal growth within the business world, reflecting on the evolution of his drivers and philosophies over time.
Hormozi's Initial Fear and Anger-Driven Approach to Entrepreneurship
Hormozi Used Fear and Anger As Key Motivators, Driving His Entrepreneurial Success but Causing Long-Term Challenges
Hormozi openly admits that his initial entrepreneurial ventures were powered by fear and anger rather than faith. The fear of embarrassment from leaving a prestigious white-collar job to become a personal trainer, viewed as a status downgrade, was a significant motivator for him. His plan B, which he saw as an extreme recourse, involved working relentlessly and starting anew as often as necessary to achieve success. This plan underscored his intense determination, fueled largely by the desire to control his own destiny.
Hormozi's Shift Towards a More Balanced, Long-Term Mindset
Hormozi's attitude has since matured, transitioning away from fear and anger and towards finding pleasure in his work and believing in the hard work that leads to success.
Hormozi Balances Faith, Enjoyment, and Hard Work for Sustainable Entrepreneurial Success
Hormozi now embraces a more balanced approach to entrepreneurship, highlighting the importance of enjoyment, ...
Here’s what you’ll find in our full summary
Hormozi's Entrepreneurial Journey and Mindset Evolution
Additional Materials
Counterarguments
- While fear and anger can be detrimental in the long run, they can sometimes serve as powerful short-term catalysts for action and should not be entirely dismissed as motivators.
- Leaving a prestigious job for entrepreneurship is not inherently a status downgrade; it can be a strategic move towards greater fulfillment and potential success.
- The desire to control one's destiny is a common entrepreneurial drive, but it's important to acknowledge the role of external factors and luck in business success.
- Finding pleasure in work is important, but it's also critical to recognize that not all aspects of running a business will be enjoyable.
- Balancing faith, enjoyment, and hard work is ideal, but the balance can be difficult to achieve and maintain, especially during challenging business periods.
- Prioritizing long-term success is prudent, but there can be value in short-term gains, especia ...
Actionables
- You can use a journal to track your emotional drivers by noting down the feelings that motivate your daily actions, helping you understand if fear, anger, or pleasure is at play.
- Keeping a daily log of your emotions and the corresponding tasks or goals can reveal patterns in your motivation. For example, if you notice that you're consistently driven by fear of failure when working on a particular project, you might decide to reframe your approach to find joy and satisfaction in the process rather than just the outcome.
- Start a "Control My Destiny" project where you set a personal goal unrelated to external validation, focusing on the intrinsic value it brings to your life.
- This could be learning a new skill like cooking, where success is measured by your enjoyment and the progress you make, rather than external accolades. By documenting your journey, you can reflect on how self-determined goals can lead to a more fulfilling sense of achievement.
- Create a "Long-term Vision Board" where you visualize the future of your pers ...
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Strategies For Dealing With the Challenges of Entrepreneurship
Entrepreneurship demands not just innovation and sound business practices, but also an ability to endure hardships and persist through challenging times. Hormozi's story offers a perspective on the reality and struggles faced by entrepreneurs.
Hormozi's Experience Of Sleeping On the Gym Floor
When starting out, Hormozi experienced severe financial constraints that forced him to make extreme sacrifices such as sleeping on the gym floor to avoid paying an extra rent.
Hormozi's Extreme Sacrifices and Perseverance Key to Early Success
In the early stages of his business, Hormozi's dedication to his vision meant enduring significant personal discomfort. He describes how sleeping at the gym was not only a financial necessity, as his gym rent absorbed his entire $5,000 monthly salary, but also a testament to his determination. Despite the difficult circumstances, Hormozi persevered, motivated by small wins and the patience he practiced during these tough times. People at the gym who knew about his situation offered encouragement and rooted for him as he worked toward achieving his dreams.
Hormozi's View on Struggle and Suffering In Entrepreneurship
Entrepreneurial suffering, as depicted on social media, often carries a sense of glamor or heroism. Hormozi critiques this glorified portrayal, stressing that the genuine experience is far lonelier and more demoralizing than what is typically showcased. He suggests that real passion—often mistaken as a prerequis ...
Here’s what you’ll find in our full summary
Strategies For Dealing With the Challenges of Entrepreneurship
Additional Materials
Counterarguments
- Hormozi's extreme sacrifices might not be a sustainable or healthy approach for most entrepreneurs.
- Enduring personal discomfort is not the only path to success, and other entrepreneurs might achieve success through different means that prioritize work-life balance.
- While small wins and patience are important, they may not be sufficient for success without other factors like market demand, business acumen, and timing.
- The support Hormozi received at the gym is not always available to every entrepreneur, and lack of support can significantly impact one's ability to persevere.
- The glamorization of entrepreneurial suffering can be harmful, as it may set unrealistic expectations and discourage entrepreneurs from seeking help or acknowledging their own limits.
- Passion is important in entrepreneurship, but it is not the only driver of success; other factors such as strategic planning, execution, ...
Actionables
- You can track your small victories in a dedicated "Wins Journal" to maintain motivation during challenging times. Start by jotting down even the smallest successes each day, whether it's a positive customer interaction, a task completed ahead of schedule, or a new insight into your business. Over time, this journal will serve as a tangible reminder of your progress and help fuel your determination.
- Create a support network by forming a "Goal Allies" group with peers who share similar aspirations. This could be a monthly meetup or an online group where you encourage each other, share resources, and celebrate each other's progress. The key is to establish a community that provides the same encouragement and support that Hormozi found at the gym.
- Reflect on your journey by wr ...
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The Power of Long-Term Thinking and Self-Reflection
Entrepreneur Alex Hormozi shares insights on the vital roles of long-term thinking and documenting the entrepreneurial journey for personal growth and accountability.
Hormozi's Practice Of Conversing With His 85-year-Old Self
To hold himself accountable, Alex Hormozi consults his future, 85-year-old self for advice, embracing a process he calls the "Solomon Project." This mental practice involves a regular calendar appointment during which he engages in a written dialogue with his older self. Hormozi finds this exercise valuable as he believes no one cares for your future as much as your older self. Through this ritual, he receives perspective, often laughing at his current worries and appreciating the sacrifices made for future benefits.
Imagining Future, Wiser Self for Better Decisions
Hormozi conducts coaching calls with his imagined older self to coach himself using the perspective and experience of an older version who has a complete context of his situation and perfectly aligned incentives. This exercise allows him to break free from the expectation of needing outside advice and to rely on his long-term view and self-knowledge to tackle stress and make thoughtful business and personal decisions.
Hormozi uses these sessions with his older self to gain wisdom, which he equates to thinking over a more extended time horizon. This strategy helps him appreciate and gain gratitude for the low points, acknowledge they’re defining moments, and document his journey's trials and successes.
Hormozi Draws On Experience for an Objective, Long-Term View on Challenges
Through his conversations, Hormozi gains an objective view that helps him determine who he wants to be and whether he's willing to pay the price for the desired outcome. He credits these sessions with instilling a sense of wisdom and helping him approach life’s reactivity, relationships, and decisions with a more balanced perspective.
The Importance Of Documenting the Entrepreneurial Journey
Hormozi regrets not capturing more of the "low points" in his journey, the experiences he believes make success stories more meaningful.
Hormozi Regrets Not Documenting More "Low Points" In His Journey, as These Details Make Success Meaningful
Hormozi advises others to capture those moments thoroughly, as he reflects on the value they add to the narrative of success. He mentions having conducted many business launches but laments not recording them except for a single one, which proved invaluable later on. Recalling a time when he had only a thousand dollars after owning six gyms, he notes he took a screenshot as a reminder ...
Here’s what you’ll find in our full summary
The Power of Long-Term Thinking and Self-Reflection
Additional Materials
Counterarguments
- The "Solomon Project" might not be effective for everyone, as some individuals may struggle with the abstract concept of conversing with a future self.
- Relying solely on one's own imagined advice could lead to confirmation bias, where an individual only reinforces their current beliefs instead of challenging them.
- The practice of self-coaching might lack the diverse perspectives and expertise that real-life mentors or advisors can provide.
- Documenting low points can be emotionally challenging and might not always lead to the anticipated learning or motivational outcomes.
- The advice to thoroughly capture moments might not be practical for all entrepreneurs, who may be constrained by time, resources, or privacy concerns.
- The emphasis on documenting for feedback and perspective could lead to over-sharing, which might not always be beneficial for pers ...
Actionables
- Create a "Future Mentor" journal where you regularly write letters to your future self, asking for advice on current challenges. This practice encourages you to think long-term and consider what advice a wiser, more experienced version of yourself might give. For example, if you're facing a tough decision at work, write a letter to your 85-year-old self asking for guidance, and then write a response back. This can help you step out of the present moment and gain a broader perspective.
- Develop a "Success and Struggles Timeline" where you visually map out the highs and lows of your personal or professional life. Use a large poster or digital drawing app to create a timeline, marking significant successes with green dots and challenging periods with red dots. Over time, this visual representation will help you appreciate the full scope of your journey and remind you that both successes and struggles contribute to your growth.
- Start a "Gratitude and Growt ...
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