Throwback: Getting Bad Advice from Good People | Ep 907
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The Game with Alex Hormozi
This episode is titled:
Throwback: Getting Bad Advice from Good People | Ep 907
Notable Quotes
"If you're done with something, then be all in about being done with it."
"You need to look at the delta between what you can get in a short period of time compared to what you could get over a longer period of time."
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Get More InsightsEpisode Summary
In this episode, the host delves into the complexities of receiving advice as an entrepreneur, focusing on the distinction between well-intentioned but potentially misguided recommendations and advice that is truly applicable. Drawing from personal experiences, the host shares instances where traditional advice from parents, friends, and mentors was not suitable for their unique circumstances. They emphasize the importance of making decisions in a rational, non-emotional state and committing fully once a decision is reached.
The host recounts their journey with owning gyms, explaining how they made the choice to sell multiple locations to pursue more profitable opportunities. Despite others warning against such drastic changes, the host's rationale was based on calculating opportunity costs: evaluating what they could earn with the sold gyms against the potential income from new ventures. They highlight the difficulty of weighing advice that is typically grounded in a micro perspective, versus making decisions that align with long-term goals and situations.
The conversation further explores the significance of listening to the right voices, suggesting that entrepreneurs should seek advice from those who are not just financially successful but who align with their desired outcomes. The host challenges the common tendency to adhere to conventional wisdom, advocating for a strategic approach to decision-making that prioritizes the potential of new endeavors over attachment to previous commitments.
The host recounts their journey with owning gyms, explaining how they made the choice to sell multiple locations to pursue more profitable opportunities. Despite others warning against such drastic changes, the host's rationale was based on calculating opportunity costs: evaluating what they could earn with the sold gyms against the potential income from new ventures. They highlight the difficulty of weighing advice that is typically grounded in a micro perspective, versus making decisions that align with long-term goals and situations.
The conversation further explores the significance of listening to the right voices, suggesting that entrepreneurs should seek advice from those who are not just financially successful but who align with their desired outcomes. The host challenges the common tendency to adhere to conventional wisdom, advocating for a strategic approach to decision-making that prioritizes the potential of new endeavors over attachment to previous commitments.
Key Takeaways
- Determine the context of advice to see if it applies to your unique situation.
- Make decisions from a rational standpoint and commit fully once decided.
- Evaluate the opportunity cost of staying in a current situation versus pursuing new opportunities.
- Seek advice from individuals who have achieved what you want to accomplish, rather than just anyone more successful.
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