The Path to Building a 10 Million Dollar Business

Investing in skills and leveraging them can lead to exponential business growth and financial success.

### The Path to Building a 10 Million Dollar Business: Leveraging Skills, Beliefs, and Opportunities
* 📊 Only **0.4% of businesses** achieve over **10 million dollars a year in sales**, highlighting the **rarity of this level of success**.
* 🏆 Entrepreneurial success is attributed to a combination of skills, character traits, and beliefs, with **skills being the most critical component**.
* 💡 Skills are categorized as **hard (measurable)** and **soft (difficult to measure)**, both of which can be **trained and improved**.
* 💰 Leverage is defined as "the **difference between what you put in and what you get out**," with Warren Buffett's quote emphasizing the importance of choosing the right "**boat**" (opportunity vehicle).
* ⬆ Four types of leverage are identified: collaboration, capital, code, and content, each offering **unique advantages for business growth**.
* 🔄 The speaker's personal journey is used as a case study, illustrating how transitioning between different business models can **significantly increase leverage and revenue**.
* 🕰 The speaker emphasizes the importance of **time and experience** in building leverage, noting that **long-term commitment to a single vehicle** can also lead to **significant success**.
* 💼 Industry experience and personal suffering are highlighted as key factors in startup success, with Y Combinator's selection criteria reflecting this.

### The Cost of Ignorance: Investing in Skills to Pay Down Debt
* 💸 "Right now you've been paying $950,000 a year not knowing how to make a million dollars. This is the **cost of your ignorance**. This is the **debt that you carry for the rest of your life** until you learn how to make a million dollars."
* 💡 The speaker emphasizes the importance of **investing in education and skills** to pay down the "**ignorance debt**" that limits financial success.
* 💰 The example of a sales training course turning a **$1,000 investment into a $180,000 annual return** highlights the potential **ROI of skill development**.
* 🏦 The text suggests that education is a **valuable investment** that can't be taken away, providing a **foundation for future success**.
* 📈 The speaker encourages individuals to join communities where they are the **least advanced**, as it motivates them to **improve and learn** from those ahead.
* 🔒 Living below your means and stacking cash is advised to **take calculated risks and invest in learning new skills**.
* 💸 Transitioning from "getting learned" to "getting paid" involves starting a side hustle and **gradually increasing its income** until it matches or exceeds your current job.
* 🏆 The text concludes by emphasizing the importance of playing the "**infinite game**" of business, where the goal is to **keep playing and improving over the long term**.

How to Get Ahead of 99% of People

Day Job: I invest and scale companies at Acquisition.com | Co-Owner, Skool.
Side Hustle: I make free content showing how we do it 


Alex Hormozi

Achieving a $10 Million Business and Overcoming Belief Barriers

Only one in 250 businesses achieve over $10 million a year in sales, with the majority never reaching the million-dollar mark.

The key to creating a $10 million plus business lies in having a highly skilled entrepreneur with unlimiting beliefs.

The entrepreneur's beliefs, often shaped by their environment, can be the biggest limitation to their success, and upgrading these beliefs is crucial for reaching the $10 million milestone.

Discovering New Opportunities as an Entrepreneur

Entrepreneurs often face known limits, but the real challenge is overcoming the unknown unknowns.

Being open to advice from more experienced entrepreneurs can reveal unexpected opportunities.

Transitioning to a different business model or vehicle can lead to significant growth and success.

Leverage is the key to unlocking the potential value of skills in business, allowing for increased output with the same input.

Entrepreneurial success is not just about the effort put in, but also about the leverage gained from the chosen "vehicle" or business model.

Different types of leverage, such as collaboration, capital, and content, can significantly amplify the results of the work put in.

Leverage in business can come from four main sources: capital, code, content, and collaboration, and having all four is not always necessary.

Transitioning to higher levels of leverage can significantly increase income, as seen in the speaker's personal career trajectory.

The key to rapid growth in business is to continually increase leverage, allowing for the possibility of reaching nine figures a month in income.

Success Strategies for Long-Term Business Growth

Panda Express's founder achieved significant wealth through long-term dedication to the same business.

His success demonstrates the power of sticking to one venture for an extended period.

When creating content or offering education, it is crucial to have genuine experience and credibility to effectively connect with your audience and handle criticism.

The Importance of Skill Acquisition for Financial Growth

Skill acquisition allows for greater leverage and increased income potential over time.

It is crucial to choose the right industry and stick with it to benefit from the longer leverage.

Investing in self-education and skill development is necessary to overcome ignorance debt and increase earning potential.

Prioritizing Investments for Faster Financial Growth

Prioritize where to allocate your time and money to pay off debts faster and increase cash flow.

Investing in skills or knowledge that can significantly boost your income can provide much higher returns than traditional investments.

Education and acquiring valuable skills can lead to long-term financial growth and stability, which cannot be taken away, unlike material assets.

The Power of Investing in Education and Skills

Investing in education and skills is a valuable asset that continually improves and compounds over time.

Putting in the effort to constantly improve and learn new skills can lead to significant financial growth and unbeatable success in the long run.

A key principle is to give first without asking, and keep giving until it creates an opportunity to receive in return, emphasizing the importance of persistence and generosity in achieving success.

The Key Steps to Learning and Transitioning Skills

Documenting, demonstrating, and duplicating the skill is crucial for learning.

It's important to be willing to take a pay cut in order to learn a new skill.

Living below your means is essential for taking more risks in your business life and transitioning from learning back to earning.

Maximizing Your Side Hustle for Long-Term Success

It's important to view a side hustle as a transition to a main hustle, not just a source of extra income.

The goal should be to eventually match or exceed your current income from your primary job.

Once you've matched your income, it's crucial to sustain it for at least six months to ensure stability and avoid quitting prematurely.

The key to success as an entrepreneur is to have a high rate of input and a long-term perspective, rather than comparing oneself to others.

Entrepreneurs should separate their identity from their business and approach it as an infinite game, focusing on continuous play and adaptation.

The goal is to find a business or endeavor that one is willing to commit to for the long haul, regardless of the challenges.

Maximizing Business Success Through Skill Diversification

As you progress in business, the key functions of all industries remain the same, including sales, marketing, product, customer support, finance, and legal.

Instead of quitting an industry, consider switching roles to find what you're best at.

Your baseline skill will continue to level up as you learn and hone new skills, allowing you to maximize your business success.