Yesterday I watched a video by @AlexHormozi 3 times

Best 55 minutes ever spent

Alex, a young multimillionaire earns 8 figures a month (more than the CEOs of McDonalds, IKEA, Yahoo & Ford combined)

Here is his 4 step process for achieving this success for entrepreneurs 🧵👇

1/ Scale the entrepreneur

Three things prevent you from being where you want:

• You lack the skills

• You don't have the character trait

• You don't have the belief

Moreover, as @ShaneAParrish says, keep showing up with patience. Ignore all else

https://twitter.com/ShaneAParrish/status/1424361051299188738?s=20&t=GEnacoBdVK6cgp7KNQ9Qfw

How do you learn skills?

Only two things

• Repetition

• Feedback

If you want to learn X, do X from Day 1. You will find out.

Put in the necessary volume and you will get there. Don't worry at all about it

Your skills will compound fast, as for Alex (from the video):

2/ Scale the market

What you want as an entrepreneur is a starving crowd

The larger & more starving, the better

As VC:s say: "Great entrepreneur, poor market = market wins, but poor entrepreneur, great market = market wins"

How do you get a great market? 👇

Be specific about your customer & how you can delight him/her the most with lowest operational drag possible

The customer must

• Desperately need it

• Afford it

• Be reachable

The market needs to grow too, whether by you or them

Word of mouth is the ultimate marketing

3/ Scale the deliverable

You need to acquire leverage, as many of the four types as possible:

• Collaboration (Labor)

• Capital

• Code

• Content (Information)

The more of them, the better, as shown below:

Tweak how you can deliver the product experience for max impact

4/ Scale the business

There are 4 stages

In stage 1 (0-$1M): focus on one product, avatar & channel

Do not spread yourself thin because you haven't achieve a working business model

Find a way to consistently sell something people want

It might take years, but so be it

In stage 2 ($1M-$10M), get more leverage on your products

Your problem now is that you are not making enough profit per customer to scale

But by acquiring more leverage, (labor, capital, code, media) you can

In stage 3 ($10M-$50M) a lot of overhead starts to surface

You need to keep the metrics, the book keeping, the annual reporting at a suitable standard

Hire experienced people who knows how to manage all of this

In stage 4 ($50M+), you need to hire good people

The business is much larger than you. You need to delegate more.

Mega-companies like Amazon & Apple are all conglomerates, running by sub-CEOs

You need to find this talent in your organization.

Let's recap what we learnt:

TL;DR

If you want to earn 8 figures a month:

• Scale yourself (learn skills)

• Scale the market (find the best avatar for you)

• Scale the deliverable (more leverage)

• Scale the business (the 4 stages)

Check out the outstanding speech here: https://www.youtube.com/watch?v=qxQIcDrre1E&t=704s

If you liked this:

• Follow @AlexHormozi for amazing insights that are useful right now
• Follow me @OscarLagrosen for one new essay & thread every day like this one

• Retweet & share this thread to all entrepreneurs out there

#ship30for30-participants, that includes you