Goal Setting for Entrepreneurs with Alex Hormozi

On behalf of Mozination Alex Hormozi has been doing LIVE Q&As every Wednesday across all platforms. The video "Advice for Achieving Your Goals (Faster than everybody else)" was really interesting and offers an in-depth exploration of methodologies and philosophies designed to enhance the efficiency and effectiveness of goal setting. The discourse is structured around giving practical advice, strategic planning, and psychology to real members of the entrepreneur community.

Summary Of Key Takeaways

1. Control What You Can: Focus on activities within your control rather than outcome-based expectations. Set goals around actions you can reliably measure and commit to, rather than outcomes that may be influenced by factors beyond your control.
2. Activity-Based Goals: Instead of setting outcome-based goals (e.g., "lose weight"), set activity-based goals (e.g., "go to the gym"). Measure progress based on the consistency of these activities rather than the immediate outcomes.
3. Simplify Goal Setting: Break down larger goals into smaller, controllable tasks. This approach ensures progress by focusing on daily activities that contribute to the larger objective.
4. Outcome Independence: While having a goal is important, the emphasis should be on the process. If you consistently perform the tasks you've set out to do, you'll either achieve your goal or grow in the attempt, which is a win-win situation.
5. Strategic Planning in Business: When setting business goals, Alex advises to clearly identify the problem you're solving and how it aligns with broader business objectives such as acquiring more customers, increasing customer value, or reducing risk. Goals should be specific, measurable, and directly tied to strategic business outcomes.
6. Hypothesis Testing: Treat goals as hypotheses. For example, "If I do X, then Y will happen." This mindset allows for flexibility and learning from the process, adjusting strategies based on what's effective.
7. Commitment to Action: Success is less about the magnitude of your goals and more about your commitment to the actions required to achieve them. Consistency in small, daily tasks builds towards larger achievements.
8. Adjusting Goals Based on Outcomes: If goals are not met despite consistent effort, reassess and adjust the actions rather than the goal itself. This iterative process fosters learning and adaptation.
9. Long-Term Vision vs. Short-Term Execution: While having a long-term vision is crucial, focusing on short-term, actionable tasks is what leads to achieving those larger ambitions.
10. Decision Making and Scaling: In the context of scaling a business, the decision between pursuing new ventures versus expanding current operations should be based on strategic considerations, including market demand, personal expertise, and the potential for sustainable growth.

The One Thing That Resonates With Me

The single piece of Alex's advice that I find very useful in my own life is “Find the one thing that makes everything else irrelevant.” This mirrors the 80/20 rule, which basically means, identify and iterate on the activities that yield the best results.

Action Challenge

1. Identify a goal you really want in your business or life. Then set an activity based goal and start by defining it in a way where you are tracking progress with a simple yes or no. Forward movement is the goal not the outcome.
2. While committing to a simple activity based goal, you will feel accomplished and will gain momentum. While you are doing the activity based goal look for ways to improve or optimize your progress indicator.

Action Step 1 Example: Let's say your goal is that you want to make more money in your career. Then you choose the simple activity to read 5 pages of a career advancement book everyday.

Action Step 2 Example: Now that you have been reading advancement pages everyday, you come across an interesting idea. Data suggests a change of job every two years is the best way to make more money in your industry. Then you decide that your daily activity goal needs to transform into reading two pages on interview prepping and apply to two new jobs everyday.

Origin Content

Even though I summarize all the key points it is still worth a watch for context. Then you can bookmark and read the summary to get yourself back on track in the future.