In Part 1 of this two-part episode, Alex Hormozi dives deep into the mindset and strategies that separate the successful from the struggling. He breaks down why smart people stay poor, the fundamentals of wealth creation, and the key to scaling any business.Hormozi shares the actionable insights that have helped him build and grow multiple multimillion-dollar companies while staying laser-focused on the principles of progress and iteration.SHOWNOTES:[00:00:00] – Tom and Alex discuss their biggest fears and resilience in the face of adversity.[00:03:46] – Why smart people stay poor: Understanding declarative vs. procedural knowledge.[00:06:04] – The core of wealth creation: Promoting your product and making sales.[00:09:04] – The common mistakes people make when trying to generate revenue.[00:13:15] – Iteration as the key to success: Failing fast and learning faster.[00:16:11] – Volatility vs. volume: Why most people fail to scale their efforts.[00:17:30] – What successful businesses have in common: A consistent customer acquisition process.[00:22:10] – The five-step scaling framework: Start, compound, augment, leverage, expand.[00:24:41] – Understanding constraints: Solving bottlenecks in your business.[00:30:13] – The power of asking, “What would it take?” to achieve 10x results.[00:35:12] – Building resilience and enduring the “mundane middle” of progress.[00:42:43] – Lessons from Elon Musk: Concentrated bets and first-principles thinking.CHECK OUT OUR SPONSORS Range Rover: Range Rover: Explore the Range Rover Sport at  https://landroverUSA.com Audible: Sign up for a free 30 day trial at https://audible.com/IMPACTTHEORY  Vital Proteins: Get 20% off by going to https://www.vitalproteins.com and entering promo code IMPACT at check out. iTrust Capital: Use code IMPACT when you sign up and fund your account to get a $100 bonus at https://www.itrustcapital.com/impact Shopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impact  Butcher Box: Choose either 2 pounds of wild-caught salmon, 2 pounds of grass-fed ground beef, or 3 pounds of organic chicken breast to get free in every box for an entire year. Plus, get an extra $20 off your first box when you use code IMPACT at  https://butcherbox.com/impact What's up, everybody? It's Tom Bilyeu here:If you want my help... STARTING a business: join me here at ZERO TO FOUNDER SCALING a business: see if you qualify here. Get my battle-tested strategies and insights delivered weekly to your inbox: sign up here.If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu’s Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you.Join me live on my Twitch stream. I'm live daily from 6:30 to 8:30 am PT at www.twitch.tv/tombilyeuLISTEN TO IMPACT THEORY AD FREE + BONUS EPISODES on APPLE PODCASTS: apple.co/impacttheoryFOLLOW TOM:Instagram: https://www.instagram.com/tombilyeu/Tik Tok: https://www.tiktok.com/@tombilyeu?lang=enTwitter: https://twitter.com/tombilyeuYouTube: https://www.youtube.com/@TomBilyeu Learn more about your ad choices. Visit megaphone.fm/adchoices