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The Path to Wealth: How Recurring Revenue Businesses Dominate the Game

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  1. The key to building wealth is to create a compounding vehicle: This means creating a business that generates recurring revenue, not just one-time sales. The goal is to have customers pay you month after month after month.
  2. Most people are stuck in the selling business, not the reselling business: They focus on short-term sales rather than building long-term relationships with customers. This limits their earning potential and prevents them from building wealth.
  3. Recurring revenue businesses are the way to go: Companies like Facebook, Netflix, and gym membership programs are successful because they have recurring revenue streams. The goal is to create a business that people want to pay for month after month.
  4. The customer is the key to success: Focus on creating exceptional products and services that keep customers coming back. The goal is to make it so that customers want to continue paying you.
  5. Promotion is not the only factor: While promotion is important, it's not the most important thing. Focus on creating a great product and service that attracts customers in the first place.
  6. Building a customer surplus is key: Create a product or service that exceeds customer expectations. This will lead to customer loyalty and repeat business.
  7. The goal is to make it hard for customers to leave: Create a product that is so good that customers don't want to leave. This is achieved by continuous improvement and iteration.
  8. The key to success is to focus on value, not price: People will pay more for a product or service that delivers value. Focus on delivering value and the price will take care of itself.
  9. The importance of feedback loops: Continuously gather feedback from customers to improve and iterate your product or service. This will lead to a product that is so good that customers can't help but pay you month after month.
  10. The path to wealth is not a quick fix: Building wealth takes time and effort. Focus on creating a solid foundation and continually improving your product or service, rather than looking for shortcuts.

Source: How To Print Endless Money And Get Rich Forever, Alex Hormozi

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