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    #49 - Meeting Bitcoin's Billionaire Kingpin, Boy Scouts Files for Bankruptcy & Branded Canned Water

    Embracing challenges and using negativity as motivation can lead to unexpected success and support, contributing to personal growth and achievement.

    enFebruary 23, 2020

    About this Episode

    POR FAVOR: Sam is going on Gary V's podcast monday. It would be hilarious if hundreds of us tweeted @garyvee how lucky he is to have @thesamparr on his podcast. Topics for today: Debate a new canned water brand (Liquid Death) (1:31), The "Silicon Valley Clock" (8:03), Sam's crazy story meeting the founder of Silk Road who had $10B worth of Bitcoin (and then got arrested) (11:27), Boy scouts files for bankruptcy (20:13), The next big membership groups (26:30) and Dealing with rejection the right way (36:15).  See acast.com/privacy for privacy and opt-out information.

    🔑 Key Takeaways

    • Understanding market trends, catering to consumer preferences, and embracing innovation are key factors in creating successful and engaging products.
    • Support entrepreneurs' visions, differentiate between genuine and fraudulent behavior, embrace the risk-taking nature of business, and criticize with good intentions to foster growth and innovation.
    • Understanding the hype cycle is crucial for businesses and consumers, allowing them to navigate waves of praise and criticism and maintain a balanced perspective. Success often attracts hate and criticism, indicating arrival in the game.
    • The Silk Road saga serves as a cautionary tale about the risks involved with new technologies, but also highlights the potential for significant returns with early investments.
    • Before investing in cryptocurrencies, it is crucial to have proper knowledge, understanding the fundamentals, doing thorough research, and exercising caution due to the volatile nature of the market.
    • Transparency is crucial in non-profit organizations, as seen in the Boy Scouts' bankruptcy case, and raises concerns about the future of traditional youth organizations.
    • The Boy Scouts organization can address its challenges by developing a meaningful rite of passage program and exploring alternative revenue streams for sustainability, similar to the successful approach of the Girl Scouts and AARP.
    • Building a successful group requires aligning people with similar desires and lifestyles, providing the right combination of benefits, programming, and rituals to cater to specific needs and interests.
    • The growing trend of limiting screen time for children and promoting outdoor activities, coupled with the demand for life skill development, creates opportunities for nature-based programs and affordable alternatives to traditional options.
    • Taking risks and finding innovative ways to showcase your personality and passion can greatly increase your chances of success in various areas of life.
    • Embracing challenges and using negativity as motivation can lead to unexpected success and support, contributing to personal growth and achievement.

    📝 Podcast Summary

    The Power of Strong Branding and Marketing Strategy

    Liquid Death, a canned water brand, showcases the importance of creating a strong brand and marketing strategy. The founders, Mike and Peter, recognized the growing market for canned water and aimed to differentiate their product by focusing on its cool branding and unique story. They addressed the idea that opting for water in social situations could be perceived as less fun compared to alcoholic drinks, targeting a trend of reduced alcohol consumption amongst young people. Despite some backlash from Twitter users, this approach resonated with customers, including podcast host Sam Parr. This example highlights the significance of understanding market trends, catering to consumer preferences, and embracing innovation in order to create successful and engaging products.

    Embracing Risk: Supporting and Differentiating Between Genuine Entrepreneurs and Fraudulent Behavior

    It's important not to hate on entrepreneurs who are trying to make their visions a reality. While some ideas may seem dumb or risky at first glance, history has shown that many successful businesses started off in a similar way. The line between fraud and achieving greatness can be incredibly thin, and it's crucial to differentiate between the two. Fake-it-until-you-make-it mentality can be a valuable strategy in business, as long as it doesn't cross the line into fraudulent behavior. Instead of celebrating failures, it's more beneficial to encourage and support those who are taking risks and trying to create something new. Criticism is fine, as long as it comes from a place of good intentions.

    The Hype Cycle: A Recurring Pattern in Technology and Innovation

    The hype cycle is a recurring pattern in the world of technology and innovation. Just like the clock analogy mentioned in the conversation, new ideas and products often experience a cycle of excitement, scrutiny, doubt, and eventually rebirth. This pattern can be observed in the media coverage and public perception of various companies and concepts. Understanding this cycle is crucial for both businesses and consumers. Companies should expect waves of praise and criticism along their journey and avoid being surprised or reactive. As readers and consumers, it's important to not just get caught up in the ride and the entertaining narratives, but to maintain a balanced perspective. Additionally, success often attracts hate and criticism, serving as an indicator that one has truly arrived in the game.

    The Rise and Fall of Silk Road: An Early Bitcoin Adventure

    The story of Ross Allbright and Silk Road highlights the early opportunities and risks associated with Bitcoin. Silk Road, an online marketplace for illegal goods, including drugs and murder for hire, generated billions in revenue in just two years. Ross Allbright, the founder, was arrested after attempting to have individuals killed, unaware that they were actually undercover FBI agents. Despite the illegal nature of Silk Road, the case brought attention to Bitcoin, as Allbright had accumulated approximately $10 billion worth of the cryptocurrency. This attracted the interest of Tim Draper, who purchased millions of dollars worth of seized Bitcoin from the government. It is a reminder that early investments in new technologies, even in unconventional circumstances, can yield significant returns.

    Navigating the Unpredictable Cryptocurrency Market

    The cryptocurrency market can be unpredictable and filled with hype. Shaan Puri's experience with Bitcoin and Ethereum illustrates the risks involved in diving into the market without proper knowledge or conviction. While initially intrigued by the potential of Bitcoin, Puri's lack of expertise led him to make impulsive decisions and eventually sell his coins. This highlights the importance of understanding the fundamentals and doing thorough research before making any investment in cryptocurrencies. Additionally, Puri's interaction with his aunt, who seemed to have more knowledge about Ethereum, shows that even those who may seem uninformed can sometimes have valuable insights. Ultimately, this story serves as a reminder of the volatile nature of the crypto market and the need for caution when getting involved.

    The Boy Scouts of America Bankruptcy and Transparency in Non-Profit Organizations

    The Boy Scouts of America recently declared bankruptcy due to a series of lawsuits regarding the molestation of boys within the organization. It is interesting to note that all of the non-profit organization's financials are public, allowing anyone to see how they spend their money and what they own. The Boy Scouts have $1.5 billion in assets, around 2 million members, and generate millions of dollars in revenue primarily through membership fees. They also receive significant contributions and gifts. Their biggest expense is insurance, as they spend $120 million on it. Comparatively, the Girl Scouts sell $800 million worth of cookies each year. This situation highlights the importance of transparency in non-profit organizations and raises questions about the future of traditional youth organizations in today's world.

    Challenges and Potential Solutions for the Boy Scouts Organization

    The Boy Scouts organization is facing challenges due to changing societal trends and lack of a clear rite of passage for young men. With declining religiosity and no current wars to participate in, the Boy Scouts' traditional focus on religion and military-style activities has become less relevant. On the other hand, the Girl Scouts organization has been more successful by adapting to the needs of young women and focusing on skill-building and scholarships. A potential solution for the Boy Scouts could be to create a meaningful rite of passage program that helps young boys transition into manhood. Additionally, looking at successful membership models like AARP, the Boy Scouts could explore partnerships and revenue streams beyond membership fees to sustain their operations.

    The key elements for building a successful group or organization: bond, enemy, leader, and rituals.

    Creating a successful group or organization requires a common bond, an enemy, a leader, and rituals. Looking at examples like AARP, NRA, and Boy Scouts, we can see that these elements play a significant role in the passion and engagement of their members. While some of these elements may take time to develop, they are not necessarily prerequisites for creating a group. What matters most is aligning a common set of people with similar desires or desired lifestyles. By tapping into different lifestyles and offering the right combination of benefits, programming, and rituals, it is possible to create a successful group that caters to specific needs and interests.

    Embracing Outdoor Activities and Life Skills for Children and Young Individuals

    There is a growing trend among tech executives and parents to limit screen time for children and encourage outdoor activities. This has led to the rise of programs like Nature Kids, which provide children with nature-based experiences and learning opportunities. Additionally, there is a need for initiatives that help young individuals develop important life skills and values. This can be seen in the popularity of programs like the Mankind Project and CEO groups. Traditional options like Vistage may seem outdated and overpriced, creating an opportunity for more affordable and accessible alternatives. The success of community-driven initiatives, like the CEO groups formed by podcast listeners, indicates a potential market for specialized group experiences.

    Going Above and Beyond: Standing Out for Success

    Going above and beyond can be a powerful strategy when you want something. The example of the Harvard rejection video highlights the importance of standing out and not settling for less. Instead of simply submitting a resume and cover letter, the kid in the video created a rap video in response to the rejection, which went viral and garnered attention. This principle can be applied in various areas of life, including job applications and business endeavors. Rather than sticking to the norm and blending in, taking risks and finding innovative ways to showcase your personality and passion can greatly increase your chances of success. Turning disadvantages into advantages can lead to bigger tips, more avid fans, and greater engagement. So, next time you want something, remember to go the extra mile and leave a lasting impression.

    Turning Negative Feedback into Fuel for Success

    Turning negative feedback into fuel for success can be a powerful motivator. When Shaan and Sam received a critical email questioning their ability and suggesting they would waste their money, they didn't let it discourage them. Instead, they turned it into a video parody and gained support from their college community. The experience fueled their determination to prove the doubters wrong and push forward. It serves as a reminder that sometimes, when faced with negativity or opposition, using it as motivation can lead to unexpected success and support. So, whether it's finding inspiration in criticism or turning it into a driving force, embracing challenges can ultimately contribute to personal growth and achievement.

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    The AI App Doing $6M With 1 Employee

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    Episode 579: Sam Parr ( https://twitter.com/theSamParr ) and Shaan Puri ( https://twitter.com/ShaanVP ) talk about 3 niche trends they’ve found that are guaranteed to make $1M+. Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5 — Show Notes: (0:00) Shaan gets his hotness score (2:30) Reddit trend leads to $6M ARR beauty app for men (10:12) Male nail care influencers (12:42) Sam upstages Shaan's beauty score (14:00) Spin-off businesses: Med Spas (16:00) Aging influencers and modern male grooming products (20:27) The story of Teflon and Dupont's billion dollar problem (22:49) Forever chemicals are in our water (26:14) Pfas free products (29:12) A regulatory inflection point is here (33:16) Trend: Assassins with water guns (34:32) $0 - $250K MRR app (35:22) Playground virality (38:00) Trading expertise for social vouching (49:10) Exporting a profitable internal tool — Links: • Umax - https://tinyurl.com/mezh49ac • Acqua Pana - https://www.acquapanna.com • MAMAVATION - https://www.mamavation.com • Splashin - https://www.splashin.app • Splashin TikTok - https://www.tiktok.com/discover/splashin-app — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More