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    #64 - Trapped Data Creating Unicorns, Billionaire Punches Punk Kid & Missing Out on $5M

    Strategic and informed decision-making, based on conviction and understanding, is crucial for successful investing and avoiding losses.

    enApril 13, 2020

    About this Episode

    Sam (@thesamparr) and Shaan (@shaanvp) are back on Zoom to talk Sam's new crush and honorary guest Andrew Wilkinson (6:00), $40M a year consulting king Sam Ovens (10:32), Shaan's experience being initiated into the Tony Robbins religion (15:27), Shaan's operating framework for life bible (21:52), Billionaire's of the week (yes, double): Michael Loeb & Richard Barton (26:45), Billion dollar idea playbook: What industries lack transparency? (40:41), Shaan missing out on making $5 million (45:24) and The Hustle making new podcasts - Go check out Moiz Ali's new podcast Exit Strategy! (54:51).  See acast.com/privacy for privacy and opt-out information.

    🔑 Key Takeaways

    • Embracing contrary decisions and fresh perspectives can lead to remarkable success in both business and life.
    • Despite doubts surrounding the authenticity of consulting.com, Sam Evans claims to have a successful consulting business with thousands of active students and millions of dollars in annual sales.
    • Personal growth and development, as exemplified by attending Tony Robbins' workshops, can lead to valuable insights and an enthusiastic mindset for entrepreneurs and business owners, ultimately leading to significant business growth.
    • The Tony Robbins seminar can be a powerful self-improvement investment, but its impact varies from person to person, with some finding immense value, while others feel manipulated or struggle to maintain inspiration.
    • Our happiness is not determined by external circumstances, but by our ability to change our emotions, focus on gratitude and positivity, and improve our internal dialogue. These strategies can greatly impact our well-being.
    • Michael Loeb found success in the online subscription model, co-founded price line, and launched various businesses. Despite controversies, he demonstrates the ability to potentially address legal issues through monetary means.
    • It's crucial to conduct thorough research and avoid making judgments based solely on someone's appearance to gain a true understanding of their achievements and capabilities.
    • Transparency and access to information have been key factors in the success of billion-dollar companies like Expedia, Zillow, and Glassdoor. Entrepreneurs can disrupt industries by providing consumers with the information they need to make informed decisions.
    • Accessible and transparent information empowers individuals and companies to make informed decisions, save costs, and gain market clarity, while platforms providing this data can thrive as valuable resources.
    • Utilizing data analysis tools like SimilarWeb and Second Measure can provide valuable insights into market trends, revenue estimation, and business performance, enabling informed decision-making for competitive advantage.
    • Strategic and informed decision-making, based on conviction and understanding, is crucial for successful investing and avoiding losses.
    • Short-term popularity and speculation in the stock market can lead to inflated valuations, but long-term success is determined by a company's tangible assets and revenue generation. Focus on building a solid business for stability.
    • Despite criticism, the hosts prioritize personal growth while delivering valuable and entertaining content that educates listeners. Humor helps them cope with past mistakes.

    📝 Podcast Summary

    Unconventional Success: Andrew Wilkinson's Journey

    Andrew Wilkinson's approach to business and life is refreshing and unconventional. He breaks away from the popular paths and follows his own unique journey. Unlike many entrepreneurs in San Francisco, he focuses on buying existing businesses rather than building them from scratch. He also chose to live in Victoria, Canada instead of relocating to the bustling tech hubs. By taking advantage of arbitrage opportunities and making contrary decisions, Wilkinson has achieved great success. His agency became wildly profitable by charging San Francisco rates for their services while paying local rates to employees. This mindset of thinking differently and embracing fresh perspectives can lead to remarkable outcomes in business and in life.

    The Debate: Legitimate Opportunity or Scam?

    There is a person named Sam Evans who claims to have created a successful consulting business and now offers courses on how to become a consultant. However, there is debate about whether his website, consulting.com, is a legitimate opportunity or a scam. The courses range from $2 to $50,000 and promise to help individuals scale their businesses. While the website appears elaborate and has video reviews, there are doubts about its authenticity. Nevertheless, Sam Evans claims to have 20,000 active students and makes around $40 million in sales each year. It's interesting to consider the potential profit margins and the skepticism surrounding the validity of this opportunity.

    Investing in Personal Growth: A Key to Business Success

    Investing in personal growth and development can provide significant value for entrepreneurs and business owners. This is exemplified by the experience of attending Tony Robbins' workshops, where attendees initially had reservations but ultimately gained valuable insights and an enthusiastic mindset. While there may be skepticism surrounding these types of programs, the potential benefits of improving one's psychology and tactics can have a substantial impact on business success. Additionally, the infrastructure behind these programs, like Tony Robbins' empire, includes live events led by the founder and a network of trained coaches who work with participants. Ultimately, the key lesson is that investing in personal growth can lead to significant business growth.

    A Life-Changing Experience: Perspectives on the Tony Robbins Seminar

    The Tony Robbins seminar is a life-changing experience for some, while others may not find it as beneficial. Sam Parr, who attended the seminar, found it to be the best self-improvement investment he had ever made. He believes that the quality of life is directly related to the quality of emotions experienced on a daily basis. Additionally, he emphasizes that the seminar served as an operating philosophy for life, similar to religion. However, not everyone had the same perspective. Some attendees, like Alex from Calm, did not resonate with the seminar's methods and felt manipulated. Overall, the seminar's impact varied from person to person, with some finding immense value, others feeling inspired but struggling to maintain it, and a few completely disliking the experience.

    Transforming our emotions and mindset for a happier life

    Our happiness isn't solely dependent on external factors like wealth or success. Instead, it's about who we become and how we feel on a daily basis. Changing our emotions is key to a good quality of life, regardless of our circumstances. One way to do this is by physically changing our bodies through exercise or cold water, as it can quickly alter our mood. Additionally, our focus plays a crucial role in how we feel, so directing it towards gratitude and positivity can make a big difference. Lastly, the language and story we tell ourselves shape our decision-making and ultimately our results. By improving our internal dialogue, we can make better choices and achieve better outcomes. It's important to remember that these strategies can have a meaningful impact on our well-being.

    Michael Loeb's Success Story and Controversies

    Michael Loeb, the founder of the company Synapse, found success in the online subscription model before it became popular. Through a patented unique approach, magazine publishers paid his company for more subscriptions because of their exceptional renewal strategy. This innovation made him wealthy but not a billionaire. However, Loeb didn't stop there. He went on to co-found price line, which brought him significant wealth. After that, he started a company called lobenlob.nyc, where he launched several businesses, including script relief, which offers discounts on pharmaceutical drugs. It's interesting to note that Loeb's house was featured on the TV show Billions, but he made headlines in a different way when he punched a teenager at a party, possibly facing legal consequences. Nonetheless, it seems he can likely resolve the issue with a substantial payment.

    The Importance of Looking Beyond Appearances

    In short, one big takeaway from the conversation is that it's important to do thorough research and not judge people based solely on their appearance. The discussion centered around the founder of a company called Script Relief, who was described as someone who doesn't look like a billionaire and even looks tough or like someone who might punch a kid in the face. However, the conversation also highlighted that this person had a successful business with millions of users and had sold it to UnitedHealthcare. This serves as a reminder that appearances can be deceiving, and that one should look beyond surface judgments to gain a more accurate understanding of someone's achievements and capabilities.

    The Power of Transparency: Disrupting Industries and Creating Successful Ventures

    Information wants to be free. This simple thesis has been the driving force behind the success of multiple billion-dollar companies like Expedia, Zillow, and Glassdoor. These companies recognized industries that lacked transparency and provided consumers with the information they needed to make informed decisions. Zillow opened up the real estate market by giving access to MLS listings that were previously only available to agents and brokers. Expedia revolutionized the travel industry by eliminating the need for travel agents and providing travelers with all the flight options in one place. Glassdoor empowered employees by sharing information about what it's really like to work at a certain company. This idea of transparency can be applied to other sectors like pricing for enterprise software, restaurant reviews, and salary information. By understanding the power of information and the desire for transparency, entrepreneurs can identify opportunities to disrupt industries and create successful ventures.

    Promoting Transparency and Efficiency in Various Industries

    There is a need for easily accessible and transparent information in various industries. Whether it's salary comparisons within companies, reviews of freelancers and agencies, software stacks used by successful companies, or the costs and earnings of businesses, the lack of readily available information hinders decision-making and can lead to inefficiencies. By making this information free and easily accessible, individuals and companies can make better choices, save money, and have a clearer understanding of the market. While the challenge lies in incentivizing individuals to contribute this information, platforms that successfully provide this information could become valuable resources and potentially build large businesses.

    The Power of Data: Unlocking Valuable Insights and Driving Informed Decision-Making.

    Having access to data and using it effectively can provide valuable insights and help inform decisions in various industries. The conversation between Sam Parr and Shaan Puri highlights the importance of data analysis in understanding market trends and evaluating the success of companies. Tools like SimilarWeb and Second Measure utilize credit card spending data to estimate revenue and track the performance of businesses. This information can be used to analyze the competitiveness of different delivery companies or identify the leading streaming service. The discussion also touches on the idea of making the most of limited time and the desire to gather as much information as possible. Ultimately, the key takeaway is that leveraging data can lead to informed and advantageous decision-making.

    The Importance of Conviction and Understanding in Investment Decisions.

    Making investment decisions based on speculation or impulsive trades can lead to losses. Sam Parr shared his experiences of missed opportunities and poor trades, emphasizing the importance of having conviction and understanding the businesses one invests in. He regretted not investing in a company that eventually reached a billion-dollar valuation and acknowledged his lack of conviction in a potentially profitable venture. Additionally, he shared his ill-advised option trade on MGM Resorts during the COVID-19 pandemic, which resulted in substantial losses. This highlights the risks involved in short-term trading and the need for careful analysis and understanding of trades before executing them. Ultimately, Sam's experiences teach us the importance of strategic and informed decision-making when it comes to investing.

    The Stock Market: Speculation vs Value

    The stock market operates on speculation and popularity in the short term, but in the long term, it is driven by actual value and performance. This is known as a Kansas beauty contest, where investors are not judging the company's true potential, but rather what others perceive its value to be. This speculative loop can lead to inflated valuations and a disconnect from reality. It's important to understand that popularity and hype can drive short-term gains, but ultimately, a company's worth is determined by its tangible assets and ability to generate revenue. While the stock market may seem frustrating and volatile, focusing on building a solid business with real value gives you more control and stability in the long run.

    Authenticity, expertise, and engaging content for badass entrepreneurs in the world of investing and making money.

    The hosts of the podcast prioritize authenticity and expertise. They want badass entrepreneurs who are experts in their fields and have the charisma to engage listeners. They strive to deliver fresh and knowledgeable content that provides a unique perspective on investing and making money. While they may receive criticism and negative reviews, they remain unfazed and continue to focus on creating valuable content for their audience. They acknowledge their past mistakes and use humor to cope with it. Overall, their goal is to offer a podcast that educates and entertains, while maintaining their own personal growth and authenticity.

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    Scott Galloway: Do This In Your 20s To Make Millions In Your 30s

    Scott Galloway: Do This In Your 20s To Make Millions In Your 30s
    Episode 581:  Sam Parr ( https://twitter.com/theSamParr ) and Shaan Puri ( https://twitter.com/ShaanVP ) talk to Scott Galloway about his Get-Rich formula they won’t teach you in school and the hard-to-hear but essential advice every 20-year old should hear.  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) Don't follow your passion (3:08) Reverse engineering $160M exit (7:30) How to keep top talent in your company (11:12) "I'm not your friend" (13:41) Scott's best and worst hedge fund deals (16:20) Losing $10M every day (18:14) Handle triumph and disasters the same way (20:54) If you can't fix it, you have to stand it (24:28) Lessons about happiness from the dying (25:51) Statute of limitations on suffering (28:57) Where Scott steals his powerful phrases (33:09) Shaan opens his notes app of funny phrases (34:52) Scott's anti-excited list (37:33) “Go live in a city” (39:50) Opportunity in America v Europe (42:30) The fallacy of hard work over time (46:56) Money does buy happiness (52:20) The Algebra of Wealth (55:33) If you have a side hustle you need a better main hustle — Links: • The Algebra of Wealth - https://tinyurl.com/44yw3h6k Get HubSpot's Free AI-Powered Sales Hub: enhance support, retention, and revenue all in one place https://clickhubspot.com/sym — 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 — 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 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

    The Formula To Break 100 Million Views On Shorts (ft/ Jenny Hoyos)

    The Formula To Break 100 Million Views On Shorts (ft/ Jenny Hoyos)
    Episode 580:  Shaan Puri (https://twitter.com/ShaanVP) talks to Jenny Hoyos, the 18-year-old who has mastered the recipe of viral shorts. They break down her step-by-step process for creating content that pulls in over a 100M views.  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) Intro (2:14) How to build charisma (6:35) The 4 criteria of a great idea (jumpcut) (8:48) Make it personal (14:45) Mastering the hook (17:29) Metrics  (18:52) The first frame (21:09) Foreshadowing (22:37) Storytelling in one word is “change” (25:06) The But & Therefore Rule (27:21) Building the stakes (30:43) Craft the close (32:14) Steal like an artist (33:52) Figure out who's watching (36:46) Study the channel for outliers (39:28) Where is the puck going? — Links: • Jenny Hoyos YouTube - ​​https://www.youtube.com/@JennyHoyosLOL • Charisma on Command - https://www.youtube.com/@Charismaoncommand • Miss Excel - https://www.miss-excel.com/ • Infinite Ratatouille Glitch - https://www.youtube.com/watch?v=tskvmb0HPDU • Steal Like An Artist - https://austinkleon.com/steal/ • Get HubSpot's Free AI-Powered Sales Hub: enhance support, retention, and revenue all in one place https://clickhubspot.com/sym — 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