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    About this Episode

    Today we have Andrew Wilkinson (@awilkinson) of Tiny. Tiny is a holding company started by Andrew that buys “wonderful internet businesses” with the intention of holding them forever (akin to Berkshire Hathaway). Altogether, Tiny’s businesses do high 8-figures in revenue and employ close to 400 people across 20 companies. If you want to know more about his background, Andrew was interviewed on our podcast so give Episode #63 a listen. Today he answers: How do you find CEO's that you can trust, You've mentioned Warren Buffet a lot, any other leaders you look up to?, Is “company building” a repeatable process? What % of it can be automated?, Can you recommend your favorite business books?, What is your biggest failure and what did you learn from it?, What is a core attribute you look for when you hire somebody?, How do you make connections with other entrepreneurs while residing in a non-startup centric city?, How much of your investments are made up of personal capital vs. OPM (Other People’s Money)?, During your time at MetaLab, what was the best way to acquire clients?, Are you taking Buffett's advice and reading 500 pages a day?, As a person, how have you evolved over the years?, How do you start a fund with money made from an agency?, What's the required mindset shift from running one business to delegating a team to run multiple?, If you internalize one principal into your kids, what would it be?, When you built your house, what are some things that could have made the frustrations easier?, Can I skip building an agency and go straight into investing? and What's the worst & best advice you get from people who tell you how to become successful?.  See acast.com/privacy for privacy and opt-out information.

    🔑 Key Takeaways

    • Finding experienced CEOs through networks and recommendations ensures a vetted pool of candidates who can bring a proven track record of success and require minimal oversight.
    • Growing businesses and running a restaurant require a repeatable process, employee motivation, negotiation skills, learning from successful businesses, understanding sacrifices, and hard work.
    • Running a restaurant business is tough due to low margins and the need for hands-on management. Wilkinson found success in internet businesses due to their scalability. Hiring scrappy candidates with follow-through is crucial, and networking with like-minded individuals can lead to valuable experiences.
    • Success in acquiring clients can be achieved by focusing on delivering quality work, treating clients well, and finding creative ways to showcase your work publicly. It is important to align projects with long-term goals and adapt to different circumstances in life. Happiness and fulfillment come from relationships, daily routines, and meaningful connections rather than external possessions and constant travel.
    • True happiness comes from building strong connections with friends and family, using money to protect and provide for our loved ones, and embracing curiosity and learning from failure to achieve success.
    • Success in business requires hands-on experience, informed decision-making, and strategic investments based on calculated risks. Continuous learning through reading is also essential for achieving long-term success.

    📝 Podcast Summary

    Networking and Experience in CEO Recruitment

    Andrew Wilkinson, the founder of Tiny, believes in sourcing CEOs and executives through networks and connections. By reaching out to existing CEOs and executives across their companies, Wilkinson and his team ask for recommendations on the best executives or CEOs in a particular industry. This approach provides a vetted pool of potential candidates. Additionally, they look for CEOs who have already successfully led similar businesses, as they can bring a repeatable pattern of growth and know exactly what to do. Wilkinson emphasizes the importance of finding CEOs who have already done the desired task, much like hiring a seasoned carpenter instead of someone who might figure it out. By relying on trusted networks and seeking experienced leaders, Tiny aims to place capable CEOs who require minimal oversight.

    The keys to growing a company and running a successful restaurant.

    Growing companies requires a repeatable process. Every business has similarities, such as pricing strategy and marketing best practices, that can be optimized for growth. Incentives play a significant role in driving employee motivation and desired results. Negotiation skills can also be crucial in acquiring favorable terms and expanding business opportunities. Additionally, identifying new business lines proven successful by others can lead to significant growth. It is important to understand the sacrifices and challenges that successful individuals face, as they may not always be apparent in their stories of success. Finally, running a restaurant can be incredibly difficult and requires more than just designing menus and spaces. Real brick and mortar businesses require hard work and expertise.

    Challenges and Opportunities in the Restaurant Business: A Perspective on Scalability and Hiring from Andrew Wilkinson

    Running a restaurant business can be incredibly challenging due to low margins, the difficulty of attracting the right talent, and the need for constant hands-on management. The margins in the industry are often razor thin, with even seemingly small expenses like buying towels for the bathroom having a significant impact. This firsthand experience made Andrew Wilkinson appreciate and double down on internet businesses, which have the potential for higher scalability and profitability. When it comes to hiring, he values scrappiness and urgency in candidates but acknowledges the need for steady individuals to ensure follow-through. Despite not living in a tech hub, Wilkinson emphasizes the value of connecting with entrepreneurs and investors who face similar problems, both through local networks and by reaching out through cold emails. Furthermore, he highlights the potential for great experiences and connections that can arise from such outreach. Lastly, Wilkinson mentions that a significant portion of his investments come from his own capital, but he has also brought in outside money, particularly for larger deals.

    Building Reputation and Quality Work: A Path to Success in Client Acquisition

    Building a strong reputation and doing excellent work can lead to success in acquiring clients. Rather than relying on traditional marketing or outbound sales, Andrew Wilkinson's approach focused on delivering quality, treating clients well, and finding creative ways to showcase their work publicly. This approach helped them attract larger companies and gradually move up the food chain. Additionally, Wilkinson highlights the importance of working on projects that align with long-term goals and resonate with future customers. Another significant insight is that although Warren Buffett suggests reading 500 pages a day, it may not always be feasible. Adapting to different circumstances in life, Wilkinson has found alternative ways to consume information through audio books, podcasts, and long-form journalism. Lastly, Wilkinson's personal growth journey demonstrates a shift in perspective, realizing that external possessions and constant travel do not necessarily equate to happiness. Instead, focusing on relationships, daily routines, and meaningful connections brings more joy and fulfillment.

    The Importance of Connection, Family, and Money

    The key to true happiness lies in connection and family. Building a close group of friends and creating meaningful relationships with grandchildren and children bring immense joy and fulfillment. Money, on the other hand, serves as a tool to protect those we care about and provide the freedom to make choices. It also opens doors to exciting opportunities and collaborations. Starting a business with low margins can be made profitable through luck and strategic location. Delegating management and teaching employees to solve problems fosters growth and efficiency. The formula for success lies in good people, shared strategy, and aligned incentives. Teaching oneself through curiosity and learning from failure is a valuable habit to instill in children. Applying the Pareto principle, finding efficient ways to achieve desired results, can bring great satisfaction. When building a house, navigating the construction process can be frustrating due to incentives problems.

    The Importance of Experience, Knowledge, and Calculated Risks in Business

    Experience and knowledge are crucial when it comes to making important business decisions, especially in investing and starting your own business. Simply looking at numbers on a spreadsheet won't give you a true understanding of a business's complexities and potential pitfalls. It's important to have direct business experience and get in the trenches before making big moves. Additionally, it's crucial to make calculated and educated risks rather than blindly taking on high-risk ventures. Investing in your future should be strategic and based on good odds, rather than gambling with your time and resources. Finally, the habit of constant learning, particularly through reading, can be a game-changer for success in business.

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    The Wild Story Of ‘Mr. Tull’ - From Laundromats To $3.5B Hollywood Production Company

    The Wild Story Of ‘Mr. Tull’ - From Laundromats To $3.5B Hollywood Production Company
    Episode 577: Sam Parr ( https://twitter.com/theSamParr ) and Shaan Puri ( https://twitter.com/ShaanVP ) talk about mysterious billionaire Thomas Tull.  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) Blue Collar Billy of The Week: Thomas Tull (2:29) Moneyball strategy for movies (5:20) Formula for box office hits: Bigger is better (7:25) International appeal (specifically China) (8:22) Data analytics for movie marketing (13:15) Flywheels at the highest level (24:31) Moneyball for X (26:42) Business lessons from the UFC (31:03) We give Zuck PR advice (33:02) What Dana White taught me about marketing (34:06) Level 1: Sell a product (34:46) Level 2: Sell a solution not a product (35:20) Level 3: Sell a Lifestyle (36:55) Level 4: Sell a feeling (39:18) Level 5: Identity in a box (46:49) Why Sam's new project will fail (52:38) Shaan workshops Sam's idea — Links: • The Information article - https://tinyurl.com/4csvs9ab • Legendary - https://www.legendary.com/ • “We Don’t Sell Saddles Here” - https://tinyurl.com/2s39sjzf • SmartAsset - https://smartasset.com/ • Sam’s List - https://samslist.co/ — 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