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    #83 - How the Koch Brothers Got Rich, Human IPOs and Why Snapchat Might be the Future

    Shaan and Sam strive to improve their posture and overall physical health through effective workouts, seeking professional guidance, and exploring alternative methods like inversion chairs. Their commitment reflects their desire for optimal physical well-being.

    enJune 12, 2020

    About this Episode

    Joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion. Shaan Puri (@ShaanVP) and Sam Parr (@theSamParr) catch up and talk through a variety of topics on the show today. Everything from content engines serving only employees of specific companies (internal podcasts, for example), to the Koch brothers and SnapKit. In today’s episode we cover ways companies are publishing content directly to their employees (8:00), Sam briefly summarizes how the Koch brothers made a billion dollars (15:30), Shaan riffs business ideas based on Snapchat Mini’s (22:45), Shaan explains Moonshot and how online escape rooms just might work (30:30), Sam asks for Shaans honest opinion on the Liquid Death founder (33:47), Sam and Shaan talk about humanIPO.app and the merits of humans having an IPO (39:35), Shaan and Sam discuss correct posture and the need for someone to tell them how to exercise “correctly” (43:00).  See acast.com/privacy for privacy and opt-out information.

    🔑 Key Takeaways

    • Considering all factors before making a decision to relocate to a more affordable location can significantly improve one's quality of life while saving money. Additionally, the success of ARC Publishing showcases the potential for technology to revolutionize industries and drive revenue.
    • The trend of creating and distributing content exclusively for employees is growing, and ARC aims to provide a platform for companies to streamline communication and distribute updates efficiently.
    • Establish a stable foundation and wait for the right timing and resources before expanding into other lines of business to increase the chances of success.
    • Recognize the potential for growth in early-stage startups and provide focused care. Avoid constantly starting new projects and understand the complexity of individuals and businesses.
    • Success lies in diversifying business ventures and capitalizing on different industries, while understanding the depth and complexity of operations before making judgments.
    • Snapchat's introduction of Minis and Snapkit provides opportunities for distribution and growth, making early adoption advantageous in the competitive landscape of social media platforms.
    • By building on SnapKit and creating innovative solutions that enhance the Snapchat experience without direct competition, developers can catch valuable opportunities and potentially rise to the top.
    • With creativity and the use of virtual platforms like Zoom and Snapchat, businesses can provide unique experiences and build new opportunities for remote socialization.
    • Finding a balance between creativity and operational skills is crucial for building and sustaining a successful business. Both aspects are important for long-term success.
    • While the concept of human IPOs is intriguing, there are practical challenges that make its widespread adoption unlikely. Nevertheless, it highlights the interest in monetizing personal time and skills in innovative ways.
    • Shaan and Sam strive to improve their posture and overall physical health through effective workouts, seeking professional guidance, and exploring alternative methods like inversion chairs. Their commitment reflects their desire for optimal physical well-being.

    📝 Podcast Summary

    The growing trend of people leaving expensive cities for more affordable locations emphasizes the importance of cost of living arbitrage.

    There is a growing trend of people leaving expensive cities like San Francisco for more affordable locations like Austin. The cost of living arbitrage can be significant, allowing individuals to enjoy a higher quality of life for the same or even less amount of money. However, it's important to be careful and consider all factors before making a decision. Additionally, the discussion around ARC Publishing highlights the innovative approach taken by Jeff Bezos to leverage technology and create a successful business model. ARC Publishing aims to help companies streamline their internal communication efforts, offering services to organize and publish newsletters and articles. This demonstrates the potential for technology to revolutionize various industries and generate substantial revenue.

    Expanding Services for Internal Publishing within Organizations

    ARC, a company that enables other brands to productize their own publishing toolkit, is expanding its services to cater to the growing demand for internal publishing within organizations. This move reflects a larger trend of companies recognizing the value of creating and distributing content exclusively for their employees. Facebook, for example, has an internal podcast for its managers, providing training and insights. ARC aims to provide a platform for companies with a large workforce to streamline communication, address important issues, and share updates. This concept of "intra-company" publishing is gaining traction, and businesses are exploring various tools and technologies to facilitate efficient and secure internal content distribution.

    Focusing on Core Business and Timing for Successful Expansion

    Companies should focus on getting their core business right before expanding into other lines of business. It's important to establish a stable and successful foundation before venturing into new endeavors. Taking inspiration from successful companies like Amazon and Twitch, who expanded their offerings after years of solidifying their core business, can be beneficial. However, it's crucial to consider the timing and resources required for such expansions. While it can be tempting to dive into new projects, it's essential to avoid distractions and maintain a strong focus on the main business. By strategically evaluating the right time to expand and ensuring stability in the core business, companies can increase their chances of success in new ventures.

    Nurturing Startups from Infancy to Adolescence

    Startups are like babies, requiring constant care and attention in their early stages. Just like babies, startups need to focus on the essentials like survival, growth, and profitability. However, as they mature, their needs change. It's important to differentiate between the "baby" stage and the "teenager" stage of a startup. The key is recognizing the growth potential in the seemingly weak and feeble stage. It involves making tough decisions, like splitting companies to give them the focused care they need. Additionally, while it may be tempting to constantly start new things, running a startup to fruition is not easy. Lastly, the example of the Koch Brothers highlights the importance of looking beyond stereotypes and understanding the rich complexities of individuals and businesses.

    The Koch Brothers' Diversified Ventures and Wealth Accumulation

    The Koch Brothers' success and wealth can be attributed to their ability to diversify their business ventures and capitalize on different industries. Starting with oil, they utilized the by-products to create various products such as gasoline, kerosene, Vaseline, and even materials like GoreTech and Lupra (used by Nike). This exemplifies their strategy of starting or acquiring companies across different sectors. Additionally, it is important to acknowledge that while some criticize their actions, particularly liberal individuals, it is essential to study and understand the depth and complexity of their operations before making judgments. The story shared about Shaan Puri's friend also highlights the ruthless perspective of focusing on money rather than personal values or political affiliations.

    Snapchat's new Minis feature aims to compete with Facebook and Instagram by integrating various tasks within the app, attracting developers, and building a strong ecosystem.

    Snapchat is making moves to become a platform and compete with Facebook and Instagram. They are introducing mini applications called Minis, similar to the ones found on WeChat, which allow users to do various tasks within Snapchat itself, such as paying bills or buying movie tickets. This strategy is aimed at attracting more developers and building a strong ecosystem on Snapchat. By doing so, they hope to take back their mojo from Facebook and Instagram, who have been known to copy their features. Being early to these platforms and app ecosystems, like Snapchat's Snapkit, can be advantageous as it provides opportunities for distribution and growth.

    Leveraging platform inflections with SnapKit for successful ventures.

    There are valuable opportunities to be found in platform inflections, like the one currently happening with SnapKit. These inflections occur when a new platform or technology opens up possibilities for innovative solutions. By building on top of SnapKit, developers can catch the wave early and potentially rise to the top. The key is to create something that enhances the Snapchat experience without competing directly with it. For example, a possible idea is to build an app called Cameo Kit, which allows users to purchase personalized Snapchat videos from celebrities and send them to themselves or their friends. Another potential opportunity is to use Snapchat or Snap Cash to simplify and streamline the process of splitting rent for younger individuals. Overall, staying aware of platform inflections and creatively leveraging them can lead to successful ventures.

    Innovative Ways to Adapt and Thrive in a Remote World

    There are innovative ways to adapt to the current circumstances and provide unique experiences. A food delivery company could consider sending surprise meals as gifts, like what Shaan Puri experienced on his birthday. Another interesting idea is the virtual escape room by Moonshot, which allows teams to bond and have fun remotely. This concept eliminates the need for physical locations and facilitators, making it cost-effective for companies. Zoom has also become a platform for celebrating occasions like birthdays and weddings. While these trends may not last forever, building on top of platforms like Zoom and Snapchat can create new opportunities in this era of remote socialization.

    Balancing Creativity and Operational Skills for Business Success

    When it comes to building a successful business, it's important to have a balance between creativity and operational know-how. While being artistic and innovative can help create a unique brand or product, it's also crucial to have the discipline and operational skills to execute and sustain the business. The example of Shaan Puri and Sophia Amoruso highlights this point. Puri recognizes the importance of being "just good enough to be dangerous" in the operational side, while Amoruso's focus on marketing and brand building led to the downfall of her company. Finding a balance between pioneers, settlers, and town planners within a team can help ensure that creativity and execution go hand in hand, leading to long-term success.

    Exploring the Potential of Human IPOs

    The concept of human IPOs, where individuals can auction off their time and others can buy shares of that time, is both innovative and intriguing. While it may seem like an exciting way to bet on people and their potential, there are also significant logistical and practical challenges to consider. The concept has similarities to freelancer platforms where blocks of time are sold, but the idea of buying shares of someone's future earnings is perhaps more appealing. Overall, while the human IPO concept may not be widely adopted or feasible in practice, it does showcase the fascination and interest in finding innovative ways to monetize personal time and skills.

    Pursuing Optimal Posture and Physical Health Journey

    Both Shaan and Sam have become obsessed with improving their posture and overall physical health. Sam, who has scoliosis, is determined to find effective workout routines and possibly even a posture doctor to help him correct his alignment. Shaan, on the other hand, has realized that he may not be running or swimming correctly and wants to clean up his technique. They both agree that sitting in chairs for long periods is detrimental to their health. Additionally, Shaan mentions a book called The Happy Body that recommends the use of inversion chairs to decompress the spine. Overall, their shared interest in optimizing their bodies showcases their commitment to achieving a wild animal-like state of physical prowess and well-being.

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    The AI App Doing $6M With 1 Employee

    The AI App Doing $6M With 1 Employee
    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