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    #86 - Why Every Business Should Have an Enemy

    Empowering agents by allowing them to establish their own brand and keeping a larger percentage of fees benefits both agents and customers, creating a personalized service and reducing customer acquisition costs.

    enJune 26, 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. Episode summary: (0:03) Discounted Uber credits hack (4:06) Scam talk: Chamath bitcoin giveaway, Nigerian PPP, Super Pac (12:05) Baseball card storage idea (15:20) Self-storage company, Public Storage, is wildly profitable (16:12) Real estate talk (20:01) Why it’s important to have enemies when marketing (27:42) Private Twitter idea (30:08) Chris D’Elia and Wikipedia for creeps idea (37:42) Should Wikipedia be government owned? (39:50) Cheaper backend brokerage  See acast.com/privacy for privacy and opt-out information.

    🔑 Key Takeaways

    • The decision to condone or condemn gaming referral systems lies with individuals, as they must consider the balance between entrepreneurial spirit and potential harm to businesses. Stay informed and make ethical judgments.
    • Constantly evolving scammers demand more robust regulations and enforcement to safeguard individuals and institutions from falling prey to their fraudulent tactics. Innovative approaches can challenge existing systems and foster positive change.
    • Unethical practices, like impersonating reputable companies and selling personal information without consent, can lead to financial gain for some individuals, but not all successful individuals engage in such activities.
    • A centralized storage system for valuable assets, maintained and verified by professionals, could revolutionize online buying and selling while simplifying logistics and eliminating potential issues. Niche collectors and auction houses may lead the way in implementing this concept.
    • Real estate success lies in recognizing untapped potential, taking calculated risks, and positioning yourself uniquely in the market. It serves as a viable path to wealth for hardworking individuals.
    • By strategically positioning themselves against competitors or industries, brands can generate attention and establish their identity, but it is crucial to be authentic and consistent in these marketing conflicts.
    • Picking relevant fights can boost business by creating buzz and aligning with values, focusing on expert opinions can provide unbiased perspectives in today's media landscape.
    • Although it's important to condemn inappropriate behavior, it's also possible to enjoy the work of an artist while disapproving of their actions. The decision of whether to support them lies with individuals, highlighting the complexity of separating art from the artist.
    • Enjoying someone's work does not mean condoning their negative behavior. We must decide whether to continue supporting them or take a stand, while also ensuring the information exposed is credible.
    • A whistleblower network is essential for addressing misconduct, while platforms like Wikipedia and Reddit should be supported for their societal value. Simplifying renters insurance process can alleviate tenant burden.
    • Empowering agents by allowing them to establish their own brand and keeping a larger percentage of fees benefits both agents and customers, creating a personalized service and reducing customer acquisition costs.

    📝 Podcast Summary

    Exploiting Referral Systems in Ride-Sharing: Ethical Concerns and Potential Harm

    There are individuals who have found clever ways to take advantage of referral systems in ride-sharing services to obtain discounted credits. This is achieved by gaming the system through strategies such as using shorter rides in countries with lower ride costs and referring the ride to oneself. While this practice may not be illegal, it raises ethical concerns as it exploits loopholes and potentially harms the ride-sharing service. The decision to promote or condemn these actions lies with the listener, as it is important to consider the balance between recognizing someone's entrepreneurial spirit and the potential negative implications for businesses. Ultimately, it's vital to stay informed and make individual judgments about the ethics of such practices.

    Evolving Scammers and the Need for Stricter Regulations

    Scammers are always finding new ways to exploit platforms and systems for their own benefit. Whether it's using a fake Bitcoin giveaway livestream to make money off ad revenue, or taking advantage of government programs like the PPP to fraudulently claim millions of dollars, scammers are constantly evolving and finding loopholes in the law. This highlights the need for stricter regulations and enforcement to protect individuals and institutions from falling victim to these scams. Additionally, the story of using super PACs to raise money for both sides of an issue in order to shed light on their lack of transparency is a clever attempt to fight back against a system that many find questionable. Innovative approaches like these can challenge the status quo and promote change.

    Uncovering Unethical Business Practices

    Unethical practices can lead to significant financial gain for some individuals. The conversation highlights various examples of shady business activities, such as running call centers pretending to be reputable companies and selling personal information without consent. These practices may not necessarily be illegal, but they can be considered unethical and obnoxious. One specific example mentioned is Navin Jain, who was involved in companies like Infospace and Intelius, which were both associated with questionable practices. However, it's important to note that not all successful individuals engage in such activities. Legitimate businesses, like the baseball card industry, can also face challenges, such as shipping and verifying the authenticity of products.

    Creating a Central Repository for Valuable Assets

    There is a need for a central repository for collecting valuable assets like baseball cards, sneakers, and art. This would allow for online buying and selling without the need for physical movement or shipping costs. The stored assets would be properly maintained and verified by professionals in a centrally located vault, eliminating potential issues and degradation. While there may not be a great solution currently available, the idea has potential and could be explored further. The niche community of collectors and auction houses could play a pivotal role in implementing such a system and inspiring others to follow suit. Additionally, it is interesting to note that storage companies are essentially real estate businesses, with the storage facilities serving as a means to generate profit for real estate investments.

    Unveiling the Hidden Value in Real Estate

    In the game of real estate, the key is to see value where others don't. Instead of just looking at the surface value of a property, successful real estate investors find ways to add or change its use and maximize its worth. This strategy allows them to pay more for a property because they know they can extract more value from it than others can. However, it's important to note that real estate is a field where there is a higher ratio of wealthy individuals who may not necessarily be superstar geniuses, but rather normal and hardworking people who took risks and used their skills to create wealth. This makes real estate a viable path to wealth for many individuals. Additionally, having a unique selling proposition and positioning yourself as the antithesis to your competitors can help attract followers and differentiate yourself in the market.

    Leveraging Conflict for Successful Marketing

    Having a clear target or enemy can be a powerful marketing strategy. By positioning themselves against established competitors or industries, brands can create a compelling story that resonates with customers. This approach can ignite passions, spark conflict, and get people to take notice. However, it's important to be authentic and consistent in these fights. In some cases, companies may come across as hypocritical or their opinions may seem questionable. Nonetheless, if used effectively, this "beef marketing" can generate significant attention and help establish a brand's identity. Buffer's transparent approach and the success of hay.com are examples of how strategic conflict can be a valuable marketing tactic.

    Strategic fights for business growth

    Picking smart and strategic fights can be beneficial for businesses. It can generate buzz, increase popularity, and help both sides grow. However, it is important to choose fights that make sense, are polarizing, and align with the values and story of the business. Picking fights with smaller competitors or against mainstream media can be effective, as long as there is authenticity and a clear message being conveyed. Additionally, focusing on expert opinions rather than journalist opinions can be a valuable concept in today's media landscape. Providing unedited opinions from knowledgeable individuals can offer a fresh and unbiased perspective to the audience.

    Separating Art from the Artist: An Ethical Dilemma in the Entertainment Industry

    The entertainment industry often presents us with a dilemma: can we separate the artist from their actions? This recent controversy surrounding comedian Chris D'Elia and the past allegations against other artists like Louis CK brings this question to the forefront. While it's important to condemn inappropriate behavior, it's also worth acknowledging that some people may still enjoy their work despite disapproving of their actions. This doesn't mean we condone their behavior, but rather that we recognize the complexity of separating art from the artist. Ultimately, it's up to individuals to decide whether they can continue to support the work of someone who has exhibited problematic behavior, but it's crucial to have these conversations and address the ethical dilemma at hand.

    Balancing admiration and accountability

    Everyone we admire or look up to is likely to have some flaws or questionable actions in the eyes of others. It's a reality we have to come to terms with. We may still enjoy the work or content they produce, but it doesn't mean we condone or support their negative behavior. This dilemma becomes more prevalent as more scandals and revelations come to light. In such situations, we are faced with the decision of whether to continue consuming their work or take a stance against it. It's important to remember that accusations can easily be made, and therefore, any system that allows for exposing such behavior should be backed by trustworthy third-party verification.

    Addressing bad behavior and reevaluating platforms for a better society.

    There is a need for a whistleblower network to address bad behavior such as racism and sexual harassment. The current system is flawed, with it often taking years for victims to come forward. Additionally, there is room to reevaluate platforms like Wikipedia and Reddit. Both should be considered national treasures and funded through donations or government support to ensure their sustainability. The Department of Education, which receives significant funding, could potentially support Wikipedia to cover its expenses. Lastly, there is an opportunity to simplify the process of obtaining renters insurance. By incorporating it directly into rental leases through brokers and agents, it would alleviate the burden on tenants and ensure compliance with insurance requirements.

    Empowering Agents: A Lucrative Business Strategy

    There is a growing need to empower agents in various industries. The traditional model of having a brokerage or company's brand overshadow the individual agent is shifting. Companies like RISE are capitalizing on this shift by offering a streamlined back office service for agents, allowing them to establish their own brand and keep a larger percentage of their fees. This approach not only benefits the agents by giving them more control and potential for higher earnings, but it also benefits customers by providing a more personalized and focused service. This model can be applied to other industries like insurance, where agents can become the forefront of the business, effectively upselling additional services and reducing customer acquisition costs. Overall, empowering agents at the point of sale can be a lucrative and efficient business strategy.

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    From PayPal Intern to Starting 4x Billion-Dollar Companies - Joe Lonsdale Interview

    From PayPal Intern to Starting 4x Billion-Dollar Companies - Joe Lonsdale Interview
    Episode 578: Shaan Puri ( https://twitter.com/ShaanVP ) sits down with Joe Lonsdale ( https://twitter.com/JTLonsdale ) to talk about how he leveraged one internship at PayPal into one billion dollar success after another. Today Joe is Managing Partner of 8VC and an early investor in Anduril. 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) The One Reason strategy (3:18) Learning Global Macro Finance from Peter Thiel (5:35) Taking multi-million dollar bets at 4:30am (8:43) Hire for raw IQ over expertise (10:33) Nurturing employees into unicorn founders (12:24) Solving hard problems with Addepar (13:53) Always “Being on” (15:32) How to spot opportunities for new businesses (21:10) How Epirus landed a military defense contract (27:09) Getting hits in hard domains (28:24) Business Idea: AI-powered Estate Planning (29:19) Business Idea: Business Process Outsourcing for local government (30:58) Big swings vs. base hits (31:49) Idea vs. execution (32:38) Focus vs. diversity of thought/attention (33:33) Insights from Elon’s inner circle (35:36) Joe Lonsdale’s unfair advantages (38:48) How to invest your time to make your first $1M (40:40) Working on an A+ problem as an intern at PayPal (43:15) Be within 2 standard deviations of top talent (44:14) Early days at Palantir (46:56) Building a top engineering culture (48:31) Borrowing trust as 21-year old defense contractor (52:22) Peter Thiel’s biggest contrarian bet — Links: • Joe's Twitter - https://twitter.com/JTLonsdale • Joe's blog - https://blog.joelonsdale.com/ • Joe's podcast - https://www.americanoptimist.com/ • 8VC - https://www.8vc.com/ • Addepar - https://addepar.com/  • Palantir - https://www.palantir.com/ • Epirus- https://www.epirusinc.com/ • OpenGov - https://opengov.com/ • Prologis - https://www.prologis.com/ • Lessons from Peter Thiel - https://joelonsdale.com/lessons-peter-thiel/ — 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 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

    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