Podcast Summary
Passionate Entrepreneurship: High school student Mr. Squishy Scott's journey from buying and reselling goods to launching a vending machine business with Gary Vaynerchuk demonstrates the growing trend of turning passions into profitable side hustles or businesses, made easier by the internet and access to like-minded individuals and businesses.
The world is changing, and people are increasingly looking for opportunities to turn their passions into side hustles or even full-time businesses. The story of Mr. Squishy Scott, who started selling small toys and built a successful business, is a great example of this trend. Scott's journey began in high school when he started buying and reselling goods at auctions. He continued this hustle mentality in college, where he invested in a virtual reality company and helped it grow. Today, he's teamed up with Gary Vaynerchuk to launch a vending machine business selling small toys. The opportunity to make money from a passion is more accessible than ever, and the internet has made it easier than ever to find and connect with like-minded individuals and businesses. So, if you have a passion, consider turning it into a side hustle or even a full-time business. You never know where it might lead you.
Childlike curiosity: Maintaining a sense of childlike curiosity and wonder contributes to personal and professional success by bringing joy and deeper connections with customers.
Maintaining a childlike sense of wonder and curiosity has been a significant contributor to the speaker's personal and professional success. This was evident in his decision to drop out of school to work on scent technology with Ferris Productions, building NASCAR simulators for General Motors, and animating Legos for Lego. These experiences brought him joy and allowed him to connect with customers on a deeper level. The speaker believes that holding onto this youthfulness, even if it's just a small percentage of his personality, has a significant impact on his happiness and success. He encourages everyone to find ways to incorporate childlike curiosity and wonder into their own lives, regardless of their career or personal goals.
Passion and Authenticity: Invest time in your passions for personal fulfillment and potential financial success, but ensure authenticity to truly enjoy and succeed in the process.
It's essential to identify and invest time in your passions, as they can lead to both personal fulfillment and financial success. Authenticity plays a crucial role in this process. Many people spend their most valuable time on activities they enjoy during their off hours, but the speaker encourages considering turning these passions into a career or business. Using examples like thrifting and collecting, he illustrates how one can make a living from their hobbies. The importance of authenticity is emphasized, as it's not just about the hustle but believing in what you're doing. The speaker shares his belief that people are taught, often subconsciously, to "eat shit" during the week to enjoy the weekend, which can lead to a miserable work-life balance. Instead, he encourages embracing passions and making them a part of your life, even if you have responsibilities and obligations.
Side hustles and personal projects: Dedicating a few hours each night to a side hustle or project can lead to personal fulfillment, growth opportunities, and potential business success. Incorporating family and combining physical and digital elements can make these pursuits even more meaningful.
In today's world, people often find themselves exhausted from their day jobs and seeking an outlet for their passions during their limited free time. By dedicating just a few hours each night to a side hustle or project, one can build something meaningful that not only provides personal fulfillment but also opens up opportunities for growth and potential business success. The speaker's experience of transitioning from creating large toys to interactive books that combine physical and digital elements is a testament to this idea. He emphasizes the importance of incorporating family into these pursuits and shares his belief that the combination of physical and digital products is increasingly relevant in our increasingly digital world.
Digital-Physical Blend: Combining digital and physical elements can lead to successful products and businesses. Find the right platform and embrace innovation to create engaging and popular products.
The combination of digital and physical elements can lead to successful products and businesses. This was exemplified in the transition from a failed digital product to the creation of Squishland, a popular line of squishy pencil toppers. The speaker, who has a history of product failures, found inspiration in a group using digital technology to enhance physical pencil toppers. By buying out their distribution rights and transforming the product, they created a successful brand that thrives in vending machines. The speaker emphasized the importance of finding the right platform for a product, as well as the potential of vending machines as a sales channel, even for small items. The speaker also shared examples of the most popular toys of all time, which have sold billions, and how they have evolved to incorporate digital elements. Overall, the discussion highlights the importance of embracing innovation and finding ways to blend physical and digital elements to create engaging and successful products.
Vending industry innovation: Revolutionizing vending with high-quality, unique IP toys in fully wrapped capsules attracted retail partnerships and created opportunities for individuals to start their own businesses
The vending industry, with approximately 30,000 locations in the US, presents a vast opportunity for innovation and disruption. By enhancing the retail experience with high-quality, unique IP toys in fully wrapped capsules, this company revolutionized the industry and attracted retail partnerships. This approach not only benefited established players with multiple stores but also opened up possibilities for individuals to start their own vending businesses, making it an exciting side hustle. The potential for growth in this industry is exponential, with endless opportunities to create engaging and desirable products for consumers.
Vending business as a side hustle: Involving children in a vending business can be a profitable and rewarding experience for parents, teaching kids about entrepreneurship. Becoming a middleman/woman by buying machines and finding high-traffic locations is a viable opportunity.
Starting a vending business as a side hustle can be a profitable and rewarding experience, especially for parents who want to teach their kids about entrepreneurship. The speaker shared his personal experience of involving his children in the business and the benefits it brought to them. He emphasized that this is a viable opportunity for those who don't own stores and suggested becoming a middleman or woman by buying machines and finding high-traffic locations. The speaker also provided contact information for those interested in learning more or becoming vendors for his products. Lastly, he encouraged listeners to be passionate and playful in their pursuits, reminding them that everyone's journey is unique and that balance is key.