Episode
#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
47:52
Published: Wed Sep 23 2020
Description
(0:46) The guys break down Frank Slootman (Snowflake founder’s) Linkedin post, (7:45) Sam brings up Rocket Internet, a German company that clones mainstream startups in smaller geographic markets. They scale quickly and are formulaic, (8:30) Sam is fascinated by Danny Meyer, founder of Shake Shack among other places, (10:05) Shaan shares his story about the Melman’s and their empire, Lettuce Entertain You, (13:38) The guys discuss Hamdi Ulukaya the founder of Chobani, (17:50) The guy’s talk blue collar businesses, including Waste Management and its founder Wayne Huizenga, (19:30) The story of Rose Blumkin, founder of Nebraska Furniture Mart, (21:11) Shaan talks about his water problem and subscription water companies like ReadyRefresh and Culligan, (27:40) The Uber for evictions: Civvl, (31:26) The student debt market explained, (34:42) B2B vs consumer businesses Check out this week's sponsor: Ourcrowd. They make it easy to invest in early startups. Go to ourcrowd.com/thehustle to get started. Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. See acast.com/privacy for privacy and opt-out information.
Chapters
CEO of Snowflake, Frank Slootman, shares a blog post on the importance of automation and data sharing in CRM to better serve customers and reach business goals, as companies reevaluate their software expenses.
00:00 - 01:41 (01:41)
Summary
CEO of Snowflake, Frank Slootman, shares a blog post on the importance of automation and data sharing in CRM to better serve customers and reach business goals, as companies reevaluate their software expenses.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
The speaker talks about his philosophy on building a company with revenue growth and profit as the key performance metrics.
01:41 - 07:20 (05:38)
Summary
The speaker talks about his philosophy on building a company with revenue growth and profit as the key performance metrics. He also mentions the obsession many companies have with diversity over other important factors.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
Three brothers have scaled multiple companies to $300-400 million in sales within two years, including cloning eBay and selling it back to eBay for $50 million.
07:20 - 10:31 (03:11)
Summary
Three brothers have scaled multiple companies to $300-400 million in sales within two years, including cloning eBay and selling it back to eBay for $50 million. The speaker is also interested in brick and mortar companies.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
Lettuce Entertain You is a family-owned chain of restaurants that has been in existence since 1971 in Chicago, Illinois, offering unique dining experiences and bar cocktail lounges for foodies and patrons.
10:32 - 14:17 (03:44)
Summary
Lettuce Entertain You is a family-owned chain of restaurants that has been in existence since 1971 in Chicago, Illinois, offering unique dining experiences and bar cocktail lounges for foodies and patrons.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
A discussion on the opportunities in waste management and the potential for growth in the industry, particularly in recycling, to become the top company in smaller cities.
14:17 - 20:09 (05:51)
Summary
A discussion on the opportunities in waste management and the potential for growth in the industry, particularly in recycling, to become the top company in smaller cities.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
Small irritants that happen frequently can affect the quality of life more than big things that happen infrequently.
20:09 - 25:19 (05:10)
Summary
Small irritants that happen frequently can affect the quality of life more than big things that happen infrequently. In the case of the speaker, not having a Brita that fits in their new fridge meant not having cold water for a month, leading to a subscription water company becoming their solution.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
The speaker suggests that local water providers can outsource their marketing needs to a third-party and focus on fulfilling orders.
25:19 - 27:32 (02:13)
Summary
The speaker suggests that local water providers can outsource their marketing needs to a third-party and focus on fulfilling orders. However, the speaker acknowledges that running a water delivery business is more challenging than it seems due to the expensive overhead costs involved.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
A man talks about the absurdity of overpriced bottled water and how a non-Silicon Valley individual attempted to start a company that served legal documents like evictions as a startup, drawing comparisons between the two seemingly unrelated topics.
27:32 - 31:54 (04:21)
Summary
A man talks about the absurdity of overpriced bottled water and how a non-Silicon Valley individual attempted to start a company that served legal documents like evictions as a startup, drawing comparisons between the two seemingly unrelated topics.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
The churn rate for self-serve B2B companies tends to be smaller businesses rather than larger, whilst sales driven businesses have more medium to large size customers.
31:54 - 42:25 (10:31)
Summary
The churn rate for self-serve B2B companies tends to be smaller businesses rather than larger, whilst sales driven businesses have more medium to large size customers. Some companies are doing well despite their individual sales teams, and whilst some companies are recruiting more heavily in the sales team element, other B2B companies are increasing their value due to their success.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
The speaker shares their experience with sales guys at Squarespace and WordPress, who they perceive as promoting products that they think are not worth the hype.
42:25 - 46:00 (03:35)
Summary
The speaker shares their experience with sales guys at Squarespace and WordPress, who they perceive as promoting products that they think are not worth the hype.
Episode#113 - From Furniture Store to Water Delivery: The Millions in Boring Businesses
PodcastMy First Million
The speaker discusses how people who come from blue-collar jobs, such as truck driving and fruit selling, often look down on tech bros and their wealth.
46:00 - 47:42 (01:41)
Summary
The speaker discusses how people who come from blue-collar jobs, such as truck driving and fruit selling, often look down on tech bros and their wealth.