Episode

#213 - How to Build a Community
Description
In this episode Shaan (@ShaanVP) and Sam (@theSamParr) break down community businesses and different ways you can build a community. They also talk about the law of reciprocity, the ad Sam wrote that competitors have stolen, and the importance of user generated content for digital ads. They end the episode talking about how technology will change construction sites and share a few Instagram accounts worth following. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * 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. --------- Show notes: * (1:00) The law of reciprocity * (6:51) What is Friends with Benefits * (12:56) Why communities can be great businesses * (14:58) How big can token backed communities be? * (17:33) Soho House went public * (19:45) Should MFM make a social token? * (22:46) Set your data free * (29:36) Communities of communities can be big businesses * (30:54) User generated content & Sam's great ad copy * (36:45) The hot girl side hustle * (46:33) The future of construction sites * (53:41) Remote arcade games * (57:02) Some accounts to spice up your Instagram feed * (1:00:01) The man behind Telegram
Chapters
Learn how to find a comfortable and affordable remote work space by leveraging discounts and deals to save money, automating tedious tasks, and ensuring your team has access to the same data.
00:00 - 02:39 (02:39)
Summary
Learn how to find a comfortable and affordable remote work space by leveraging discounts and deals to save money, automating tedious tasks, and ensuring your team has access to the same data.
Episode#213 - How to Build a Community
PodcastMy First Million
The speaker discusses their reluctance to share their address and the pressure they feel to reciprocate gifts, highlighting the importance of setting boundaries.
02:39 - 06:09 (03:29)
Summary
The speaker discusses their reluctance to share their address and the pressure they feel to reciprocate gifts, highlighting the importance of setting boundaries.
Episode#213 - How to Build a Community
PodcastMy First Million
A new digital club resembling a luxurious spa and gym, Equinox, has emerged with an invite-only policy for trendy people to buy the "friends with benefit" token and pay $2,400-$3,000 to join.
06:09 - 09:57 (03:47)
Summary
A new digital club resembling a luxurious spa and gym, Equinox, has emerged with an invite-only policy for trendy people to buy the "friends with benefit" token and pay $2,400-$3,000 to join.
Episode#213 - How to Build a Community
PodcastMy First Million
The host expresses skepticism about Bitclout’s investment potential, citing its marketing strategy and the uncertainty around its founder’s tokens.
09:57 - 15:44 (05:46)
Summary
The host expresses skepticism about Bitclout’s investment potential, citing its marketing strategy and the uncertainty around its founder’s tokens.
Episode#213 - How to Build a Community
PodcastMy First Million
The hosts discuss creating a country club for hardcore fans of the show, similar to a golf course country club, with a library building, bar, restaurant, and pool.
15:44 - 18:47 (03:02)
Summary
The hosts discuss creating a country club for hardcore fans of the show, similar to a golf course country club, with a library building, bar, restaurant, and pool. The hosts also mention the potential financial risks involved.
Episode#213 - How to Build a Community
PodcastMy First Million
Soho House offered digital perks during the pandemic to their members such as access to a digital community, providing a Discord or Facebook group, and exclusive investment opportunities.
18:47 - 22:32 (03:45)
Summary
Soho House offered digital perks during the pandemic to their members such as access to a digital community, providing a Discord or Facebook group, and exclusive investment opportunities. The idea of having a digital community is becoming more valuable to people and is a key benefit for companies like Soho House.
Episode#213 - How to Build a Community
PodcastMy First Million
The speaker discusses investing in people's time and the potential for the success of a data business that uses publicly available records.
22:32 - 25:29 (02:56)
Summary
The speaker discusses investing in people's time and the potential for the success of a data business that uses publicly available records. The opportunities for starting such a company are also highlighted.
Episode#213 - How to Build a Community
PodcastMy First Million
The speaker suggests that creating a straightforward business model using data from blogs could be a profitable venture.
25:29 - 27:54 (02:24)
Summary
The speaker suggests that creating a straightforward business model using data from blogs could be a profitable venture. He believes that the lack of monetization from failed businesses may be due to inefficient staffing rather than the viability of the concept.
Episode#213 - How to Build a Community
PodcastMy First Million
Collaborative advertisements on platforms like TikTok, where influencers share their experience of using a product, are more effective than traditional ads.
27:54 - 33:51 (05:57)
Summary
Collaborative advertisements on platforms like TikTok, where influencers share their experience of using a product, are more effective than traditional ads. Such ads build a trust factor for the product and yield better results for the advertisers.
Episode#213 - How to Build a Community
PodcastMy First Million
The podcast discusses how two young men can do the same thing and end up in totally different positions in their lives.
33:51 - 36:45 (02:54)
Summary
The podcast discusses how two young men can do the same thing and end up in totally different positions in their lives. The story is called The Tale of Two Young Men and was launched in the 70s.
Episode#213 - How to Build a Community
PodcastMy First Million
Native advertising looks like organic content and relies on humor, wit, and sexy people to grab people's attention and get their point across.
36:45 - 41:06 (04:20)
Summary
Native advertising looks like organic content and relies on humor, wit, and sexy people to grab people's attention and get their point across.
Episode#213 - How to Build a Community
PodcastMy First Million
The speaker discusses how physical appearance plays a significant role on social media, where people tend to stop or pause on attractive individuals in their feed.
41:06 - 46:48 (05:41)
Summary
The speaker discusses how physical appearance plays a significant role on social media, where people tend to stop or pause on attractive individuals in their feed.
Episode#213 - How to Build a Community
PodcastMy First Million
The advancement of technology has allowed workers in blue-collar jobs like construction sites the ability to use a remote control from their iPhone to operate equipment like forklifts, tractors, and cement trucks.
46:48 - 53:48 (07:00)
Summary
The advancement of technology has allowed workers in blue-collar jobs like construction sites the ability to use a remote control from their iPhone to operate equipment like forklifts, tractors, and cement trucks. This has also created new job opportunities within these industries.
Episode#213 - How to Build a Community
PodcastMy First Million
This episode explores the psychology behind the popular arcade game, Claw Machines, and how one entrepreneur is turning them into a profitable business by leasing them out to retail stores.
53:48 - 57:30 (03:41)
Summary
This episode explores the psychology behind the popular arcade game, Claw Machines, and how one entrepreneur is turning them into a profitable business by leasing them out to retail stores.
Episode#213 - How to Build a Community
PodcastMy First Million
This podcast discusses the story of Telegram, an encrypted messaging app created by Pavel Durov, who is considered by some to be a genius.
57:30 - 1:02:26 (04:55)
Summary
This podcast discusses the story of Telegram, an encrypted messaging app created by Pavel Durov, who is considered by some to be a genius.
Episode#213 - How to Build a Community
PodcastMy First Million
Pavel Durov, CEO of Telegram, manages to run the billion-dollar company remotely while constantly traveling and enjoying a luxurious lifestyle.
1:02:26 - 1:05:01 (02:35)
Summary
Pavel Durov, CEO of Telegram, manages to run the billion-dollar company remotely while constantly traveling and enjoying a luxurious lifestyle.
Episode#213 - How to Build a Community
PodcastMy First Million
The guys discuss the strategy of investing in cryptocurrencies and how some investors were able to raise billions of dollars at the time.
1:05:01 - 1:06:55 (01:54)
Summary
The guys discuss the strategy of investing in cryptocurrencies and how some investors were able to raise billions of dollars at the time.