Episode

#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
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1:09:13
Published: Mon Apr 19 2021
Description

We start this one off with a little "Inside MFM" from Shaan (@ShaanVP) and Sam (@TheSamParr) as they discuss growing the pod and how they are going to do it. Then they break down the big news of the week: the Coinbase IPO. They talk about Coinbase's humble origins on HackerNews and how most big businesses have these same origins. It's often hard to see the big picture in the early days. They also talk about their own early days and give advice to young entrepreneurs. The second half of the pod turns into a brainstorm. They brainstorm around indie businesses like Microacquire and Photopea and how to build similar businesses. Finally, we end it by discussing the opportunities around "Affirm for X". --------- * 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: 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: * (0:24) Growing the podcast: how we're going to do it * (9:02) The guys break down the Coinbase IPO * (20:25) Big businesses are often not apparent at the beginning * (25:26) Advice for young entrepreneurs * (33:55) Microacquire dissected * (40:55) An indie project making million * (52:17) Brainstorm "Affirm for X"

Chapters
HubSpot CRM is the perfect solution for growing businesses looking for an all-in-one platform to automate tasks, track contacts and deals, and improve customer service.
00:00 - 01:04 (01:04)
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HubSpot CRM
Summary

HubSpot CRM is the perfect solution for growing businesses looking for an all-in-one platform to automate tasks, track contacts and deals, and improve customer service. It is easy to use and free to get started.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
A decision was made to entrust the growth of the show to its founder, as Sam's commitment and personal attachment to the project would be incomparable to outsourced efforts of others.
01:04 - 05:07 (04:02)
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Business
Summary

A decision was made to entrust the growth of the show to its founder, as Sam's commitment and personal attachment to the project would be incomparable to outsourced efforts of others. This presented the opportunity for listeners to observe Sam in action in a whole new light, which could further enhance the show's development.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The key to growing a podcast is not just having famous guests but rather targeting an audience that would resonate with your content and become ongoing subscribers.
05:07 - 07:40 (02:33)
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Podcasting
Summary

The key to growing a podcast is not just having famous guests but rather targeting an audience that would resonate with your content and become ongoing subscribers. Resources alone do not necessarily help in growing a podcast, and the audience overlap between the host and guest is also important to consider.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The podcast discusses the recent crypto boom and how companies like Coinbase, Robinhood, and Square are competing to be the dominant player in the space.
07:40 - 12:52 (05:11)
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Crypto
Summary

The podcast discusses the recent crypto boom and how companies like Coinbase, Robinhood, and Square are competing to be the dominant player in the space. They also mention the importance of user experience in gaining market share in this rapidly growing industry.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
Andreessen Horowitz changed their entire fund structure to own crypto assets and currently owns 20% of Coinbase, which at a $100 billion net worth, puts the company's worth at $20 billion, making it one of the top three Bitcoin whales.
12:52 - 19:54 (07:01)
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Cryptocurrency
Summary

Andreessen Horowitz changed their entire fund structure to own crypto assets and currently owns 20% of Coinbase, which at a $100 billion net worth, puts the company's worth at $20 billion, making it one of the top three Bitcoin whales.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The speaker shares about a normal guy who built a tech empire by finding his niche and developing his skills, and encourages others to pursue their own interests and passions, even if they don't consider themselves geniuses.
19:54 - 25:49 (05:54)
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Tech Entrepreneurship
Summary

The speaker shares about a normal guy who built a tech empire by finding his niche and developing his skills, and encourages others to pursue their own interests and passions, even if they don't consider themselves geniuses.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The speaker shares their experience repackaging and selling a product before discussing casual conversations, giving advice, and personal growth.
25:49 - 30:00 (04:11)
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Entrepreneurship
Summary

The speaker shares their experience repackaging and selling a product before discussing casual conversations, giving advice, and personal growth.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The speaker talks about the challenges that come with being an entrepreneur, from initial excitement to self-doubt, comparing oneself to friends in traditional careers.
30:00 - 36:15 (06:14)
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Entrepreneurship
Summary

The speaker talks about the challenges that come with being an entrepreneur, from initial excitement to self-doubt, comparing oneself to friends in traditional careers.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The newsletter offers access to cool companies for a price and is run by someone who previously sold his agency for tens of millions.
36:15 - 38:33 (02:18)
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Business, Investment, Newsletter
Summary

The newsletter offers access to cool companies for a price and is run by someone who previously sold his agency for tens of millions. The creator aims to disrupt investment banking by making it easier to buy and sell businesses.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The host discusses the benefits of a curated marketplace for buying and selling SaaS companies with a focus on the platform Tiny Acquisitions.
38:33 - 43:12 (04:38)
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SaaS
Summary

The host discusses the benefits of a curated marketplace for buying and selling SaaS companies with a focus on the platform Tiny Acquisitions. A curated marketplace offers a higher level of trust and quality compared to other marketplaces such as Flippa where there is an abundance of unreliable transactions.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
Photopea is an online tool similar to Photoshop, that allows users to edit photos easily.
43:12 - 47:00 (03:47)
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Photo Editing
Summary

Photopea is an online tool similar to Photoshop, that allows users to edit photos easily. It generates one million dollars in revenue annually, serving as a more affordable solution for students and people who cannot afford the high costs of Photoshop.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
Jim, the creator of OBS, was paid by Twitch to keep the software updated and maintained as it was more cost effective than hiring a team of engineers.
47:00 - 49:49 (02:49)
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Twitch
Summary

Jim, the creator of OBS, was paid by Twitch to keep the software updated and maintained as it was more cost effective than hiring a team of engineers. His unassuming appearance as an open source app developer adds a touch of badassery to his story.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
This episode discusses the challenges free products like Skype and WhatsApp face when trying to monetize and contrasts them with the approach taken by OBS.
49:49 - 53:23 (03:33)
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Monetization
Summary

This episode discusses the challenges free products like Skype and WhatsApp face when trying to monetize and contrasts them with the approach taken by OBS. The discussion also touches on the illegality of using photos without proper licensing and how software can help businesses to streamline their operations.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
Affirm is a pay as you go software that enables e-commerce stores to increase sales by offering customers pay as you go plans, without any effort.
53:23 - 57:58 (04:35)
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Affirm
Summary

Affirm is a pay as you go software that enables e-commerce stores to increase sales by offering customers pay as you go plans, without any effort. It lets customers buy expensive items through zero-interest installments.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
A discussion about using internet signals and publicly available data for instant credit worthiness, and using technology to make smart financial decisions.
57:58 - 1:01:29 (03:31)
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Creditworthiness
Summary

A discussion about using internet signals and publicly available data for instant credit worthiness, and using technology to make smart financial decisions.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
In this podcast, the host discusses the role of credit cards in consumer behavior and responsibility, and compares it to other products that might have negative consequences when overused.
1:01:29 - 1:06:58 (05:29)
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Credit Cards
Summary

In this podcast, the host discusses the role of credit cards in consumer behavior and responsibility, and compares it to other products that might have negative consequences when overused.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million
The idea of offering payment flexibility, such as installment options, at the point of sale in retail stores is discussed.
1:06:59 - 1:07:57 (00:58)
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Retail Stores
Summary

The idea of offering payment flexibility, such as installment options, at the point of sale in retail stores is discussed. The availability of this feature varies, but is being implemented by some companies such as Square.

Episode
#172 - Indie Businesses Making Millions, Advice to Young Entrepreneurs & How to Grow a Podcast
Podcast
My First Million