Episode

#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
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57:17
Published: Fri Nov 13 2020
Description

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) host the podcast together today with no guest. In today’s episode you’ll hear: An update on Sam’s whereabouts and how he ended up buying a house in Austin (0:30), Shaan pitches an idea about “Class Pass for Billionaire’s Houses” (5:30), the best ad read in the history of MFM and how to growth hack your ads (11:00), Sam and Shaan talk about the pros and cons of a business like Baremetrics (14:25), Shaan contemplates publishing his total financial snapshot over the past year (20:35), Shaan pitches an idea on a Shopify app that connects all DTC brands (26:40), how Italic made smart deals with luxury Chinese suppliers (37:45), Sam and Shaan think someone should gamify a Facebook Ad learning program (42:37), Why Mario Level One is genius (51:27). Thank you to Lemon.io for sponsoring today's episode! They are offering a 15% discount for the first 6 weeks of work for all MFM fans. Go to Lemon.io/mfm to claim the offer! Companies mentioned: - Simon's Escapes: https://www.simonescapes.com/ - Inspirato: https://www.inspirato.com/ - Sponstayneous: https://www.sponstayneous.com/ - List of open startups: https://openstartuplist.com/ - Coop Commerce: https://www.coopcommerce.com/ - The Fascination: https://thefascination.com/ - B8ta: https://b8ta.com/ - Italic: https://italic.com/ - The genius of the first level of Mario: https://www.youtube.com/watch?v=zRGRJRUWafY Have you 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.  See acast.com/privacy for privacy and opt-out information.

Chapters
Companies are cutting their old school CRM platform bills significantly and prioritizing efficiency by investing in more accessible and streamlined software options for customer data management.
00:00 - 02:03 (02:03)
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CRM
Summary

Companies are cutting their old school CRM platform bills significantly and prioritizing efficiency by investing in more accessible and streamlined software options for customer data management.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
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My First Million
The speaker recounts how they had to inform their friends and coworkers about getting exposed to someone who tested positive for COVID-19 while they were shopping for a car.
02:03 - 05:16 (03:13)
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COVID-19
Summary

The speaker recounts how they had to inform their friends and coworkers about getting exposed to someone who tested positive for COVID-19 while they were shopping for a car.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
This podcast episode discusses a business idea involving owning multiple homes for rentals and creating a high-end party club membership in multiple cities.
05:16 - 08:52 (03:35)
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Business
Summary

This podcast episode discusses a business idea involving owning multiple homes for rentals and creating a high-end party club membership in multiple cities. The host speaks with Ryan Beagleman about the idea.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The business model of Serendipity combines great deals with unique experiences for consumers while taking care of curation work.
08:52 - 10:54 (02:01)
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Business Model
Summary

The business model of Serendipity combines great deals with unique experiences for consumers while taking care of curation work. They have been able to create their business despite having raised limited funds compared to their size.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker mentions that the episode is sponsored by the Side Hustle Pro Podcast and talks briefly about their experience with sponsorships.
10:54 - 15:31 (04:37)
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Side Hustle Pro Podcast
Summary

The speaker mentions that the episode is sponsored by the Side Hustle Pro Podcast and talks briefly about their experience with sponsorships.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
This episode discusses the cost of maintaining a professional relationship between investors and startups, including the legal fees associated with fund management, as well as the cost of conflict avoidance.
15:31 - 19:24 (03:52)
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Startups
Summary

This episode discusses the cost of maintaining a professional relationship between investors and startups, including the legal fees associated with fund management, as well as the cost of conflict avoidance.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
Cortland Allen, co-founder of Indie Hackers, discusses the woes and lessons of startups with host Kevin McArdle.
19:24 - 23:16 (03:51)
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startups
Summary

Cortland Allen, co-founder of Indie Hackers, discusses the woes and lessons of startups with host Kevin McArdle.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
Financial transparency is a common marketing tool used by podcasters to hook listeners into their content.
23:16 - 25:36 (02:19)
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Podcasting
Summary

Financial transparency is a common marketing tool used by podcasters to hook listeners into their content. However, revealing salaries and causing tension may not be worth the headache.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker discusses the idea of acquiring the professional millennial customer by finding the top brands in luggage, handbags, shoes, and socks for them, and marketing it to them as high-quality products.
25:36 - 29:21 (03:44)
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Marketing
Summary

The speaker discusses the idea of acquiring the professional millennial customer by finding the top brands in luggage, handbags, shoes, and socks for them, and marketing it to them as high-quality products. They also mention that this is a customer demographic that is willing to pay for quality and can be acquired for less than what a typical store spends on Facebook ads.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
A curated D2C storefront can bring together the best brands and attract new customers who like to see new, cool stuff.
29:21 - 35:00 (05:39)
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D2C
Summary

A curated D2C storefront can bring together the best brands and attract new customers who like to see new, cool stuff.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker describes her experience living in China and how counterfeit designer bags are widely available at a fraction of the cost of the real thing, often sold in discreet locations.
35:00 - 38:52 (03:52)
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Counterfeit Designer Bags
Summary

The speaker describes her experience living in China and how counterfeit designer bags are widely available at a fraction of the cost of the real thing, often sold in discreet locations.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker discusses the economics behind the Walmart and Costco business models and how one can be like Walmart and sell cheap stuff, while the other can sell a membership and sell it at cost, leading to an analysis of the manufacturing term for this type of business.
38:52 - 42:54 (04:01)
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Business Models
Summary

The speaker discusses the economics behind the Walmart and Costco business models and how one can be like Walmart and sell cheap stuff, while the other can sell a membership and sell it at cost, leading to an analysis of the manufacturing term for this type of business. The speaker then mentions a company that was innovative in finding the same supplier or an identical supplier to make the same quality, and made them a no-brainer offer after raising $10-13 million.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The podcast discusses the importance of learning and copying for improving skills in various fields such as music, advertising, and politics.
42:54 - 46:24 (03:30)
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Learning
Summary

The podcast discusses the importance of learning and copying for improving skills in various fields such as music, advertising, and politics.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
Learn to code platforms such as Code Academy have made it easy to try to learn and get familiar with coding.
46:24 - 49:51 (03:27)
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Coding
Summary

Learn to code platforms such as Code Academy have made it easy to try to learn and get familiar with coding. By giving a clear output and input on their website, people can easily familiarize themselves with coding.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker disagrees with the idea that learning platforms lack interactivity and explains the appeal of interactive features that keep users engaged.
49:51 - 52:26 (02:34)
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E-learning
Summary

The speaker disagrees with the idea that learning platforms lack interactivity and explains the appeal of interactive features that keep users engaged. However, building a platform that can maintain user engagement and allow them to complete the program is a challenging task.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The podcast discusses the different actions that players need to learn when playing Mario games and how the creators of the game ensure a great user experience.
52:26 - 54:26 (02:00)
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Mario games
Summary

The podcast discusses the different actions that players need to learn when playing Mario games and how the creators of the game ensure a great user experience.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million
The speaker expresses his admiration for the creators of Mario, believing them to be legends and almost mythical in their mastery of game design.
54:26 - 54:48 (00:21)
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Gaming
Summary

The speaker expresses his admiration for the creators of Mario, believing them to be legends and almost mythical in their mastery of game design.

Episode
#128 - Open Startups, A Mysterious Bag Lady, and Gamifying Facebook Ads
Podcast
My First Million