Episode
Patrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
1:14:48
Published: Thu Jul 07 2022
Description
Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk to Founder & CEO at ProfitWell, Patrick Campbell (@Patticus), about the billion dollar quilting industry, using spy secrets in business, buying cheap debt and a hostile takeover of a person. Also, want $5,000? Check out the My First Million Clips contest. ----- Links: * ProfitWell * Missouri Star Quilt Co. * Hallmark * KMikeyM * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (01:35) - Patrick Campbell background (07:55) - Surprising businesses: Quilting and craft industry (20:55) - Chili's and Applebees (25:25) - Why you should invest in unsexy businesses (26:50) - Rolling up trades & things for old people (30:05) - Using spy secrets to get competitive intel (46:30) - Buying debt to forgive it (49:40) - How it feels to get very rich very young (55:00) - Hostile takeover of a person ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Chapters
The success of a business can be attributed to stacking different factors that individually are strong, but when combined become even more valuable.
00:00 - 02:12 (02:12)
Summary
The success of a business can be attributed to stacking different factors that individually are strong, but when combined become even more valuable. A case study is presented of a company where the founders retained ownership while providing consideration to 120 previous and current employees.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker talks about the sudden influx of competitors in the metrics space, and how the founder Sam is dedicated to working hard despite it.
02:12 - 06:51 (04:39)
Summary
The speaker talks about the sudden influx of competitors in the metrics space, and how the founder Sam is dedicated to working hard despite it. The speaker also mentions their background growing up on a farm and enjoying receiving free fame.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The Jungle Scout Amazon strategy caused disruptions in QA scripts when sellers grew too quickly.
06:53 - 11:29 (04:36)
Summary
The Jungle Scout Amazon strategy caused disruptions in QA scripts when sellers grew too quickly. The e-commerce market is seeing growth in unexpected markets, such as knitting and crafts, as a result of increased online shopping.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
This podcast discusses the world of quilting and specifically the companies that sell patches for quilting.
11:29 - 14:40 (03:10)
Summary
This podcast discusses the world of quilting and specifically the companies that sell patches for quilting. These patches come in six-inch by six-inch blocks and often feature colorful designs such as pumpkins and snowmen.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
Online craft communities have sprung up on platforms like Instagram, YouTube and TikTok during the pandemic, fuelled by nostalgia, therapeutic benefits and the trend for oddly satisfying content.
14:40 - 18:59 (04:19)
Summary
Online craft communities have sprung up on platforms like Instagram, YouTube and TikTok during the pandemic, fuelled by nostalgia, therapeutic benefits and the trend for oddly satisfying content. More premium or niche products tend to have better churn than more mainstream offerings.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker is discussing his struggle with appealing to millennial customers who can be described as fickle and influenced by trends like Barry Detoxes.
18:59 - 24:55 (05:55)
Summary
The speaker is discussing his struggle with appealing to millennial customers who can be described as fickle and influenced by trends like Barry Detoxes. However, they note that businesses providing services like lawn care or HVAC will have staying power.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The funeral industry is dominated by only a few companies that control every aspect, from coffins to the memories of the deceased, making it a fascinating study in first principles thinking regarding targeting and understanding a market.
24:55 - 30:10 (05:15)
Summary
The funeral industry is dominated by only a few companies that control every aspect, from coffins to the memories of the deceased, making it a fascinating study in first principles thinking regarding targeting and understanding a market.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
John Bonini discusses various approaches to collecting customer feedback, including using surveys and NPS surveys sent on a regular basis.
30:11 - 33:46 (03:35)
Summary
John Bonini discusses various approaches to collecting customer feedback, including using surveys and NPS surveys sent on a regular basis.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker emphasizes that customer and market data are crucial in decision making, as they provide valuable insights that help make informed decisions.
33:46 - 40:02 (06:16)
Summary
The speaker emphasizes that customer and market data are crucial in decision making, as they provide valuable insights that help make informed decisions. Data provides insights that can foretell market trends and competitor strategies.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The hosts discuss the idea of spying on companies' Glassdoor reviews and LinkedIn pages to identify potential customers for a new business venture.
40:02 - 44:16 (04:13)
Summary
The hosts discuss the idea of spying on companies' Glassdoor reviews and LinkedIn pages to identify potential customers for a new business venture. Although this might come across as conniving, they both agree that it could be a successful model.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker describes their desire to spend money on interesting things that help them learn quickly, including the mysterious but fascinating world of buying and selling debt, as well as a hesitation to start a quilt company despite finding it intriguing.
44:16 - 47:52 (03:35)
Summary
The speaker describes their desire to spend money on interesting things that help them learn quickly, including the mysterious but fascinating world of buying and selling debt, as well as a hesitation to start a quilt company despite finding it intriguing.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker shares how he overcame his insecurities by using his past struggles as motivation to become successful instead of letting them hold him back.
47:52 - 51:42 (03:50)
Summary
The speaker shares how he overcame his insecurities by using his past struggles as motivation to become successful instead of letting them hold him back. He discusses the concept of using one's privilege or advantages to challenge oneself and strive for excellence.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker reflects on their education in the arts, poker, and a public school education at a private school price and how they have seen success in the business world despite not being traditionally associated with it.
51:42 - 55:22 (03:39)
Summary
The speaker reflects on their education in the arts, poker, and a public school education at a private school price and how they have seen success in the business world despite not being traditionally associated with it.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker shares how they earned money by sharing a podcast and receiving shares in the company.
55:22 - 1:00:24 (05:01)
Summary
The speaker shares how they earned money by sharing a podcast and receiving shares in the company.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
The speaker discusses a board meeting where they talked about starting to do psychedelics and voting on political candidates.
1:00:24 - 1:04:32 (04:08)
Summary
The speaker discusses a board meeting where they talked about starting to do psychedelics and voting on political candidates.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
A man talks about how he prefers his fast jet over fast cars while stuck in traffic with fancy cars.
1:04:32 - 1:08:25 (03:52)
Summary
A man talks about how he prefers his fast jet over fast cars while stuck in traffic with fancy cars.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
A witness describes attending a party attended by Drake, full of rappers and athletes, with a private beach area.
1:08:25 - 1:10:30 (02:04)
Summary
A witness describes attending a party attended by Drake, full of rappers and athletes, with a private beach area.
EpisodePatrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge
PodcastMy First Million
This transcript is an unintelligible and unstructured conversation between two people discussing personal topics and unnamed individuals.
1:10:30 - 1:11:44 (01:14)
Summary
This transcript is an unintelligible and unstructured conversation between two people discussing personal topics and unnamed individuals.