Episode
3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
1:19:27
Published: Thu Mar 10 2022
Description
Sam Parr (@TheSamParr) and Shaan Puri (@ShaanVP) are joined by Steph Smith (@StephSmithIO) to discuss why you shouldn't think beyond step 1 when starting a business, how to identify 10X productivity employees, and how to automatically generate side-hustle ideas. ----- Links: * Steph's website - http://stephsmith.io/ * Steph's podcast - http://listenandlearn.co/ * Spring loading community - https://discord.gg/xhhFEwgWTf * NYT First Said - https://twitter.com/NYT_first_said * Nuuly - https://www.nuuly.com/ * MSCHF - https://mschf.xyz/ * 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: (01:30) - Chewie.com Billionaire (6:30) - Are you buying the dip (16:15) - New York Times first said (22:00) - MSCHF (27:00) - Is 10X talent real? (32:30) - Why Steph still works for an employer (40:00) - Nuuly (49:00) - The side hustle generator (01:15:00) - Why Steph still calls her fiancee her "partner" ----- 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
In this podcast episode, the hosts discuss the journey of an entrepreneur and the different steps they go through to achieve their vision, with examples of successful companies like Uber.
00:00 - 02:50 (02:50)
Summary
In this podcast episode, the hosts discuss the journey of an entrepreneur and the different steps they go through to achieve their vision, with examples of successful companies like Uber.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The speaker discusses the idea of creating a podcast or ticker that focuses on stocks that have fallen drastically from their highs, such as Bed Bath and Beyond.
02:50 - 06:21 (03:31)
Summary
The speaker discusses the idea of creating a podcast or ticker that focuses on stocks that have fallen drastically from their highs, such as Bed Bath and Beyond. They speculate on the potential for opportunities in such stocks.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The guest discusses the importance of maintaining investment psychology even in the face of falling stocks or investments, and emphasizes the need to continue making cash-generating investments.
06:21 - 11:59 (05:38)
Summary
The guest discusses the importance of maintaining investment psychology even in the face of falling stocks or investments, and emphasizes the need to continue making cash-generating investments.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The speaker compares the decision to sell their company with flirting with a friend who had been friends for a long time.
11:59 - 15:39 (03:39)
Summary
The speaker compares the decision to sell their company with flirting with a friend who had been friends for a long time. They thought it would be hilarious to date, just like they thought it would be funny to sell their company before going through with it.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The speaker suggests the creation of Twitter accounts that aggregate information about specific industries, companies or topics, allowing people to access information easily and gain more followers.
15:39 - 19:47 (04:07)
Summary
The speaker suggests the creation of Twitter accounts that aggregate information about specific industries, companies or topics, allowing people to access information easily and gain more followers.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
Crowdsourcing can attract a diverse and talented pool of individuals for problem-solving initiatives, as seen in examples such as SpaceX's technology competitions and the video game for decoding protein used in research for AIDS medication.
19:48 - 25:32 (05:44)
Summary
Crowdsourcing can attract a diverse and talented pool of individuals for problem-solving initiatives, as seen in examples such as SpaceX's technology competitions and the video game for decoding protein used in research for AIDS medication.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The internet paints an accurate picture of an individual's true abilities rather than traditional interviews, making it an ideal platform for companies to find top talent.
25:32 - 29:59 (04:26)
Summary
The internet paints an accurate picture of an individual's true abilities rather than traditional interviews, making it an ideal platform for companies to find top talent. There should be new platforms that put out interesting challenges to recruit smart individuals.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The idea of using games as a recruitment tool could be a potentially effective way of attracting employees.
29:59 - 36:51 (06:52)
Summary
The idea of using games as a recruitment tool could be a potentially effective way of attracting employees. By creating games that offer challenges related to the company, a potential employee can feel more involved and invested in the company culture and goals.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The conversation revolves around pursuing your passions, the importance of taking risks and creating successful businesses.
36:53 - 43:41 (06:47)
Summary
The conversation revolves around pursuing your passions, the importance of taking risks and creating successful businesses.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The cost of returns can be high, affecting both revenue and customer experience.
43:41 - 47:12 (03:31)
Summary
The cost of returns can be high, affecting both revenue and customer experience. Renting out products, like clothing, can minimize return expenses while providing a new source of revenue.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
This podcast discusses how innovations in logistics, such as reverse logistics and same-day delivery, are helping e-commerce companies increase sales and improve customer satisfaction.
47:12 - 52:26 (05:14)
Summary
This podcast discusses how innovations in logistics, such as reverse logistics and same-day delivery, are helping e-commerce companies increase sales and improve customer satisfaction.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The podcast discusses various ways lower income people can make extra income with limited time or busy schedules.
52:27 - 59:29 (07:01)
Summary
The podcast discusses various ways lower income people can make extra income with limited time or busy schedules. The speaker also mentions a community where people share tips and anecdotes about making money, but cautions against gambling with their savings.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The speaker discusses investing in cryptocurrencies and the importance of sensing certain signals such as developer activity and the interest of smart people.
59:29 - 1:05:03 (05:33)
Summary
The speaker discusses investing in cryptocurrencies and the importance of sensing certain signals such as developer activity and the interest of smart people. It is possible to take punts on things in crypto rather than having time to conduct diligent research on specific investments.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The difference between over-analyzing and over-optimizing versus just doing the thing, as told by a first-time startup founder and their encounter with a second-time founder in the crypto space.
1:05:03 - 1:11:49 (06:46)
Summary
The difference between over-analyzing and over-optimizing versus just doing the thing, as told by a first-time startup founder and their encounter with a second-time founder in the crypto space.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The quick silence after sharing an idea is a powerful indicator of having hit the right track in planning or analysis, rather than filling it with more detail and nuance.
1:11:49 - 1:14:58 (03:08)
Summary
The quick silence after sharing an idea is a powerful indicator of having hit the right track in planning or analysis, rather than filling it with more detail and nuance. This shows that overloading ideas with too much detail and planning can often lead in the wrong direction entirely.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
In this conversation, the speakers explore the connotations and implications of the term "fiancé," noting how it can signal an invitation for further questioning and discussion.
1:14:58 - 1:17:04 (02:06)
Summary
In this conversation, the speakers explore the connotations and implications of the term "fiancé," noting how it can signal an invitation for further questioning and discussion.
Episode3 Profitable Business Ideas You Should Start in 2022, Dog Food Billionaires, and Focusing on the Next Step with Steph Smith
PodcastMy First Million
The term "partner" is often used to refer to a business partner, regardless of the person's gender.
1:17:04 - 1:18:17 (01:12)
Summary
The term "partner" is often used to refer to a business partner, regardless of the person's gender. It is not necessarily indicative of a romantic or same-sex relationship.