Episode
#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
52:40
Published: Fri Sep 18 2020
Description
Sam Parr (@theSamParr) and Shaan Puri (@ShaanVP) shoot the wind on today’s pod. In today’s episode you’ll hear: Sam asks Shaan what he’s learned about working at a big company and what he can apply to a smaller company (0:30), Shaan asks Sam about a personnel shuffle at The Hustle (9:00), the guys talk about a Kanye West tweet where he wants to create Y-Combinator for music (11:30), Sam and Shaan debate if a great domain name can make you (22:15), Sam and Shaan talk about the Snowflake IPO (29:55), Shaan shares a crazy conversation with a 20-year old multi-millionaire (37:00), the guys share how they learn from beginners and why you should too (43:10), Shaan talks about Bubble Hotels (48:30). Our sponsor today is lemon.io! 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! 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
The growth rate of big companies can be slower due to their size, but they can experience sudden, rapid growth.
00:00 - 03:48 (03:48)
Summary
The growth rate of big companies can be slower due to their size, but they can experience sudden, rapid growth. Working for a big company can offer unique insights, but can also potentially have drawbacks.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The speaker highlights the significance of market in startups, stating that a great market is essential for the success of the business, even with average people.
03:48 - 09:29 (05:41)
Summary
The speaker highlights the significance of market in startups, stating that a great market is essential for the success of the business, even with average people. He also emphasizes the importance of focus and speed, which smaller companies possess over larger ones.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The Silicon Valley's Y Combinator has helped create a standard system for up and coming investors with open and transparent investing documents.
09:30 - 14:20 (04:49)
Summary
The Silicon Valley's Y Combinator has helped create a standard system for up and coming investors with open and transparent investing documents.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The discussion centers around a hot air balloon business that was started by a tech entrepreneur who ran it like a tech company and scammed people out of their money.
14:20 - 17:47 (03:27)
Summary
The discussion centers around a hot air balloon business that was started by a tech entrepreneur who ran it like a tech company and scammed people out of their money.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The music industry has a lot of shadiness in deal making which makes it very difficult to do business as you are constantly looking out for landmines.
17:47 - 21:28 (03:41)
Summary
The music industry has a lot of shadiness in deal making which makes it very difficult to do business as you are constantly looking out for landmines. In contrast, in Silicon Valley, there is less need to worry about being stabbed in the back constantly when raising money for a company.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The speaker stumbled upon a documentary that started with a deep quote and was about a billion dollar company named Vogel.
21:28 - 24:24 (02:55)
Summary
The speaker stumbled upon a documentary that started with a deep quote and was about a billion dollar company named Vogel. The documentary's creator had aspirations of becoming president and someone else insisted on watching it to see "his Dick".
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The speaker is doubtful of investing in a product due to the hold that larger social media platforms have over smaller ones with a potential "kill switch" issue.
24:24 - 27:24 (03:00)
Summary
The speaker is doubtful of investing in a product due to the hold that larger social media platforms have over smaller ones with a potential "kill switch" issue.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
This transcript excerpt discusses how Fast, a company that built its hype engine through Twitter, is viewed skeptically for its focus on hype rather than transactions, with the use of the handle @fast helping promote its brand.
27:24 - 31:24 (03:59)
Summary
This transcript excerpt discusses how Fast, a company that built its hype engine through Twitter, is viewed skeptically for its focus on hype rather than transactions, with the use of the handle @fast helping promote its brand.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
Real estate startup run by committee was able to lower broker commission and automate processes to sell houses with less people.
31:24 - 36:41 (05:16)
Summary
Real estate startup run by committee was able to lower broker commission and automate processes to sell houses with less people. After hiring a CEO from a venture capital firm, the startup made $10 million in revenue in their first year of sales and went up to $40 million.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
A discussion about the emergence of black hat billionaire kids who created illegal online casinos and manipulated video game economies by using dueling arenas in Runescape and CSGO skin scandals.
36:41 - 42:12 (05:31)
Summary
A discussion about the emergence of black hat billionaire kids who created illegal online casinos and manipulated video game economies by using dueling arenas in Runescape and CSGO skin scandals.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
A group of 20-year-olds who call themselves the "Gen Z Runescape Mafia" use their shared experience playing an online game to inform their approach to building companies, according to a report from The New York Times.
42:12 - 47:10 (04:58)
Summary
A group of 20-year-olds who call themselves the "Gen Z Runescape Mafia" use their shared experience playing an online game to inform their approach to building companies, according to a report from The New York Times. By learning from each other and breaking down invisible rules in their heads, they hope to create successful businesses.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
The NBA playoffs are happening in the NBA bubble, which serves as a safe place from COVID.
47:11 - 51:26 (04:14)
Summary
The NBA playoffs are happening in the NBA bubble, which serves as a safe place from COVID. The similarities in creating a startup and the thrill-seeking in entrepreneurship exist, but entrepreneurship thrives on risky behavior, which may no longer be satisfying for some entrepreneurs.
Episode#112 - Why Buying Businesses Is Better Than Starting Them and The Mad Genius of Kanye West
PodcastMy First Million
Sourceify's owner sources materials to make luxurious bubble tents, which provide the fun of the outdoors without the work.
51:26 - 52:31 (01:05)
Summary
Sourceify's owner sources materials to make luxurious bubble tents, which provide the fun of the outdoors without the work. A perfect fit for people who love the glamping experience.