My First Million – Favorite Finds: From McDonald’s to Twitter Famous, Pelosi’s Finances & How To Close A Deal

Intro

In this episode of “My First Million,” the hosts discuss a range of fascinating topics, including the negative impact of regulation on businesses, the influence of media consumption, the success of Dion Sanders as a coach, and the art of negotiation in M&A deals. They also touch on the power of Twitter threads, the importance of branding, and the writing techniques of David Perl. Join the hosts as they explore these diverse subjects and uncover valuable insights.

Main Takeaways

The Impact of Regulation on Businesses

• Regulation can create obstacles and challenges for businesses
• The grift of regulation is real
• Innovation in Silicon Valley is fueled by the distance from Washington DC
• Exposing flaws in the system is the first step towards change
• A political index fund is being proposed to prevent politicians from owning individual stocks

Influences and Insights

• Asking what media someone is consuming can reveal their interesting inputs
• Bill Gurley’s talk at the All In Conference was surprising and insightful
• Bill Gurley focused on the negative impact of regulation on business
• The speaker has been observing and noting down the flaws in the system for 15 years

Dion Sanders’ Leadership Skills

• Dion Sanders’ son films behind-the-scenes footage of his coaching at Colorado on YouTube
• Sanders encourages players to quit in order to weed out those who aren’t committed to winning
• Sanders’ leadership skills challenge assumptions about him
• Sanders revamped the roster and brought in 40 new players
• Sanders prioritizes truth and preparing his players for the real world

Negotiation in M&A Deals

• Momentum is key in M&A deals, and the last trade is often a win-lose negotiation
• The last trade in a negotiation can make up 1-3% of the total enterprise value
• The person who can be comfortable with the most amount of uncomfortable will win
• The more stubborn party always wins in negotiations
• The last 1-5% of value is the most important in negotiations

Twitter Threads and Writing Techniques

• Learn to write by copying great writing by hand using the program Copy That
• Follow @culturaltutor on Twitter for insightful threads on various topics
• David Perrell sponsored a former McDonald’s worker to write one amazing Twitter thread a day
• Building a massive Twitter following can be turned into a profitable business
• Copy work is a famous technique to learn how to write great copy

Summary

The Impact of Regulation on Businesses

The hosts delve into the negative impact of regulation on businesses, highlighting the obstacles and challenges it creates. They emphasize the need for change and discuss a proposed political index fund to prevent politicians from owning individual stocks.

Influences and Insights

The hosts stress the importance of understanding the media consumption of individuals to gain insight into their perspectives. They share their observations from Bill Gurley’s talk at the All In Conference, focusing on the flaws in the system that he highlighted.

Dion Sanders’ Leadership Skills

The hosts explore the surprising and insightful leadership skills of Dion Sanders as a coach. They discuss his unique approach of encouraging players to quit in order to identify those truly committed to winning. Sanders’ emphasis on truth and preparing players for the real world is also highlighted.

Negotiation in M&A Deals

The hosts provide valuable insights into negotiation strategies in M&A deals. They emphasize the importance of momentum and the significance of the last trade, which can greatly impact the total enterprise value. They also discuss the key attributes that lead to success in negotiations, such as comfort with discomfort and stubbornness.

Twitter Threads and Writing Techniques

The hosts discuss the power of Twitter threads and the potential for building a profitable business through a large following. They highlight the technique of copy work as a means to improve writing skills and recommend resources such as the program “Copy That” and @culturaltutor on Twitter.

Conclusion

This episode of “My First Million” offers a diverse range of insights, from the impact of regulation on businesses to the art of negotiation and the power of Twitter threads. Listeners are encouraged to explore these topics further and consider the valuable lessons shared by the hosts.