My First Million – From Quirkiest Biz Ideas to Favorite “Creatorpreneurs” – MFM Q&A

Intro

In this episode of “My First Million,” the hosts, Sam Parr and Shaan Puri, answer questions from Twitter and discuss various topics, including the advantages of digital businesses over brick and mortar businesses, the importance of choosing a path that aligns with your ideal lifestyle, and the challenges of building successful social networks. They also explore the potential for online home buying, the pursuit of financial goals, and the joys of podcasting. Additionally, they share insights on college experiences, M&A deals, maintaining friendships, and the concept of “enough.” The episode concludes with a discussion on quirky business ideas and the rise of creatorpreneurs.

Main Takeaways

Advantages of Digital Businesses

• Making money digitally is easier and requires less capital than brick and mortar businesses.
• Sweat equity is required for brick and mortar businesses, unlike digital businesses.

Challenges of Social Networks

• Social networks succeed due to changes in privacy policy, not just features.
• Povio, a social network that focused on privacy, didn’t take off despite its unique approach.
• Povio’s disappearing photo feature allowed users to request photos from others, creating a new way of saying “what’s up.”

Opportunity in Online Home Buying

• Jack Dorsey is interested in investing in companies that can make buying a home online possible.
• Homes are one of the few categories where people still don’t buy online, but there is an opportunity for a company to make it happen.

Pursuing Financial Goals and Retirement

• People never feel like they have enough money, even after hitting financial goals.
• Retirement is when you stop sacrificing today for an imagined tomorrow.
• The goal is to be free and do things where the act of doing them is the reward.

Benefits of Podcasting and College Experiences

• Having a big podcast is the best job in the world because you’re famous among nerds, get rich without chasing money, and only have to record a few hours a week.
• College is a gold mine for making lifelong friends and meeting future business partners.
• Launching businesses in college can take advantage of a captive market of students.

Insights on M&A Deals and Building Trust

• Business deals falling through is common, and it is important to have a mentality of assuming it won’t happen, but still working towards it.
• Trust is essential in M&A deals.
• Assume that deals may fall through, and emotional detachment is key.

Creatorpreneurs and Quirky Business Ideas

• Creatorpreneurs are entrepreneurs who build a business around their content.
• Notable creatorpreneurs to watch include Isaac French, Jasmine Star, Jason Yanowitz, and Austin Reef.
• Quirky business ideas, such as selling stars and small plots of land for titles, can be pursued as a challenge.

Summary

Advantages of Digital Businesses

Compared to brick and mortar businesses, digital businesses offer easier money-making opportunities with lower capital requirements. Sweat equity is a crucial element for success in brick and mortar businesses, whereas digital businesses allow for greater scalability and less physical labor.

Challenges of Social Networks

Social networks thrive not only based on features but also due to changes in privacy policy. Povio, a social network that prioritized privacy, failed to gain traction despite its unique disappearing photo feature. The app allowed users to request photos from others, presenting a novel way of communication. However, it ultimately faded away after gaining initial traction on a college campus.

Opportunity in Online Home Buying

While many categories have shifted to online purchasing, homes remain one of the few where people still prefer traditional methods. Jack Dorsey sees potential in investing in companies that can facilitate online home buying, recognizing the opportunity to disrupt the industry and provide a convenient solution for consumers.

Pursuing Financial Goals and Retirement

Despite achieving financial goals, people often feel like they never have enough money. The concept of retirement is questioned, suggesting that true freedom comes from engaging in activities where the act itself is rewarding, rather than constantly sacrificing in pursuit of an imagined future.

Benefits of Podcasting and College Experiences

Podcasting is an enjoyable and rewarding job that offers fame among a niche audience, financial success without solely chasing money, and a minimal time commitment. College experiences can be a valuable opportunity to make lifelong friends, meet potential business partners, and launch businesses targeting a captive market of students.

Insights on M&A Deals and Building Trust

Business deals falling through is a common occurrence, and it is important to maintain a mindset that anticipates potential failures while still working towards success. Trust plays a vital role in M&A deals, and emotional detachment is crucial to navigate the uncertainties and challenges that may arise throughout the process.

Creatorpreneurs and Quirky Business Ideas

Creatorpreneurs are entrepreneurs who build businesses around their content, leveraging their personal brand and expertise. Notable creatorpreneurs include Isaac French, Jasmine Star, Jason Yanowitz, and Austin Reef. Quirky business ideas, such as selling stars and small plots of land for titles, can be pursued as unique challenges, providing opportunities for innovation and differentiation.

Conclusion

This episode of “My First Million” dives into various topics, offering insights on the advantages of digital businesses, the challenges of social networks, the potential for online home buying, the pursuit of financial goals and retirement, the joys of podcasting, the value of college experiences, the intricacies of M&A deals, and the rise of creatorpreneurs. It emphasizes the importance of aligning one’s path with their ideal lifestyle, finding contentment in the present moment, and maintaining an internal locus of control. Additionally, it highlights the value of friendships, the pursuit of quirky business ideas, and the significance of trust in business transactions. Overall, the episode provides a wealth of knowledge and inspiration for aspiring entrepreneurs and those seeking unconventional paths to success.