My First Million – Jack Smith: Selling A Company For $800M At 29, Million Dollar Businesses that Can Be Started Just From Reading a Manual, and More

Intro

In this episode of the “My First Million” podcast, the hosts interview Jack Smith, a successful entrepreneur who sold his company for $800 million at the age of 29. Jack shares his unique management style, his curious mindset, and his unconventional approach to business. He also discusses the importance of being interested in a wide variety of topics and going deep into them. Throughout the episode, Jack provides valuable insights and business ideas that can be started just from reading a manual.

Main Takeaways

Building a Successful Business

• Jack Smith sold a company for $800 million at 29 years old
• Jack’s company, Vungle, started with a mobile ad network idea that was not working out, but they pivoted and built a successful business, doing a million dollars a day within seven years
• Vungle’s revenue was about 100 million dollars before it was sold for around 800 million dollars
• AppLovin, a company that launched six to 12 months after Vungle, became multiple times bigger than Vungle at its peak, with a market cap of 20-25 billion dollars
• Being the first to market isn’t always necessary to achieve success

Unconventional Business Opportunities

• Building a reseller layer on top of industries that struggle with marketing or communicating what they do can be a business opportunity
• Nomad Capitalist charges $25,000 for a report that can be done for $3,000 with a good tax attorney
• Dave Ramsey’s podcast, books, and campus are lead gen for his service providers
• Recording the screen of the iPhone provided a unique opportunity for Vungle to create high-quality videos for app advertising
• Hacking and finding unique, proprietary solutions can lead to successful business opportunities

The Law of Attraction and Mindset

• The Law of Attraction can have practical applications in achieving goals and success
• Believing in oneself and projecting confidence can lead to success in fundraising and other areas
• Fear of failure can hold one back from going all in and achieving success
• Adopting different mindset personas can help with feeling the belief in oneself
• Success is not just about finances, but also about being insightful and successful in all attributes

Alternative Approaches to Education

• Unschooling or self-driven learning works best when the learner is driven and curious
• Exams and traditional learning methods can ruin the fun and curiosity of learning skills
• Montessori schools offer a unique approach where kids run the farm and learn practical skills
• Learning should be focused on identifying a need for a skill and then learning it, rather than learning for the sake of it
• Independent-mindedness and curiosity are important traits for success in self-driven learning

Summary

Building a Successful Business

Jack Smith’s journey to success began with the sale of his company for $800 million at the age of 29. Despite facing initial challenges with his mobile ad network idea, he pivoted and built a successful business, generating millions of dollars in revenue. Jack emphasizes that being the first to market is not always necessary for achieving success, as demonstrated by the growth of AppLovin, a competitor that launched after Vungle but became much larger in terms of market cap.

Unconventional Business Opportunities

Jack highlights the potential for building a reseller layer on top of industries that struggle with marketing or communicating their offerings effectively. He provides examples such as Nomad Capitalist, which charges a premium for services that could be obtained at a lower cost with a good tax attorney. Additionally, Jack discusses the importance of finding unique and proprietary solutions, as demonstrated by Vungle’s ability to create high-quality videos for app advertising by recording the screen of the iPhone.

The Law of Attraction and Mindset

Jack believes in the practical applications of the Law of Attraction in achieving goals and success. He emphasizes the importance of believing in oneself and projecting confidence, as these traits can lead to success in various areas, including fundraising. However, he acknowledges that fear of failure can hold individuals back from going all in and achieving their full potential. Jack also explores the concept of adopting different mindset personas to boost self-belief and highlights the significance of success beyond financial aspects.

Alternative Approaches to Education

Jack discusses alternative approaches to education, such as unschooling or self-driven learning. He believes that traditional learning methods, including exams, can hinder the fun and curiosity of acquiring new skills. Jack suggests that learning should be driven by identifying a need for a particular skill and then pursuing it. He highlights the success of Montessori schools, where children engage in practical skills and run a farm. Independent-mindedness and curiosity are crucial traits for success in self-driven learning.

Conclusion

Jack Smith’s entrepreneurial journey is filled with valuable insights and unconventional approaches to business. From building a successful company to exploring alternative education methods, Jack’s experiences offer inspiration and guidance for aspiring entrepreneurs. His emphasis on mindset, belief in oneself, and the pursuit of knowledge and curiosity can serve as powerful motivators for success in various aspects of life.