My First Million – Shaan Goes to LA, The Number 2 Guy Network and Getting Bucked Up

Intro

In this episode of the “My First Million” podcast, Shaan and Sam discuss their search for a new producer for the show, the challenges of interviewing guests, their recent trip to LA, and the untapped potential of simple businesses. They also share funny and interesting stories about meeting famous people and discuss the culture and stereotypes of different cities. The episode concludes with conversations about cosmetic procedures, parenting, and the world of venture capitalists.

Main Takeaways

Podcast Production and Interviewing

• My First Million podcast is hiring a new producer to help with editing, video production, guest booking, and content brainstorming.
• The ideal candidate is someone who is already a fan of the show, loves making great content, and has the skills to put out a great product.
• Good communication skills are important, such as opening your mouth slightly to signal the end of a point.
• It can be challenging during interviews to know when the guest is going to stop talking and where to go next in the conversation.

LA Trip and Networking

• Shaan and his business partner Ben went on a trip to LA, where they had daily meetings and dinners with founder friends.
• Meeting with big company CEOs can lead to unexpected connections and conversations.
• Networking hack: check in on people regularly to maintain relationships.
• The number two guy network is the most under-tapped resource in networking.

Simple Businesses and Observing Operations

• Some entrepreneurs are making millions owning laundromats and HVACs.
• The CEO questioned the legitimacy of these claims and whether it’s worth investing in.
• Observing the actual operations of a business can reveal inefficiencies and opportunities for improvement.
• Simple, cash flow businesses like brick and mortar chains have untapped potential.

Funny and Interesting Stories

• Meeting famous people, such as an NBA player, can lead to interesting and funny stories.
• It’s important to have open conversations with your partner about what you want in life.
• Humor can be found in even the most awkward situations.
• Different cities have different types of contests: San Francisco is about ambition, New York is about power, and LA is about fame or network.

Cosmetic Procedures and Parenting

• Veneers are a popular cosmetic dental procedure in LA, but they can have risks and require replacement every decade.
• Plastic surgery is generally not necessary for men to age well, unlike women who may consider Botox.
• Rich people do misguided things to help their kids, such as donating millions to high schools for sports facilities.
• Working hard and being away from kids to create wealth for them can be a recipe for disaster.

Venture Capital and Ethical Questions

• VCs invest in companies with the potential to become the center of the universe.
• There are ethical and moral questions surrounding performance-enhancing drugs and other controversial topics.
• Jury duty can bring up ethical dilemmas and subjective opinions.
• Debating ethical questions and thought experiments can make for interesting content.

Summary

Podcast Production and Interviewing

Shaan and Sam are looking for a new producer for the “My First Million” podcast who is a fan of the show and has the skills to create great content. They discuss the challenges of interviewing guests and the importance of good communication skills during interviews. The hosts have developed a silent signal to let each other know when to speak, but it can still be challenging to know when to move on in a conversation.

LA Trip and Networking

Shaan and his business partner Ben recently went on a trip to LA, where they had meetings and dinners with founder friends. They highlight the value of meeting with big company CEOs, as it can lead to unexpected connections and conversations. They also discuss the importance of regular check-ins for maintaining relationships and the untapped potential of the number two guy network in networking.

Simple Businesses and Observing Operations

During a conversation with a CEO, the legitimacy of entrepreneurs making millions from simple businesses like laundromats and HVACs is questioned. This highlights the disconnect between traditional business models and new entrepreneurial ventures. Shaan and Sam discuss the potential of simple, cash flow businesses like brick and mortar chains and the importance of observing the actual operations of a business to identify inefficiencies and opportunities for improvement.

Funny and Interesting Stories

Shaan and Sam share funny and interesting stories from their LA trip, including meeting an NBA player and the culture and stereotypes of different cities. They emphasize the importance of open conversations in relationships and finding humor in awkward situations. They also discuss the different contests and focuses of ambition, power, and fame or network in San Francisco, New York, and LA, respectively.

Cosmetic Procedures and Parenting

The hosts delve into the world of cosmetic procedures, discussing the popularity of veneers in LA and the risks and maintenance involved. They also touch on the topic of plastic surgery and the misguided actions of wealthy parents in their efforts to help their children. They explore the potential pitfalls of working hard to create wealth for children and the importance of open conversations about desires and goals.

Venture Capital and Ethical Questions

Shaan and Sam discuss the world of venture capital, highlighting the strategies and interests of VCs. They also delve into ethical questions surrounding performance-enhancing drugs and other controversial topics. They mention scenarios that raise ethical dilemmas, such as role-playing scenarios and cases without concrete evidence. They suggest that these ethical questions and thought experiments could make for interesting podcast or YouTube content.

Conclusion

This episode of the “My First Million” podcast covers a wide range of topics, from podcast production and interviewing challenges to funny and interesting stories from Shaan and Sam’s trip to LA. They explore the potential of simple businesses and the importance of observing operations. They also discuss cosmetic procedures, parenting, venture capital, and ethical questions. Overall, the episode provides valuable insights and entertaining anecdotes for listeners.