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#186April 19, 20211:08:14

#172 - Indie Businesses Making Millions, Advice to Young Entrepr…

About This Episode

Sam and Shaan discuss growth strategies for the podcast and analyze the massive Coinbase IPO, comparing the returns of investing in the company versus the underlying Bitcoin asset. They explore the 'shipping' psychology of founders like Brian Armstrong and Mark Zuckerberg, and debate the business models of free browser-based software and micro-acquisition marketplaces.

Episode Description

We start this one off with a little "Inside MFM" from Shaan (@ShaanVP) and Sam (@TheSamParr) as they discuss growing the pod and how they are going to do it. Then they break down the big news of the week: the Coinbase IPO. They talk about Coinbase's humble origins on HackerNews and how most big businesses have these same origins. It's often hard to see the big picture in the early days. They also talk about their own early days and give advice to young entrepreneurs. The second half of the pod turns into a brainstorm. They brainstorm around indie businesses like Microacquire and Photopea and how to build similar businesses. Finally, we end it by discussing the opportunities around "Affirm for X". --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. ---------

Show Notes

  • * (0:24) Growing the podcast: how we're going to do it
  • * (9:02) The guys break down the Coinbase IPO
  • * (20:25) Big businesses are often not apparent at the beginning
  • * (25:26) Advice for young entrepreneurs
  • * (33:55) Microacquire dissected
  • * (40:55) An indie project making million
  • * (52:17) Brainstorm "Affirm for X"

Key Takeaways

1

Embrace illiquidity as a feature: Assets with built-in lockup periods, like startup equity, prevent the common psychological mistake of selling winning positions too early during market volatility.

2

Develop a prolific shipping habit: High-impact founders often start with dozens of small, niche projects (like forums or simple apps) to gather traction data and zero in on their eventual 'killer app'.

3

Evaluate professional progress on a 10-year horizon: Entrepreneurs should focus on building skills and networks in their early 20s rather than comparing their 'flat' financial results to peers in stable corporate jobs.

Business Ideas Mentioned

Browser-Based Professional Software Suite Clones

SaaS

Micro-SaaS Acquisition Education and Community

Content & Media

Installment Payments for Physical Retail Stores

SaaS

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Guest Graveyard Mentions

ML

Max Levchin

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Quick Stats

Duration1:08:14
Guests0
Ideas Discussed3
Topics0