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#249August 25, 20211:06:56

#213 - How to Build a Community

About This Episode

Shaan and Sam explore the rise of social tokens and community-led businesses, using the 'Friends with Benefits' DAO as a case study for membership ownership. They also discuss creative 'side hustles' involving user-generated content for ads and the potential for remote-operated industrial machinery.

Episode Description

In this episode Shaan (@ShaanVP) and Sam (@theSamParr) break down community businesses and different ways you can build a community. They also talk about the law of reciprocity, the ad Sam wrote that competitors have stolen, and the importance of user generated content for digital ads. They end the episode talking about how technology will change construction sites and share a few Instagram accounts worth following. --------- * 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: https://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

  • * (1:00) The law of reciprocity
  • * (6:51) What is Friends with Benefits
  • * (12:56) Why communities can be great businesses
  • * (14:58) How big can token backed communities be?
  • * (17:33) Soho House went public
  • * (19:45) Should MFM make a social token?
  • * (22:46) Set your data free
  • * (29:36) Communities of communities can be big businesses
  • * (30:54) User generated content & Sam's great ad copy
  • * (36:45) The hot girl side hustle
  • * (46:33) The future of construction sites
  • * (53:41) Remote arcade games
  • * (57:02) Some accounts to spice up your Instagram feed
  • * (1:00:01) The man behind Telegram

Key Takeaways

1

Apply the Law of Reciprocity in negotiations by offering small, thoughtful gifts to create a psychological drive in the other party to return the favor with better terms.

2

Utilize 'selfie-style' user-generated content (UGC) for social media advertising instead of high-production commercials, as authentic content native to the platform significantly out-converts polished ads.

3

Identify 'Human-in-the-Loop' business models where AI handles 80% of routine tasks while remote human operators intervene for the complex 20%, such as in security or industrial machinery.

Business Ideas Mentioned

Tokenized Podcast Membership Club

Creator Tools

Messy Public Data Aggregation Service

Boring Business

Authentic UGC Creative Agency

Agency

Tele-operated Heavy Machinery Kits

AI & Automation

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Quick Stats

Duration1:06:56
Guests0
Ideas Discussed4
Topics0