5 Big Ideas with Greg Isenberg
About This Episode
Sam, Shaan, and guest Greg Isenberg discuss high-margin business models like Alex Hormozi's Gym Launch and the benefits of choosing 'low-risk' service businesses over high-risk tech inventions. They brainstorm several niche opportunities in legal tech, crypto-specific professional services, and the shift from 'market risk' to 'operational risk' as entrepreneurs mature.
Episode Description
Show Notes
- 02:30- Reaction to Will Smith slapping Chris Rock
- 15:10- Business Idea #1
- 25:50- Business Idea #2
- 27:50- Business Idea #3
- 33:20- Business Idea #4
- 37:20- Business Idea #5
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- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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- Additional episodes you might enjoy:
- #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
- #209 Gary Vaynerchuk - Why NFTS Are the Future
- #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
- #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
- #218 - Why You Should Take a Think Week Like Bill Gates
- Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
- How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Links
- * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.
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- * Will Smith slap:
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Key Takeaways
Adopt the 'Grand Slam Offer' strategy by structuring service deals where the provider takes the initial risk, making the proposal so valuable and low-stakes that clients would feel stupid to refuse.
Improve internal learning by holding 'real-time consumption' meetings where the team listens to a podcast or reads a memo together, pausing for discussion to ensure immediate application.
Reduce entrepreneurial risk by focusing on 'operational risk' (improving proven businesses like accounting or insurance) instead of 'market risk' (trying to invent entirely new consumer behaviors).
Business Ideas Mentioned
NFT Gacha Vending Machines
Marketplace
On-Demand Legal Demand Letters
SaaS
Web3 Specialized Professional Services
Agency
The Lobbying Annoyance Service
SaaS