Elon Musk, Mobile Minorities, and How to Overcome Fear
About This Episode
Sam and Shaan discuss the engineering marvel of the internal combustion engine versus the simplicity of electric vehicles following Elon Musk's acquisition of Twitter. They introduce the 'Mobile Minority' framework for spotting market shifts and analyze high-margin 'boring' businesses that thrive on regulatory requirements. The conversation also explores the psychology of fear and how elite performers like Mike Tyson and Elon Musk manage it.
Episode Description
Show Notes
- 01:30- Combustion engines and Tesla
- 08:30- Human body is a marvel
- 09:50- Vocal minority; mobile minority
- 10:20- Tesla founder controversy
- 29:00- How Elon deals with fear
- ----
- 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.
- ----
- 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
- * Aceable
- * Vitalchek
- * Relx
- * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.
- * Want more insights like MFM? Check out Shaan's newsletter.
- ----
Key Takeaways
Differentiate between the 'vocal minority' who complain loudly and the 'mobile minority' who silently change their behavior, as the latter signals real business opportunities.
Look for businesses with 'regulatory lock-in' where customers are legally mandated to use the service, such as driver's education, birth certificate processing, or vehicle registration.
Develop a psychological framework to 'dance with fear' by acknowledging low probabilities of success while maintaining an irrational commitment to not giving up.
Business Ideas Mentioned
Vegan Luxury Fashion House
E-commerce
Regulatory Document Processing Rollup
Acquisitions
Analog Tech for Digital Detox
E-commerce