Finding Profitable Business Ideas By Studying Trends, Hood Rat S…
About This Episode
Shaan and Sam discuss identifying business opportunities by observing niche lifestyle trends like the anti-plastic movement and subreddits like 'anti-work' or 'overemployed.' Shaan shares insights from a Mexican factory visit and a space tourism event, leading to a debate on supply chain inefficiencies and the 'overview effect.' They also explore the cultural importance of 'doing hood rat stuff' in startup culture and the merits of cash flow versus asset appreciation.
Episode Description
Show Notes
- 03:45- Shaan's trip to Mexico
- 07:35- Worldview
- 15:05- Sam's goals for MFM
- 20:50- The secret world of how things come to be
- 29:30- Identifying trends
- 42:00- How many employees does a company needs
- 49:10- Why Sam and Shaan love doing hood rat stuff
- 53:30- Can you make 9 figures from cash flow businesses?
- 55:45- Sam's advice for Warren Buffet
- 01:03:00- Being honest about why you start a company
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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
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- * Want more insights like MFM? Check out Shaan's newsletter.
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Key Takeaways
Identify 'lifestyle freaks' and niche subreddits to find groups with specific values (like anti-plastic or anti-work) to build highly differentiated products for those targeted audiences.
Adopt the 'buy it for life' philosophy for high-quality items to reduce long-term consumption and waste while enjoying products that improve with age and usage.
Utilize the 'optimal innovation strategy' used by major tech firms: let startups run high-risk experiments, then acquire, partner with, or clone the successful models once a market is proven.
Business Ideas Mentioned
Plastic-Free Pure Water Supply
E-commerce
Localized In-Home Manufacturing Printers
AI & Automation