3 Things You Need To Outperform 99% Of Entrepreneurs
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- Опубліковано 30 чер 2024
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Episode 599: Sam Parr ( / thesamparr ) and Shaan Puri ( / shaanvp ) talk about the best traits of a startup founder and lessons from Dana White, Elon Musk, and Emmett Shear on cutting through the bullshit.
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Show Notes:
(0:00) Top traits founders should take from Dana White
(5:35) 1 - Brute force
(10:21) 2 - Extreme bias for action
(14:55) Quick audit of Dana White's gambling claims
(18:00) 3 - Speed
(19:00) Checklist for a perfect niche event business
(22:56) IDEA: The Beer Mile
(24:45) IDEA: Paddle Prison Break
(25:47) IDEA: Skyline Scramble
(30:17) Growth vs EBITDA vs cash flow
(32:27) Shaan's Guide to Increase EBITDA
(34:19) Step 1: create a EBITDA budget
(37:08) Step 2: communicate the plan relentlessly
(37:48) Step 3: Track and report
(38:04) Step 4: Tie into incentives
(38:30) Step 5: Repeat every 30 days
(40:02) Next stage: Cash flow
(41:28) The benefit of playing on Hard Mode
(43:38) Is e-commerce dead?
(44:54) Shaan's $30M dollar dream house
(47:56) Shaan writes an essay
(49:43) Sexier core principles
(1:00:53) Culture: What people do when the boss isn't around
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Links:
• Shaan Puri essays - www.shaanpuri.com/essays
• Brunello Cucinelli - shop.brunellocucinelli.com/
• Wander - www.wander.com/mfm (Enter to win a free trip and use code MFM300 at checkout for $300 off your booking)
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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): bit.ly/SupportShepherd
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Check Out Sam's Stuff:
• Hampton - www.joinhampton.com/
• Ideation Bootcamp - www.ideationbootcamp.co/
• Copy That - copythat.com
• Hampton Wealth Survey - joinhampton.com/wealth
• Sam’s List - samslist.co/
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano
12:46 extreme force of will. extreme bias for action. questioning the default speed to get things done
Re: UFC, that's exactly what's happening tomorrow. The title fight, Khamzat Chimaev, had to pull out, because he's still suffering from health issues from 2020, and Dana had to make a video a few days ago to announce that he's been replaced by Ikram Aliskerov. Who's also undefeated, except to Chimaev.
I wouldn’t say you were winning at your e-commerce business just by growing revenue and ignoring margins and profit!
Also think it’s a bit unfair to slate all e-commerce as a no go business type.
The key is to sell high margin products with high turnover.
We had 50% margin on one of my products in past company and it carried us.
If you are on 30-60 day payment terms and your inventory churns every 6-8 weeks then stock holding is not an issue.
Get these two things right and you win.
10% margins are a recipe for a slow death!!
I’m still trying to get over 8 figures of revenue and no profit. That’s mental.
How do I find the original sales letters and direct mail so that I can act on what Sam's recommended to get better at copy writing?
Please and thank you from a sad marketing major
Shaan is focused on profit now, next comes the sale, and the cycle continues. 😂
The beer mile reminds me of a bike race I did in Seattle called the Tour De Franzia which is exactly what it sounds like: a race around the city while carrying and drinking a box of wine. It was a blast.
Great episode fellas.
This podcast is great. There are so many gems in this podcast that it's unbelievable. Ijust love it.
Love the season of life segment at the end. It got me inspired to start blogging! ❤
Chipotle charges me for extras but won’t deduct for skipping ingredients. At least meet me in the middle! 😂
New Orleans has the Tchoupitoulas Barathon 6 bars, 6 beers, 6 miles, since 1983. I did it in college, it was amazing!
You know it's gonna be serious when Sam breaks out the Jeffrey Dahmer glasses
Some people really need to hear that "light supper" piece at the end. Haha had me laughing. Thanks for another great one Sam and Shaan!
Card counting changes your odds of winning to be in your favour. The best in the world at blackjack can all card count.
yes Shaan has no idea what he's talking about. The best advantage players can make hundreds per hour doing something relatively easy, that they love doing. Def not a "loser job"
Interesting Episode
Thank you!
My 20029-like adventure travel idea is 2 teams of 5 guys along with a former SOF advisor HALO into a place 2 miles off the coast somewhere north of Hargeisa Somalia at night with HK 416’s, body armor, and a full combat load. There is a M/V waiting two miles off the coast to pick them up. The team that survives and gets back to the boat first wins. We could call it ‘Direct Action Tours’. And like the first rule of Fight Club, no body talks about … DAT. Think of it like a less evil version of The Most Dangerous Game because you’re trying to avoid contact; but you’re prepared in case it happens. We charge $5 million per person to do the challenge. That’s $50 million the first year, and it’s a negative cash flow business!!!
Tesla's mission is to accelerate sustainable energy, and they actually follow through. They open source their patents. They let other electric vehicles use their charging stations. They work on cars, solar roofs, and energy grids.
The name of the show is "Flight, Inc.: Inside the UFC".
Shaan- you are killing it man! Dang!
Love it! So many people dream but don't take action. Make tons of mistakes and learn from them...but you must take action.
Anyone here have more info on what Shaan mentioned re TikTok shops? The fact he was so secretive made me want to explore it more 😂
I felt like a guy who'd just had his leg lightly stroked by a 10 in the bar. She then realises I'm not her boyfriend and immediately bails
ebitda discussion was amazing. thanks!
🔥 episode
Great content Shana, thank you so much for sharing!
agree about values like “be honest”. they’re virtues not values. values are strategic guides not universally desired
Went down the rabbit hole of ‘advantage play’ recently. There are many ways to get a “edge” over casino’s and make millions. Some pretty interesting characters doing it. Check out Gina Fiore, Colin Jones, Steven Bridges etc. Would be awesome if you could do a segment on it or a collab! Great episode guys!🤙🏻
Pod*
I see the beast Shirt Shaan. Let me print yalls new shirt!
I enjoyed this one. It's packed with valuable information, and these guys are the only ones who can discuss business topics without irritating me with excessive bro behavior.
Blackjack can be a skill game - you can get a 2% edge on he house if you know how, although the house takes steps to stop this. Baccarat really is just chance, you will lose eventually.
I will share your podcast - the pitch is good and the open music is great. Please study-Ken Honda, Ernesto Sirolli, Daniel Priestley. Thanks 🌎
MFM Austin Meetup on Wed, June 26th at Lazarus, 1902 E 6th St, Austin, TX 78702, from 6-8PM. Come join us and meet fellow fans!
This guy sounds amazing and I don’t even watch UFC 🤯
For sure, the painted chicken will not fit into a light supper
nice
one of your best episodes
Guys, now it's time that Dana White should come on the pod.
Thanks for the information ❤
10/10 episode
Professional blackjack players are called card counters lol
Did you guys or someone else speak about the Elon story recently? Dejavu or am I hearing it again within like a week.
I'm having the exact same experience. Pretty sure they told this same story twice within 2 weeks
You're not hallucinating. I had to recheck the upload date - already heard that exact story
@Shaan I can help you manage your inventory for your e-com business, I'm one of the best people in the world on inventory planning and demand forecasting.
Light supper? Does that mean you eat until it gets light again?
Shaan, check NN hole. 1 person business making 3M$. He designed a corn hole for swimming pool
bring Dana on the Pod!
I don't even know what that means
No one knows what it means, but it's provocative
No, it's not, it's gross. Gets the people going
36:42 y'all need to interview the author of Profit First
Mike Michalowicz (Author of Profit First)
to Sam's point, EBITDA is not a GAAP accounting measure... but it is a good approximation of cash flow, hence is often used as a base multipler for estimating purchase value of the company.
Where is the wander link?
www.wander.com/mfm
Hey daddy Shaan
@Sam - what beer mile did you run in college? Was it National Beer Mile? I owned that 😂
nice.
Force of will of the founder: It's uncomfortable to be around because of the focus and Clenched teeth nature of this person. (This will happen)
❤
Beer run already exists.
The masses- needs to value quality food, lifestyle in mind body spirit. 🌎
Math works. He doesn't necessarily play every day
Dude I’ll make the UFC
Prison Break 🙂
How much Wonder paid for that?
Prison break...pictures with inmate numbers under their chin
😊😊😊😊😊😊😊😊😊😊😊😊😊😊
❤️😇🙏
I 2nd That ❤️😇🙏
FoffAlready
That Elon server story is WILD!!! Bat shit crazy shit lol
Is Sam wearing makeup?
I like dana white too
Not very informed this one is.
Man the amount of inaccurate information Shaan spreads about the UFC hurts his credibility so much.
too much yapping
It's a podcast. That's literally what a podcast is, people talking.
Dumbest comment ever
This podcast provides so many pearls of wisdom, since you don’t like It, I suggest you seek Canadian healthcare.
It’s free and it’s their channel. If you don’t like just change the video.
You have to sift through the yap to get to the 'yup'.
Thanks 😊
Ive never been this early