Podcast Summary
Recognizing the value of people in business deals: In business deals, the people involved can bring unique value beyond the assets. Collaboration and recognizing each other's contributions can lead to successful partnerships.
The value in business deals often lies not just in the assets involved, but in the people behind them. In the October episode of My First Million, producer Ben shared some comedic moments from past episodes, including a negotiation between Sam and Sean with a woman named Kristen Kent over the sale of sarah's list.com. Although the domain was the focus of the discussion, it was clear that the real value was in Kristen herself. Ben proposed a counter offer to work together on the project, with Kristen handling the company side and Ben handling promotion and distribution. They agreed to split the profits 50/50, with Kristen receiving 50% and Sarah receiving the other 50%. This highlights the importance of collaboration and recognizing the unique contributions each party brings to the table.
Proposing Two Business Ideas for a Job Board Platform: Speaker suggested charging premium fees for curated job postings and hosting demo days featuring companies for potential revenue streams. Equity ownership in business was mentioned but decision-making power was unclear.
During an intense negotiation, the speaker proposed two business ideas for a job board platform. The first idea involved charging companies a premium fee to post jobs on a curated job board. This could potentially generate significant revenue, but would require constant sales outreach. The second idea suggested hosting demo days quarterly, featuring one company each week and offering deep dives into why they are good companies to work for for a fee. The speaker's equity ownership in the business was brought up, but it wasn't clear if they had a say in the decision-making process. Ultimately, the speaker presented the second idea as a potential alternative.
Collaborating with tech experts: Investing in tech businesses requires humility and strategic planning. Identify pain points and collaborate with experts to create solid business strategies.
Investing in tech and tech-adjacent businesses can be a lucrative opportunity, especially for those who may not have a technical background. However, it's important to understand that working with extremely intelligent people can sometimes be intimidating and require humility. The speaker shares an anecdote about his experience of working with designers and developers, where he would ask them to repeat tasks or explain processes, despite their superior technical knowledge. Additionally, the speaker emphasizes the importance of identifying the right pain points and creating a solid business strategy for these companies. He plans to invest in several such businesses, recognizing the potential and excitement of this sector. Overall, the conversation highlights the importance of collaboration, humility, and strategic investment in the tech industry.
The value of curiosity and staying open to new ideas: Curiosity and a willingness to explore new trends can lead to growth, while grit and delayed gratification are essential for achieving long-term goals.
Even if someone appears to be chasing the next "shiny object" or trend, such as moving from crypto to AI, it doesn't necessarily mean they lack intelligence or judgment. Instead, it could indicate a natural curiosity and interest in new developments. Additionally, the discussion touched upon the concept of grit and delayed gratification, which was explored through a study where children were given the option to receive one marshmallow immediately or two later. This study serves as a metaphor for the importance of perseverance and patience in achieving long-term goals. The speakers had contrasting views on this topic, with Sam expressing a strong belief in the value of grit, while Sean appeared less convinced. Overall, the conversation highlighted the significance of staying curious, being open to new ideas, and understanding the importance of long-term commitment.
The importance of delaying gratification for long-term success: Successful people exhibit the ability to resist immediate rewards for greater benefits in the future, illustrated by a study on children and marshmallows, emphasizing the importance of grit and patience.
The ability to delay gratification, or the willingness to forgo immediate rewards in favor of greater benefits in the future, is a crucial factor in achieving long-term success. This concept was illustrated in a study where children who were able to resist eating a marshmallow right away in exchange for getting two later on, grew up to be more financially successful adults. This finding underscores the importance of grit and patience, as demonstrated by successful individuals like Warren Buffett and Jeff Bezos. Despite the instant gratification culture we live in, it's essential to remember that the greatest rewards often come to those who are willing to wait and persevere. As we continue to explore various frameworks and ideas, we invite you to share your thoughts and feedback on this episode and our future content.
