My First Million

My 6-Step Process To Find +$1,000,000 Business Ideas

Jul 27, 2023

Dive into a systematic six-step approach for uncovering lucrative business ideas, drawing creative parallels to songwriting. Discover personal journeys in fitness with insights on discipline and goal-setting. Learn how to foster genuine connections and build strong communities. Get tips on effective hiring practices and the importance of maintaining focus. Finally, explore strategic shifts in social media production that can drive explosive growth!

41:42

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Quick takeaways

Thoroughly research successful companies to identify trends and opportunities for new business ideas.

Commit to consistent fitness routines, setting goals, and tracking progress for personal well-being.

Avoid Shiny Object Syndrome by focusing on one core goal, prioritizing impactful tasks, and avoiding distractions.

Deep dives

Research Methodology for Business Ideas Development

When developing ideas for businesses, the podcast host emphasizes the importance of conducting thorough research on successful companies to identify trends and opportunities. By analyzing companies like 1-800 Flowers and Heineken, the host stresses the significance of looking for demand, gauging audience size, studying industry leaders and their shortcomings, understanding effective business models, and identifying problems to solve. Through tools like SimilarWeb and annual reports, the host delves into the research process of recognizing growth areas and business insights.

Factors I Consider When Evaluating Business Opportunities

00:36

How to Be More Interesting in Conversations

02:49

The Anti-Mba Book Club

01:25

Intro

2min

Crafting Business Opportunities

8min

From Athlete to Fitness Commitment: A Personal Journey

5min

The Power of Focus and Connection

22min

Streamlining Clip Production for Explosive Growth

3min

Episode 479: Sam Parr (https://twitter.com/theSamParr) answers listener questions in this special Q&A episode. Learn how he researches & validates business ideas, what his hiring process looks like, how he’s managed to build huge, passionate communities, and much more.

Want to see more MFM? Subscribe to the MFM YouTube channel here.

Check Out Sam's Stuff:

• Hampton

• Ideation Bootcamp

• Copy That

Check Out Shaan's Stuff:

• Try Shepherd

• Shaan's Personal Assistant System

• Power Writing Course

• Daily Newsletter

• Small Boy Newsletter

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Show Notes:

(00:00) Intro

(00:40) How Sam Researches Business Ideas

(9:45) Sam’s Health & Fitness Routine

(14:55) When to Embrace Shiny Object Syndrome

(19:00) How to be Interesting

(26:20) Why Loyalty is Everything

(28:45) How to Hire

(33:30) How to Build Community

(37:00) Tips to Start a Productized-service

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Links:

• Similarweb - https://www.similarweb.com/

• Annual Reports - https://www.annualreports.com/

• Companies House - https://www.gov.uk/government/organisations/companies-house

• Central Athlete - https://www.centralathlete.com/

• MyBodyTutor - https://www.mybodytutor.com/daily-coach/

• ViralCuts - https://www.viralcuts.co/

• Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.

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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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