Entrepreneurs and podcasters, Shaan Puri and Sam Parr, discuss categories like 'Most Delusional Person of the Year' and 'Breakout of the Year' in the 2023 Milly Awards. They share stories about crazy and boring people they've met, talk about Michael Dell's success, reveal their best and worst investments, discuss lessons learned from angel investing, explore unsexy businesses like Pantone, and make wild predictions for the future including the potential impact of AI on admin jobs.
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Quick takeaways
Pantone has created a profitable and unsexy business by standardizing the use of colors in the art and design world.
Hoffman Bros. Heating and Cooling's remarkable growth showcases that success can be found in even the most ordinary sectors.
The process of building a custom home highlights the importance of carefully considering the implications and long-term consequences.
The importance of effective deal structure in angel investing deals can make or break an investment.
Deep dives
The Power of Colors: Pantone's Dominance in the Fashion Industry
Pantone, the company known for its trademarked colors, has created an empire in the fashion industry. Their books of colors are used by designers and graphic artists worldwide. With over $100 million in annual revenue, Pantone has successfully standardized the use of colors in the art and design world. By continuously reselling their books and licensing their colors, Pantone has created a profitable and unsexy business that plays a crucial role in the creative sector.
HVAC Success Story: From 13 Million to 140 Million in Revenue
Chris Hoffman, the owner of Hoffman Bros. Heating and Cooling, has demonstrated remarkable growth in his family's business. Taking over from his father in 2016, the company has expanded from $13 million in revenue to approximately $140 million in just a few years. Hoffman actively shares his journey and accomplishments on Twitter, providing insights into scaling and managing an HVAC business. His unsexy industry and dedication to excellence have proven that success can be found in even the most ordinary sectors.
The Trials and Tribulations of Building a Dream House
Building a dream house can quickly turn into a nightmare. As Andrew discovered, the process is filled with countless decisions and potential regrets. What initially seemed like a fulfilling project turned into a disappointing experience as the many choices made along the way started to haunt him. Eventually, Andrew had to sell the house at a significant loss, emphasizing the importance of carefully considering the implications and long-term consequences of building a custom home.
The Impact of Structure in Angel Investing
Structure plays a critical role in angel investing deals, as highlighted by Sean's experience. Missing out on two potentially massive opportunities, he learned the importance of effective deal structure, which can make or break an investment. By focusing on high variance bets with the potential for significant returns, and allowing CEOs to make non-fatal mistakes, angel investors increase their chances of finding the next unicorns in their portfolios.
The Unpredictable Nature of Investments and Managing Expectations
Investments can be unpredictable, as illustrated by the rollercoaster stock market experience that Andrew faced. Witnessing extreme swings in his net worth over a short period emphasized the importance of managing expectations and remaining focused on long-term goals. Regardless of temporary losses, it is crucial to trust in the overall value of a business and avoid being swayed by short-term fluctuations or fear of missing out on potential gains.
WGSN and the Importance of Color Forecasting
Pantone and WGSN play vital roles in the fashion industry, focusing on color trends and forecasting. While Pantone has built an empire around trademarked colors, WGSN provides invaluable insights and reports on upcoming color trends. By guiding designers and businesses in choosing the right colors for their products, these companies have become go-to resources and industry standards for color forecasting and trend analysis.
The Impact of Ozempic in Weight Loss
Ozempic, a weight loss drug, has emerged as a breakthrough of the year. This drug has shown significant potential in helping individuals combat obesity and control cravings. It has the potential to revolutionize the weight loss industry and improve overall health.
Snipped: A Podcast Player with AI Transcription
Snipped, a podcast player, has gained attention for its innovative AI-powered transcription feature. It allows users to easily navigate and bookmark key moments in podcasts, making it easier to find and remember important information. The app has garnered popularity among podcast enthusiasts and has become a valuable tool for efficient podcast consumption.
Episode 532: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) bring you…..Part 2 of The 2023 Milly Awards. Christmas has come early for business junkies.
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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.
