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The Bezos number framework involves starting with a trend and then finding a business opportunity in that space. It emphasizes the importance of knowing your customer and space before starting to build. Using industry reports, trend websites, and academic research, entrepreneurs can identify fast-growing trends and leverage them to find business ideas.
Studies conducted on wealthy individuals revealed several factors that contribute to happiness. These include spending money on targeted items or hobbies rather than material possessions, investing in experiences, giving money to causes that align with personal values, and engaging in activities that promote freedom. Other habits of wealthy individuals that contribute to happiness include making to-do lists, prioritizing fitness, and aligning personal goals with financial decisions.
After selling a company, individuals may experience different emotional phases. These can include an initial boost in confidence and feelings of being capable of anything, followed by fears and anxieties about the unknown. Identity crises and delusions of grandeur may occur, leading to introspection and seeking guidance from professionals. Eventually, individuals find stability and make decisions about their future endeavors.
Financial freedom isn't necessarily tied to a specific monetary amount. It's about being free from money owning you and making choices based on financial considerations. True financial freedom means not making decisions solely based on money and instead focusing on personal values, interests, and goals.
The podcast discusses the concept of remixing existing products to create novel business opportunities. The speaker explains that many successful brands differentiate themselves by remixing a particular product with various factors such as aligning with an identity, offering add-ons, or targeting specific lifestyles. Examples like Black Rifle Coffee and kombucha for the LGBT community are mentioned. The speaker emphasizes that the effort and execution in creating these remixes are challenging but highlights that ideation doesn't have to be complicated. The concept of remixing is seen as a reliable approach to offering differentiated products across various industries.
The podcast explores the importance of constantly evolving pricing strategies for business growth. The speaker shares insights into the value of changing something about pricing every three months, whether it's packaging, add-ons, discounting strategies, or localization. The speaker also mentions the concept of revenue per customer as a metric to measure the effectiveness of pricing changes, with the goal of increasing it over time. The discussion touches on the fear and hesitation often associated with changing prices and the need for confidence in exploring this growth lever. Practical tips and hacks for successful price changes, such as add-ons and effective communication, are also shared.
Episode 519: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) are jamming with Patrick Campbell on trends that are doubling in popularity and the businesses you can start to pounce on them. Patrick also shares three product frameworks, the importance of freedom-inducing purchases, and what his research has revealed about the ultra wealthy.
No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd
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Show Notes:
(0:00) Intro
(2:00) The Bezo's Number Framework
(5:30) Trends: Coral bleaching, School shootings, teenage abstinence
(12:30) More trends: French Bulldogs, sports betting, and other vices
(21:00) Philosophy: Don't innovate
(24:30) Patrick's tax strategy: Gas stations
(30:00) The 5 Phases of "I just sold my company"
(33:30) Freedom-inducing purchases
(36:00) Secrets of the wealthy: To-do lists and exercise
(39:00) How a researcher measures happiness
(41:30) The trap of chasing a "freedom number"
(45:00) Wealth, Status, Power
(50:00) Product Remix Framework
(55:00) Pricing strategy breakdown
(1:02:00) New bod, who dis?
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Links:
• Patrick’s Twitter - https://twitter.com/Patticus
• Paddle - https://www.paddle.com/
• Google Scholar - https://scholar.google.com/
• Bezo's Numbers - https://shorturl.at/dgJSV
• Casino affiliate - https://playnj.com/
• MyBodyTutor - https://www.mybodytutor.com/
• Price change email copy - https://shorturl.at/kqE49
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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com/
Check Out Shaan's Stuff:
• Try Shepherd Out - https://www.supportshepherd.com/
• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant
• Power Writing Course - https://maven.com/generalist/writing
• Small Boy Newsletter - https://smallboy.co/
• Daily Newsletter - https://www.shaanpuri.com/
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