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Startups thrive on momentum, so it's important to choose an idea you're excited about and commit to it for a set period of time. Put blinders on and avoid distraction or second-guessing. Focus on the problem space and actually work on the idea without overthinking or considering other options.
Set clear dates or timeframes to make decisions or reflect on your worries. This helps avoid paralysis by analysis and allows you to focus on taking action. Dedicate specific periods for planning, consuming information, or making choices, and then commit to acting without hesitation.
Momentum is crucial for startups. Aim to generate sales or measurable progress early on to build momentum and boost confidence. Even a small sale can make a significant difference in motivation and energy. By focusing on making progress and hitting milestones, it becomes easier to scale and achieve bigger goals.
Jesse Itzler, known as an online business guru, surprised the podcast hosts with his successful track record and legitimacy. One interesting venture of his is a pickle company called Hoya. He saw an opportunity in the pickle market, which he deemed as lacking creativity and dominated by few players. Highlighting the average American's consumption of pickles, he believed entrepreneurs could bring innovation to everyday products. Jesse is crowdsourcing ideas for his pickle company and plans to partner with a clean ingredient pickle company. This venture reflects the importance of identifying a crowded market with little differentiation and finding an untapped lane.
The podcast episode explores the concept that the way you approach one aspect of your life reflects how you approach everything else. The hosts discuss the example of Rakuten, an Amazon-like company in Japan. Rakuten instills a sense of ownership by having every employee, including the CEO, participate in an hour of clean time every week. This activity fosters direct involvement and a team mentality. The hosts further explore different entrepreneurial strategies, including parallel, serial, and repeat entrepreneurship. They conclude that serial entrepreneurship, focusing intensely on one venture for a period of time before moving on to the next, seems to strike a balance between maximizing success and having fun.
Episode 453: Sam Parr (@TheSamParr) and Shaan Puri (@ShaanVP) talk about the rebranding of disgraced Theranos co-Founder Elizabeth Holmes, startup ideas for developers, the essential elements of leadership, and Billy of the Week.
Want to see more MFM? Subscribe to the MFM YouTube channel here.
Check Out Sam's Stuff:
* Hampton
Check Out Shaan's Stuff:
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Links:
* Elizabeth Holmes NYTimes interview
* Living With A Seal: 31 Days Training with the Toughest Man on the Planet
* @hoyayayapickles (Instagram)
* Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.
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Show Notes:
(01:22) - Sam's combine results
(08:20) - The Elizabeth Holmes Comeback
(17:15) - Billy of the week: Jesse Itzler
(34:55) - Mickey Mikitani (founder of Rakuten)
(48:00) - The essential elements of leadership
(49:50) - The power of momentum
(58:20) - Startup ideas for developers and startups
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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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Additional episodes you might enjoy:
• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
• #209 Gary Vaynerchuk - Why NFTS Are the Future
• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
• #218 - Why You Should Take a Think Week Like Bill Gates
• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
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Listen to the best highlights from the podcasts you love and dive into the full episode