My First Million - October's Funniest MFM Moments

Episode Date: November 6, 2022

Episode 383: The three funniest moments from MFM in October. ------ Show Notes: (00:45) - Sara's List Negotiation (05:05) - Work in tech-adjacent businesses & new-shiny syndrome (07:45) - Grit and delayed gratification ----- 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. ----- 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 * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

I feel like I can rule the world. I know I could be what I want to. I put my all in it like no days off. On a road, let's travel, never looking back. Hello and welcome to My First Million. This is producer Ben, and we've got a best of edition today. And today we're doing something a little different. I went through and found what I thought were the funniest moments of MFM from the month of October.

My First Million is first and foremost a business and entrepreneurship show, but it's also kind of a comedy show. So I wanted to highlight a little bit of that. So to start with, we have Sam and Sean talking about Kristen Kent, a woman who bought Sarah's List.com and held it hostage. And here Sam and Sean are negotiating the details of what a fully fleshed out Sarah's List website might look like. The real value here is not the domain. It's not the website. It's Kristen Kent. Okay.

So here's my proposal to Kristen Kent. Here's my counteroffer. My public podcast counteroffer to you, Kristen. I'll give you the $20,000. I'll give it to you. In fact, I'll give you the $30,000 that you paid for this domain. If you really paid that much for this domain, I mean, that's kind of crazy. But it comes with this catch.

We're going to work together on this project. You're going to do the work on the company side, and I'm going to do the work on the promotional side, the distribution side. And here's what we're going to do with Sarah's List. We're going to turn Sarah's List into a half a million dollar a year, passive income stream. Passive-ish, I should say. Passive for me, it's a little active for you. By the way, by the way, Sean, when you say, we got to, let's remember this is Sarah's list, of which I am 50% of Sarah's list.

Sam is on the side right now. Sam said no, no, no, no, no, no, no. I got him on the record saying no, no, moment ago. And he's not a part of the counteroffer. Sarah herself will get a 1% royalty as we use her name. Not a chance. Here's what we got to do. What percentage of the dividends would you give or would you want Kristen to have?

Kristen deserves 50%. She deserves 50%. I agree. The other 50% split you and I. 90-10, you got it, sir. So you can share the royalty with Sarah. So here's what we're going to do. Actually, I don't know if I want to say this deal, now that we're having.

this intense negotiation. I want to give out my great idea. Okay, I'll give up my great idea. So here's the great idea. Here's how we're going to make this work. So normally a job board, this is like monetized as a job board, right? It would be a list of companies

that we are curating saying these companies are great. And let's say we might take it to 24, 25 companies rather than the 12 we have today. And normally on a job board, you pay like $500 a post for job posting. So we would need to go reach out to those companies, get them to post. And the other thing,

But hey, this is maybe premium. It's a curated job board. Maybe we could charge more, maybe $1,000, maybe $2,000 to be posting your jobs on here. So if we've got people to do that, you know, let's say $2,000 a month, 24 companies, let's say half of them actually do it. You know, that's like 24K a month. Not bad. But I think we're going to be in this kind of constant sales outreach period. So let me put out a different idea.

Here's a different idea. We're going to take these companies and we're going to host a demo day once a quarter. What's going to happen at the demo day? We're going to basically, each week we're going to feature one of these companies. We're going to create an email list. We're going to spin off our current email list. And we're going to say, we're going to feature one of these companies. We're going to do a deep dive, but why this company is a good company to work for?

And interested people, you know, high quality people in tech might want to be. Well, that needs to be an upsell. That needs to be an upsell where it's like for $25,000, like you get a deep dive. As a minority owner, I'm not sure you have a say here. So. I could barely hear your voice. It was so faint like your equity ownership in this. So if we're in the same room, do you think I would have hit you already?

Or will that be coming in the next? Will that be coming in the next 10 minutes or would it have already have happened? Okay, next we have Sam and Sean talking about working in tech and working in tech adjacent businesses and what it's like to work with really smart people when you yourself are not technical. Because you previously had a company that was a, I would tell my parents I had a tech company, but it was really just an email newsletter. It wasn't a tech company. You actually had a proper technology business.

Right, right. Yeah, you were just basically like writing brochures. Whereas I was running a Silicon Valley enterprise. I'm like a restaurant who has an online ordering menu calling themselves a tech company. Yeah, exactly. The next Google. Yeah. Yeah, I'm used to working with people that are way smarter than me,

and I, like, go over to, I roll my chair over to their screen, and they're just like, what do you want? I'm like, hey, bud. Can you do that thing again where you made the thing, like, bounce during the animation? Like, that was so cool. I want to just, like, upload this to my Twitter. Can you do it again? And they're like, oh, yeah, sure.

So I'm used to working with designers and engineers are way talented. So I kind of look at it as following. My plan is this. invest in everything because investing is easy and great. Right. Like I'm a believer in this wave. I'm excited about this. And I think that I can help because a lot of the people who can build this stuff,

they don't know, A, where to apply it. Like what's the actual pain point I should be solving? And B, they don't know how to like build maybe a defensive little business or a go to market strategy that might make sense for them. So I'm like, okay, cool. I'm going to invest in a bunch of these companies. That's plan A. That's already in motion.

Would you say that this is the most interesting sector? For sure. For sure. And I kind of feel like an idiot because it's like, oh, cool. Now you're interested in the new thing. And it's like, on one hand, I get that. You know, oh, crypto. You are in fact a dumb idiot who chases.

Yeah, I just chase the next shiny object. There's some truth to that. Like, crypto was the more crypto prices went up, the more I invested and the more, You know, then I created the Milk Road and like that, you know, I turned my content attention to it. So, you know, oh, you know, it's like that meme. It's like, you know, the guy who looks back at the new thing that's like, you know, the hot thing behind it. It's like, yeah, AI is that new thing. But at the same time, what am I supposed to do?

I just saw a fucking flying object. I just saw a UFO. What am I supposed to do? Pretend I'm not interested. Like, no, I'm super interested. Like, you know, count me in. Like, beam me up. you know, have your way with me, aliens.

That's how I feel about AI. Okay, and finally, we have Sam and Sean talking about grit and delayed gratification, which is something that Sam really believes in, and Sean, not so much. There's this awesome book by this woman named Angela Duckworth called Grit. Have you ever heard that book, Grit? I've seen, like, Silicon Valley people talk about it. Yeah, well, it's like centered around this story. It's like a study where they give a whole bunch of kids, they sit down on a table,

and they go, hey, look, you can have one. marshmallow now or in a couple hours I'll give you two but I'm going to set this here I'm going to go out of the room for a little while and handle some stuff when I come back I'll see if you decided to eat it or leave it there and that will kind of tell me what decision you made sound good and they leave and you know they just see who does what and they measure these kids for like 30 and 50 years like for years and years and what they found is there's a correlation between traditional financial success you know like our traditional word of success there was a correlation between how successful they were and the children that chose to

not eat that one in exchange for getting two in the future. And the ones who put it off, you know, and ate two, they were more successful. And what you've explained to me is like the perfect like real world but rare example of grit where it's like, no, I'm willing to like not do this thing now in exchange for a better alternative potentially in the future. And that's delayed gratification. Yes, delayed gratification. And that's like the best way to describe that. I'm a marshmallow reader, dude. I would have been that first, you know, I would have had it in my mouth while they're explaining the instruction. They're like, what?

There's another one coming? I always got, like, frustrated when I talked about, like, you know, I told you this. When they talked about Warren Buffett and Jeff Bezos, I was talking about patience and having fun. I'm like, dog, you're way too old. Go have fun now. Like, there is no, there is no long term, man.

All right, that does it for this week. Let us know what you thought of this funniest moments from October edition of My First Million. If you liked Framework Friday last week, we're going to be doing more of that as well. But again, we're just throwing stuff out there and seeing what sticks. So we'd love feedback on whether this episode was a hit or a miss. Yeah, so that's it. Thanks for listening.

I feel like I can rule the world. I know I could be what I want to. I put my all in it like no days off. On a road, let's travel, never looking back.