Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
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Kind: captions Language: en [Music] here’s my challenge each of us what’s one narrative that you think actually you should be going counter to that narrative like there’s a narrative that we hear as entrepreneurs as people and kind of tech and like what do you think is the like actually i don’t know maybe it’s this other thing instead so if anyone has one do it but otherwise i’ll i’ll give you one yeah go for it so mine would be um i’ll give you two there’s the inside crypto there’s a narrative that’s basically like oh there’s all this innovation happening this it’s like the next protocol the next token the next whatever i’m pretty sure that if you just buy three or four things like if you buy bitcoin eth um i put luna in there now just buy those three and you just chill either all of crypto is gonna work and those will work amazingly or crypto’s not gonna work and no matter what you did like if those fail if those don’t go up dramatically in value um crypto just didn’t work and none of this [ ] will work and so i think actually a basically like for a while the best strategy was bitcoin and chill and now it’s ethan chill i basically think it’s still the same i think it’s like buying two or three tokens and not even needing to know anything more just chilling on those is probably the best investment of the next like 10 to 15 years it’s gonna outperform everything during that time i think so i think like going deeper down the rabbit hole and like learning more is actually gonna [ ] up your returns versus just buying the the main ones and just holding for for like 10 years not thinking about it that’s one and then the other is i think that angel investing doesn’t make much sense anymore and i say this as somebody who angel invests like the valuations are so high um that like if i think about like that same money going into like one of these sort of boring cash flow businesses is so much better for your life so if you’re like an individual angel investor and you have let’s say a hundred thousand dollars you know or 300 000 that you want to go put into like a basket of 20 startups it’s like are you sure you shouldn’t just buy like like get an sba loan and go buy like some random website that’s already producing profit and that’ll pay itself off in two years or less and uh and now you own this cash flowing asset like i’m pretty sure that’s just going to do better dude i agree than a basket of angel investments the the the our friends who have all crushed it on angel investing you know it means they made their investments five or eight years ago and it was different it is it’s outlandish at the moment so i agree with that i think for mine that i think that it’s actually i think that i think that you only have a few swings in your career and a lot of people are like oh you should be patient and you’ve got a lot of time to do certain stuff i actually think you should try you should dedicate your 20s to getting your first significant win because after that life gets a lot harder you get a lot less energy you’re a lot smarter which is actually bad you actually it’s kind of good to be kind of ignorant um and not enough people i think all often times people go the other route where they go well just go join something for a little while and learn in my opinion f that your 20s dedicated to getting a win and getting even if it’s relatively small and do it as fast as possible because after that life is a lot easier i’ll give my what sean i was going to say give the moise quote about getting rich quick he goes why does everyone hate on getting rich quick get rich quick schemes are the best i want to get rich quick i don’t want to get rich slow i got i got two real quick so i got off the phone with a friend of mine who works at facebook he told me this morning he told me that he works roughly 90 90 to 120 minutes per day on average i thought you’re going to say 90 to 120 hours a week he yeah it’s the best when you measure your work in minutes he’s texting me he texted me today he said it was 9 12 am he said 9 12 a.m finish work for the day 12 12 minutes and so you know put us in a group chat i want him to text us every day just the time stamp of winning so that’s what that’s what i told him to do i said you need to create like a twitter a non account a twitter that’s and so i’m gonna stay tuned do that um but i think that in your 20s like potentially go work at facebook go work at google get those high-paying jobs i think that by the way i think i think that’s a good way to get a win get get you know do that for a few years while you’re you know do you’re doing your you’re learning on the side like join a tao build a community build a newsletter do whatever you want to do it really speaks to you while you’re you’re not you know yeah so you’re making money and you’re learning what more could you ask for and then my and you know just because you gave a crypto uh one sean i think that and i spent a lot of time in nft land and web 3 land 2. i think that nfts are going to 99 freedom it it’s going to be a free freedom in thing i think the the idea of selling nfts will be a very small thing so what what happens why why would i give away something for free or what’s my incentive so what happens after it’s freedom in so yeah i mean you know okay so the idea right now it’s like people are selling nfts and projects for 0.05 to 0.2 let’s say on average for some of these you know 10 000 pfp projects i think that um that’s going to burn out at some point and i think we’re starting to see it burn out a little bit and i think that you know did you see the hundred thieves drop yeah they uh what do they do exactly they did a much smaller amount so they basically first of all it was in gaming and gamers hate nfts so the fact that they did a successful gaming nft launch like obviously kudos to them but basically they won this championship and they were like okay in order to get this like collectible you can go grab it it’s free we’re not saying it’s going to be worth anything and they got 700 000 people to collect this collectible and there’s like a trophy and then they make money on if there’s value right so if it grows in value they get royalties and i think that’s what you’re going to see a lot of is like creators and and big communities basically doing freedom ins even though people seem you know people today think that selling nfts is the future i don’t think so right by the way i’m going to change mine to simplify it instead of starting a company buy an existing business i think that is the most overlooked obvious thing for a smart person to do is how do you take your market risk to essentially zero um you buy a business that’s already working and profitable and you just say cool i’m a better operator than this person or i know about a different form of operation than they do and so i can grow this using facebook ads or i can grow this using outsourcing or i can grow this using you know code or whatever it is so you you hear almost no narrative you heard tons of narrative around the genius visionary startup start a new thing building a new project launching a new thing and like you hear like one or two examples of people buying businesses and i think that for most smart people buying a business is a far better idea than starting yeah but when you’re in your 20s my pushback to that is like when you’re in your let’s say early 20s like do you know like you’re saying that now but i think like yeah um you do need like that operational experience and that’s where my point is you got to like it’s worthwhile to to just potentially take a a high-paying job and then on the side kind of like experiment and do stuff yeah that’s true i’m not really limiting mine to the 20s i think i’m still making mistakes in my 30s so i’m assuming other people are too and i guess it’s more like what narrative do i hear now that’s easy to float along with that i’m like you know what actually i don’t i don’t i just think this is true and like that’s the one for me which is like for most people who want to be entrepreneurial they default to starting a business and i think actually maybe it should be the opposite maybe you should default to taking on an existing business and growing it and only create a new thing if you like actually have a new invention in mind a new idea that really you can’t shake in your head versus like just starting a new startup i like that because because you want to be an entrepreneur right you