Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
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Kind: captions Language: en knowing what you know about what makes valuable companies and what builds wealth what are some businesses that you’d want to start right now and what would you optimize for and what metrics would you try to optimize for and how yeah I mean I think it depends on what you’re what you’re trying to optimize for if you’re just trying to I’m asking you well I’m asking you for me personally I mean I I really find value in balancing home life and work right so family is super important to me so my answer is probably a little bit different for me and I want to live not a big city and so that’s great I want to hear what you would do yeah yeah so if I was starting over today I would probably start something in the construction space or home services space maybe office services I want to get in something that’s it’s I like competing in areas where there’s not a natural selection of people into that right so you don’t want to be in the winery business because everyone in Silicon Valley who exits a business goes and buys a winery right and pumps a bunch money into it like I don’t I don’t want to be in the film business because everybody who you know every son of a billionaire you know makes movies you know owning restaurants is really difficult I mean separate from all the stuff we’re going to hear now because everyone you know that makes me money thinks it’d be easy and once they own their own restaurant so I like two things that sort of have a natural selection biased against them like nobody drives by somebody building a swimming pool in Arizona in the summer and says you know what I really want to quit my job in the air conditioning and go dig a hole in the ground right so we want to get involved in things like that I would try to take something probably that that is small and partner with them that they already have the infrastructure in place the sort of the the technical side and the systems there and then I would really try to spend some time you know how can we use you know latest technology to make us more efficient try to build something that’s scalable sort of beyond a geography and get a model down a billing model a sales model down that we thought was replicatable and that really had some sort of mode around it and then I would try to scale it over time and I specifically yeah anything specifically I think would depend on largely on what I could find in the geography I mean here in Columbia I mean there’s there’s a fantastic HVAC service company that’s still fairly small but they’ve got great systems they actually develop their own software be something like that that I’d want to partner with and say okay look look you know I want to get my hands dirty and get involved in I mean I’m uh I’m not an investor by heart like my I mean I’m an entrepreneur that’s what I love to do and that’s how we think about our business is being operators and entrepreneurs and so I I wouldn’t necessarily get involved in finance I mean finance to me is a mechanism that allows and enables entrepreneurship and and you know running real companies it’s not trading paper back and forth so I would probably get far more involved in in sort of non tech entrepreneurship which I know you guys are in Silicon Valley and this can fall on deaf ears no III like I like what you’re saying but you you so you said HVAC you said each bag weighs yeah pools lawn service I think I service yeah like lot like lawn and garden care type stuff I mean have you ever tried to get somebody call you back it’s yeah you want to hear something cool we had a so Brian you know who Brian Scudamore is no just got a more 1-800 jump oh yeah yeah okay so the guy own is the guy who owns his name’s Brian he’s Canadian he’s friends with me and Sean I shoot the with him every once in a while it’s like a what is that Sean like a 500 million dollar a year company he owns all of it and he we either me or some one of us asked him where opportunity is he goes man if I don’t do the same thing I would do money hundred got junk but I would do it from lawn care or for irrigation yeah yeah that’s times up I’m talking about yeah I mean there’s there’s all these like strange I mean niches that you can get into and I would do is probably take my time and go and talk to a lot of people who are already in business and say what is your biggest problem like who’s the supplier that you’re most annoyed with you know what’s the customer that you have that’s just killing it that type of thing and I probably go try to snake my way into one of those one of those businesses and then just it’s really just about getting a foothold right and that’s what you need is you need a foothold and then you can start building on it from there but I mean that the problem is if you’ve got a if you’ve got a boat that you’re trying to row that’s rickety and and it may look on the outside but it’s just not gonna go anywhere it doesn’t matter how hard you row it and I think that’s a you know early my career when I was involved and you know more the agency business that’s how I felt it was felt like I mean I could just rode that thing as hard as I could and I maybe get an inch further and that’s why I just want to get out of businesses there like that [Music]