Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en I have an idea for you so I call this my new lambda school idea have you ever do you guys have like an office administrator or office admin I don’t know if you guys are we have yeah I mean we have someone who handles stuff yes I do sar and things like that right I’m talking more like so admin work or like an executive assistant or secretary do you have anybody like that have you ever so recently I’m at my work we’re hiring an EI right so we had any a she left we had to hire a new executive assistant and so they put me on the hiring panel and I’m like ok I don’t know what questions I’m supposed to ask like I don’t really know what the background I should be looking for all that stuff so I started thinking about this store looking it up so it turns out that office administrators or secretaries or any or executive administrators EA’s it’s one of the most popular jobs in the country and it’s also something where so there’s about you know I’d say 600,000 I think in the US and they pay pretty well so it doesn’t require tons of specialized skill that’s pretty much anybody can learn to do this if you’re you know somewhat competent but you can make 50 60 70 80 K doing this I thought that’s a pretty good paying job and I know at our company the EI is they’re critical they do such an amazing job they they’re they help and all the senior leaders do what they do and so I started looking about this and I said could there be a lambda school for EA’s because I think this is something that in three months you could teach people the core skills that you need around calendaring booking travel you know note taking all the different sort of core components that you need to do to do this job well you know it’s not rocket science you just need to learn the tools and learn the sort of do’s and don’ts and then I think companies when you know like us when we’re hiring for this there’s no like school or degree that you look at or you like oh because you have this degree you’re gonna do a good job and so it’s usually like do you already have experience doing this or not but that’s a catch-22 because how do you break in if everyone wants to hire for somebody who already has experience doing it and so I’m thinking that you could create a pro that tells it offers people who says hey in three months we can train you for a job that’ll pay you 50 60 or 70 K here and it’s a job that has good you know work-life balance and all this other characteristics of it and so and you could use the lambda school model where you take an income share agreement you say great on training people for three months it cost me three thousand dollars to do this remote virtual school but I make back you know up to fifteen K 17 K per candidate that gets placed into a job over time what do you think of this idea [ ] love it and I’m looking it up right now org org dot Co I’m your dove or gorg no we use it let’s see how big their team is that can kind of tell us something they are but okay what or org is is it’s a community / community / job board it’s something um I don’t know how you would describe it in one word it’s a organ org is a 100% volunteer run organization we have job or blogs resources we have private groups and email lists and it’s all for HR and my executive assistant office manager HR departments a DIY admin assistant like you know reverence its and so my our old ei was on this and it was an email list and and they would send out blasts like hey I’m looking for the best IIT person our company small we only have a budget of $2,000 who do you recommend or like when I wanted to hire new ei I had a friend post a listing on there and I got tons of applicants what I would do with your idea is I would either buy this company man these these the lady who runs this I forget her name but she could be making millions off of this but I don’t think she is I bet she’s making hundreds of thousands of dollars so like I would buy that yeah I would buy that I had or become the platinum sponsor for you know fairly fair rate and use it for the sort of the user acquisition and there’s this powerful thing because once you build the brand that hey yeah this is it’s like a staffing agency right but it’s a it’s a big internet internet version of a staffing agency and once you place some people to good things the first is you get a reputation that says hey reas I’ve been hired by company ABCDE and if we could come may become a trustworthy source for good EA’s but then also right now all the candidates in our current be a pipeline came from our existing pas people they knew from their network and so as your alumni become your hiring become your hiring partners and so the more alumni you place the more opportunities you have for your own graduates and so I think that’s like the real power of the lambda school model and unlike okay so the ladies go model you gotta break that [ ] down labor school model you’re saying and you train them for free and then you get a percentage of their salary yes you love that model for everything not for everything necessarily but I think when you have a low cost of training it’s a great model because it reduces the friction to join because you say well it’s free and so I only I only have to pay them if I get a high paying job out of this so your incentives are aligned right because we want you to get a high paying job and you came to us to get a high paying job we only get paid if you get a paying job and if you get a high paying job this is a reasonable payback for for us providing that service to you and so I think anyway any place where you have a low cost of training this is a very good mechanism it’s not just a dent mechanism it gets a lot of hype but really it’s just a debt vehicle and but I think it’s a good debt vehicle for this [Music]