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My First Million

#182 - How an Astrology App Makes $10m+, Why a Boxing Announcer is Worth $400m & Creating a Personal Monopoly

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.82.7K Ratings

🗓️ 14 May 2021

⏱️ 61 minutes

🧾️ Download transcript

Summary

Shaan (@ShaanVP) and Sam (@TheSamParr) talk about an astrology app that has been creating controversy throughout Silicon Valley -- Sanctuary. VCs have come out against the app as pseudoscience, but the guys question their logic. These kinds of apps go into the bucket of "me-businesses" or businesses that tell the user about themselves. So from there, the guys brainstorm on ideas within this framework. The second half of the episode is focused on "personal monopolies" -- the concept of creating a big personal brand and monetizing it. We talk about a few people who have done it successfully and how you can too. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (5:42) The controversy behind an astrology app * (20:18) Brainstorming "make-it-about-me" businesses * (28:40) Shaan and Sam's "one-night stand" businesses * (38:11) Why you shouldn't overthink your idea * (45:21) Personal monopolies: Michael Buffer, Judge Judy, and Ryan Seacrest * (54:57) Sam's Tim Ferriss story

Transcript

Click on a timestamp to play from that location

0:00.0

I think you could build a easily 100,000 plus person list

0:04.3

doing this product.

0:05.8

And then there is a clear premium offering on the back end.

0:08.9

But the core of it is quiz funnel up top daily newsletter

0:12.4

and get there and get to 100,000.

0:14.1

I'm on a throw down the gauntlet for somebody who's

0:17.0

bored and looking for a project that will actually stick,

0:19.6

they'll actually have some legs,

0:21.6

because I know this would have legs.

0:23.0

I feel like I could rule the world and know I could be what I want to.

0:30.0

I put my all in it like no days on.

0:33.0

On a road let's travel never looking back.

0:35.5

All right everyone, we're going to talk about some good stuff in this episode.

0:37.8

But before you get to it, can you do me a favor?

0:40.1

Go to Spotify and click the follow button.

0:43.1

The reason why is lately we've been getting way more listeners on Spotify.

0:47.8

And I think it's because we're going up the charts,

0:49.8

but I want to be sure of that.

0:51.3

And in order to go up the charts, I need you to click follow.

0:53.9

So it's going to be like a big experiment.

0:55.4

I'm going to reveal the results next time.

0:56.8

But go to Spotify, go to my first million,

...

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