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My First Million

#217 - Why Direct-to-Consumer Companies Are Awesome to Own

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.82.7K Ratings

🗓️ 8 September 2021

⏱️ 63 minutes

🧾️ Download transcript

Summary

In this episode Shaan (@ShaanVP) and Sam (@theSamParr) debate the merits of owning and operating a direct-to-consumer e-commerce business. Shaan breaks down some of the basic ins-and-outs you should look for with ad spends and purchase multipliers. They also discuss the state of economy and whether or not we are in a bubble (or rather, many bubbles), a new NFT project called Loot, the recent raises of Whoop and Allbirds, and Sam's friends Bitcoin gamble. --------- * 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. * The Everything Bubble: https://blog.ftx.com/blog/the-everything-bubble/ --------- Show notes: * (2:06) Back to school * (2:39) A psychedelic story * (10:23) The story that lead to a breathwork app * (17:40) An event better than SoulCycle * (19:32) The ranch retreat for deeper connections * (26:32) The 2018 Bitcoin gamble * (32:06) The Everything Bubble * (40:35) Loot - 10 words of gibberish * (42:40) Thoughts on Whoop's recent round & Allbirds S-1 * (47:58) Why DTC companies are awesome * (56:31) Shaan's award show

Transcript

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0:00.0

If you got into Ethereum early on in the crowd sale and you bet on that thing at 30 cents because you're a developer and you really believed in this new programmable blockchain,

0:11.0

you deserve your tens of millions of dollars, you deserve your 100 million dollars.

0:15.0

If you're rich because you bought like a picture of an rock, you know, three months ago or, you know, a computer generated squiggle that's now worth a quarter million dollars, fuck you.

0:26.0

I feel like I could rule the world and know I could be what I want to put my all in it like a day's old.

0:36.0

I'm looking at my phone, I just got to text my three nieces went back to the winter, you know, first day of school today.

0:47.0

And I was talking to one of them this morning and I go, Ellie, how are you feeling first day ever going to a school and she goes, I go, how are you feeling in one word?

0:57.0

She goes, my heart is going fast. I was like, I'm melted. I'm melted. Your uncle is a puddle on the ground now. He cannot function anymore.

1:06.0

So that's off shut out to Ellie for her first day of school. Hopefully it's going well.

1:11.0

That's awesome. That's a great one.

1:14.0

All right, quick break to tell you about another podcast that we're interested in right now.

1:18.0

Huff spot just launched a shark tank rewatch podcast called another bite every week. The host relived the latest and greatest pitches from shark tank from Squatty Potty to the

1:28.0

Mention a bench to ring doorbell and they break down why these pitches were winners or losers and each company's go to market strategy branding pricing, valuation, everything.

1:38.0

Basically, all the things you want to know about how to survive the tank and scale your company on your own. If you want to give it a listen, you can find another bite on whatever podcast that you listen to like Apple or Spotify or whatever you're using right now.

1:50.0

All right, back to the show.

1:52.0

Okay. Can I start by telling you a quick story that I don't think I've ever told you, but I think you'll get a kick out of.

1:59.0

So about this is the Bitcoin one. What's that one soon, but about three years ago, I so I talk about it all the time. So I don't want to like rub it or like continue talking about this shit because it gets boring.

2:13.0

But basically, I don't do any drugs. I don't drink. I'm pretty straight. Sorry. I've been straight laced for eight years. I don't do anything. I'm fearful of anything. But I was getting really curious about

2:25.0

psychedelics. So like mushrooms, MDMA therapy, ketamine therapy. I did what a lot of people did. I read the book, How to Change Your Mind by Michael Pollan. And I was like, oh, this is great. I'm really interested in this. And so I found a person who was going to lead a, an MDMA therapy, like session.

2:45.0

And so I went to dinner at our house with my wife came with me and it was like three other couples. And we went to this thing. And I was weird. And she wanted to do like a session to get to know people in order to determine if this was a good fit.

2:59.0

And so what you do is you take a dose of MDMA. And then like she talks to you. I think so. Yeah, I believe so. It's all or similarly. So I really don't know. But I think it's like the same thing. And we eat it. You drink it. You drink it. You said it.

3:17.0

It's like a pill, I guess it's a pill. You swallow it. Okay. And we go to this group. And I'm in just like the idea of psychedelics for therapy, like to like, you know, for veterans, but also people who just want breakthroughs or who have depression. I'm on board with. I've got friends to do it. I love it. I don't really do. I don't do drugs because I just don't feel comfortable doing it. But I really wanted to explore it and get and get to know these people and try this out. And I went to this group.

3:43.0

And they were crazy hippie, hippie, like super hippie, but mind you, this is in San Francisco. And she had a really nice place. And so like we start talking.

...

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