3 Genius Business Ideas We're 'Borrowing' From Syed Balkhi

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 21 February 2024

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 553: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk to Syed Balkhi about the business ideas he would go after if he wasn’t already running WPBeginner. Watch Syed's $0 To +$100M story here: https://www.youtube.com/watch?v=gzHdrQ5pDFo Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5 — Show Notes: (0:00) Intro (3:30) Offshore bookkeeping (6:00) Level it up with reseller and white label (8:30) Sourcing your outsourced talent (12:00) Barnacle on the Whale: Quickbooks plugins (19:00) The most powerful idea of our generation (22:30) X but open source (x= popular platform) (27:30) Creating disproportionate value (31:30) Flavors of capital funds (39:30) Is $10-50M the perfect amount in the bank? (45:30) First you own your things, then they own you (47:30) The true cost of luxury (52:30) Paid marketing vs. acquiring resellers (58:00) Compounding goodwill is the best form of compounding — Links: • Syed Balkhi Twitter - https://twitter.com/syedbalkhi • WPBeginner - https://www.wpbeginner.com/ • Appflowy - https://www.appflowy.io/ • Stability AI - https://stability.ai/ • Cal.com - http://cal.com/ • OSS Capital Twitter - http://tinyurl.com/ynvpmu7j • Automattic - https://automattic.com/ • WooCommerce - https://wordpress.org/plugins/woocommerce/ • CleanShot X - https://cleanshot.com/ • GitLab - https://about.gitlab.com/ • Guy Spier - https://www.guyspier.com/ — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. — Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Transcript

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0:00.0	All right. We've got our buddy Saeed bulky on today. If you don't know Saeed, he is one of the few people on earth who has bootstrapped a company to a unicorn status a billion dollar company without ever taking outside money. The guy is a legend. He's in his 30s and he's done all this. What I liked about this episode is most people. We talked to a lot of guys who have made it, but they're kind of just like, you ask him, what would you do today and they kind of just shrug like, don't know that's what work for me back then but good luck to you and you're like shit all right I gotta figure this out myself
0:28.3	Sais is the opposite he didn't close the door behind him he kind of just puts a ladder down and he's like, hey, here's three specific opportunities that I see.
0:35.3	And what I liked about these opportunities is he's very specific.
0:38.1	He says exactly what he would do.
0:39.6	And actually, that he's looked into doing some of these things.
0:42.4	The second thing is that he, these are not like moonshot ideas. It's not like, oh, invent the next big AI thing. These are just ideas that will just work. Like if you do execute them well they will work
0:54.2	and this is one of those episodes where I actually was like writing down what he was saying is like
0:57.8	oh I should do that I literally slack ban I was like at ban at ban call me when you're free call me talk about some of these ideas and by the way at the end we talk about money and we ask a little bit about what people's numbers are you'll understand when we get to that part about what your number is I want want you guys to do me a favor. If you're
1:13.3	listening on your podcast app, go to our YouTube page. Obviously you have to
1:18.4	subscribe because that's the gentleman's agreement. You subscribe when you
1:21.4	when we create valuable content for you all we
1:23.7	ask is just for a subscribe but tell us in the comments section what your
1:27.7	number is you'll understand when you get to that part and also you can view what other
1:31.4	people's numbers are so this will be like a little bit of a
1:33.1	social experiment.
1:34.1	I feel like I can rude the world I know I could be what I want to.
1:39.1	I put my all in it like no days off on the road. We have to do an intro, Sean.
1:44.7	So Syed was on the podcast like six months ago.
1:49.0	You were a hit.
1:49.7	People loved you.
1:50.7	Basically, the gist of the pod is you have this empire that you own, that you've not raised
1:55.8	money for.
	...

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