559 - Square Co-Founder Jim McKelvey Reveals The One Trick to Build a Billionaire Dollar Business

The James Altucher Show

James Altucher

Society & Culture, Talk Radio, Writer, Philosophy, Comedy, Chess, How To, Entrepreneurship, Jay, James, The James Altucher Show, Altucher, Author, Jay Yow, Education, Jay The Engineer, Business, James Altucher

4.6 • 2.7K Ratings

🗓️ 12 March 2020

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim McKelvey is the co-founder of Square and the founder of Invisibly. I wanted to know HOW he got his direction. Because we all have ideas. But how do we know which ones to actually pursue and execute? How can we find the winners? The ones that will provide value. And profit. In this episode, Jim tells us which markets are underserved. And how to find executable business ideas that will give you a sizable return. And he just wrote a book "The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time" If you like this episode, you'll also like episode553 - How to Make Money by Buying an Established, Profitable Business Using null of Your Own Money with Carl Allen And Carl has a new book on this which you can get for 20% off at carlsbook.com/james I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook Linkedin Instagram

Transcript

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0:00.0	This isn't your average business podcast and he's not your average host.
0:06.6	This is the James Altiger Show.
0:12.6	Today on the James Altiger Show.
0:15.8	You don't get to sit there and have this known model that works.
0:19.0	You have to figure all sorts of stuff out.
0:21.1	I mean, it's a fundamentally different thing if you have the ability and aim, please aim.
0:28.2	The issue is if you don't have something to aim at, what do you do?
0:33.3	Do you quit then?
0:34.6	And my reason for writing this book was basically to say to the people,
0:38.8	look, sometimes it's completely appropriate to not have a target
0:43.4	because what you're doing is new.
0:46.4	If you're doing something that's new, hasn't been done before, what do you aim at?
0:50.6	So, and when you do something that's new too, this is also the opportunity for the biggest gains
0:55.2	because you have this audience and basically every business owner that for whatever reason
0:59.6	wasn't accepting credit cards, they weren't either approved through the system or they couldn't
1:04.0	get visa to like them or whatever it is.
1:06.5	And so you were making this possible, like I said, now it's 25% of all US businesses can
1:11.2	accept credit cards because of Square, which is sort of your main point about entrepreneurship
1:16.6	in the book called the Innovation Stack.
1:18.5	But there's another point that I think's really interesting, not just for business,
1:21.8	but for art, for all creativity, which is what's a huge audience and it's usually kind of
1:27.3	the cheaper audience, what's a huge audience that's being either underserved or not served
	...

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