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The James Altucher Show

Ep. 78 - Sam Shank: The Story of a Serial Entrepreneur

The James Altucher Show

James Altucher

Business, Education

4.6 • 2.7K Ratings

🗓️ 30 December 2014

⏱️ 44 minutes

🧾️ Download transcript

Summary

Sam Shank originally thought he wanted to be a Hollywood film director so he moved out to California to find his fame. He managed to get a job with the legendary director Wes Craven and worked on the now famous movie Scream. Quickly he learned that his reality wasn't anything like his dream. He spent most of his time running errands just like 99% of the others with the same dream. His entrepreneurial spirit kicked in quickly and he decided to create his own destiny so he moved to the center of the dot-com world, San Francisco. Sam knew he wanted to start a technology business, but knew he wasn't ready yet. So he decided to try to learn everything he could. He knew he was ready when, as he says, "You're ready when it feels just uncomfortable enough that you can bear starting a company because it's hard, it's intimidating, it's going to be a total grind, it's brutal, it's the hardest thing you're ever going to do. So you have to go in knowing that." He says, "The best way to learn about starting a business is to start a business" and he's an advocate of starting early in your career. He knew he wasn't ready until about 10 years ago when he started TravelPost, which wasn't a great business model so he pivoted and broadened the business model. He suddenly found success. It wasn't perfect, and he learned a lot from this move that he would use for his next company, Dealbase.com. Running Dealbase gave him the knowledge he needed to create HotelTonight. He has raised over $80 million so far and they're opening offices around the world. Listen in as James asks Sam about a few ideas he has for HotelTonight. Sam loves them, and offers James a job as a product consultant. It's a great interview and a great app. If you need a last minute room for the holidays, why don't you give HotelTonight a try? ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

This isn't your average business podcast and he's not your average host.

0:06.0

This is the James Alteter Show on the Stansbury Radio Network.

0:22.0

So I have Sam Shank on the line. Sam, how are you doing?

0:27.0

I'm good.

0:28.0

And Sam, you're here.

0:30.0

You're the creator of one of my favorite apps, Hotel Tonight, where when I first started using it, it was like, it was like God came down and saved the world for me.

0:41.0

Because whenever I was in New York City late at night, I would say, okay, it's too late to go back upstate home.

0:49.0

I'm just going to go from hotel to hotel. There's got to be a room open.

0:52.0

And it would take me hours sometimes to find a room in a hotel. Like you never know if like the president's in town. There's no rooms available.

1:00.0

But hotel tonight is this app where I could just like essentially click a button and there's a hotel room available for me.

1:10.0

That's also the other. That's one of the key use cases. And that's one of the reasons why we built the app is that we thought that with mobile, with mobile becoming more prevalent, that what was the thing that we could bring to the world for hotel booking that couldn't exist before.

1:24.0

And that was that last last minute. We didn't have your computer anymore. And that's what we focused on initially and really just built the best service possible for that specific use case.

1:34.0

So I have a ton of questions about the app, but I want to start off with your background. Like you kind of right before hotel tonight, you were doing a lot of stuff kind of in the online travel industry.

1:45.0

But even before that, like what's your secret origin story? I know you got an MBA that you're ashamed of. What's the story with that?

1:57.0

Well, I think that that's not as interesting as the the early origin story, the sort of secret origin story that I was in the college.

2:06.0

Yeah, exactly. I've got a weakness of crypto to crypto night, but I started in wanting to be a film director and moved from Virginia where I grew up to Hollywood and worked on the movie screen and was an assistant to West Craven and realized that ultimately I didn't want to be a film director,

2:25.0

but I like to create stuff and like technology a lot more than I like the filmmaking industry. So why didn't you want to be a film director? And I would imagine, you know, West Craven was probably a really interesting guy to learn from.

2:39.0

Yeah, you are and he's one of these like in Hollywood, there's a lot of like, you know, unintended bad actors, but there's he is one of just the generally nice guys out there and and was very helpful and supportive and understanding on everything.

2:53.0

You know, I wanted to be I guess I'm just sort of creative. I like to build things I like to make things also just a huge lover of films and entertainment and storytelling. So wanted to see if I could do that myself and I was sort of the childhood dream that I gave a shot to for a year and then and then moved on to what ended up being a much better fit for me.

3:15.0

Okay, but again, like the film industry sounds great. Like and you were you were an assistant to West Craven. You're and scream was like the top movie of the year.

3:24.0

What what made you what kind of turned you off to the whole thing?

3:30.0

Yeah, you know, I think a lot of it has to do with very few people actually ever get to direct movies and I was looking around and I saw a guy that were double my age that were doing glorified versions of my job.

...

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