Second-hand E-commerce, Door-to-door Sales, and Live Show Recaps | My First Million #189

Slingshot Startups, NFTs, and Door-to-Door Sales - June 9, 2021 (almost 4 years ago) • 01:18:56

This My First Million episode has Sam Parr and Shaan Puri riffing on several business and startup ideas after a last-minute guest cancellation. They cover recent investments, "slingshot" businesses poised for post-pandemic success, and the surprising potential of secondhand stores. The episode concludes with a compelling story from Shaan about the power of door-to-door sales.

Travel and Post-Pandemic Opportunities: Sam and Shaan discuss the booming travel industry and brainstorm potential investment opportunities in areas with pent-up demand. Shaan highlights Airbnb as a likely winner and predicts the decline of remote learning.
Slingshot Startups: Sam introduces his investment in Merri, an event planning software company. He connects it to the concept of "slingshot startups," businesses negatively affected by the pandemic but now positioned for rapid growth. They discuss the importance of captive audiences and affiliate revenue models, referencing companies like Houzz and Mindbody. Shaan emphasizes the importance of adaptability in entrepreneurs, citing FitnessAI and GuruHotel as examples.
NFTs and Dynamic Collectibles: Shaan explains NFTs and shares an intriguing example of a "dynamic NFT" featuring basketball player LaMelo Ball. These collectibles change based on real-world events, creating an ongoing investment opportunity tied to the player's performance. They discuss the potential for celebrities to launch similar ventures.
Litigation Finance: Shaan describes a conversation with a lawyer who is raising capital for litigation finance, a business model where investors fund lawsuits in exchange for a portion of the settlement. Sam notes the surprising size of this industry, referencing Burford Capital's multi-billion dollar market cap.
Secondhand Ecommerce: Shaan discusses the challenges and opportunities of the secondhand market, particularly for direct-to-consumer brands. He introduces Treet, a company that facilitates in-house resale marketplaces for online stores. They discuss the benefits for both brands and consumers, and Sam has a quick change of heart after discovering Patagonia's pre-owned website.
Door-to-Door Sales: Shaan relays two stories about the power of door-to-door sales. The first features Brian Johnson, founder of Braintree, who used door-to-door sales to build crucial skills early in his career. The second story involves Shaan's "Real Estate Uncle," whose door-to-door book sales experience transformed his work ethic and personality. Shaan reflects on the value of challenging, formative experiences and expresses interest in hiring people with door-to-door sales backgrounds.

Transcript:

Start Time	Speaker	Text
00:00	Sam Parr	This is why in all my landing pages I always ask for email first
00:15	Shaan Puri	What's up! We're back from Miami and we got a new nickname. I am Sean Fury, he is the Vanilla Gorilla, and we are back. We had to wing it this episode because we had a guest cancel last minute, but I think it turned out pretty good. So Sam, what do we talk about?
00:30	Sam Parr	Yeah, so this episode actually turned out to be one of my favorites in a long time. We probably discussed maybe 20 or 30 ideas. The ideas start about halfway through, but we have a bunch of interesting concepts that are scattered throughout. So, a few things that we've discussed include businesses that we've both invested in recently, including an event business. We've talked about slingshot ideas. These are ideas that have been kind of under the radar because of COVID, but now that there's a lot of pent-up demand for events and interaction, these are going to be slingshot—is that the right word?—slung back into popularity. We talked about litigation finance. Basically, there are a whole bunch of people that will finance lawsuits and then take a cut of the winning settlement. It's kind of interesting. We also discussed secondhand stores. Shockingly, that actually seems like a huge idea. Finally, we wrapped up with one of the best Sean stories I've ever heard, where we talked about door-to-door sales. Trust me, it's going to leave you fired up! It's in the last 15 minutes, and it's awesome. We were supposed to have Bill Smith from Hello Landing on. I got an email from his PR team literally 60 seconds before we were supposed to hit record, saying he's not going to make it. I don't know what we're going to do today. I'm so angry about that! Oh my gosh, I'm frustrated.
01:45	Shaan Puri	I gotta give you credit. You replied back to the email to the PR person 60 seconds before the podcast was supposed to record. We're in the sound room, in a green room, getting sound check, and it's like, "Hey folks, sorry, not gonna be able to make it today. Looking forward to rescheduling." And Sam just goes, "Are you kidding? One minute before the podcast?" No context, it just... and I thought the "are you kidding" was very ballsy. I would have just eaten it, just took the slap. I think you rightfully... you rightfully like what?
02:24	Sam Parr	I mean, okay, so I'm reading this book called Nonviolent Communication. I'm reading it for two reasons. The first reason is I've gotten repeated feedback from you, Abreu, and my coworkers that I have a temper. I don't think I have a temper, so I'm trying to get that. The second reason is that my wife, Sarah...
02:45	Shaan Puri	and this feedback is pissing me off
02:48	Sam Parr	I I I yeah I I think I could be a little hot
02:51	Shaan Puri	And then, hey, we gotta say, I was with you the whole week. We went to Austin and Miami, and you were like an angel. You were totally patient; you were just being grateful the whole time. It was amazing. At the end, I was going to tell you, and then you said, "I've been really kind this whole trip. I'm feeling really kind and grateful."
03:11	Sam Parr	So, I guess we can talk about that. But yeah, Bill Smith, sorry brother. I have a feeling it wasn't Bill's fault. That's what I would bet. I bet he's got people, and I bet that they screwed that up, not him. But I replied.
03:30	Shaan Puri	You know what happens? Sometimes you don't really think about the other side. You're just going about your day, one thing is rolling over, and then this other thing comes up. You're just like, "We gotta move that call thing. We gotta move that podcast thing." I've been on that side where I don't fully appreciate that the other side has a lot of preparation that goes into a podcast. There are multiple people on board, timing is crucial, and then you need to record because you have to release. You're preparing for him, you're researching him, and you're not researching other topics. So then you gotta go live without him. But I think that's showroom's on.
04:06	Sam Parr	Look, we're not big shots yet. I would love to be a big shot. We're not big shots yet, but I would say we are big enough shots that it would be wise to take this at least seriously and give a little bit of a heads up. I'm not saying that we're like big deals, but like it's...
04:22	Shaan Puri	it's a
04:23	Sam Parr	it's a good it's a good enough platform
04:25	Shaan Puri	he wouldn't have rescheduled tim ferriss a minute before the pot is that what you're saying
04:29	Sam Parr	Oh, definitely not. Look, I'm not saying that we're big deals, but I am, and we are. Alright, no, let's roll. I hope you come back. I don't know what we're going to talk about, but do you want to do a recap of this weekend?
04:42	Shaan Puri	Yeah, let's do it! We had a fun week. I went to Austin, which is your hometown, and stayed at your house.
04:49	Sam Parr	not my hometown my where I live
04:51	Shaan Puri	Current town, yeah. We did a live show. I don't know, about 100 people were able to fit into the venue. We did it at the AppSumo office with Noah Kagan. That was fun! Then we hopped on a plane the next morning at 5 AM and got to Miami, where the Bitcoin conference was happening. There were like 10,000 to 20,000 people in town for this Bitcoin thing, and we were there for our Miami show. I think, I don't know, a few hundred people showed up. Maybe, what do you think, Dan? 250, 300 people? Something like that. Well, 300 people RSVP'd, but I think... or no, sorry, 3,100 showed up.
05:25	Sam Parr	yeah something like that
05:26	Shaan Puri	Yeah, so about 200 people showed up for the live show. We met a bunch of cool people, including some who flew in from Paraguay and other different places to attend. Then we hung out and flew home. So that was what happened. But there were some interesting things going on. Give me your thoughts—what do you think would be the most interesting one or two things to talk about from the trip? I have a couple of ideas.
05:48	Sam Parr	So, I have a bunch of thoughts, and thank you, Bill Smith. I'm just rattling this off the top of my head; there's no research here. The airport and hotel situation in both Miami and Austin is absolutely crazy. We went to the airport; I think we got there at about 6 AM. We left my house at 5:30, and it was like an hour-long wait, including TSA PreCheck, to get past security. It was booming. I went to Miami, and the reason I came home early is that my hotels I went to book on Hotel Tonight all got canceled for some reason. I couldn't find a single hotel in the range of $200 to $2,000 in Miami.
06:30	Shaan Puri	I had
06:30	Sam Parr	To go stay at a family's house. Travel is crushing it right now. I'm just shocked at how booming everything is.
06:39	Shaan Puri	Yeah, and also, I came from California. In California, there are just COVID precautions everywhere. As soon as we got to Austin, you were like, "Oh yeah, this is my favorite coffee shop/bar. I don't even know what the place was, Lazarus or whatever it's called." We walk in, and I was like, "It's like stepping into a time machine." I was like, "Whoa, everybody's just chilling. Everybody's hanging out at a restaurant indoors, no masks." Some people had their masks on, and that's cool; that's their choice. Other people didn't, but it just felt like, "Wow, life has really gone on, and people are back to normal." In Florida and Texas, I think they're probably two of the most forward states as far as returning to the norm. Then, you know, California... I come back, and it's sort of the same thing. If your nose peeks out of your mask, you get three dirty looks. I'm over the mask time. I'm like, "I'm vaccinated; let's roll here."
07:35	Sam Parr	Yeah, so that was a takeaway with some COVID stuff. My thing is, where do you think the opportunities are right now? So, like, you had heard about pent-up demand and how the economy is going to bounce back. After seeing Miami, after seeing Austin airport, and I've seen a little bit of New York—it's just booming. Where do you think the opportunities are? Do you have anything off the top of your head that you're looking at?
08:00	Shaan Puri	I'm glad I bought Airbnb stock when it was down because I think Airbnb is going to do very well. I believe people are eager to get back out there and start traveling, especially since I know a lot of people who haven't seen their family in like a year and a half. So, I think that people are going to be coming back out. That's not a particularly insightful answer; it's just sort of obvious. I also think that a lot of things we did as a necessary evil are going to go away. People are going to ditch those with quickness, just like I was ready to ditch my mask as soon as it was okay to do so. I think all the remote learning stuff is going to disappear pretty quickly because, if it wasn't a better experience, it's like going to the graveyard. As soon as you don't have to do it, you won't. Remote school is one area where every parent and every kid I've ever talked to who had to do remote, like Zoom school, has not enjoyed it. There are people who enjoy working from home, but I don't know anyone who enjoys school from home. So, I think that side is going to take a big hit.
09:08	Sam Parr	Did you see this company? So, I'm going to talk about a startup real quick that I just invested in. I bet you looked at it as well. It's called Mary. Have you heard of Mary? It's bemary.com.
09:18	Shaan Puri	no tell me about
09:19	Sam Parr	It so Ankur. So basically, I'm friends with this guy named Ankur, who's a successful entrepreneur. He invests in stuff and he just sends me interesting things. I thought you were on that list because you...
09:30	Shaan Puri	maybe I just missed it or I'm sorry
09:31	Sam Parr	I think I have a feeling you missed it. So, there's this... I'm basically on the lookout for companies that are going to be taking advantage. We have to come up with a cute name for this, like "pent-up demand," because it's like, what are people going to care about right now?
09:44	Shaan Puri	So, Jason Calacanis had a good phrase where he talks about "slingshot startups." They had a setback; they were pulled back during COVID. But it's like a slingshot - when you pull it back, yes, it's gone backwards, but it's building up this momentum to slingshot forward. I thought... I liked that. That was a good little analogy.
10:00	Sam Parr	Visual slingshot startup. So, I'm looking at like vet-related stuff. I think sex-related stuff is going to be quite interesting.
10:09	Shaan Puri	what are some of the stuff blush
10:11	Sam Parr	what are those I'll
10:12	Shaan Puri	Give you two examples. I invested in one company called Fitness AI. This was like an app you use when you go to the gym. It's like a trainer when you're at the gym. It would be like, "Hey, cool!" It knows your progression. So, it basically tracks all your reps and knows what weight you need to do next to get the maximum gains over a few months. Now, when COVID hit, gyms closed, and this whole app became useless overnight. He had to rearchitect the whole app for in-home fitness. The reason I would say this is not that this startup necessarily benefited from it, but you got to see what different startups are made of when you saw the entrepreneurs pivot the plane mid-flight and find a new path. They actually started growing at a time when they should have been facing a setback. Another example is these guys who keep emailing me, Guru Hotel. They were a Y Combinator startup, and they provided software for hotels to increase their bookings, focusing on Latin America. Of course, when COVID hit, nobody was booking hotels, and their business should have really struggled. However, they made all these tweaks and adjustments so that they first stayed flat and then actually started to grow at a time when their business should have cratered. Many lesser, less determined entrepreneurs—less adaptable entrepreneurs—would have gone under. I think it was a great filter; it weeded out the entrepreneurs, and you got to see the entrepreneurs who actually succeeded despite the circumstances. Those are the ones I think are worth betting on.
11:42	Sam Parr	what's guru hotel about
11:44	Shaan Puri	I don't know exactly what they do. I think what it is, is it's like Shopify for a hotel. Most hotel websites suck, so what they did was make your hotel's website higher converting and better at upselling. You're going to get an incremental 10 to 15% in revenue because instead of paying your nephew to build a WordPress website for your hotel—which hasn't changed in 8 years and you don't even touch because you don't know how to code—they basically take over the front end website for your hotel. In doing so, they generate more revenue for you, and then they take a cut or they take a disaster.
12:20	Sam Parr	That sounds pretty great to me. Have you heard of Mindbody? You know Mindbody? Yeah, so Mindbody, they're publicly traded. They were started in 2000, so they've been around for a minute. Basically, they kind of started out doing that a little bit, just helping a yoga instructor. I think it's mostly health stuff.
12:40	Shaan Puri	I don't know... Yeah, so it's basically like yoga studios, Pilates studios, stuff like that. They became the website, the booking system, and payment system for all those physical locations.
12:53	Sam Parr	Yeah, crazy good company. Kinda quietly, I think they're based out of San Luis Obispo, so they're not in Silicon Valley. They've probably been quietly crushing it. And what's this called? Hotel Guru?
13:06	Shaan Puri	guru hotel yeah oh that should call
13:08	Sam Parr	it the other it's good
13:09	Shaan Puri	they should they should switch it they should
13:11	Sam Parr	be hotel gurus they should switch
13:16	Shaan Puri	it's like so obvious when you said it I hadn't even thought about it
13:18	Sam Parr	yeah they they they didn't change that guru hotel oh no
13:23	Shaan Puri	never mind resend all private compliments
13:26	Sam Parr	They... well, like, I think there's a mind-body component here of like, you just create the first thing and then next, next, next, next, next. So, are you going to invest in that company?
13:36	Shaan Puri	Maybe... they keep sending me updates, and it all sounds good. But I just have this inherent feeling that the best startups don't reach out randomly to non-super famous investors like me. So unfortunately, and this is kind of a screwed-up thing, if a startup is reaching out to me to try to make room, I already discount 20%. That doesn't mean I don't do it, but I discount 20% on how good it is, even when it looks good. So yeah, I know... sorry to climb in, anybody else?
14:03	Sam Parr	I'm the same way. I'm like, "Oh, you're willing to..." It's like, that's what I felt like when I was dating. Like, "Oh, you like me? Something's bad here."
14:11	Shaan Puri	right
14:12	Sam Parr	This is crazy! So, there's this company called Merri. I just invested in it, like I said. We sent it to you, and I'm not sure if this is going to be the biggest thing, but I think it could definitely be a very profitable investment. It's called Merri (M-E-R-R-I). Did you go to it? It looks like a very...
14:29	Shaan Puri	win it
14:30	Sam Parr	Bemerry.com. I'll tell you why I'm interested, but first, let me explain what it does. So, what it does is help you organize an event. They've uploaded, I don't know how, maybe there's a huge database out there, but they've uploaded massive amounts of renderings or floor plans of event spaces. Then, they make it really easy to drag and drop different tables, chairs, and whatever you need for a wedding or a conference. You get an outline of what the event is going to look like, and you do it in 3D because somehow the floor plan...
14:58	Shaan Puri	So, it looks like The Sims. You have the venue, and then it lets you upload things like circular tables, banquet chairs, and speakers, like a podium or whatever, right? It looks like The Sims; you make a little 3D rendering.
15:14	Sam Parr	Exactly. The reason I invested in this was because of something that Andrew Wilkinson said on this podcast. He called something an "airport business." I think he called what he owns Dribbble.
15:26	Shaan Puri	yeah
15:26	Sam Parr	He owns this thing called Dribble. What Dribble is, or I think he was referring to Dribble when we were talking about airport business, is basically this: with an airport, you arrive at the airport and you're there. You have to be there for 3 to 4 hours. You're going to buy whatever they have. If you're there, it's very easy for that airport to sell you candy or a magazine.
15:47	Shaan Puri	you're a captive audience
15:48	Sam Parr	Yes, you're a captive audience. What Mary did is they uploaded all of these venues, so people who are executing weddings can go on there and pay a fee to use their software to drag and drop and organize stuff. What they've done is allow vendors to come on and put the items they want to sell. For example, certain types of chairs, whether for rent or to buy, could be on there. As the event planner is on there doing their thing, they can sell just the event planner loads and loads of different stuff. So, they can make money through affiliate marketing, subscription fees, and a lot of different avenues. The reason why I invested in this is that I think this is a boring, boring thing that could work quite well. There's going to be a massive pent-up demand for events. So, we put a little bit of money into it; we'll see if it works. But I love the business of Houzz. Do you know Houzz? H-O-U-Z-Z.
16:40	Shaan Puri	I've I've heard of it and I think you used that or something like that for your your house right
16:44	Sam Parr	No, I use something like that. Yeah, so I use Houzz. You probably don't know what Houzz is. The audience is probably a majority of women. It's a platform where you can design your kitchen or your bedroom, and they make like $1,000,000,000 a year through affiliate fees. It's quite amazing! It's a multibillion-dollar company, but it's kind of been quiet in the background. It's kind of amazing what I used. What the heck did I use? I used this service where you take a picture of your house.
17:12	Shaan Puri	mod z I think you told me
17:14	Sam Parr	Yeah, Mod Z. I took a picture of this thing where you take a picture of your house, and then you pay $300 per room. So, I think I paid like $1,200. A designer designs it, and then if I choose to, I can purchase all the stuff that they're telling me to buy, or I can just go buy stuff on my own that kind of looks like it. Right?
17:32	Shaan Puri	The way I like these models... I don't know about you, but for me, whenever it's like, "Hey, you get the free consultation and ideas," then it's up to you if you buy them. At the beginning, I'm always like, "Sweet! Let me get the free expert advice," and I'm not gonna buy the things. That's how I go in. Then, as soon as I see it, I'm like, "Oh, that looks really good! I guess I could just push this button and order these items," right? Like, I could just buy these things. So it ends up being where I go in knowing, eyes wide open on the model. It's like NerdWallet. It's cool; I go in, I read the blog post about the credit cards. I'm not gonna just pick one of these credit cards right off here necessarily because I kinda know that there's an affiliate thing. But then I do because it's so convenient. There’s something to that. When I was selling my house, it was the same thing with staging. They were like, "Cool! We're gonna do all this work to give you these three free options on which one you wanna do." Then, as soon as you see it, you're like, "Okay, give me the expensive one! I'll do it; it looks so much better." So, you know, it sort of breaks you over time. It's like the puppy clothes where they give you the puppy, they let you keep it for the weekend, and you're like, "Great! I'll just play with this puppy for the weekend." Then by Sunday night, you're like, "This puppy's never leaving my house!"
18:41	Sam Parr	I didn't know that was a thing
18:42	Shaan Puri	You never heard that in sales? No? The puppy close? Basically, you give them the thing and then instead of having them opt in, you have them... "Okay, you can opt out if you want." And nobody ever opts out.
18:52	Sam Parr	Do you know what are some other slingshot startups that you're seeing? Or, what are some slingshot opportunities?
19:01	Shaan Puri	So, the slingshot... it has to be something that was set back during COVID. What was set back during COVID? I think physical retail, schools, travel, and hospitality. Like we just said, there are other things that are, you know, like concerts and stuff like that. I think those are... I think those sports games and concerts are all going to come back. So, I'll give you one example: sports games. The NBA playoffs are going on right now, and I always wondered if people would have kind of like PTSD from COVID, where they don't want to be close to other people, even when it's safe. They just don't want to be in confined areas. But these arenas are sold out! You know, as many people as they'll let in, it's packed. People are going nuts; they're having a good time. It just feels good to be back in a high-energy place again with a whole bunch of other screaming, you know, lunatics. But I think what happened is that the NBA franchise or the league had to get pretty resilient. All of a sudden, this thing they took for granted, which is all this ticket revenue, went away for like a year. So now, they opened their minds up to, "Well, what other revenue streams should we have? Should we allow sports betting? Should we sponsor things that we weren't sponsoring before? Should we do NFTs?" Oh, okay, cool! You know, NBA Top Shot will do NFTs as a source of revenue. So, I think it's pretty interesting that all these pro sports are going to bounce back because they were already a premium in-person experience. Now, they were kind of lazy before at innovating; they didn't have to innovate. COVID made them innovate the fan experience and the business model. I think we should see some good things come from that.
20:50	Sam Parr	last night so did you watch the logan paul floyd mayweather fight
20:54	Shaan Puri	I watched a little bit of it yeah
20:55	Sam Parr	a little bit really I was in a
20:57	Shaan Puri	The warehouse where we didn't have very strong streaming internet. It was choppy, but I got to see the last two rounds only.
21:05	Sam Parr	so it was it was ex it was exciting so basically if you're
21:09	Shaan Puri	gonna go
21:10	Sam Parr	I was gonna go, but then I realized I didn't. Two things happened: 1. Someone gave me tickets. 2. Right before I was about to go get the tickets, they asked, "Are you gonna mention us in the hustle?" I was like, "No, not a chance." I thought this was a gift. Thank you, but no thank you. I didn't know there were strings attached. Time out. So, I gave up the tickets, and also, I didn't like Miami, so I came home early.
21:29	Shaan Puri	right
21:30	Sam Parr	It wasn't for me. Not for me at all. I can see why some people like it, but it ain't for me. So, last night, basically, Logan Paul is 6 foot 2, probably weighed in at 190, and fought at 210 to 205 pounds. Huge guy. He fought Floyd Mayweather, who's 44, the best boxer of all time, but weighed 160 pounds at his heaviest. I thought for sure Floyd was going to win, and it ended up being basically a draw because they don't declare a winner since it's an exhibition. But Floyd did not do well, and Logan did as good as he possibly could have, which is that he didn't get knocked out.
22:10	Shaan Puri	Well, and from what I understand, Floyd did the "Floyd thing" where he just didn't do anything. He just played defense. He just let the clock run out. He didn't... Was it that he was unsuccessful on offense, or he just didn't try any offense because he didn't need to? Because he got paid either way.
22:23	Sam Parr	I think he's old. Well, I think that age was a factor here, and I think that size is a factor here. Mhm. I think that the reason why everyone says Floyd lost is because a loss for Floyd is not winning and not knocking him out. Everyone, including me, thought for sure Logan was going to get knocked out. He didn't. He did great. He's a winner. The guy went from vining to fighting Floyd in a stadium—total winner. But what he did before the show was Logan is known for collecting Pokémon cards. There's this whole trend, if you don't know about this, of unwrapping cards. I actually love watching unwrapping NBA cards. I don't even like the NBA, but the title will be like I'm...
23:02	Shaan Puri	a yeah
23:03	Sam Parr	Unboxing a Michael Jordan card, I think it's awesome! I love doing it or love watching it. Woken has this whole thing where he does it. He created a necklace that was basically the most expensive or most rare Pokémon card of all time. He put it in some type of safety case and wore it around his neck as he was walking out. What I think is going to happen, or what it looked like he was setting up, is that he is going to sell that. I think what his brother, Jake Paul, did during the knockout when he fought a few weeks ago was have an NFT right after the fight. I think that selling the memorabilia right away after the fight is a brilliant idea. That started a little bit with NFTs, but I think that idea is here to stay.
23:51	Shaan Puri	That's interesting. Yeah, so just for context, he basically had, like, the way that most fighters come out. They come out with their gold chains, you know, they come out with diamonds on. He had a sort of diamond chain, but the pendant was a Charizard—a $1,000,000 Charizard card that was laminated. It's a holographic Charizard, rare, blah blah blah. He's like, "I'm wearing a $1,000,000 on my chest right now." It just helps because he's already invested in Pokémon. So, him giving it that sign and giving it that credibility using the platform made his own collection worth more and made that individual one worth more because it now has the story of, "This is the one that you saw on TV," not just the fact that it's a rare Charizard card. Smart, smart move all around. These guys know how to make money. Floyd had his mask sponsored; he had everything sponsored on his mind.
24:43	Sam Parr	His mask was sponsored by Ethereum something dot org. Did you see that?
24:50	Shaan Puri	I don't know what it was... it was crazy. His hat, his mask, everything was sponsored as he walked out. These guys, this was an all-time money grab. It was great! So, I want to tell you a cool NFT thing. Most NFT things, by the way, are not that cool.
25:04	Sam Parr	You have to explain what it is. We're adding so many listeners, Sean, that you have to actually say what an NFT is. I think a lot of people don't understand. I've got an aunt and a mother-in-law listening, so you gotta explain what an NFT is.
25:17	Shaan Puri	alright nft is a piece of art that is digital that's that's the way that most people are using it today it stands for this thing from crypto so you've heard of bitcoin might have heard of ethereum ethereum lets you create this thing called an nft an nft just means it's a unique a a unique thing so for example if I have a $100 bill and sam has a $100 bill we could swap it and we would just know they're all the same $100 bill is the same as the other but if I have a piece of art on my wall sam has a piece of art on his wall we can't just swap it because my art is unique and his art is unique and they're not gonna be worth the same amount even if we had you know sort of the same pair of of of jordans you know they they might be in different condition or different years whatever it is so an nft is more like a pair of of fancy you know basketball shoes it's what something that collectors will will own it can be used in many other ways but the majority is that people are using it to collect sort of to create and collect digital art they got popular because a whole bunch of people who were what I'll call crypto rich right they made their money on bitcoin they made their money on ethereum they got tons of money from that and when nfts came out they were using they were using their their winnings to buy nfts and so they were buying nfts for literally 1,000,000 and 1,000,000 of dollars so you and it blew people's mind it's like wait that's just an image on a computer screen why are you buying it for 1,000,000 of dollars and they would say you know what's the mona lisa but some you know but some paint on a on a on a piece of paper right art has art its value is in the meaning that people give it so anyways nfts got popular they've had sort of a crash since since the hype cycle because everybody everybody poured in thought there was a chance to make money and then you know it's down the nft market's down like 80 +% right now from where it was just a few months ago so it's been very up and down but I'll tell you something cool that the people who are not there's a group there's with any technology there's a hype cycle where people jump in just to try to make a buck and then there's like the people who just believed in it the whole time and when the crash happens they stay they don't go away and so I'll tell you a cool nft example so do you know who lamelo ball is
27:25	Sam Parr	A basketball player from the Ball family, and they're kind of like the Kardashians of the NBA.
27:31	Shaan Puri	So, go to lamelloball.io. I met this guy... or, you know, actually I haven't met him yet. Ben met him because we thought this project sounded really awesome. So he partnered up with LaMelo Ball, and LaMelo Ball created his own NFT. Now, here's how it works:
27:48	Sam Parr	the website looks awesome
27:50	Shaan Puri	Yeah, exactly! Very good website. So, there are like four different types. It's like he turned LaMelo Ball essentially into a Pokémon card. You can collect these different LaMelo Ball types of cards. Now, what do they do? Well, the twist here, the reason I think it's kind of cool, is that this is called a dynamic NFT. Meaning, most NFTs, when you make them, they are what they are. The image or the video stays that way until the end of time. A dynamic one will update or upgrade based on things that happen. So, what this is, is it's sort of like a bet on the player. You can buy one of these; you can buy the MVP card. Today, it's worth not so much because he's never won an MVP. But if in his career he ever wins an MVP, the card will evolve like a Pokémon card. It'll upgrade because it has been unlocked since the event actually happened in real life. So, today you're betting on these cheap options: Will LaMelo Ball ever win the NFT? Will he ever win MVP? Will he ever win Rookie of the Year? Will he win a championship? If he does, your asset that you bought will dynamically upgrade because it takes in the data from the real world that, "Hey, this event has happened," and it is now worth more. And it could do more, and specifically, just to kind of round it out...
29:07	Sam Parr	but the price isn't it's not worth more necessarily right
29:10	Shaan Puri	Well, you know, it's like most things, right? If I buy a Michael Jordan rookie card, then Michael Jordan becomes the greatest player of all time, that rookie card's worth more than it was when he was a rookie and nobody knew how good he'd be.
29:21	Sam Parr	He would be... How do they literally...? So what I'm looking at here is basically this 3D rotating image of Flamelo's basketball.
29:31	Shaan Puri	trophy almost
29:32	Sam Parr	How are they making this? I mean, this looks awesome! The resolution's amazing. Everything about the way it looks is cool. How are they making that?
29:38	Shaan Puri	I think it's just the 3D animators on the internet, right? They get them to make some custom stuff for them. And by the way, that's a group of people who've had a renaissance right now because there's a whole bunch of famous people that want their own NFT. To do that, you need a digital artist to make you your cool thing.
29:52	Sam Parr	so it's
29:53	Shaan Puri	One cool thing about this, by the way, is that you buy the thing and it comes with access. Let me just read off the perks if you bought the most expensive one. So, the Gold Lamelo 1 is the Rookie of the Year 1. It is guaranteed to evolve if he wins Rookie of the Year, which, by the way, he will this year. It comes with a physical card and $750 in guaranteed endorsement deal rewards. So basically, his endorsers have to give you free stuff, which is kind of cool. It also comes with some official merchandise from him. You have a chance to win NBA game tickets valued up to $5,000. You have a 50% chance to receive autographed memorabilia, and you're going to get exclusive access to video calls that he's going to do with holders of his collectible. It's kind of cool, right? What if a basketball card came with access to the player? Like, you know, you buy the LeBron card, and LeBron, for all the holders of the platinum card, is going to do a Zoom call with them once a year or something like that. Or you get a pair of game-worn shoes, and you have a 10% chance of getting those or something like that.
31:00	Sam Parr	This is great! I think this is so cool. What I want to ask... well, I'll ask that in a second. But this is awesome. I think like I'm not sterile.
31:08	Shaan Puri	The guy who made this, I think he's like 20 or 21 years old. He's like Steve Bartlett. I'm seeing shades of Steve Bartlett again in this guy, who's a hustler who made this happen.
31:19	Sam Parr	So, that's actually what I want to ask about. I wasn't going to skip ahead, but I do... we'll come back to this. What I'm seeing on this website is that this LaMelo thing is basically a creation of a company called EtherCards. Is that right?
31:34	Shaan Puri	yeah maybe that's the name of his company yeah
31:36	Sam Parr	Yeah, his company is called EtherCards. I'm looking at the traffic. If you go to SimilarWeb and look at the traffic, it's basically nothing, nothing, nothing, and then in one month, 3,000,000 visitors. All the traffic is direct, meaning someone very likely is... there's just 3,000,000 people in the very first month of this thing being launched in March typing in ether.cards. Those numbers, if you don't know anything about these numbers, that's really phenomenal. What I want to know is, how are people discovering these types of things?
32:08	Shaan Puri	So, beautiful question. I should have said this at the beginning: the change here is not just that we went from a basketball card, which is a piece of cardboard that you buy from Target, to now a digital thing that you have on your phone or computer. It's not just that LaMelo owns his own IP; he is releasing his own card set. Otherwise, the NBA signs an agreement with Panini. They're the guys who make all the basketball cards, or Tops, right? These brands that make cards, and the players don't get directly a cent from their own cards' popularity. So right now, Luka Doncic has the most popular Panini cards, and they're being sold on the secondary market for thousands of dollars. You know, like a LeBron card will sell for $200,000, but LeBron doesn't get a cut of that transaction because he didn't issue it. As a collective group, they sign the rights when they become an NBA player. The NBA cuts a deal, and sure, they get some shared royalty stream from whatever the licensing agreement was NBA-wide, but the individual player doesn't get anything. Therefore, they also have no incentive to promote this thing. Whereas with LaMelo, he has minted his own card. He owns whatever percentage he negotiated with Ether Cards, and LaMelo is going to be putting this in his Instagram story all the time. And guess what? He's got millions of followers on Instagram who love LaMelo Ball. So he's going to get more value out of this than he would ever get out of a traditional basketball card. Walk me through how...
33:38	Sam Parr	This young guy made Ether cards in this business. So basically, Ether cards—he just, you know, made the website. It's very slick, very cool. How is the tracking of all these cards possible? The back-end technology of tracking the payment and all that—do they actually make that, or are they building on top of something else?
33:58	Shaan Puri	I don't know. I think they're probably building on top of something else. It's one of the best parts of crypto: because crypto is open source, it's about building protocols. You can use those protocols to do anything. So, we had Furkan on here. I don't know if he talked about the PAC protocol. No? He's building something called the PAC protocol out of his thing, NFT Labs. Basically, it's just a protocol where you or I can go on there and say, "Hey, you know, just like you said, you love to watch people doing pack breaks of NBA cards." We could make our own MFM packs, just like Jack Butcher did with Visualize Value. We could say, "Great! We want to offer these 10 possible cards." Right? Inside one of them, it gives you like an hour of business coaching, another gives you a shout-out on the podcast, another gives you a free shirt, and another gives you just a Twitter follow. Whatever we come up with for our rewards, we just type them in. It basically says to assign the probability to each. It's like, "Oh, you know, the follow is a high probability, and an hour of business coaching is only 1% of people should get this when they open a pack." We set the price, and it'll basically spin up like Shopify for NFTs. It'll create a website where we can sell our packs, and fans can come, buy them, and open them up. They can have a chance of winning something inside. We didn't have to do any coding to make that happen because they have built the PAC protocol to facilitate this. And it's all saved on the Ethereum blockchain; all the ownership is there. They just take a cut of every buy-in in exchange for having built this technology for us.
35:32	Sam Parr	Back to the Ether card. So, these kids built just the front end and used someone else's protocol. Then they hollered at Lamelo, like, "Hey, do you agree?"
35:43	Shaan Puri	And using... sorry, just to cut you off for one second. I don't know how we got in touch with LaMelo. I'm going to ask him. But after launching this project, this thing did $100,000 in the first day when it dropped. So, you know...
35:56	Sam Parr	just the lamelo thing or
35:57	Shaan Puri	The following... just the LaMelo thing did... I don't know if I can say the exact number, but north of $300,000 during the drop. And then other players...
36:11	Sam Parr	By the way, it's so funny saying "north of 300." Like, yeah, it did over $300... $433,000. Like, that's it.
36:21	Shaan Puri	you know they gotta give people the information without giving people the information I'll give
36:25	Sam Parr	It rhymes with $700,000. That's the quickest thing.
36:31	Shaan Puri	Yeah, basically, other NBA players, including one of the most popular NBA players on the planet, hit him up and were like, "Hey, I saw the LaMelo thing. Let's talk to my people. Let's do my own."
36:42	Sam Parr	and did this kid have a following already on twitter or what platform is he using
36:45	Shaan Puri	So, I'm gonna chat with him this week, but Ben talked to him while we were in Miami. What he said was that he got big... His claim to fame before this was helping artists go viral on TikTok. He partnered with a bunch of musicians. He's like, "Yo, you know a bunch of the viral things you've seen on TikTok? I kinda architected those behind the scenes." I don't know what that means, but I'm like, "Oh, you got hustler dripping off you. This is good."
37:10	Sam Parr	And did you... how did Ben—so Ben, if you're listening, is Sean's coworker. Basically, they schemed together. How did Ben find this?
37:17	Shaan Puri	Ben, we saw the announcement on ESPN: LaMelo Ball is doing his own NFT. We saw an article, I read the dynamic NFT part - how it updates based on the player's actual achievements in the real world - and I go, "This is fucking genius!" I said, "Find the genius who made this." He went and found the guy who made it. He scheduled a call. I couldn't make that call, Ben did the call, and Ben gave me the lowdown on who this guy is. He's like, "He's awesome. You should talk to him."
37:42	Sam Parr	and ben met him on social
37:44	Shaan Puri	Yeah, I just DM'd him. Ben has my... I don't know if you use his Twitter or if he has access to my Twitter, where he could just DM anybody from my account. Because my account has more followers, I get a higher rate of reply.
37:54	Sam Parr	So, let's do this. There are so many takeaways here for Alyssa. I actually want to go through these takeaways. The first is, I'm actually amazed at the way that you found this was not special, correct? Maybe if Ben used... So, Ben doesn't have a big following, right? He's just... No, it looks normal.
38:09	Shaan Puri	Ben M. Levy. I don't know his Twitter... something like that, Ben M. Levy.
38:15	Sam Parr	So yours looks special. You have 144,000 people. Most people would reply to someone if they have 144,000 followers, but Ben doesn't. All I did was DM them. Does the kid even know? Does he know who you are? Like, does he know Sean is a popular podcaster or anything?
38:30	Shaan Puri	no idea
38:30	Sam Parr	Okay, great. So that's the takeaway here: you found an opportunity by seeing it on ESPN. You had Ben, but you didn't have to have Ben.
38:38	Shaan Puri	No, I... I've done this myself. That's how I found Ben, by the way. Same thing, just call this out. That's...
38:44	Sam Parr	a huge takeaway here the other takeaway is just that this nft thing is cool
38:48	Shaan Puri	Yeah, exactly. I think you're going to see more of this. You're going to see famous people launching their own limited edition NFTs that come with access to the person, and they own the whole thing. So they're not using... they don't have to sign with a label or rely on Topps to go make their card for them. They're going to release their own cards and they're going to own their own upside, which is obviously a much better thing for the talent.
39:12	Sam Parr	yeah this is amazing I love this
39:15	Shaan Puri	I have a couple other topics if you wanna do it
39:16	Sam Parr	go go go
39:18	Shaan Puri	go okay let's do let's do 2 things
39:21	Sam Parr	how do you how do so normally when we when we research we have a document where what do you
39:25	Shaan Puri	Use on... So it reminds us... On my notes, on my phone's notes because I was typing it while we were out. We'd meet somebody, like for example at the event where we did the podcast. Some guy came up, he's like: > "Hey, I'm a lawyer. I've been a lawyer in Dallas for a long time. I drove down for the event, drove from Dallas to Austin. You know, I just love you guys. [You] always get the wheels turning. In fact, I can't just be a normal lawyer anymore. I really want to do more." And he has this idea for litigation finance. He goes, "You know what that means?" Did you talk to this guy?
39:53	Sam Parr	no but can I guess what that means
39:54	Shaan Puri	yeah please
39:55	Sam Parr	Basically, I think this is what Peter Thiel did. So, when... okay, so basically, Peter Thiel is this billionaire guy who had a vendetta against Gawker because Gawker outed him as being gay. So, Peter Thiel is a powerful venture capitalist. He's gay, and he didn't want anyone to know. Gawker wrote an article saying he's gay, and so he plotted for 10 to 15 years—probably 10 years. He goes, "Whenever I see these guys slip, I'm pouncing." So, 10 years later, after this article, Hulk Hogan has a sex tape issue. Peter Thiel has two guys on staff just sniffing out an infraction. They go, "Hey, this Hulk Hogan thing—that's it!" So, the story is Hulk Hogan was either... Hulk Hogan was having sex with someone, and some third party filmed it without his consent. Gawker published the video. Peter Thiel goes, "Boom! That's it! Hey, Hulk, I got the best lawyers. I'm gonna fund you, and if the case wins, just give me a little cut of it." Peter Thiel probably didn't even take a cut of it, but that's how it could've worked.
40:57	Shaan Puri	That's how it could've worked exactly. And he did... they did the lawsuit. They bankrupt... they basically put Gawker out of business. Gawker no longer is in business. The guy who built that site over the years, you know, it all came falling down because he pushed it too far. He pissed off the wrong... the wrong billionaire. So, and by the way, some people think this is bad, whatever. I...
41:16	Sam Parr	don't care
41:18	Shaan Puri	so what litigation not
41:18	Sam Parr	that you don't care if it is or is not bad you're saying it's interesting regardless
41:22	Shaan Puri	I'm saying, irrelevant to what we're talking about, is whether billionaires should fund lawsuits and take down media or not. Okay, whatever. So, yeah, litigation finance is exactly this. Basically, what he does is he's a lawyer who analyzes cases that could be pursued. For example, you might have a lawsuit here that you should be pursuing, but for whatever reason, maybe you don't know if you could win. You might not realize you could potentially sue for being wronged. You also might not have the money. The corporation can throw all their lawyers at this, and you don't want to go broke trying to sue, so you kind of sit on it. I think it was like 70% or more of potential suits go unfiled because of one of many reasons. The idea here would be if you see you can submit to them, "Hey, would you back my case?" They basically underwrite the risk of it. They look at it and say, "Oh, I think you have a really strong case," or "No, I think you have a weak case." If you have a strong case, they'll say, "Great, we will fund the lawsuit. You get a piece of it if it works. If it doesn't work, you lose nothing." So, basically, the guy has now raised or is raising $1,000,000 from family offices and other folks to fund these cases. That's what they're doing now. Anyways, I thought it was a cool listener idea. I don't know what you think of that.
42:43	Sam Parr	how much have they raised how much has he raised
42:45	Shaan Puri	I think they've raised something like $6,000,000 so far to fund this. He's trying to get, you know, basically a proof of concept. If they can show that yes, we are successfully able to underwrite these cases, meaning we can correctly select the winners and offer a payback, great. If once we know that we're able to pay you back 25-30% annually on your financing here, then we can go raise $50 or $100 or $200 million to do more.
43:10	Sam Parr	Okay, I've heard of this. I didn't realize this was such a thing. I am so in! So there's a company called Burford Capital. It's founded in 2009, located in England. Did you see it?
43:21	Shaan Puri	that's he told me about it he goes this is big in england there's a multibillion dollar company burford blah blah blah
43:25	Sam Parr	I just googled this while you were talking. I googled finance legal stuff. The first website I went to was Praverdi Capital. The website has a guy who looks like he belongs on Monday Night Football—a white dude wearing an ill-fitting suit. Right there, I'm like, "Opportunity." Anytime there's these like shitty Wix websites with basic-looking white dudes, I'm like, "That's interesting." The second thing that came up was Burford Capital. I just googled it and it has a market cap of $1,800,000,000. It started in 2009, and that's pretty good.
43:59	Shaan Puri	right
43:59	Sam Parr	that's per this is pretty amazing
44:01	Shaan Puri	Yeah, exactly. So he was like, "You know, I'll send you the information." And I told him, I said, "Look, this sounds great. I don't know anything about this, so I'm probably not gonna fund it." Just because I have two options: 1. I can invest in things I really understand, or 2. I can invest in things I don't understand I used to do both, but now that this podcast has gotten so popular, the number of opportunities that I do understand are so large. They exceed my investable capital now. I don't have to do... [deals] I don't understand anymore.
44:27	Sam Parr	This is a really interesting business. But when I look at these types of companies, I think, "What's the idea?" That's important, right? I don't have enough time to go and verify if this is a solid market, so I look at who else is investing. A lot of people might say, "Oh, that's boring. Are you ever going to take a chance?" Well, probably not, to be honest. I like to look at that. Then the third thing is I look at the person. Are they a competent person? Did this person seem like they're going to build a huge company off this?
45:04	Shaan Puri	You know, he seemed like a competent person. He seemed like a lawyer who... you know, it is... I don't think you need to be the visionary or like the shark executor. I don't think you need to do anything for that. I think you literally just need to be somebody who's going to do the blocking and tackling to make this happen. I don't think it requires genius, which is great. That's actually a positive thing for this business. You don't want to invest in businesses that require genius.
45:31	Sam Parr	Yes, but you more likely than not need some type of charisma in order to be successful. I mean, you either need to be a genius, like a Peter Thiel type of guy, or you need to be someone like you or me. We don't really know how to do that much, but we're charismatic enough to convince other people to come work at our companies and to do the work. Yeah, and then you have a bit of industry knowledge, which maybe this guy has. That's what's important.
45:56	Shaan Puri	his yeah
45:57	Sam Parr	you need attributes as conor mcgregor once said if you're gonna beat me you're gonna have some attributes
46:01	Shaan Puri	yeah if you're gonna beat me you need some attributes
46:05	Sam Parr	Yeah, so like, look, if you're going to succeed, you need some attributes. One of the attributes is going to be something like when you're building a fighter, or building a sports team, or building an NBA player in video games. You can like put, "Do I make this person as fast as possible? Do I make them as tall as possible? Do I make them as strong as possible?" You need something there.
46:24	Shaan Puri	I think that's the next shirt you need attributes to meet me
46:28	Sam Parr	yeah so what I'm like what attributes does this guy have so that's what I'm curious about
46:32	Shaan Puri	yeah I think his is domain knowledge I think that's the the biggest one
46:35	Sam Parr	do do you agree with me by the way you need some attributes
46:37	Shaan Puri	You do, and I guess the only point I was trying to make is that some [businesses] require more attributes than others. There are some where you have to be the smartest, the fiercest, and the fastest, you know? That's... there's some businesses that require that. And there's some where you can be the tortoise, not the hare, right? I think this is one where you could be the tortoise. You just have to keep going forward.
46:56	Sam Parr	and that's attribute by the way determination and just I'm willing to do it all
47:00	Shaan Puri	The time is exactly right. Having a steady hand and being good at actually selecting the cases is important because that's going to prove the track record over time. So, I think domain knowledge matters.
47:09	Sam Parr	alright I wanna do some other topics
47:11	Shaan Puri	so I have like 3 but I don't know which one I wanna do okay I'll give you I'll give you some options
47:16	Sam Parr	this is amazing by the way this is turning out to be quite good
47:20	Shaan Puri	that's good
47:20	Sam Parr	totally unplanned
47:21	Shaan Puri	So, and by the way, I wrote these down just while we were talking at the beginning when the guy canceled. Alright, so Bitcoin Miami... I have a few comments on what was going on in Bitcoin Miami. I don't know...
47:32	Sam Parr	if you I heard it was horrible
47:33	Shaan Puri	So, we can talk about that. We could talk about... I have a thing on secondhand e-commerce if you want to hear that. Also, door-to-door sales - I have a story there. And the last one is a framework about the next Apple, the next Google, the next Facebook. So... tell me.
47:52	Sam Parr	they're all great
47:53	Shaan Puri	give me which one you wanna do
47:56	Sam Parr	the second one and then the 4th one
47:58	Shaan Puri	Okay, the second one I think was the secondhand e-commerce thing.
48:03	Sam Parr	yeah
48:04	Shaan Puri	Alright, so let's do that. As you know, I've been dabbling in e-commerce and building a brand. I've also created a community called Club LTV, which has around 100 store owners, each doing somewhere between $1,000,000 and $100,000,000 a year in sales. In that process, I've started to learn about some of the problems and pain points of e-commerce. One of the interesting things that I didn't know about, that you might know about, is the secondhand market. I remember when I was at your house, you told me, "Guess what me and Sarah did this weekend? We sold like $97 worth of old clothes on Poshmark." I was like, "Dude, what's happening? Is this your hobby?" And you were like, "Yeah, I love this stuff!" I didn't realize how big the secondhand market for e-commerce is. Dude, Poshmark is huge!
48:49	Sam Parr	So, let me tell you, Poshmark going public has a multibillion-dollar valuation. Is it public? Yeah.
48:54	Shaan Puri	it went public
48:55	Sam Parr	what what is it
48:56	Shaan Puri	I don't know we'll we'll look it up but yeah it's it's a public company
48:59	Sam Parr	There's ThredUp, which spoke at Hustlecon and raised $250,000,000. They're either going public or have already gone public. There's Grailed - I discovered Grailed in 2011. I didn't have any money at the time, and it was launched for men.
49:11	Shaan Puri	benchmarks 3,600,000,000
49:13	Sam Parr	Great! There's Grail. I DM'd this guy because, or I messaged him on Reddit years ago. The day he launched it, I was going to the website. I didn't invest in it, but I think it could still be great. It's basically Poshmark for hip dudes. What else is there? There's like 8 others that...
49:28	Shaan Puri	are like substantial
49:29	Sam Parr	so let
49:29	Shaan Puri	Let me tell you what I think is interesting here. For our store, for our D2C brand, we have a large number of people who buy new. They’re willing to spend more on new items because they know there’s secondary value. They understand they could sell it three months from now or six months from now, either new or used, and recoup a good amount of the money. So, certain categories allow you to do that better than others. However, managing this process is really awful. The way that people do it today is sometimes they list on Poshmark or The RealReal or similar platforms.
50:06	Sam Parr	I forgot the
50:07	Shaan Puri	Other one, Mercari. Mercari is huge. They go, they go list on those exchanges. But a big part of it is they have Facebook groups for every brand. So every brand, with a cult following, will have a secondary market Facebook group called "Buy, Sell, Trade" (BST).
50:22	Sam Parr	and what we'll do bst
50:24	Shaan Puri	Okay, so you can look up any brand name on Facebook. Just type in the brand name and, like, I don't know, your favorite boots or leather jackets you liked or whatever. Just type in that brand name. What you'll see is that there are these private groups on Facebook—communities for buying, selling, and trading what you already have. What you do is take a photo of your closet or your item. Lay it down on the floor, take a photo of it, and just write, you know, like, there are all these acronyms. If you go in there, it's another language. For example, "MWT" means "new with tag." Okay, great! Or "ISO," which means "in search of" this product. They have their own little lingo; it's an insider community. You post the item and just say, "Here's what I have. Here's what it's for. I have no pets in the house and no smokers." Then, somebody in the comments will just type in a number. It's like a little auction. They might say, "$40," and then you just say, "Done! Send me your email, and I'll send you the PayPal invoice." So, there's this kind of stitched-together experience where you have to send them the PayPal invoice. They have to pay it, then you have to get their mailing address, and you have to ship it. And do not forget to scan it!
51:29	Sam Parr	I just googled bst I just found 1 paintball bst 20 k members
51:34	Shaan Puri	Right, and that's what they'll have. They'll have tens of thousands of members often, and then they're very active. For the brand themselves, this becomes kind of a headache. If it's good, it's bad. Why is it bad? The first thing is a bunch of people will buy your product just to flip it. They'll go and sell it for more. We have one of our products that sells for $65, and it immediately sells out in the first minute we release it. Then it starts selling for 10 times more, so $500 or $600 on Mercari or other secondhand websites.
52:06	Sam Parr	what's the what what's that mercari one
52:09	Shaan Puri	Mercari. You've probably seen their billboards before. I have; they're very big. That's cool. So, anyway, one pain point is these flippers, but that's okay. The other part is that you don't benefit from the secondhand market directly. You don't get any cut of those sales that are happening. However, you do sometimes have customer service problems because people complain, "Oh, you know, I bought this thing from the official buy-sell-trade group and they scammed me," or "They didn't send it," or "They sent the wrong item." And you're like, "Dude, this is not my problem! That's not even us; that's like Craigslist." So, you can't complain to us about what's going on on Craigslist. This company we found has a very interesting take on this, so I'm trying to invest in it. It's called Tread.
52:55	Sam Parr	how did you find this how do you find all this crap
52:58	Shaan Puri	guess who
53:01	Sam Parr	can can I how do I share him
53:03	Shaan Puri	you need a you wanna give a love letter to ben I think you fell in love with ben on this trip
53:07	Sam Parr	I did tread... it's tread.com. So, Sean has this guy who he pays a great salary to, and his name's Ben. I hung out with Ben for the first time, and I admire him so much. Ben is, and I say this with love, pretty nerdy. He's a nerdy guy, not in terms of looks or how he acts, but just in his interests. He loves gadgets and new stuff. I started talking to him, and he told me that he just browses the web to find the latest and greatest things. He'll use them and then DM, email, or message the person who started the thing, saying, "This is neat. Here are some tips that I would do to make it better, or here have been my experiences with your product." That's all he says, and in doing that, he sees everything and knows everyone. I think it's so fascinating.
53:57	Shaan Puri	Right, he's just... he's just helpful. Okay, it's not "Trent." "Treat" is the name of it. Treat.co. I'll send it to you. So, check that out. What they do is they have this idea of circular commerce, meaning you make an item, you sell it, and then that person, instead of it just going to waste, can resell it to the next person. They can resell it to the next person, sort of a circular commerce model. So, what they...
54:22	Sam Parr	do is say the url again
54:24	Shaan Puri	Treat.com provides a solution for Shopify stores by creating a page or tab that facilitates a secondhand market directly within your store. This means that someone who wants to buy a used item can do so without the hassle of PayPal invoicing or questionable Facebook groups. Customers can list their items for sale, and these can be purchased from your store, which offers more trust than a random group. The transactions are processed online using standard credit card processing. Additionally, the brand receives a percentage cut, which you can set based on what you want to take for hosting the secondhand market. This creates an additional revenue stream for a direct-to-consumer (DTC) brand. I think this is really smart because it accomplishes two things: 1. It legitimizes the secondary circular nature of the market, appealing to consumers who appreciate a less wasteful version of consumerism. 2. It integrates resale into the brand's business model. For consumers, this means higher trust since the technology is all built-in, eliminating the need for manual processes through Facebook groups. For the brand, it represents an extra percentage of revenue that can be earned each month by participating in the resale market.
55:41	Sam Parr	That’s crazy. I don’t know if this is a good idea. How would you feel as a business? I mean, you do.
55:49	Shaan Puri	I'm gonna use this because I I want this for our business do you
55:54	Sam Parr	think a lot of people feel the same way
55:56	Shaan Puri	I don't know we'll see you know
55:58	Sam Parr	what my gut says
55:58	Shaan Puri	super early
55:59	Sam Parr	Make more shit! Like, why are you selling out? Don't sell out. If you are selling out, that sounds like a "you" problem, not a "you need a plug-in" problem.
56:08	Shaan Puri	Well, it's not just for selling out. Some people just can't afford the full-priced item. Like, I don't know, you bought those dumbbells in your garage secondhand off Facebook Marketplace or whatever, right? If you can get the item in good condition for half the price, that opens up your buyer pool into a different segment that can't maybe always afford the full-price item. And you don't have to do heavy discounting as a brand.
56:31	Sam Parr	Okay, so I'm just Googling as you're talking because we didn't have time to research. But Patagonia's CEO has this great thing where he goes, "I actually don't want you to buy more stuff. Buy one thing from us, and if it rips, we'll fix it. It should just last." So, like, only buy one thing. I just Googled Patagonia pre-owned. They have a URL that's dedicated to it called oneware.patagonia.com. I'm pretty sure they have their entire... yeah, they have an entire way to buy and sell their own gear. Kind of cool, actually! It is actually cool. You know who would buy used Patagonia stuff? Me! I buy used clothing all the time. Whenever I buy Red Wing boots, I always buy them used. I actually change my opinion very quickly; I think this is cool.
57:19	Shaan Puri	Alright, I'm glad Patagonia got you across the line. Okay, I have another topic for you. Do you want to do another one, or were you... yeah, keep going, wrap it up?
57:26	Sam Parr	no keep going this is good
57:27	Shaan Puri	okay let's do one more
57:29	Sam Parr	no no you you had 4 things we're asking for
57:30	Shaan Puri	which one do you wanna do so the your remaining options
57:32	Sam Parr	through the door
57:33	Shaan Puri	door to door okay so this is a little bit longer
57:35	Sam Parr	Your Patagonia's pre-owned website, by the way, is fucking sick. $90 jeans for $38? All aboard! But could it be a big business as a Shopify plug-in? Am I being a hater just because it's a simple Shopify plug-in?
57:50	Shaan Puri	Well, I don't even think it is a Shopify plug-in, but I know what you mean. Yeah, I think it's the wrong way to think about it because if you look at how big the centralized marketplaces are, like Mercari and Poshmark, those are 3 or 4 billion dollars. This is that same thing, but just decentralized. Instead of one website where you go to find all the brands, every brand has your little marketplace embedded into it. So, I think it's a smart strategy where you give the brand the marketplace instead of trying to get the customer to come to your app.
58:19	Sam Parr	this is fucking awesome yes yeah some more
58:22	Shaan Puri	Here's some more about door-to-door sales. This thing has been happening recently, and I know you love the Mormons, so I think you'll dig this.
58:29	Sam Parr	love love the mormons
58:30	Shaan Puri	I love the Mormons! So, I have met... or I've heard these stories in the last few days. I'll give you two of door-to-door sales. I have never done door-to-door sales, but I'm almost jealous that I haven't now. So I'll give you two... of course, two examples. Do you know who Brian Johnson is? Generic name, might not be... might be hard to place.
58:50	Sam Parr	Yeah, so I know two different Brian Johnsons. One sells books online, and the other started Braintree.
58:55	Shaan Puri	Braintree is the guy I'm talking about. Okay, good! That's pretty good. You get 200 points for your house there. Alright, so Brian Johnson... I was listening to his interview. He went on Lex Fridman's podcast. I was listening to it. Does he still work? Yeah, so his story is insane. He basically creates Braintree, which is like a payments company. It's basically an online payments company—Stripe before Stripe. It didn't become Stripe, but it sold for about $800 million, I believe, to PayPal.
59:24	Sam Parr	and he owned most all of it
59:27	Shaan Puri	Yeah, exactly. He owned a huge chunk of it. He also, I think, they bought Venmo along the way. So, he had this strategy early on, which was like, "We go to the merchants, we get the merchants to use us because we're so easy to use online, and then we'll build a consumer side of it. We'll buy the most hit consumer app," and that was Venmo. That would be a valuable company. Anyway, he builds his company for $800 million, he sells it, and he decides what he wanted was to have a huge nest egg to just reinvest into a world-changing idea. So, he's like, "How do I get as much financial capital as possible in the next few years so that I can self-fund and work on one of the most gnarly, you know, life-changing problems?" So, the thing he's working on...
01:00:14	Sam Parr	is the way he thought that braintree wasn't gonna be I mean that's like pretty
01:00:19	Shaan Puri	And Lex even brings this up. He's like, "You know, online payments actually do help the world." He's like, "Yeah, that's true, but I knew that if I didn't do online payments, somebody else would." I wanted to work on something that if I didn't do it, I don't know if anyone else would. The thing he's working on is the same thing that Elon is working on: Neuralink.
01:00:37	Sam Parr	so his is called kernel
01:00:38	Shaan Puri	Kernel is a brain interface. What that means is you put on a helmet that looks like a bicycle helmet, and it basically reads your brainwaves while you're sitting there. So, what does that mean? First, it can analyze your brain while you're just doing things. That's interesting because you can gain more insight about yourself. What his company is trying to do is basically spit the data out. All he's trying to do is be able to read brain data, and then any developer can take that data and those learnings to actually build any application to improve your life off of it. So, that's what they're trying to build with Kernel. By the way, he took, I think, $60 million after he sold Braintree, and he funded the first $60 million into Kernel himself.
01:01:20	Sam Parr	I'm reading about that right now. He put... so they've raised $53 million from outside and $54 million from his own money.
01:01:26	Shaan Puri	Yeah, $54.50 more for $1,000,000 of his own money. Exactly. And so I think, you know, most investors didn't want to touch it because it's like: > "Dude, this is just gonna be a money pit. You know, it's the hardest technology, requires the most expensive engineers. We're not there yet. It's gonna take 10 years." And he's like, "Yeah, don't worry. That's why I have this nest egg to fund this thing myself."
01:01:44	Sam Parr	how much did he make when he sold braintree you think
01:01:48	Shaan Puri	I don't know the exact number, but anyways, this doesn't even matter. This is just setup. That's the guy—a cool guy. I would have featured him maybe as "Billy of the Week," and maybe we'll do a little bit of a deeper dive.
01:01:58	Sam Parr	hey dan let's get this guy on the podcast this guy is cool
01:02:01	Shaan Puri	Yeah, we'll get Brian on the part. I thought the door-to-door sales part was pretty remarkable. Okay, so what happened? Before he started Braintree, I think he had done a startup, and it either had failed or was failing. What he did was... I hope I don't butcher this story. I'm just trying to remember this off the top of my head because we didn't have time to prep today. So, he needed some money. He thought, "Okay, how do I get money fast? My startup's failing or it already failed." He decided he needed a sales job. He goes and gets a sales job with some kind of financial product company. I think it was related to credit cards or something like that for businesses. So, he's basically a sales rep, and he thinks, "Okay, how do I become the best sales rep for this?" It became a door-to-door sales challenge. He was going door to door to each merchant, selling them on the benefits of this product. He would then get a commission based on the value of that customer over time.
01:03:05	Shaan Puri	Of time... and so I, oh my god, I'm gonna butcher this because I can't remember the hack he used. But he had a very clever technique when he was going door to door that enabled him to become the top salesman in North America. So, I'm gonna go with Brian... Brian did, yeah. He became the number one salesperson. He basically goes door to door and figures out how to sell this product. What he said was that door-to-door sales is like just this really formative experience for anybody because you have to have an incredible amount of determination. You're going to get rejected all the time. You need to learn how to get your foot in the door, how to get somebody's attention, how to get them interested, and how to close them in order to sell any product door to door. So, I heard this story from Brian Johnson, and he talked about how important that experience was to him. The next day, I go meet my uncle. I have an uncle who I've talked about on the pod before because I consider him to be the happiest man on earth. He's real.
01:04:05	Sam Parr	estate uncle
01:04:06	Shaan Puri	Uncle Vinny, my real estate uncle, is literally known as "Smiley." People just stopped calling him Vinny because he's always so smiley. His company even got him a trophy for being the number one salesperson, and on the trophy, they didn't put his name; they just wrote "Smiley." That nickname kind of stuck, and they didn't even ask his permission. They just knew this was the right name for him. He's incredibly happy, but he's also been incredibly successful. I would say, in terms of IQ and raw intelligence, I don't think he's in the top percentile among my aunts and uncles. He's probably around the 50th percentile, maybe even less. I don't know, maybe half that.
01:04:44	Sam Parr	sorry vinny
01:04:46	Shaan Puri	no and I I mean this with love because what I'm the. I'm making is
01:04:49	Sam Parr	good thing they did call him dopey smiling a lot better
01:04:52	Shaan Puri	he he's he's the most successful of anyone in our family but it's not because he had more raw horsepower in the brain that's not the reason that that that he was able to do it and so I was telling my trainer about him and he goes I'd love to meet him and I go what he he goes yeah does he where does he live I go he lives in danville actually lives you know not far away from here you know 30 minute drive he goes could we just go meet him I was like yeah so I texted my uncle I said hey I was telling my my trainer about you and he just he wants to meet you and he goes and he he was like sure come on by no problem yes like can't wait to see you and I was like I was like who who does m I was like I noted to myself he didn't even ask why what's the context do you want something from me he's just like yes you wanna you wanna meet me yes and I also thought to myself what a what a goal by the way to be the type of person that people wanna make a pilgrimage out you know to go drive an hour to go see just just because of a description of the way you are I thought that's kind of amazing because he doesn't want anything from him he's not trying to get a business deal or get a customer out of him he just heard how his personality is and I was like I gotta meet this guy so we go we drive out there and we sit down and you know he's already on level 10 excitement and we were having a great time and I started asking him I said you know when did you become you when did you become this way you weren't born this way so how did you become this way and he's telling me the long story and he talked about this door to door sales job he goes I came from india and I'm a student at university he goes george washington university I think he goes I needed a summer job I needed he's like I came here I only had enough tuition the government paid for my tuition for the 1st year I had no idea how I was gonna pay for the 2nd year but like I have one summer to bridge that gap like how the heck am I gonna make next fall's tuition so he looked for a job and his roommate was like hey I work for this company that called southwestern I don't know if you ever heard of this company you're gonna love it but basically it's a company called southwestern and then what they do is they sell books so they sell books door to door they have this fleet of college students that will go out and they'll sell these books like encyclopedias dictionaries bibles you know any textbooks of any kind
01:07:01	Sam Parr	and southwestern advantage is what it's called
01:07:04	Shaan Puri	And so, they’ve since grown like crazy. They acquired all, now it’s like 20-something companies, and it’s like a multibillion-dollar company. Crazy story about the founder. I'm going to have him as the "Billy of the Week" as a special profile, but I'm going to tell this door-to-door sales story. So, he goes, "Okay, great. What do I do?" He’s like, "You know, I can barely speak English because I’m just here from India, but okay, I gotta go do door-to-door sales. How do I do that?" He said they gave this training where they provided us with seven books, like "How to Win Friends and Influence People," you know, these seven classic self-help books, Tony Robbins, and whatever. He said, "Read these seven books and then come to this training seminar." So, I go to this thing. It’s an auditorium, and it’s me and about 50 other college students. There’s this stage with just a door frame on it. You’d have to get up, knock on the door, and then they would have an actor from the company on the other side, who would say, "I’m Mrs. Johnson." You would open the door, and Mrs. Johnson would simulate slamming the door in your face, saying, "Stop bothering us!" Or, someone who’s lukewarm, or someone who’s interested. They would teach you how to sell door-to-door. He talked to me and said, "I used to... my job basically every day in the summer, my roommate would drive me to some neighborhood. Any neighborhood, I would just pick a different one every day. At 9 AM, he would drop me off. I didn’t own a car, so I needed him to pick me up at the end of the day. So, at 9 AM, he’d drop me off in a neighborhood, and at 9 PM, he’d come pick me up at the end of the day." He said, "I would go door-to-door and knock, and they would teach you the skills of just selling door-to-door." So, do you know, I don’t know if you’ve ever heard this. I was fascinated by how you act. What is the actual method of selling when you’re door-to-door? Have you ever heard this?
01:08:48	Sam Parr	No, what? Well, you typically say, "Hey, I was just talking to a bunch of your neighbors, and they thought this was interesting. So here I am, talking to you."
01:08:55	Shaan Puri	That's definitely part of it, but he broke it down step by step. He's like, "There's a science that they taught us at this training." He goes: 1. First, you ring the doorbell or knock on the door. 2. You don't look directly at the door because when you look at the door, it's a little bit intimidating and they see your face. They recognize that they don't know you. 3. He's like, "You want to look slightly off, at a 45-degree angle away." So that when they look through the peephole, they would be like, "Okay, I don't know who this guy is, but he doesn't look too threatening."
01:09:18	Sam Parr	and then what are they trying to get you to do like to step your foot into the door eventually
01:09:22	Shaan Puri	Basically, they open the door and you explain the pitch that you just said, which is: "Hi, my name is Vinny and I'm a student here at George Washington nearby. I've actually been talking to your neighbors. What we do is we sell tech [or whatever it is]." Basically, you're saying, "I was talking to your neighbors and I wanted to stop by your place. I'm a student nearby." So you become a local... you're not a stranger, you're a friend. You just...
01:09:51	Sam Parr	imagine you wanna put like a time stamp like I'm it is only gonna be I'm I'm I actually I have to go in a second
01:09:56	Shaan Puri	Yeah, exactly. I don't have a bunch of time, but I would love to just chat with you, whatever, right? He goes, "A lot of people, what they would try to do is the door sample," meaning they would tell them, "I'm here to sell you a textbook. Check out this book. Is this something you're interested in?" Then, you know, the learning is that nobody ever buys a book at the door. I thought, well, that's actually a very applicable thing for almost every kind of sale. Because you're afraid of getting rejected, you rush to try to just sample it, you know? Give them the value so you don't annoy them. But the reality is that that's not how a product like this would ever be bought. Nobody's ever going to buy this at the door itself. The whole objective of the door is to get into the home. It reminded me of your writing style where you go, "I..."
01:10:40	Sam Parr	Was about to say this... this is why I always say longer is better. I want them to fall down my slippery slope.
01:10:46	Shaan Puri	but and and explain the slippery slope it's like the first line the goal of the first
01:10:49	Sam Parr	Line, look, there's only one goal of a headline on a sales page, and that's to get you to read the subheadline. The only goal of the subheadline is to get you to read the first sentence. The only goal of the first sentence is to get you to read the second sentence. I'm going to keep on doing that until you fall down the slippery slope. I don't want... a lot of people say, "I want to make this very easy to read." So do I! I want to make it easy to read as well. But I'm going to tell you a story, and I'm not going to rush it. I want you to slowly fall down the slippery slope, and I want to make it kind of hard for you. Because the more pot committed you are, the more likely you are to buy.
01:11:19	Shaan Puri	Exactly, exactly. So this is the same exact thing. He wanted to get into the home, so he goes, "You asked to come in," and you don't look them in the face. You sort of lead with your arm and your face, like where you're trying to go, into the living room right behind them. So you say, "Would you mind if I come in for a moment?" and you sort of ease your way into the door. Once you're in the door, now your close rate has gone from like 0.1% to like 30-40% just because you're there. You're sitting down, so you're not standing anymore. So now...
01:11:50	Sam Parr	You're in the door. This is why, in all my landing pages, I always ask for the email first. Once you give me your email, you're just a little bit more bought in.
01:11:56	Shaan Puri	You're in the door, exactly. They might offer you a water or a drink; you say yes, you don't say no. Now you're both sitting there, you have your water, and you start to explain to them. You need to put it in the context of their problem. So you look around the house and say, "Oh, I see you have children. How old are they?" "Oh, I have a boy and girl myself. This age is the craziest!" You know, you can ask, "What do your kids do for after-school education?" That's how you're leading into the encyclopedia sale. That's how you're leading into the textbook sale. You need to frame your product as a solution to their problem. This is all common sense, but I just loved...
01:12:35	Sam Parr	Hearing it, that common dog... I think that a lot of people don't know this. I think you want to. So, I learned it. I read "How to Win Friends and Influence People." By the way, all those old, like, fuzzy books—like "How to Win Friends and Influence People" and "Think and Grow Rich"—it sounds silly, but I endorse all of them fully. That stuff totally helps you. Tony Robbins totally helps you. I'm entirely on board with that. The founder of Panda Express makes all of his employees go through a Tony Robbins seminar and "How to Influence People." I'm totally on board with it. I learned how to do this when I was selling hot dogs. And then, you know what else I did? Like every other 18-year-old, I used it to meet girls, right? And it totally worked! I mastered that. Well, I wasn't like that good, but I stepped up my game significantly when I learned how to do all this.
01:13:19	Shaan Puri	Right, right, exactly. So, he told me a couple of things from that experience. He goes, "Here I am, I'm a Hindu selling Bibles to Americans." He said that experience, that whole summer, changed him. He explained, "First, I'm working hard. I'm there at 9 AM, walking around carrying loads and loads of books, going door to door, and I'm getting mostly rejected. But then, you know, if I got even an inch..." He used to schedule same-day follow-ups. He would say, "Oh, now's not a good time? Would it be better this evening when your husband's home, maybe around 5 PM? Great, I'll be back." He mentioned, "I'm just walking around this neighborhood anyway, so I'll walk right back." By the second time they met him, he said, "Now I'm not a stranger." He noted that nothing had changed; they didn't know anything more about him, but it was just the second time they had seen him. There were all these little things he found really applicable to sales. He also started thinking about formative experiences, particularly the really hard ones. He asked, "What's a hard business experience?" He believes this is actually pretty underrated. He said, "I learned to work hard, I learned how to sell, and I learned how to build rapport and talk to people." He emphasized, "I wasn't doing it to manipulate anybody. Life was a lot more fun if I got to know the person rather than having a standoff relationship and them being angry that I'm bothering them that day."
01:14:45	Shaan Puri	Where one woman would be like, "Are you walking around carrying all these books?" He's like, "Well, yeah, you know, I have to." And she's like, "Here's the keys to my car. Here's my van. Drive my van around the neighborhood instead." So she gave him her car to make it easier for him to do the sales. It went from most people slamming the door on a door-to-door salesman to her giving him her car. He still keeps in touch with her 36 years later or something like that, 40 years later. He's like, "Yeah, you know, she just sent me this cake," and like, "Mrs. Whatever her name was," he's like, "We're still good friends actually because we met because I sold her a Bible back in the day." I thought this was interesting. I think there's something to this on two levels. What are the opportunities here? I thought, "Who's doing door-to-door sales now? Are there still companies that primarily sell door-to-door?" I'm going to research them and find someone best.
01:15:35	Sam Parr	what company I mean like some really the the probably the most famous one is cutco you know cutco
01:15:40	Shaan Puri	no what is that
01:15:42	Sam Parr	Paul, you've never heard of Cutco? They make knives and kitchenware. Their knives are actually pretty good, but their whole business model is door-to-door sales. I've got friends that have done it. It's reputable in the sense that it's a good product. Some people think it's scammy because they're like direct sales and multi-level marketing, but it's legit.
01:16:01	Shaan Puri	Right, so I'm interested in these direct sales companies. I'm also interested in hiring people who are successful door-to-door salespeople. In fact, there was a guy on the podcast early on who did this for solar. He said, "My first job was door-to-door sales. I was selling solar. Like, hey, you know, have you ever thought about doing solar? It lowers your bill and blah blah blah, we can help you out. It's good for the environment." And he's like, "Dude, it was hard as shit. I got good at it. I became the top salesperson." I kind of feel like I can never go wrong if I hire the top salesperson from any door-to-door sales company. They work hard, know how to sell—what else do you need when you're trying to hire somebody?
01:16:36	Sam Parr	well you wanna hear something funny you know who jordan belfort is
01:16:38	Shaan Puri	yeah the wolf of wall street
01:16:40	Sam Parr	Oh, we talked about it this weekend. I think if you haven't read his book, you should. So, Jordan Belfort was the "Wolf of Wall Street." He made $100 million selling penny stocks to rich people. He was a great salesperson and created this thing called Straight Line Persuasion. He started by selling fish and steaks door to door. That's how his entire journey began—door to door. Yeah, it's a great book, but it was all about door-to-door sales.
01:17:04	Shaan Puri	Yeah, so I don't really have... I don't really know what the purpose of this is. It's more like I loved hearing these stories. I am sort of jealous I never had this experience because I think I would be better at what I do if I did. I want to go further. I want to research these companies, and I want to start hiring people out of this pool of talent. I think it is an underrated pool of talent. Just like we talked about, you know, sort of Mormons who go on a mission. They have to sell, sort of, the hardest thing: selling a religion to somebody who never asked you to come sell it to them. They have to do that for two years. That does create a certain sales ethic and work ethic in a person, and we've seen that take place. That's why almost all the successful direct sales companies are based out of Utah, because that's where the talent is that knows how to do this sort of thing.
01:17:50	Sam Parr	I think for not preparing, this episode turned out to be pretty amazing. I would say, even amongst all episodes, this has been one of my favorites. Dan, do you agree that this has been fire? This has been great! Guys, come on, the door-to-door sales was awesome. What about the other stuff? The other stuff was good too! You guys just finished with a big bang. Yeah, I think this ended up being a winner. So that's the episode, I think, right? We're going to wrap up there.
01:18:19	Shaan Puri	yeah let's
01:18:19	Sam Parr	Wrap tomorrow or Wednesday. I want to talk about co-working spaces. I think we have to have a "My First Million" co-working business.
01:18:27	Shaan Puri	yeah you like that idea
01:18:28	Sam Parr	I do. That was another Ben idea, and I think it's wonderful. So, I tweeted out who I could talk to. I got a bunch of interesting stuff. We're going to talk about that next week.
01:18:37	Shaan Puri	alright
01:18:37	Sam Parr	or wednesday
01:18:38	Shaan Puri	let's do it

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Second-hand E-commerce, Door-to-door Sales, and Live Show Recaps | My First Million #189

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