Codify Values Early

Sam Parr reflects on his entrepreneurial journey with The Hustle compared to Alex Lieberman and Austin Rief's experience with Morning Brew, highlighting his regrets about not codifying values early and having a more mature business mindset.

Key Points:

• Maturity and Values:

  • "I wish I would have codified my values early on and stick to it"
  • "I didn't codify my values and I didn't codify the culture"
  • Started his company at 24-25 but only "evolved to where I am today" around age 31
  • Believes Alex and Austin were "like 31 year old Sam when you were 21"

• Business Approach Differences:

  • Had a "poor mindset" about spending on advertising compared to Morning Brew founders
  • "I will spend $1 to make like if $1 turns into $1.1 I will spend every $1 I have" was Morning Brew's approach
  • For Sam: "$80,000 a month that's astronomical it doesn't matter what the return is"
  • Now admits "that was a failure that's an immature mindset"

• Growth Philosophy:

  • Acknowledges Morning Brew's superior financial approach: "your way is 100% the right way"
  • "I would have traded you the welcome email for your guys' ability to be like financially competent"
  • "I was barely competent so the envy went both ways"

• Advertising Strategy:

  • Believes starting with paid ads too early is "a huge mistake"
  • Agrees with Alex that organic growth builds important muscles: "if you skip over it is a really bad thing"

• Product Iteration:

  • "Once you get past 5,000,000 in revenue... you could absolutely iterate your way to being wonderful"
  • "You're at a B or a C+ you can get yourself to an A+ through iteration"

• Current Perspective:

  • "Today I am now a 22 year old Austin and 22 year old Alex"
  • "I totally buy into everything you're saying back then I completely would have laughed at you"