My 6-Step Process To Find +$1,000,000 Business Ideas

My First Million

Key Takeaways  Sam Parr’s 6-step process for finding +$1,000,000 business ideas: #1. What problem(s) do people have? #2. How many people share that particular problem?#3. Who are the leaders in that space? What is succeeding, and why?#4. Of the leaders in that space, what shortcomings do they have? #5. What business models are most effective? #6. What problems are not being solved? Pay attention when a large company shares information about a rising trend, and when it shares information about one of its shortcomings Sam regularly asks himself, “What can I accomplish this week, month, or year that makes every other task not important?”Strong men do not give into fear; a lot of people chase the new shiny object out of fear that their main thing is not going to work Massive wealth is typically generated from a person devoting their time to one thing instead of multiple things  Find something that interests you and turn it into a passion, even if it is not popular Do what you say you are going to do and follow through Ask people open-ended questions to let them and encourage them to talk about themself; this makes you appear more interesting  

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Episode 479: Sam Parr (https://twitter.com/theSamParr) answers listener questions in this special Q&A episode. Learn how he researches & validates business ideas, what his hiring process looks like, how he’s managed to build huge, passionate communities, and much more.

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Check Out Sam's Stuff:

• Hampton

• Ideation Bootcamp

• Copy That

Check Out Shaan's Stuff:

• Try Shepherd

• Shaan's Personal Assistant System

• Power Writing Course

• Daily Newsletter

• Small Boy Newsletter

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Show Notes:

(00:00) Intro

(00:40) How Sam Researches Business Ideas

(9:45) Sam’s Health & Fitness Routine

(14:55) When to Embrace Shiny Object Syndrome

(19:00) How to be Interesting

(26:20) Why Loyalty is Everything

(28:45) How to Hire

(33:30) How to Build Community

(37:00) Tips to Start a Productized-service

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Links:

• Similarweb - https://www.similarweb.com/

• Annual Reports - https://www.annualreports.com/

• Companies House - https://www.gov.uk/government/organisations/companies-house

• Central Athlete - https://www.centralathlete.com/

• MyBodyTutor - https://www.mybodytutor.com/daily-coach/

• ViralCuts - https://www.viralcuts.co/

• Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel.

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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

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