My First Million

Key Takeaways

Instead of focusing on how something might fail, consider how big the idea could be if everything worked out
You don’t always want to sit behind a defensive moat; sometimes, a high-velocity attack is the best way to win
Mental models from one discipline are often applicable in another discipline; cross-pollinate ideas and concepts across disciplines and you may discover something novel
The key to success is dumb competition; competing against knuckleheads increases your chances of success
Focusing on making money will cause you to make less money; nobody wants to give money to people who are too focused on making money
It is fine to want money, but wealth is a paradox; the more of it you want, the less of it you get
- It is better to focus on things that are upstream of making money, such as solving problems and developing skills that are valuable to other people
The greatest returns in investing come from allowing the compounding machine to run; do not make decisions or engage in behavior that interrupts the compounding machine
You have a massive arbitrage opportunity if you can avoid mimetic desire in venture capital investing
In life and business, you can just do things! You don’t always need permission

Episode 648: Shaan Puri ( https://x.com/ShaanVP ) talks to Flexport founder Ryan Petersen ( https://x.com/typesfast ) about playing both games: bootstrapping a startup to millions and raising venture capital to build a multi-billion dollar company.
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Show Notes:
(0:00) Import Genius
(5:36) Paul Graham's superpower
(9:34) Data-as-a-service framework
(13:51) Charlie Munger's worldly wisdom
(19:45) Prioritizing adventure
(24:09) The paradox of wealth
(28:51) Charlie Munger's student experiment
(31:00) Negotiation masterclass
(37:23) Inside Founders Fund
(43:16) Being in a crowd v following a crowd
(46:29) Highs and lows
(48:52) "You can just do things"
(50:16) Unseen arbitrages
(53:00) $50M Phone booths

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Links:
• Flexport - https://www.flexport.com/
• Flexport on X - https://x.com/flexport
• ImportGenius - https://www.importgenius.com/
• Schlep Blindness - https://paulgraham.com/schlep.html
• Poor Charlie’s Almanack - https://www.stripe.press/poor-charlies-almanack
• Founders Fund - https://foundersfund.com/

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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd

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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Unicorn Founder on Unseen Arbitrages, the Paradox of Wealth + Charlie Munger Wisdom ft. Ryan Petersen

Podcast Notes Playlist: Startup