DeepSummary
This podcast episode discusses three business ideas that the hosts initially thought would fail, but ended up becoming successful. The first one is Jenni AI, a writing tool that started with just $2,000 in monthly recurring revenue (MRR) but later pivoted to focus on helping college students write essays, reaching $300,000 MRR. The founders used tactics like joining Facebook groups, winning over admins, and posting relatable TikTok ads to gain their first customers.
The second business idea is Hostage Tape, a mouth taping business for better sleep that the hosts mocked but ended up making $14 million in revenue in 2022 and is projected to hit $40 million in 2024. The hosts admit they were wrong about the idea's potential.
The third idea is Flow, a period tracking app created by twin brothers from Belarus that became a billion-dollar company. The hosts discuss how the founders picked the right underserved market and timing, leading to the app's massive success.
Key Episodes Takeaways
- Don't dismiss unconventional business ideas too quickly, as they may have potential for success in underserved markets.
- Employ creative and relatable marketing tactics, like joining niche online communities and creating engaging social media content, to gain initial traction.
- Persevere through failed attempts and pivot your product or service to better align with customer needs.
- Timing and picking the right market are crucial factors in determining a business idea's success.
- Be willing to embrace authenticity and avoid over-promotion, as customers respond better to genuine and relatable brands.
- Leverage global talent and cost-effective resources to gain a competitive advantage.
- Continuous iteration and customer feedback are essential for refining and improving a product or service.
- Prioritize long-term vision and authenticity over short-term gains or trends.
Top Episodes Quotes
- “Success is the sum of your attempts.“ by Flow founder
- “He said it was a bad business idea. Dot, dot, dot. Emailed out to his whole list, I think. Hey, folks, Alex here telling people you run a mouth taping business isn't all sunshine and rainbows.“ by Hostage Tape founder
- “The problem is most people just do things that sound like a good idea. The problem is everybody else is also doing things that sound like good ideas. It's tons of competition and you might be too late. By the time it seems like a good idea, he's like, so the secret is, can you find something that today seems like a bad idea, but is actually a good idea?“ by Shaan Puri
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Episode Information
My First Million
Sam Parr, Shaan Puri & The Hustle
2/16/24