Inspiration from a Business Genius

Inspiration from a Business Genius

I once read this incredible article about how to get anyone as your mentor. The technique doesn’t even require they know you!

Just digest enough of someone you admire’s content, podcast interviews & obscure youtube videos until you can have a conversation with them in your head.

As you all know, I've set out to feature a new entrepreneur I admire every other week. For my first, I chose Sam Parr, the CEO and founder of one of the fastest-growing email newsletter service/media companies of all time, the Hustle.

Some incredible traits and lessons I wanted to learn from him:

  • How to write SO effectively and persuasively he had 1M+ viewers to the Hustle’s blog in the first 2 months.
  • How to grow a profitable email audience to tens of millions
  • How to consistently innovate - his virality was not an accident

So. I dug into whatever content I could find. listened to this interview, this interview, watched this keynote and this Q&A.

Here are my major learnings:

Business is like pop music. There are repeated chord structures if you pay attention and ask people to direct enough questions: “Why is this interesting. How much did you grow last month, tell me how you did X, etc”

Success = nailing the little things that nobody bothers with. The hustle has a GREAT thank you signup page, an onboarding form, and custom labels for their like buttons for each article.

Kill your babies… on paper. You should be a “mediocre first drafter” and a WORLD CLASS EDITOR. I knew about the Hemingway app before but will be using this religiously again. Copy and paste ALL of my writing to shoot for Grade 6 writing and minimize adverbs

Make use of “shower thoughts”. Between your first and second draft of ANY project (not just writing), go take a walk, eat something, go to sleep. Put your subconscious to work

Charge more for your product. Think of the difference between a $5/month and a $100/month price tag. The latter connects you with customers who are more willing and able to pay, and PROBABLY able to extract more value from your product.

Edit: I have since listened to this livestream with Neville Medhora, this episode with James Altucher and one about buying companies on Flippa (couldn't find the link).

Yes, I'm feeling fanatic.

More takeaways:

Sam is a real student of business. And he goes straight to primary sources, not Tech Crunch. An incredible amount of private companies in the UK have to disclose their financials. You can download those here for some of the FASTEST growing brands * cough Gymshark*. Sam seems to read these like a leisurely NYT crossword puzzle.

The key to winning with ads:

  • 1) Clickable imagery
  • 2) Targeting right people
  • 3) CPA below contribution margin
  • 4) High repurchase rate
  • COGS: contribution margin (hard cost - sales)*basket size*frequency rate * TAM = enterprise value

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