Discussion about making a million dollars through business acquisition and membership sites.

The Million Dollar Idea - Discussion about making a million dollars through business acquisition and membership sites.

A discussion about the concept of being a capital allocator and the impact of a conversation with an investor on the host's business.

The Thrill of the Shill - A discussion about the concept of being a capital allocator and the impact of a conversation with an investor on the host's business.

Discussion about the potential of humanoid robots and their impact on the future job market.

The Billion Dollar Idea - Discussion about the potential of humanoid robots and their impact on the future job market.

Discussion about investing in a potential industry mover and the reasoning behind a significant investment.

Investing in the Future - Discussion about investing in a potential industry mover and the reasoning behind a significant investment.

Exploration of the potential of humanoid robots and their impact on various industries.

The Humanoid Space - Exploration of the potential of humanoid robots and their impact on various industries.

Discussion about purpose-built robots and their potential to revolutionize specific industries.

Purpose-Built Robots - Discussion about purpose-built robots and their potential to revolutionize specific industries.

Exploration of the concept of starting a new university and the potential for innovative education models.

The University Venture - Exploration of the concept of starting a new university and the potential for innovative education models.

Discussion of contrasting business ideas, including a dark idea related to advanced weapons technology and a light idea involving the purchase and rebranding of a university.

Dark and Light Ideas - Discussion of contrasting business ideas, including a dark idea related to advanced weapons technology and a light idea involving the purchase and rebranding of a university.

Exploration of the concept of using NFTs to fundraise for a new university and the potential impact on education.

NFTs and Education - Exploration of the concept of using NFTs to fundraise for a new university and the potential impact on education.

**Mindfulsville Q&A: Million Dollar and Billion Dollar Ideas**

*In this episode of Mindfulsville, Sean and Sam discuss the million dollar and billion dollar ideas that could potentially change the game for entrepreneurs. They explore the concept of creating a business that could make a million dollars in profit and also delve into the idea of a billion dollar business. Here's a breakdown of their conversation:*

**The Million Dollar Idea**

- The discussion starts with the question of what specific idea could make a million dollars in profit in a certain amount of time, say 3 years. The focus here is on identifying a business or strategy that could lead to a significant financial gain within a relatively short timeframe.

- The idea of buying and selling businesses through brokerage sites like Quiet Light Brokerage is presented as a potential avenue for achieving the million dollar goal. The strategy involves finding successful businesses and either mimicking or creating a slightly different version of them to generate profit.

- Another idea proposed is the creation of a membership site or community that caters to a specific niche, offering valuable content and resources in exchange for a subscription fee. This approach leverages the power of a targeted audience and the potential for recurring revenue.

- The concept of Qualified Small Business Stock (QSBS) is introduced as a potential avenue for creating a million dollar business. The idea is to establish a QSBS advisory firm that helps tech companies navigate the complexities of QSBS eligibility, providing a valuable service with the potential for high returns.

**The Billion Dollar Idea**

- The conversation then shifts to the billion dollar idea, with a focus on the potential for revolutionary advancements in technology. The concept of humanoids, or advanced robots designed to automate a wide range of tasks, is presented as a game-changing opportunity.

- Elon Musk's involvement in the development of humanoids, as well as his bold claim that this technology could surpass the success of Tesla, self-driving cars, and solar energy, is discussed as a testament to the potential of this industry.

- The idea of investing in the development and implementation of humanoids is presented as a groundbreaking opportunity with the potential to revolutionize various industries and replace a significant portion of jobs within the next 12 years.

**Thrill of the Shill: Join Hampton**

- Sam shares his experience with running Hampton, a community for founders doing at least a million in revenue, with an average member revenue of 25 million a year. He discusses the shift in perspective from being a product maker to a capital allocator, emphasizing the importance of strategic resource allocation for business growth.

- The concept of Join Hampton as a platform for peer collaboration and support for entrepreneurs in the 50 million revenue range is highlighted as a valuable resource for networking and growth opportunities.

**New Chunk of the Transcript**

- The conversation takes an intriguing turn as the hosts discuss the potential of robotics and automation in shaping the future of industries. The concept of purpose-built robots, such as dishwashers and roofing robots, is presented as a viable avenue for creating innovative and impactful technology.

- The idea of leveraging the laws of physics in the development of robotics is highlighted as a more straightforward and achievable approach compared to creating consumer products or brands. The potential for creating a brand around specific, purpose-built robots is emphasized as a compelling opportunity for entrepreneurs.

- The concept of creating a university with a focus on luxury education and a selective admissions process is introduced as a potential avenue for generating substantial revenue. The idea of selling admissions licenses as NFTs, with the potential for rental income and profit sharing, is presented as an innovative and lucrative strategy.

*Overall, the conversation provides valuable insights into the potential for creating million and billion dollar businesses, highlighting the importance of identifying innovative and high-impact opportunities in the ever-evolving landscape of entrepreneurship.*

**Join the Discussion**

- Have you considered the potential of purpose-built robotics in shaping the future of industries? Share your thoughts on the impact of robotics on business and technology.

- What are your insights on the concept of selling admissions licenses as NFTs for a luxury education institution? Join the conversation and explore the possibilities of innovative revenue generation in the education sector.

*Join the Mindfulsville community to engage in thought-provoking discussions and gain valuable insights into the world of entrepreneurship and business innovation.*

"Unleash Your Entrepreneurial Potential with Million and Billion Dollar Ideas"

To copy successful business models with slight variations

To compete with established businesses directly

To provide unique and innovative solutions

To provide a niche community solving specific problems

To offer generic services to a wide audience

To create exclusive social networking platforms

3D printers, drones, laser cutting equipment, robotic arms

Soldering irons, oscilloscopes, multimeters, and power supplies

Screwdrivers, pliers, wrenches, and hammers

- The video discusses the question of how to make a million dollars and a billion dollars in a year.
- The hosts discuss the idea of buying and selling businesses through websites like Quiet Light Brokerage.
- They give examples of businesses for sale and discuss the potential for creating niche membership communities to generate revenue.

- The speaker discusses the idea of creating a community or database for B2B marketers to share tactics and strategies, with the potential to generate significant profit.
- They also mention the option of buying an existing business or creating a membership site for a specific niche, such as a QSBS advisory firm.
- The QSBS firm would provide expertise on qualified small business stock eligibility, potentially saving clients millions in taxes.
- The speaker emphasizes the importance of creating value for customers and suggests exploring different business ideas before making a decision.

- The speaker discusses the idea of offering advisory services for Qualified Small Business Stock (QSBS) eligibility
- They suggest charging a fee for ongoing advisory services to tech companies to ensure they are covered for QSBS eligibility
- The speaker also shares their experience with running a company and the shift in mindset towards being a capital allocator
- They then discuss the potential for humanoid robots to replace 40% of jobs in the next 12 years, with Elon Musk's interest in developing humanoids at Tesla

- The speaker invested in a company called Figure and believes it will be a major industry mover in the next 10-15 years
- They invested $60,000 in the company, which they see as a high-risk investment with the potential for a huge payoff
- The speaker is interested in the robotics industry, particularly in creating purpose-built robots for specific tasks such as dishwashing, pizza making, and roofing
- They believe that working within the laws of physics in the robotics industry is more straightforward than creating consumer products

- The speaker discusses the complexity of creating a brand or consumer product compared to hardware
- They mention a personal robot idea and a space in San Francisco for hackers
- They talk about the potential of buying a university and turning it into a luxury product for elite students
- The plan includes sponsoring competitions and creating a prestigious entrance exam for the university

- The speaker plans to start a university and raise funds through entrance exams and speaker fees
- They also plan to spend a lot on direct marketing and use NFTs to raise additional funds
- The goal is to create a prestigious university with a focus on projects and a competitive atmosphere
- The speaker believes there is potential to build a new brand in the education industry

- The video discusses strategies for making a million or billion dollars in a year
- It suggests buying and selling businesses through websites like Quiet Light Brokerage
- Creating niche membership communities for revenue generation is also discussed
- The idea of creating a community or database for B2B marketers is highlighted
- The potential of investing in robotics and humanoid robots is mentioned
- There is a plan to start a prestigious university and raise funds through entrance exams and NFTs
- Overall, the focus is on creating value for customers and exploring different business ideas before making a decision

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd

Episode 528: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) answer the question they get most often: “If you had to pick one idea that to make a million dollars this year, what would it be?” 

—
Show Notes:
(0:00) Intro
(3:00) Idea 1 - The "Me Also" strategy
(12:00) Idea 2 - Niche community that solves for X
(16:00) Idea 3 - QSBS advisory firm
(24:00) Idea 4 - Pizza robots
(44:00) Idea 5 - Buying a university

—
Links:
• Quiet Light - https://quietlight.com/
• Exit Five - https://www.exitfive.com/
• Figure - http://figure.ai/
• Renovate Robotics - https://www.renovaterobotics.com/
• Anduril - https://anduril.com/
• DealStream - https://dealstream.com/

—
Check Out Shaan's Stuff:
• Try Shepherd Out - https://www.supportshepherd.com/
• Free 2024 Goal-Setting Session - https://planfor2024.com/
• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant
• Power Writing Course - https://maven.com/generalist/writing
• Small Boy Newsletter - https://smallboy.co/
• Daily Newsletter - https://www.shaanpuri.com/

Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com/


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Someone asked me an incredible question today.

They said, if you had to pick 1 idea that could make you a million dollars this year, and it can't be just a newsletter or a blog or an agency, which are usually our go-to, what would it be?

What would you do 1 specific idea that you would do?

And then he also said, and I want to hear 1 specific idea that you would do to try to make a billion dollars.

And me and Sam are going to answer that right now on this episode of Mindfulsville.

We're doing our Q&A and we got 1 question that we really love.

But is the question, Sean, is it a billion dollar in net worth or a company that's worth a billion dollars?

I'm going to say it's a company that's worth a billion dollars.

Okay, look, the company is worth 1 billion.

So I know a guy who sold a company for 900 million dollars, 990 million dollars.

You know how much he made after the sale?

He had 4 co-founders, or maybe 5, and he raised a ton of money, and they sold it, and he made $3 million.

And I think that's an extreme case, but I think there's many cases where you create a billion dollar business and you actually walk away with like 8% of the company, which is still a ton of money, but that's a wild experience.

as big of a ton as people think you get when you're when you make a company that big.

Yeah, it's just the numbers change things a little bit, but let's just get right into it.

So a million dollars in, is it net worth?

Like, and what do we say 3 or 4 years to do

Yeah, you got a couple years to do it, you're going to make a million dollars in profit.

So I think that there if you want to make a certain amount of money quickly, you have to ask yourself, is it going to come to annual cash flow?

Or is it going to come through selling something like selling a business?

So for example, if you have a business that's earning, let's say $300,000 a year, you in year 1, you do 50,000 year 2, you do 200,000 year 3, you do 300,000.

That's not going to add up to a million dollars.

However, you could sell that business for maybe $900,000 or maybe a million dollars.

So collectively, you can come up with a million bucks.

I think the easiest thing to do would probably be to sell the business if you want to make that amount of money in a certain amount of time in like 3 years.

So first, do you know Quietlight Brokerage?

So if I want to make a million dollars in let's say 3 years, I'm probably not going to invent anything new.

I'm just going to copy what works and I'm going to try maybe not even do it better.

I mean, there's 4 almost 400 million people in America.

Like I can kind of just figure out someone that already is doing something and copy it but put it slightly different.

and gentlemen, we're not going to be better, faster or cheaper.

We are simply going to be also in the business of doing this.

So I would probably go to Quiet Light Brokerage.

So Quiet Light Brokerage, I've had a couple friends sell and buy businesses through this.

I've had 1 friend sell a business via Quiet Light Brokerage for 10 million.

I had another buddy buy a company for 300,000 that ended up making 18 million a year in revenue.

And I know those guys at Quiet Light Brokerage and I've talked to them.

And basically, Quiet Light Brokerage is a website where you buy and sell businesses.

It's a brokerage, meaning it's not exactly automated, but what you can do is you can see anonymous descriptions of companies that are for sale.

You can enter in your email and they'll send you all the financials to the business.

All you gotta do is say, I'm interested in this business.

And then they send you a packet of information about that business, including the name, who the owner is, where it's incorporated, how they got their first customers, where they get the customer mix today.

They do this fantastic little interview with the person, which is providing the business very useful.

But also, if you're executing the me also strategy, it is brilliant.

And in fact, we have a friend who did this.

We have a friend who was looking at 1 of these websites, saw business for sale for I think like 120 or 150 thousand dollars.

1 of the smallest business for sale, maybe on flip us somewhere or something, something like that.

And he was like, well, I don't have a hundred 50000 dollars, but I do have a lot of time to pick your brain.

And so he picked the brains of a bunch of people.

And then they're like, cool, you want to buy it?

He's like, no, but you could, you know, you convince me how easy this is.

So see you and went and recreated that and sold it for many millions more.

I think once I heard that I realized, oh, there are easier ways and harder ways to make $10 million.

And the easier way is you go look at businesses that are already successful and you reverse engineer which 1 you could you could create and copy.

I think they make you sign an NDA or something like that.

So I think you could get sued if you just rip it off entirely.

But that's not exactly what I'm suggesting.

I'm suggesting be inspired by and do something exactly like it, but slightly different.

HubSpot is a CRM platform, so it shares its data across every application.

No out of sync spreadsheets or dueling databases.

So for example, I'm scrolling, you go to QuietLight or whatever, you could use any of these brokerage sites.

We both like QuietLight because it's a little curated.

So it's less filled with junk, even though honestly a lot of these businesses on here are absolute junk.

So let me show you 1 of these junk businesses.

So you go down to the kind of like first sale for 2000000 bucks.

You could be even a little bit worse in this business and and still make a million bucks.

You can if you sold it for 2000000 after taxes, you have a million dollars.

It does that mean that they're literally selling a money counting machine.

Yeah, like I like any business that can be called a minute money printing machine, a money counting machine.

In this case, they literally So this says launched in 2020.

So 3 years ago, it says this business sells money counting machines and counterfeit bill detectors to local businesses, government agencies, restaurants, financial services, banks, event management companies and nonprofits.

Like this money counting machine that I have sitting right here on my desk.

But so I have, I literally have a money counting machine here with counterfeit money on it.

When I sold my company, Jack Smith, my best friend, he bought me this as a congratulations.

I've never used it, but I just keep it there.

And when I have friends that do something interesting, like they sell a company, they close a big deal, I send it to them and I say, this is either going to be a huge like a paperweight or you're actually going to use it.

If you're going through the process of you're going to sell your business, Just email us and we'll send you the counter as the good luck as our good luck charm from us to you.

Whenever and when I have like my cleaning lady here, I'm like, just so you know, this is fake money.

All this, it's 100 grand in cash that cost $5.

great trust test that you should leave it out and see like, you know what?

Not only did you steal fake money, but you're out of a job too.

Well, that's actually a test I do when I have like new like vendors at my house is sometimes I'll leave like a few hundred dollars there and I know exactly how much is there and I'll see like what's going to candy bar and see what happens.

So someone's selling literally a money counting machine,

money counting machine 1.8 million in revenue, $625,000 of net income net profit.

And then if you go and you it's a husband and wife duo.

They says they spent this is a classic on quiet light.

This is like the I don't know what tinder profiles say nowadays.

I don't know what the kids are doing, but I know that every business for sale.

The owner spends like 5 to 10 hours a week on this.

They just don't have enough time and energy to devote to growing the business that anybody who steps in could do.

Alright, so anyways, I would look at businesses like this and seems like what you're saying is you would probably look at what?

Like not 1, but like maybe 20 to 30 of these just to get a good idea get enough data points.

And I would find out which fits my interest.

So for example, Sean click where they have membership.

They've got media which I know about media.

I think the reason memberships are interesting is I think you could have a really, really, really niche community where you solve a very specific problem.

So for like 1 could be so if you are if you have a job, you maybe work, you work in whatever industry and you know something, but you have this problem called the knowledge complex where you think, well, everyone knows this, therefore, it's not that interesting to teach.

I think 2 examples are automations for HVAC owners.

Another 1 is outbound sales for like chiropractors or for architects.

And I think what you can do with things like this is you can charge pretty high amounts.

You can charge $500 a month where you get access to content that you update on a regular basis.

And then you have a community where all the other participants can share tactics and ideas that they're using to overcome the problem that they've all signed up for.

Another example is a community where you have a database with all the right people who you need to contact within a certain niche in order to get a sale done.

So for example, let's say you're an agency, it could be like, here's all the buyers of media at these companies that you update regularly.

And then you could have a community where people are discussing tactics and strategies in order to accomplish that task.

And I think, when you look at the problem or you're thinking about what the customer is going through when they're going to buy this, which is, well, if I spend $3,000 a year on this, if I only get 1 sale, this is worth it for me.

And I think that sale is significantly easier than selling to consumers where you're having to do a lot of guesswork.

With this, if you do $3,000 a year in order to get to a million-dollar sale, you'd have to look at what those multiples are.

But I think the multiples on the membership sites are like 5 times profit.

So you get to a million, you need $250,000 in profit.

To get to $250,000 in profit on a $3,000 a year service, it could be just you and a part-time employee or 1 full-time employee.

I don't know what that math is, but you don't need that many customers in order to hit that target.

And so I would do that over a consumer product because I can just talk to my customers and they could tell me exactly what they want.

And I'm basically providing a service that they're requesting on a regular basis in order to keep them.

Here's the specific example of that exit 5, I think is the name of it.

Exit 5 is like a community of B2B marketers.

It's a little bit less than what you just said, but I think they could be charging, you know, more like $2,500 or $3,000.

But the big idea here is go get 100 people paying you 3 grand a year and you can even make it exclusive.

Be like this is a community for only 150 of the top B2B marketers in the world.

We're going to we're going to invite you in and then you're going to share ideas.

Plus we have this database of whatever, whether it's ad creative networks, we have this database of vendors, or you know, buyers with their contact info.

And we all openly share here, it's a sort of give to get, you know, model.

And yeah, the thing is probably worth 2, 3 million bucks right now that this guy's made and you know, 500 to 1000 members.

And the reason if you're starting from scratch is you don't need that particularly big of an audience.

You don't need to you'd cold email people.

But in order to get to a let's say you have an audience of 5000 people, which is very attainable to get particularly if you give it a year, you only need about 100 to 200 people to buy what you're selling in order to hit that target.

And so your podcast doesn't need to be huge, your Twitter handle, your cold email outbound strategy doesn't need to be huge.

And so that's probably what I would do to get to a million dollars.

Well, you have, you basically said 2 ideas, right?

You had go to quiet light or a business brokerage and find a business that you can either reverse engineer or legitimate.

So, you know, reverse engineer, we kind of say, and that's, I would say a little bit generously, let's call it scrappy, the scrappy way to do things, you don't have any money, you, you know, you need to get, you know, rather than just try to come up with an idea from scratch, when you're kind of a beginner, the better way is to go learn what businesses actually work, how they work, why they work.

That's like a real world NBA that you picked up and then find 1 of those that you think you could mimic and put your own twist on.

By the way, with that comes also you could just buy the business.

So for a lot of these, even a $2 million business, you can go get an SBA loan.

A lot of these will say that they're SBA loan eligible.

So let's say that you're in the United States, you can go get an SBA loan, put down 10 to 15%.

So if you can go get 200 grand, you could buy a $2 million business that's doing 600 600k of profit per year.

And so you could actually go buy that business and just try to grow it because actually getting a business from $0 in revenue to 2 million in revenue or 1.8 million revenues pretty hard relative to taking a business that's at 1.8 and getting it to 3.1 million.

For example, like, you know, adding an extra million of revenue to a business already working is actually much easier than going from 0 to 1.

I think you got both options on the table there.

Well, yeah, there's there's a little bit more risk because you're personally liable for the for the for the loan there.

So, you know, you have to buy a good business.

You have to be able to know what a good business is and that's where maybe some mentors could help the other business.

The other idea you said was basically a membership service, a membership site, a membership community for some niche, right?

So a lot of these, like you'll see a lot out there that are memberships for launching a business.

That's not that's not nearly specific enough.

It's got to be geared towards employees and and like there's a clear beginning, middle and end and there's an outcome.

And there's a clear ROI as opposed to like accountability or whatever it is.

In fact, I think the first 1 you said is I think the right answer.

That's what I would go do but to make it fun.

I'm going to come up with some other ideas.

It's like if it was my cousin and my cousin's like, yo, how do I do this?

I'd be like, all right, look, this is what we're doing.

Worst case scenario, you're going to go learn what a bunch a bunch a bunch of blueprints for successful businesses And maybe you don't pull the trigger on any of them, but still was a good use of your time.

And best case scenario, you find 1 of these that you say, I could do that.

And either you buy it, or you're going to like remix it and create your own version of that.

The second right answer would be an e-commerce company, because it's not hard to build an e-commerce brand either on Amazon or on Shopify that can sell for a million dollars but kind of like a boring answer.

So I'm going to give you a more fun answer.

The 4 most beautiful letters in the English language are QSBS.

You're going to create a QSBS advisory firm.

Technically, this might be considered an agency, but I think we'll allow it because it's so specific and niche here and off the beaten path.

Now when any company starts a tech company starts that's going to be QSBS eligible that QSBS eligibility is what

QSBS is a tax treatment for qualified small business stock.

What that means is that if you're a business that fits like these 5 criteria, which most tech companies fit, then when you sell, if you've held the stock for 5 years or even if it's a little bit less than that you can still kind of roll it over.

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If I Had To Make $1 Billion... Here’s The Business I Would Start