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Can You Get Rich with A Blue Collar Hustle? | My First Million Q&A (#457)

Name: Can You Get Rich with A Blue Collar Hustle? | My First Million Q&A (#457)
Uploaded: 2023-07-05T21:32:20.568Z
Duration: 1 h 12 min 19 s
Description: Two founders debate sweaty startups vs. digital businesses, concluding digital is superior for lifestyle but both can win. They discuss M&A deal psychology, advising that most deals fall through and emotional detachment is critical. The conversation covers the concept of "enough," college regrets, and frameworks like "Sarah's List" for picking high-growth companies to work at.

From My First Million · Published Jul 5, 2023 · Watch on YouTube

TL;DR

Two founders debate sweaty startups vs. digital businesses, concluding digital is superior for lifestyle but both can win. They discuss M&A deal psychology, advising that most deals fall through and emotional detachment is critical. The conversation covers the concept of "enough," college regrets, and frameworks like "Sarah's List" for picking high-growth companies to work at.

Key insights

Sweaty startups (brick-and-mortar) require more capital and have operational headaches like employee call-offs and roof damage; digital businesses can be run from a phone with no pants.
Social networks succeed on a change in privacy policy, not a feature change – Facebook (real name with college peers), Twitter (follow without friendship), Snapchat (disappearing photos), and the fail
Deals almost always fall through: "birds fly, fish swim, and deals fall through." The mindset should be that a deal will not happen; if it does, you are pleasantly surprised.

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