Podcast Notes Playlist: Business

Mark is a billionaire entrepreneur and investor. He is the owner of the 2011 NBA Champion Dallas Mavericks and stars on ABC’s Emmy Award-winning reality TV series Shark Tank.

[0:59] - Mark's story and core skillset

[5:50] - The potential of crypto and smart contracts

[12:39] - Crypto today vs. the internet in the ‘90s

[18:01] - Mark's perspective on crypto's hype cycles

[25:09] - Hedging and long-term thinking in investing

[35:20] - Investing in companies with world-leading AI

[37:03] - Three people who Mark has looked up to

[38:37] - Mark's approach to lifelong learning

[43:44] - The role of luck in extraordinary success

[48:46] - Speed round Q&A

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homeofjake.com

• When evaluating a business, Marcus Lemonis examines the 3 P’s (people, product, and process)
  • Product: You want a relevant product that customers need today and is high in demand by the market  
  • Process: Your process is how you develop the idea, test it, roll it out to customers, and continue to improve your ideas 
  • People: It’s important to remember that people work with you, not for you. You want to be collaborative and thoughtful as a leader.
• Never do a deal that’s 50-50. Either be a majority or minority holder in the business.
  • Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business 
• To be a better leader, take care of yourself
  • In order to be a better leader and make better decisions, Marcus had to find balance within himself through getting more sleep and eating healthier
• Follow through on your word
  • The fastest way to lose a client or potential acquirer of your business is to not do what you said you were going to do
• Marcus might run for some form of office in Florida later in life, but for now, he believes he can have more of a positive impact as a business leader than a politician
  • “You can change the world more as a business leader than you can as a politician” – Marcus Lemonis

This is your seat at the table, with. Marcus Lemonis. A Lebanese-born American businessman, television personality, philanthropist, and also a politician! You’ve probably seen him on the hit TV series, ‘The Profit’. So, if you're looking for insight and encouragement on your entrepreneurial journey, you've come to the right place. This episode with Roland Frasier will deliver just that.

Lemonis shares his thoughts on post-2020 business, partnerships, working with investors, and more.

“If you’re not capable of thinking differently about people, you probably shouldn’t be a business leader” – Marcus Lemonis.

March is a 'Power month' for Business Lunch With Roland Frasier. Why? Because we're celebrating 250 episodes and a whole ton of downloads! So, make sure you go back and listen to our  'power episodes' with business Titans Sir Richard Branson, Arnold Schwarzenegger, and Sara Blakely.

“Don’t try to tell a fictional story about yourself to other people. Instead, be your true self, and convey that to others”. Lemonis.

• If you’re going to partner with someone, make sure they bring capital, expertise, or contacts. Lemonis considers money to be the least important.
• Never do a 50/50 Deal.

“Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business.” Lemonis 

(And why this universal framework helps Entrepreneurs)

1. Product: You want a real-time, relevant product that adapts and changes. It needs to be driven by the market and not your emotion.
2. Process (How you develop the idea, test it, deliver it to customers, and continue to improve on it).
3. People: It’s important to remember that people work with you, not for you. Collaborative and thoughtful as a leader.

• Why he is attracted to ‘Turnarounds’ and businesses that are ‘broken’.
• When to walk away and cut your losses (and why he sticks with people longer).
• Why he’s sometimes nicknamed ‘the Mayor’

“You can change the world more as a business leader than you can as a politician” – Marcus Lemonis.

• The fastest way to lose a client or potential acquirer of your business.
• What to expect (and accept) if you choose to work with family and friends.
• Why you must have gender and racial diversity in your business (and it’s not just to be politely correct).

You can also find us on these platforms here. 

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Visit MarcusLemonis.com

As the Co-founder or principal of 5 different Inc, Magazine’s fastest-growing companies (e-commerce, e-learning, SaaS + real estate), Roland is a serial entrepreneur who has built or sold over 30 businesses with adjusted sales ranging from $3 million to just under $4 billion. He’s a mentor and investor and an excellent podcaster too! Read more about Roland here. 

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•  Your company shouldn’t be for everyone, it should be for someone
  • “Nobody has everyone as their customer” – Seth Godin
• The internet is not a mass medium, it is a micro medium. It’s the best medium at reaching specific groups of people and the worst medium at reaching everyone.
•  “Learning is the act of failing on our way to mastery” – Seth Godin
• Living in your own reality can be fun in the short term, but it’s dangerous in the long term
  • “It is really dangerous to deny science and accurate reporting of the world around us” – Seth Godin
• Amateurs show up when they want to and make what they want to make. Professional show up when they’re supposed to and do what they need to do.
  • “If you’re going to be a pro, it means you need to understand the state of the art, it means you need to raise the bar, you need to understand who it’s for and what it’s for and what change do you seek to make.” – Seth Godin
• Defend your time and realize it’s okay to say NO to a request
  • Most people would rather hear a quick no from you than hear a yes but then you never follow up with them
• Live talks aren’t necessarily about informing the audience, it’s about entertaining them
  • “Your goal is not to deliver information but to deliver emotion to cause a change in the people who are hearing you” – Seth Godin

Seth Godin is the author of 20 bestselling books, founder of altMBA, the Akimbo podcast and runs one of the most popular blogs in the world. Seth and Shane chat about creative work, fear, shame, trusting yourself, what it means to be a professional, how to become an observer of reality, emotional labor, how we learn and so much more.

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Follow Shane on twitter at: https://twitter.com/ShaneAParrish

https://bit.ly/Go_BelowtheLine 

Hit the show hotline and leave a question or comment for the show: 424-272-6640, email James questions directly at [email protected] or follow us on Twitter @ twitter.com/gobelowtheline

James opens the show giving the #1 piece of advice he would give to founders to multiply their chances of startup success 10 fold. He then takes answers voicemail questions about how founders should decide how to to delegate their time and the strategy founders could take in the early stages of their companies. He closes the show by expounding on why he moved away from Silicon Valley to Los Angeles, despite the large network effect that exists for founders in the Bay area.

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  About your host, James: James Beshara is a founder, investor, advisor, author, podcaster, and encourager based in Los Angeles, California. James has created startups for the last 12 years, selling one (Tilt, acquired by Airbnb), and invested in a few multi-billion dollar startups to date. He has spoken at places such as Y-Combinator, Harvard Business School, Stanford University, TechCrunch Disrupt, and has been featured in outlets like the New York Times, the Wall Street Journal, Fortune Magazine, and Time Magazine. He’s been featured in Forbes, Time, and Inc Magazine’s “30 Under 30” lists and advises startups all around the world. All of this is his “above the line” version of his background. Hear the other 90% of the story in the intro episode of Below The Line.  “Below the Line with James Beshara" is brought to you by Another Podcast Network.

• Chamath sees inequality as the biggest risk to democracy
  • His solution? Teach people about the importance of saving and investing 
    • “I think the key to peace and prosperity today…is to close the inequality gap and to close the inequality gap is to show people everyday normal people, how they can earn and save and invest and be a part of capital, not just be a part of labor.” – Chamath Palihapitiya
• The 3 biggest issues Chamath is trying to fix: 
  • 1) Inequality
    • Solution: Help people become part of the capital class by having the government invest $2,000 into the market when they’re born
  • 2) Climate change
    • Solution: Create environmental security so people have access to water and a plant-based diet
  • 3) Education
    • Solution: Instead of having students rack up $120,000-250,000 in student loans and then graduating with no meaningful chance of employment, a better alternative to student debt would be an ISA (income share agreement) 
• Chamath shares his one-page thesis on his investments to show people that being smart doesn’t always require complexity and to give retail investors a chance to invest alongside him 
•  The biggest reason why Chamath loves about SPACs is that it gives folks who can do the diligence themselves, the chance to get into an IPO book which they otherwise would never get the opportunity for
  • “It is the single most powerful way to allow normal, ordinary folks to cross the chasm between labor and capital’ – Chamath Palihapitiya
• Things Chamath would change if he were president:
  • Introduce a carbon tax
  • Cut personal taxes
  • Raise corporate tax
  • Create massive incentives to rebuild an entire economy that’s focused on climate change, technology, and biotechnology

My guest today is Chamath Palihapitiya, the founder and CEO of Social Capital, whose mission is to advance humanity by solving the world's hardest problems. I didn't know where this conversation would take us given Chamath's wide-ranging activities and interests but I think it provides an interesting glimpse into some of his core beliefs and the source of his drive. In our wide-ranging discussion we cover potential paths to closing the income inequality gap, how to manage one's personal psychology, his perspective on "value investing", and tackling climate change. I hope you enjoy my conversation with Chamath Palihapitiya. 

For the full show notes, transcript, and links to mentioned content, check out https://www.joincolossus.com/episodes/33654465/palihapitiya-the-major-problems-facing-the-world.

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This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked Twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. 

Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com.

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This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.

With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. Visit https://www.tegus.co/patrick to learn more.

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Invest Like the Best is a property of Colossus Inc. For more episodes of Invest Like the Best, go to https://www.joincolossus.com/episodes. 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up at https://www.joincolossus.com/newsletter.

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Show Notes

[00:03:13] – [First question] – His experience with debt and how he approaches personal finance

[00:09:13] – Attacking the problem of perpetual income inequality

[00:12:06] – Reaching the right people to fix the problem

[00:15:04] – A for profit business to solve the problem of income inequality

[00:19:18] – Traps he has beaten and hasn’t beaten in his finances

[00:22:15] – Chamath’s focus on family, friends, memories, and legacy

[00:25:01] – Big issues of our time; inequality, climate change, improving education

[00:29:28] – Lessons learned from Social Capital 1.0, allocating funds for himself and others

[00:32:33] – The balance between data and the qualitative analysis of companies

[00:35:26] – Insights into businesses beyond the investments he makes

[00:40:29] – Absurdities in the value investing style

[00:43:32] – Benefits of SPAC investing and opportunities for late-stage entrepreneurs

[00:45:06] – Traits in managers that he invests in

[00:47:20] – What he’s learned about combatting climate change

[00:51:40] – Thoughts on the supply chain, specifically as Americans

[00:54:35] – Company life cycles and innovation

[00:57:15] – What is most broken in the capital markets system

[00:58:58] – Fixing healthcare

[01:01:36] – Fixing climate change as President for a day

[01:02:06] – Messaging effectively

[01:03:14] – Is he a “main character” in the investing world

[01:04:06] – Tweeting a picture of himself as a kid

[01:04:42] – Kindest thing anyone has done for him