Podcast Summary: My First Million – "We hosted a slumber party with 12 billionaires (our minds are blown)"

Release Date: January 29, 2025
Host: Hubspot Media (Sam Parr and Shaan Puri)
Episode Title: We hosted a slumber party with 12 billionaires (our minds are blown)

I. Event Overview

In this electrifying episode of My First Million, hosts Sam Parr and Shaan Puri recount their extraordinary experience hosting a slumber party with 12 billionaires and high-profile entrepreneurs. The weekend was a blend of intense brainstorming sessions, physical activities, and deep conversations, providing a unique glimpse into the minds of some of the world's most successful individuals.

[00:12] Sam: "We just lived in a house for a weekend with 25 other founder entrepreneur types. Probably five to 10 of them were billionaires."

II. Notable Guests and Their Ventures

The event featured a diverse array of influential guests, each bringing their unique expertise and business acumen to the table.

• Mr. Beast (Jimmy Donaldson): A YouTube sensation turned billionaire who actively engaged in optimizing store displays during a Walmart visit.

  [03:28] Shaan: "Mr. Beast... he's one of the most intense, fun to be around. He just wants to play all in."

• Jesse Itzler: Known for his unconventional business moves, Jesse shared insights on building a multi-figure quilting company and creating innovative bonding experiences like saunas.

  [05:45] Sam: "He became a believer and spent time hunting down what he thought would be the best coconut water company... Zico is now a big success."

• Mario from Oscar: Co-founder of Oscar Health, a prominent health insurance company, exemplified genius and multilingual prowess by revolutionizing the German healthcare market.

  [19:08] Shaan: "Mario co-founded Oscar, a health insurance company worth $4 billion. He's from Germany and doesn't even speak English fluently."

III. Key Lessons Learned

Throughout the weekend, Sam and Shaan distilled several golden lessons from their interactions with the billionaires.

a. Fish Where the Fish Swim

The principle emphasizes seeking opportunities in environments where success is already prevalent rather than crowded or oversaturated markets.

[05:14] Sam: "Fish where the fish swim, not where the fishermen stand. Confucius, AKA Me."

Examples from the event included Jesse Itzler's venture into coconut water and the investment strategies of guests like the founders who partnered with Chernin Group, focusing on niche content brands.

b. Intensity in Business Approaches

Many attendees showcased an unparalleled level of dedication and intensity in their business operations, often going beyond conventional efforts to ensure success.

[16:38] Sam: "The intensity with which certain people play the game of business leads to success."

A standout moment was Mr. Beast's hands-on approach at Walmart, where he personally optimized the chocolate aisle while simultaneously educating others about the industry.

c. Balancing Work and Personal Life

Contrasting work ethics were observed, highlighting the importance of aligning professional pursuits with personal fulfillment.

[28:30] Sam: "What game are you even playing? Picking the right game matters way more than figuring out how to win the wrong game."

Guests shared diverse perspectives, from treating their companies as family units to passionately pursuing personal interests alongside business ventures.

IV. Observations on Success and Mindset

a. Physical Fitness and Health

The event underscored the significance of physical health among successful individuals, challenging stereotypes that wealth and business success equate to neglecting personal well-being.

[34:05] Shaan: "Everyone but Joe Gabbia looks schleppy. Joe Gabbia looked great... He was ripped for fun as a side quest."

Participants engaged in rigorous activities like basketball and saunas, maintaining high levels of fitness and promoting a culture of health.

b. Humility vs. Intelligence

A nuanced observation was made about the relationship between intelligence and success. While some billionaires exhibited great humility, others showcased a disparity between perceived intelligence and actual business acumen.

[20:56] Sam: "The percentage of intelligence greater than me or you versus impact or net worth was not like that."

Instances included a billionaire who casually interacted with Chat GPT without leveraging its full potential, illustrating varying levels of operational intelligence.

V. Memorable Anecdotes

a. Mr. Beast's Walmart Masterclass

One of the most memorable moments was Mr. Beast conducting a live masterclass in the chocolate aisle of Walmart, demonstrating meticulous product placement and restocking techniques.

[14:07] Sam: "He was like, 'I have a badge,' and he just badges into the back of Walmart and goes and gets the box himself."

This hands-on demonstration highlighted his obsessive attention to detail and commitment to excellence.

b. The Basketball Shootout

The hosts organized a basketball shootout to determine the finalists among equally matched teams. This event led to unexpected outcomes, such as underdog players making clutch shots, embodying the "Rudy moment."

[42:03] Sam: "The guy stepped up, shot, and made it. It was a Rudy moment. He honored it. He made it. Good for him."

VI. Reflections and Takeaways

The weekend provided profound insights into the minds of the ultra-successful, emphasizing that success is often a result of strategic thinking, relentless intensity, and a balanced approach to personal and professional life.

[28:52] Shaan: "There were people who were like mini Genghis Khans... They want to dominate industries."

Both hosts reflected on the importance of choosing the right "game" to play in life and business, rather than merely focusing on winning within a predefined framework.

[30:33] Shaan: "Figuring out what game to play seems like the much more important question at every phase of your life."

VII. Conclusion

This episode of My First Million offers listeners an exclusive look into a unique gathering of billionaires, revealing the diverse strategies and mindsets that drive monumental success. Through engaging stories, insightful lessons, and candid reflections, Sam Parr and Shaan Puri encapsulate the essence of what it takes to thrive in today's competitive landscape.

Notable Quotes:

• Sam Parr ([00:40]): "It's as close as two men can get, so we had an experience."
• Shaan Puri ([07:04]): "They want to own 51%. Do they buy the future earnings?"
• Sam Parr ([16:51]): "How many 50-year-olds are ripped and run 100-mile races? Nobody does that shit."
• Shaan Puri ([28:30]): "What game are you even playing and picking the right game matters way more than figuring out how to win the wrong game."
• Sam Parr ([34:32]): "We were also... it should be the title of Slumber Party with Billionaires."

Note: Advertisements and promotional segments were omitted to focus solely on the content-rich discussions and insights shared during the event.