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August 7, 2024 • 46min
He Sold His Company For $15M, Then Got A Job At McDonald’s
My First Million
In this episode of My First Million, Sam Parr and Shaan Puri discuss several fascinating stories and concepts related to entrepreneurship, career paths, and problem-solving. The conversation covers the unconventional journey of Meetup.com founder Scott Heiferman, the historical impact of the "Rosie the Riveter" campaign, efforts to revitalize American manufacturing, and Elon Musk's approach to engineering and problem-solving.
He Sold His Company For $15M, Then Got A Job At McDonald’s
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Key Takeaways
- Scott Heiferman's unconventional career path demonstrates the value of stepping out of your comfort zone and gaining new perspectives, even after achieving success
- Working entry-level jobs like at McDonald's or Amazon warehouses can provide valuable insights for entrepreneurs and executives about employee experiences and company operations
- Meetup.com's success came from identifying a societal need for more in-person connections and building a sustainable business model, even when it meant going against industry trends
- The "Rosie the Riveter" campaign shows how marketing and cultural narratives can dramatically shift workforce participation and societal norms
- There is a growing movement to revitalize American manufacturing and make trade/factory jobs more appealing to younger generations
- Elon Musk's problem-solving method emphasizes questioning requirements, simplifying, and removing unnecessary elements before optimizing or automating
- Access to information about high-performers' routines and methods (e.g. in sports) has dramatically increased, providing valuable insights for aspiring professionals
Introduction
In this episode of My First Million, Sam Parr and Shaan Puri discuss several fascinating stories and concepts related to entrepreneurship, career paths, and problem-solving. The conversation covers the unconventional journey of Meetup.com founder Scott Heiferman, the historical impact of the "Rosie the Riveter" campaign, efforts to revitalize American manufacturing, and Elon Musk's approach to engineering and problem-solving.
Topics Discussed
Scott Heiferman's Unconventional Career Path (0:00)
The hosts begin by discussing Scott Heiferman, the founder of Meetup.com, and his unusual career choices:
- After selling his first company for ~$15 million, Heiferman took a job at McDonald's to reconnect with "real world" experiences
- Recently, after selling Meetup.com to WeWork, Heiferman took a job at an Amazon warehouse
- These moves were motivated by a desire to stay grounded and gain fresh perspectives on work and society
"I got a job at McDonald's to help get back in touch with the real world. Also, after six grueling years of the Internet whirlwind, I wanted to experience a profitable, well-oiled, multi-billion dollar machine." - Scott Heiferman
Insights from Entry-Level Work (3:40)
The hosts discuss the value of Heiferman's approach:
- Working entry-level jobs provided Heiferman with unique insights into employee experiences and company operations
- It demonstrated a commitment to understanding diverse perspectives, even after achieving success
- The experience at Amazon may have influenced Heiferman's perspective on worker unionization efforts
"I gained a bucket of respect for people that bust their b**t for such low pay. It's one thing to scan past statistics...It's another thing to sit back there in a fry-heaving, McNugget-wielding six-hour shift and go home smelling like fries and McNuggets and realize you only made about $1.30 this day. It's an eye-opener." - Scott Heiferman
Meetup.com's Development and Success (11:40)
The conversation shifts to Heiferman's journey with Meetup.com:
- Inspired by experiences during 9/11 and reading "Bowling Alone," Heiferman identified a need for more in-person connections
- Meetup.com was created to help people connect offline through shared interests
- Controversial decision: Implementing a paid model for organizers, which initially caused a 95% drop in usage but led to long-term sustainability
- The company was eventually sold to WeWork for $156 million
The "Rosie the Riveter" Campaign and American Manufacturing (24:20)
Sam Parr introduces the historical "Rosie the Riveter" campaign and its relevance to current efforts to revitalize American manufacturing:
- The campaign successfully encouraged millions of women to join the workforce during World War II
- It represented a significant shift in societal norms and women's roles
- The hosts discuss how the American manufacturing landscape has changed, from the "Steel Belt" to the "Rust Belt"
- Blue Forge Alliance: A modern campaign aiming to make manufacturing and trade jobs appealing to younger generations
"There's this company that is called Blue Forge. They created this ad that is the best ad that I've seen in years...trying to make these manufacturing jobs, which don't even exist that much right now, but if they do exist, they're like unsexy as s**t. Like, they're not cool. And what this company is doing is they are trying to make it look cool, and they are totally succeeding." - Sam Parr
Reindustrialization of America (29:35)
The hosts discuss ongoing efforts to bring manufacturing back to the United States:
- Examples of foreign car manufacturers producing vehicles in the US (Toyota in Texas, Nissan in Tennessee)
- The CHIPS Act aiming to build domestic semiconductor manufacturing capacity
- Emerging hubs for "hard tech" companies, like the cluster of aerospace and defense firms in El Segundo, California
"I hope America shifts back to much more of a 'we build things here' culture, which I think they're trying to do. You know, Tesla SpaceX being based here, I think is really awesome." - Shaan Puri
Elon Musk's Problem-Solving Method (34:32)
Shaan Puri shares Elon Musk's five-step approach to problem-solving and engineering:
- Question the requirements: Critically examine if a task is necessary and how it should be done
- Delete unnecessary elements: Remove parts, processes, or roles that may not be essential
- Simplify
- Optimize
- Automate
"The biggest mistake that smart people make is optimizing something that shouldn't have existed in the first place." - Elon Musk (paraphrased)
Key points about this method:
- Emphasizes questioning assumptions and simplifying before optimizing or automating
- Aims to counteract the natural tendency to add complexity rather than remove it
- Sets a benchmark of adding back removed elements 10% of the time to ensure sufficient pruning
Access to High-Performance Information (41:21)
The hosts discuss how access to information about high-performers has dramatically increased:
- Sports documentaries and social media provide unprecedented insights into athletes' training and routines
- This transparency allows aspiring professionals to learn from the best in various fields
- Example: LeBron James' trainer sharing insights on nutrition, recovery, and longevity in basketball
"I'm getting access to information that 30 years ago, I feel like people just didn't have access to this. Right. You didn't know what the guys did for their pregame nutrition and for their postgame recovery and how they train. But now it's filmed, now it's documented." - Shaan Puri
Conclusion
This episode of My First Million covered a wide range of topics, from unconventional career choices to historical workforce shifts and modern problem-solving methods. The stories of Scott Heiferman and the "Rosie the Riveter" campaign demonstrate how individuals and societal narratives can drive significant change. The discussion of American manufacturing and Elon Musk's problem-solving approach highlights ongoing efforts to innovate and improve various industries. Finally, the increased access to information about high-performers across fields presents new opportunities for learning and growth.
The overarching themes of the episode emphasize the importance of gaining diverse perspectives, questioning assumptions, and continually seeking new information and insights to drive personal and professional success. These lessons can be applied across various domains, from entrepreneurship and business management to personal development and societal progress.