More on Entrepreneurship/Creators
Alex Mathers
6 months ago
How to Produce Enough for People to Not Neglect You
Internet's fantastic, right?
We've never had a better way to share our creativity.
I can now draw on my iPad and tweet or Instagram it to thousands. I may get some likes.
With such a great, free tool, you're not alone.
Millions more bright-eyed artists are sharing their work online.
The issue is getting innovative work noticed, not sharing it.
In a world where creators want attention, attention is valuable.
We build for attention.
Attention helps us establish a following, make money, get notoriety, and make a difference.
Most of us require attention to stay sane while creating wonderful things.
I know how hard it is to work hard and receive little views.
How do we receive more attention, more often, in a sea of talent?
Advertising and celebrity endorsements are options. These may work temporarily.
To attract true, organic, and long-term attention, you must create in high quality, high volume, and consistency.
Adapting Steve Martin's Be so amazing, they can't ignore you (with a mention to Dan Norris in his great book Create or Hate for the reminder)
Create a lot.
Eventually, your effort will gain traction.
Traction shows your work's influence.
Traction is when your product sells more. Traction is exponential user growth. Your work is shared more.
No matter how good your work is, it will always have minimal impact on the world.
Your work can eventually dent or puncture. Daily, people work to dent.
To achieve this tipping point, you must consistently produce exceptional work.
Expect traction after hundreds of outputs.
Dilbert creator Scott Adams says repetition persuades. If you don't stop, you can persuade practically anyone with anything.
Volume lends believability. So make more.
I worked as an illustrator for at least a year and a half without any recognition. After 150 illustrations on iStockphoto, my work started selling.
With 350 illustrations on iStock, I started getting decent client commissions.
Producing often will improve your craft and draw attention.
It's the only way to succeed. More creation means better results and greater attention.
Austin Kleon says you can improve your skill in relative anonymity before you become famous. Before obtaining traction, generate a lot and become excellent.
Most artists, even excellent ones, don't create consistently enough to get traction.
It may hurt. For makers who don't love and flow with their work, it's extremely difficult.
Your work must bring you to life.
To generate so much that others can't ignore you, decide what you'll accomplish every day (or most days).
Commit and be patient.
Prepare for zero-traction.
Anticipating this will help you persevere and create.
My online guru Grant Cardone says: Anything worth doing is worth doing every day.
Do.
Jayden Levitt
8 months ago
Billionaire who was disgraced lost his wealth more quickly than anyone in history
If you're not genuine, you'll be revealed.
Sam Bankman-Fried (SBF) was called the Cryptocurrency Warren Buffet.
No wonder.
SBF's trading expertise, Blockchain knowledge, and ability to construct FTX attracted mainstream investors.
He had a fantastic worldview, donating much of his riches to charity.
As the onion layers peel back, it's clear he wasn't the altruistic media figure he portrayed.
SBF's mistakes were disastrous.
Customer deposits were traded and borrowed by him.
With ten other employees, he shared a $40 million mansion where they all had polyamorous relationships.
Tone-deaf and wasteful marketing expenditures, such as the $200 million spent to change the name of the Miami Heat stadium to the FTX Arena
Democrats received a $40 million campaign gift.
And now there seems to be no regret.
FTX was a 32-billion-dollar cryptocurrency exchange.
It went bankrupt practically overnight.
SBF, FTX's creator, exploited client funds to leverage trade.
FTX had $1 billion in customer withdrawal reserves against $9 billion in liabilities in sister business Alameda Research.
Bloomberg Billionaire Index says it's the largest and fastest net worth loss in history.
It gets worse.
SBF's net worth is $900 Million, however he must still finalize FTX's bankruptcy.
SBF's arrest in the Bahamas and SEC inquiry followed news that his cryptocurrency exchange had crashed, losing billions in customer deposits.
A journalist contacted him on Twitter D.M., and their exchange is telling.
His ideas are revealed.
Kelsey Piper says they didn't expect him to answer because people under investigation don't comment.
Bankman-Fried wanted to communicate, and the interaction shows he has little remorse.
SBF talks honestly about FTX gaming customers' money and insults his competition.
Reporter Kelsey Piper was outraged by what he said and felt the mistakes SBF says plague him didn't evident in the messages.
Before FTX's crash, SBF was a poster child for Cryptocurrency regulation and avoided criticizing U.S. regulators.
He tells Piper that his lobbying is just excellent PR.
It shows his genuine views and supports cynics' opinions that his attempts to win over U.S. authorities were good for his image rather than Crypto.
SBF’s responses are in Grey, and Pipers are in Blue.
It's unclear if SBF cut corners for his gain. In their Twitter exchange, Piper revisits an interview question about ethics.
SBF says, "All the foolish sh*t I said"
SBF claims FTX has never invested customer monies.
Piper challenged him on Twitter.
While he insisted FTX didn't use customer deposits, he said sibling business Alameda borrowed too much from FTX's balance sheet.
He did, basically.
When consumers tried to withdraw money, FTX was short.
SBF thought Alameda had enough money to cover FTX customers' withdrawals, but life sneaks up on you.
SBF believes most exchanges have done something similar to FTX, but they haven't had a bank run (a bunch of people all wanting to get their deposits out at the same time).
SBF believes he shouldn't have consented to the bankruptcy and kept attempting to raise more money because withdrawals would be open in a month with clients whole.
If additional money came in, he needed $8 billion to bridge the creditors' deficit, and there aren't many corporations with $8 billion to spare.
Once clients feel protected, they will continue to leave their assets on the exchange, according to one idea.
Kevin OLeary, a world-renowned hedge fund manager, says not all investors will walk through the open gate once the company is safe, therefore the $8 Billion wasn't needed immediately.
SBF claims the bankruptcy was his biggest error because he could have accumulated more capital.
Final Reflections
Sam Bankman-Fried, 30, became the world's youngest billionaire in four years.
Never listen to what people say about investing; watch what they do.
SBF is a trader who gets wrecked occasionally.
Ten first-time entrepreneurs ran FTX, screwing each other with no risk management.
It prevents opposing or challenging perspectives and echo chamber highs.
Twitter D.M. conversation with a journalist is the final nail.
He lacks an experienced crew.
This event will surely speed up much-needed regulation.
It's also prompted cryptocurrency exchanges to offer proof of reserves to calm customers.
Emils Uztics
1 year ago
This billionaire created a side business that brings around $90,000 per month.
Dharmesh Shah co-founded HubSpot. WordPlay reached $90,000 per month in revenue without utilizing any of his wealth.
His method:
Take Advantage Of An Established Trend
Remember Wordle? Dharmesh was instantly hooked. As was the tech world.
HubSpot's co-founder noted inefficiencies in a recent My First Million episode. He wanted to play daily. Dharmesh, a tinkerer and software engineer, decided to design a word game.
He's a billionaire. How could he?
Wordle had limitations in his opinion;
Dharmesh is fundamentally a developer. He desired to start something new and increase his programming knowledge;
This project may serve as an excellent illustration for his son, who had begun learning about software development.
Better It Up
Building a new Wordle wasn't successful.
WordPlay lets you play with friends and family. You could challenge them and compare the results. It is a built-in growth tool.
WordPlay features:
the capacity to follow sophisticated statistics after creating an account;
continuous feedback on your performance;
Outstanding domain name (wordplay.com).
Project Development
WordPlay has 9.5 million visitors and 45 million games played since February.
HubSpot co-founder credits tremendous growth to flywheel marketing, pushing the game through his own following.
Choosing an exploding specialty and making sharing easy also helped.
Shah enabled Google Ads on the website to test earning potential. Monthly revenue was $90,000.
That's just Google Ads. If monetization was the goal, a specialized ad network like Ezoic could double or triple the amount.
Wordle was a great buy for The New York Times at $1 million.
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Max Chafkin
1 year ago
Elon Musk Bets $44 Billion on Free Speech's Future
Musk’s purchase of Twitter has sealed his bond with the American right—whether the platform’s left-leaning employees and users like it or not.
Elon Musk's pursuit of Twitter Inc. began earlier this month as a joke. It started slowly, then spiraled out of control, culminating on April 25 with the world's richest man agreeing to spend $44 billion on one of the most politically significant technology companies ever. There have been bigger financial acquisitions, but Twitter's significance has always outpaced its balance sheet. This is a unique Silicon Valley deal.
To recap: Musk announced in early April that he had bought a stake in Twitter, citing the company's alleged suppression of free speech. His complaints were vague, relying heavily on the dog whistles of the ultra-right. A week later, he announced he'd buy the company for $54.20 per share, four days after initially pledging to join Twitter's board. Twitter's directors noticed the 420 reference as well, and responded with a “shareholder rights” plan (i.e., a poison pill) that included a 420 joke.
Musk - Patrick Pleul/Getty Images
No one knew if the bid was genuine. Musk's Twitter plans seemed implausible or insincere. In a tweet, he referred to automated accounts that use his name to promote cryptocurrency. He enraged his prospective employees by suggesting that Twitter's San Francisco headquarters be turned into a homeless shelter, renaming the company Titter, and expressing solidarity with his growing conservative fan base. “The woke mind virus is making Netflix unwatchable,” he tweeted on April 19.
But Musk got funding, and after a frantic weekend of negotiations, Twitter said yes. Unlike most buyouts, Musk will personally fund the deal, putting up up to $21 billion in cash and borrowing another $12.5 billion against his Tesla stock.
Free Speech and Partisanship
Percentage of respondents who agree with the following
The deal is expected to replatform accounts that were banned by Twitter for harassing others, spreading misinformation, or inciting violence, such as former President Donald Trump's account. As a result, Musk is at odds with his own left-leaning employees, users, and advertisers, who would prefer more content moderation rather than less.
Dorsey - Photographer: Joe Raedle/Getty Images
Previously, the company's leadership had similar issues. Founder Jack Dorsey stepped down last year amid concerns about slowing growth and product development, as well as his dual role as CEO of payments processor Block Inc. Compared to Musk, a father of seven who already runs four companies (besides Tesla and SpaceX), Dorsey is laser-focused.
Musk's motivation to buy Twitter may be political. Affirming the American far right with $44 billion spent on “free speech” Right-wing activists have promoted a series of competing upstart Twitter competitors—Parler, Gettr, and Trump's own effort, Truth Social—since Trump was banned from major social media platforms for encouraging rioters at the US Capitol on Jan. 6, 2021. But Musk can give them a social network with lax content moderation and a real user base. Trump said he wouldn't return to Twitter after the deal was announced, but he wouldn't be the first to do so.
Trump - Eli Hiller/Bloomberg
Conservative activists and lawmakers are already ecstatic. “A great day for free speech in America,” said Missouri Republican Josh Hawley. The day the deal was announced, Tucker Carlson opened his nightly Fox show with a 10-minute laudatory monologue. “The single biggest political development since Donald Trump's election in 2016,” he gushed over Musk.
But Musk's supporters and detractors misunderstand how much his business interests influence his political ideology. He marketed Tesla's cars as carbon-saving machines that were faster and cooler than gas-powered luxury cars during George W. Bush's presidency. Musk gained a huge following among wealthy environmentalists who reserved hundreds of thousands of Tesla sedans years before they were made during Barack Obama's presidency. Musk in the Trump era advocated for a carbon tax, but he also fought local officials (and his own workers) over Covid rules that slowed the reopening of his Bay Area factory.
Teslas at the Las Vegas Convention Center Loop Central Station in April 2021. The Las Vegas Convention Center Loop was Musk's first commercial project. Ethan Miller/Getty Images
Musk's rightward shift matched the rise of the nationalist-populist right and the desire to serve a growing EV market. In 2019, he unveiled the Cybertruck, a Tesla pickup, and in 2018, he announced plans to manufacture it at a new plant outside Austin. In 2021, he decided to move Tesla's headquarters there, citing California's "land of over-regulation." After Ford and General Motors beat him to the electric truck market, Musk reframed Tesla as a company for pickup-driving dudes.
Similarly, his purchase of Twitter will be entwined with his other business interests. Tesla has a factory in China and is friendly with Beijing. This could be seen as a conflict of interest when Musk's Twitter decides how to treat Chinese-backed disinformation, as Amazon.com Inc. founder Jeff Bezos noted.
Musk has focused on Twitter's product and social impact, but the company's biggest challenges are financial: Either increase cash flow or cut costs to comfortably service his new debt. Even if Musk can't do that, he can still benefit from the deal. He has recently used the increased attention to promote other business interests: Boring has hyperloops and Neuralink brain implants on the way, Musk tweeted. Remember Tesla's long-promised robotaxis!
Musk may be comfortable saying he has no expectation of profit because it benefits his other businesses. At the TED conference on April 14, Musk insisted that his interest in Twitter was solely charitable. “I don't care about money.”
The rockets and weed jokes make it easy to see Musk as unique—and his crazy buyout will undoubtedly add to that narrative. However, he is a megabillionaire who is risking a small amount of money (approximately 13% of his net worth) to gain potentially enormous influence. Musk makes everything seem new, but this is a rehash of an old media story.
Liz Martin
10 months ago
What Motivated Amazon to Spend $1 Billion for The Rings of Power?
Amazon's Rings of Power is the most costly TV series ever made. This is merely a down payment towards Amazon's grand goal.
Here's a video:
Amazon bought J.R.R. Tolkien's fantasy novels for $250 million in 2017. This agreement allows Amazon to create a Tolkien series for Prime Video.
The business spent years developing and constructing a Lord of the Rings prequel. Rings of Power premiered on September 2, 2022.
It drew 25 million global viewers in 24 hours. Prime Video's biggest debut.
An Exorbitant Budget
The most expensive. First season cost $750 million to $1 billion, making it the most costly TV show ever.
Jeff Bezos has spent years looking for the next Game of Thrones, a critically and commercially successful original series. Rings of Power could help.
Why would Amazon bet $1 billion on one series?
It's Not Just About the Streaming War
It's simple to assume Amazon just wants to win. Since 2018, the corporation has been fighting Hulu, Netflix, HBO, Apple, Disney, and NBC. Each wants your money, talent, and attention. Amazon's investment goes beyond rivalry.
Subscriptions Are the Bait
Audible, Amazon Music, and Prime Video are subscription services, although the company's fundamental business is retail. Amazon's online stores contribute over 50% of company revenue. Subscription services contribute 6.8%. The company's master plan depends on these subscriptions.
Streaming videos on Prime increases membership renewals. Free trial participants are more likely to join. Members buy twice as much as non-members.
Amazon Studios doesn't generate original programming to earn from Prime Video subscriptions. It aims to retain and attract clients.
Amazon can track what you watch and buy. Its algorithm recommends items and services. Mckinsey says you'll use more Amazon products, shop at Amazon stores, and watch Amazon entertainment.
In 2015, the firm launched the first season of The Man in the High Castle, a dystopian alternate history TV series depicting a world ruled by Nazi Germany and Japan after World War II.
This $72 million production earned two Emmys. It garnered 1.15 million new Prime users globally.
When asked about his Hollywood investment, Bezos said, "A Golden Globe helps us sell more shoes."
Selling more footwear
Amazon secured a deal with DirecTV to air Thursday Night Football in restaurants and bars. First streaming service to have exclusive NFL games.
This isn't just about Thursday night football, says media analyst Ritchie Greenfield. This sells t-shirts. This may be a ticket. Amazon does more than stream games.
The Rings of Power isn't merely a production showcase, either. This sells Tolkien's fantasy novels such Lord of the Rings, The Hobbit, and The Silmarillion.
This tiny commitment keeps you in Amazon's ecosystem.
Stephen Moore
1 year ago
Web 2 + Web 3 = Web 5.
Monkey jpegs and shitcoins have tarnished Web3's reputation. Let’s move on.
Web3 was called "the internet's future."
Well, 'crypto bros' shouted about it loudly.
As quickly as it arrived to be the next internet, it appears to be dead. It's had scandals, turbulence, and crashes galore:
Web 3.0's cryptocurrencies have crashed. Bitcoin's all-time high was $66,935. This month, Ethereum fell from $2130 to $1117. Six months ago, the cryptocurrency market peaked at $3 trillion. Worst is likely ahead.
Gas fees make even the simplest Web3 blockchain transactions unsustainable.
Terra, Luna, and other dollar pegs collapsed, hurting crypto markets. Celsius, a crypto lender backed by VCs and Canada's second-largest pension fund, and Binance, a crypto marketplace, have withheld money and coins. They're near collapse.
NFT sales are falling rapidly and losing public interest.
Web3 has few real-world uses, like most crypto/blockchain technologies. Web3's image has been tarnished by monkey profile pictures and shitcoins while failing to become decentralized (the whole concept is controlled by VCs).
The damage seems irreparable, leaving Web3 in the gutter.
Step forward our new saviour — Web5
Fear not though, as hero awaits to drag us out of the Web3 hellscape. Jack Dorsey revealed his plan to save the internet quickly.
Dorsey has long criticized Web3, believing that VC capital and silicon valley insiders have created a centralized platform. In a tweet that upset believers and VCs (he was promptly blocked by Marc Andreessen), Dorsey argued, "You don't own "Web3." VCs and LPs do. Their incentives prevent it. It's a centralized organization with a new name.
Dorsey announced Web5 on June 10 in a very Elon-like manner. Block's TBD unit will work on the project (formerly Square).
Web5's pitch is that users will control their own data and identity. Bitcoin-based. Sound familiar? The presentation pack's official definition emphasizes decentralization. Web5 is a decentralized web platform that enables developers to write decentralized web apps using decentralized identifiers, verifiable credentials, and decentralized web nodes, returning ownership and control over identity and data to individuals.
Web5 would be permission-less, open, and token-less. What that means for Earth is anyone's guess. Identity. Ownership. Blockchains. Bitcoin. Different.
Web4 appears to have been skipped, forever destined to wish it could have shown the world what it could have been. (It was probably crap.) As this iteration combines Web2 and Web3, simple math and common sense add up to 5. Or something.
Dorsey and his team have had this idea simmering for a while. Daniel Buchner, a member of Block's Decentralized Identity team, said, "We're finishing up Web5's technical components."
Web5 could be the project that decentralizes the internet. It must be useful to users and convince everyone to drop the countless Web3 projects, products, services, coins, blockchains, and websites being developed as I write this.
Web5 may be too late for Dorsey and the incoming flood of creators.
Web6 is planned!
The next months and years will be hectic and less stable than the transition from Web 1.0 to Web 2.0.
Web1 was around 1991-2004.
Web2 ran from 2004 to 2021. (though the Web3 term was first used in 2014, it only really gained traction years later.)
Web3 lasted a year.
Web4 is dead.
Silicon Valley billionaires are turning it into a startup-style race, each disrupting the next iteration until they crack it. Or destroy it completely.
Web5 won't last either.