Executive Summary
My First Million episode 785 in which Shaan Puri talks with entrepreneur Nick Huber, known online as the Sweaty Startup, about the biggest bet he ever made and the mistakes he learned the hard way. Nick says he has been humbled in his 30s: he started 11 companies, shut down four, and learned that business is really hard, especially after the algorithm changed and customers watched spending. He and Shaan retell the story of a $47 million stock offer for the talent company then called Shepherd, now Somewhere, and the new owner syndrome that followed. Shaan gives a short masterclass on hiring overseas talent using paid task trials, and names places such as Colombia, Brazil, South Africa, Sri Lanka and the Philippines as talent hubs. Chapters in the description also list buying a domain for 400K, Peter Thiel's Stanford class and brutal advice. Sponsors named in the description: HubSpot, Somewhere, Mercury and Beehiiv. PARTIAL COVERAGE: the captions cover the intro, the portfolio, the Shepherd story and the hiring segment, but later chapters are only named by title. All views are the speakers' own and are not independently checked. Nothing here is financial, legal or medical advice.
Key Takeaways
Humbled in his 30s
Nick says he has been humbled off his cocky attitude in his 30s.
Irrational confidence helped
He says early irrational confidence led to success and putting himself out there, and he would not trade it.
11 companies, 4 shut down
He says he started 11 companies and shut down four, with two treading water.
Power law in a portfolio
He says group cash flow is higher now, but only because a few companies rose to the top.
A personal brand has limits
He says he thought a strong personal brand could carry any agency business, until the algorithm and spending habits changed.
Paid task trials
Shaan says a 60 to 90 minute paid task shows production and avoids bad hires from nice chats.
Where to hire
Shaan names Egypt, Colombia, Brazil, South Africa, Sri Lanka and the Philippines as hubs for different roles.
The Conversation Breakdown
Humbled in his 30s
⏱ Untimed topicNick says he has been humbled off his cocky attitude in his 30s.
Irrational confidence helped
⏱ Untimed topicHe says early irrational confidence led to success and putting himself out there, and he would not trade it.
11 companies, 4 shut down
⏱ Untimed topicHe says he started 11 companies and shut down four, with two treading water.
Power law in a portfolio
⏱ Untimed topicHe says group cash flow is higher now, but only because a few companies rose to the top.
A personal brand has limits
⏱ Untimed topicHe says he thought a strong personal brand could carry any agency business, until the algorithm and spending habits changed.
Paid task trials
⏱ Untimed topicShaan says a 60 to 90 minute paid task shows production and avoids bad hires from nice chats.
Where to hire
⏱ Untimed topicShaan names Egypt, Colombia, Brazil, South Africa, Sri Lanka and the Philippines as hubs for different roles.
Core Frameworks & Ideas
Humility after a bull market - Nick's lesson
Do not mistake a good market for personal genius.
Paid task trial - Shaan's hiring test
Simulate the real work in 60 to 90 minutes and compare outputs.
Record your thinking - Shaan's Loom step
Ask candidates to video their process, not only the result.
Actionable Next Steps
- ✓Write down what you would want a new hire to produce in 90 minutes.
- ✓List which of your projects drive most results and which are treading water.
- ✓Review one assumption you made in good times that may not hold now.
- ✓Treat the speakers' hiring and business views as their own, not advice.
Notable Quotes
“I have been humbled off my cocky attitude in my 30s”
“business is hard. Business is really hard”
“this is a paid task trial”
The One Thing to Remember
Nick Huber tells Shaan Puri that early cocky confidence helped him, but running 11 companies taught him that business is really hard and that hiring needs real work trials.