Two Millionaires on the Worst Mistakes They Made Early
Executive Summary
My First Million episode 782 in which Sam Parr and Shaan Puri answer listener mailbag questions at the start of the new year. The first question asks about the biggest business mistake they have not spoken about. Sam says he tends to hire ambitious young people and that most of the time it is a poor plan, since more experienced hires cost two or three times more at Hampton but give results he says are five to ten times better. Shaan names project selection as his biggest mistake and lists past ideas such as a sushi restaurant chain, a social media app, a game streaming app and a craft beer app. Chapters in the description also cover the best company to work at to become a millionaire, Hampton revenue in 2025, misogis for 2026, a F-you money purchase, what the MFM OGs are up to, compounding wealth, a jail call and the best idea heard on the pod. Sponsors named in the description: HubSpot, Somewhere, Mercury and Beehiiv. PARTIAL COVERAGE: the captions cover the opening mistakes segment in detail, while later questions are named by title only. All views are the speakers' own and are not independently checked. Nothing here is financial, legal or medical advice.
Key Takeaways
Young hires often fail
Sam says hiring ambitious young people is, most of the time, a horrible plan for him.
Experience costs more but delivers
He says experienced hires cost two or three times more but gave results he says were five to ten times better.
Why he likes diamonds in the rough
He says he likes finding raw talent because it makes him feel cool, not for generous reasons, and the hit rate is low.
Consultants then teach
He says he hires consultants for two months, with the second month spent teaching him what to do.
Know your leaks
Shaan says most of business is figuring out the leaks in your bucket and knowing your own biases.
Project selection
Shaan says if you are hardworking and talented, the only variable that matters is which project you pick.
Past projects that did not fit
He says a sushi chain, a social media app, a game streaming app and a craft beer app did not fit him.
The Conversation Breakdown
Young hires often fail
⏱ Untimed topicSam says hiring ambitious young people is, most of the time, a horrible plan for him.
Experience costs more but delivers
⏱ Untimed topicHe says experienced hires cost two or three times more but gave results he says were five to ten times better.
Why he likes diamonds in the rough
⏱ Untimed topicHe says he likes finding raw talent because it makes him feel cool, not for generous reasons, and the hit rate is low.
Consultants then teach
⏱ Untimed topicHe says he hires consultants for two months, with the second month spent teaching him what to do.
Know your leaks
⏱ Untimed topicShaan says most of business is figuring out the leaks in your bucket and knowing your own biases.
Project selection
⏱ Untimed topicShaan says if you are hardworking and talented, the only variable that matters is which project you pick.
Past projects that did not fit
⏱ Untimed topicHe says a sushi chain, a social media app, a game streaming app and a craft beer app did not fit him.
Core Frameworks & Ideas
Check for proven people - Sam's sanity check
Before hiring a green person, ask if someone has done it before.
Know your bucket leaks - Shaan's bias check
Find the recurring mistake you repeat and design around it.
Project selection - Shaan's theory
Pair hard work and talent with a strong opportunity.
Actionable Next Steps
- ✓Before your next hire, ask if someone has already done this role well.
- ✓Write down one bias that keeps costing you and how to offset it.
- ✓Rate your current project as an opportunity from 1 to 10.
- ✓Treat the hosts' hiring views as their own, not advice.
Notable Quotes
“figuring out what are your own leaks in your bucket”
“the only variable that matters is project what project you pick to work on”
“hiring more experienced people and paying them more money”
The One Thing to Remember
Sam Parr and Shaan Puri say their early biggest mistakes were betting on unproven young hires and picking the wrong projects, and that knowing your own biases is the fix.