Episode #177 with Serial Entrepreneur Jay Samit

Episode 177

Summary:

In Episode #177 Ari – joined by special guest hosts Kavon and Andrew James of the Less Doing Mastermind Group – interviews Jay Samit, serial entrepreneur, digital media innovator and pioneer in the music, video distribution, social media, and eCommerce spaces. Listen as Jay and Ari talk disruption, entrepreneurship, and the benefits of failure.

Special Announcements:

Rockefeller Roundtable

Come watch Ari regale a roundtable of avid Helm Society listeners with the lessons of Less Doing on September 9th from 10AM to 2PM in New York City.

Freeing Finland

Come watch Ari and a collection of other well-renowned biohackers free the people of Finland from their bodily limitations at the 2015 Biohacker Summit being held in Helsinki, Finland from September 23rd through September 24th. Those interested in attending can buy tickets here.

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Time Stamped Show Notes:

  • 30:37 – Introduction of Jay Samit
  • 30:56 – How Jay got started
  • 31:43 – “Intrapreneur”
  • 32:38 – Figure out how to build bridges and take on the establishment—otherwise you will fail
  • 33:00 – Disruption isn’t necessarily the essence of entrepreneurship but it is a large component of it
  • 33:24 – The Benihana example
  • 34:25 – Disruption is applicable to business or social institutions
  • 34:45 – Whatever you were told as a kid is BS—you are LIMITLESS
  • 35:19 – The only people that solve problems are entrepreneurs
  • 36:25 – Jay is the guy behind buying ringtones
  • 37:13 – The disruption factor for ooVoo
    • 38:05 – It’s not that their product is better (which it is), but it meets the market need
  • 39:55 – Systematizing disruption
  • 40:18 – Believe that you can and don’t be afraid to fail
  • 40:23 – The biggest mistake people make is not even trying
  • 40:35 – Opportunities ripe for disruption
  • 41:38 – You only need to be ripe for one second to become a billionaire
  • 42:52 – Jay is dyslexic
  • 43:27 – You are not hard-wired to be good or bad at anything—you control your brain
  • 43:58 – Jay’s Top 3 Tips to be More Effective
    • 44:03 – You can’t go it alone—find the right mentor
    • 44:17 – Focus on where value is captured
    • 44:27 – Get over your fear of failure
  • 46:15 – If you have the drive and determination, you can hire every other aspect of the business
  • 46:38 – Jay’s thought on SMS-based businesses
  • 47:55 – Most of the technologies that were invented, weren’t invented with a business case in mind
  • 50:09 – http://www.JaySamit.com

7 Key Points:

  1. Failure and failing are NOT the same thing.
  2. You only need one second and one idea to become a billionaire.
  3. Often people’s biggest regret is the risk they never took.
  4. Challenge the establishment but build bridges while doing so.
  5. You only need drive and determination—every other element can be outsourced.
  6. Always try something at least once—otherwise you might regret it.
  7. You are limitless!

Resources Mentioned:

  • Pixate – Really, really cool design portal where – with no code – you can prototype an app
  • Jet – Guaranteed lowest price available for anything you buy
  • Concert Hotels – Got rhythm? A game that syncs rhythm and keyboard strokes
  • UO Beam – A small, but HD projector that utilizes a laser diode
  • XCut – Free video editing services
  • Tone Analyzer – From IBM Watson, a tool that pulls emotional tone out of written text
  • Mishkafw – Electrical stimulation for the brain
  • CrossFit Solace – An amazing CrossFit box located in the heart of Manhattan

Credits: