Coronavirus: NEW Business Opportunities - The World Is Changing Fast | My First Million 05-11-2020

About this video

Sam and Shaan explore second-order effects of COVID-19 on businesses and consumer behavior, discussing opportunities in categories like drive-through coffee, RVs, and remote work. They also examine Mark Leonard’s Constellation Software as a case study in unglamorous but highly profitable business building, and brainstorm group-buying models like Pinduoduo as potential business opportunities.

Key takeaways

• Second and third-order effects of major disruptions often create the biggest business opportunities—map out ‘if this, then that’ chains to predict where markets will grow before competitors notice
• Mark Leonard’s Constellation Software demonstrates that buying and consolidating vertical market software (niche B2B tools) with strong cash flows and keeping existing operators can create a $31B+ company without needing to innovate or chase hype
• Group buying models like Pinduoduo (buy with friends to get discounts) work best for digital/software products with zero marginal cost, and could be adapted for Shopify stores as a customer acquisition channel to compete with rising Facebook Ad costs

Episode details: published May 13, 2020 · 1K views · 57:53 long. Summary written by Self Growth Videos from the episode itself. The business ideas, figures and results discussed are the hosts’ and guests’ own claims, shared as brainstorming and entertainment — not verified facts and not investment advice.

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