Summary: Key Learning from Interview with Patrick Campbell

Background

Patrick Campbell:

• Created and sold ProfitWell for $200 million.
• Known for his background as a competitive debater and working for the NSA.
• Focused on competitive intelligence and ideation processes post-sale of his company.

Ideation Process and The Bezos Number

• Patrick emphasizes the importance of knowing your customer and market before building a product.
• Uses "The Bezos Number" framework, inspired by how Jeff Bezos capitalized on the internet’s rapid growth rate.
• Patrick compiles a document detailing industry trends, doubling times, causes, and effects to find areas with growth potential.

Interesting Trends Identified

• Coral Bleaching Events: Indicates ecological damage which could lead to business related to environmental protection or regulation.
• Growth of Cyber Crime: Rapidly expanding area that could lead to opportunities in security and protection services.
• Teenagers Not Having Sex: Trend with economic implications for countries that could lead to potential solutions or businesses to address population and social issues.
• Sports Betting Revenue: A rapidly growing market due to legalization, suggesting opportunities in related businesses or affiliate marketing.

Gas Station Investment

• Patrick acquired 19 gas stations which gave him significant tax benefits and regular income, a venture that's been smooth so far.

Wealth and Happiness Study

• Conducted a comprehensive study among wealthy individuals to understand what correlates with their happiness.
• Found escalation of wealth increases happiness, and significant distress occurs when net worth decreases.
• Happiness, according to the wealthy, is connected to:
  • List-making and organization.
  • Being still involved in business or pursuing new ventures.
  • Regular exercise and taking care of your health.
  • Freedom enhancing expenditures like private jets.
  • Experiences over possessions.
  • Targeted giving to causes they care about.

Remix Framework and Pricing Strategy

• Patrick’s "Remix Framework" suggests innovative businesses don't need to reinvent a product but can remix it with differentiators like being premium, associated with a lifestyle or celebrity, or connected to a particular identity.
• On pricing, he recommends:
  • Changing something about your pricing every 3 months to optimize revenue.
  • Implementing add-ons to boost lifetime value.
  • Consider internationalizing your pricing to adjust for local willingness to pay.

Personal Health Journey

• Patrick shared his success in losing weight using MyBodyTutor, a service involving daily calls and accountability.

Unique Goals

• Patrick has an unconventional goal of potentially toppling a dictatorship one day, highlighting his ambition and willingness to tackle complex, global issues.

Conclusion

Patrick's interview provided insights into ideation, growth opportunities, the correlation between wealth and happiness, leveraging trends, innovative business strategies, and personal health accountability. He has a balance of self-deprecating humor and academic rigor, offering practical advice for entrepreneurs and insights for anyone interested in business strategy and personal development.