The Richest People I Know Do One Thing
Quick Read
Summary
Takeaways
- ❖Initial overconfidence led Nick Huber to start 11 companies, but 4 were eventually shut down, highlighting the difficulty of scaling multiple ventures simultaneously.
- ❖The acquisition of Somewhere.com for $52 million was immediately challenged by a name change (Shepherd to Somewhere.com) that destroyed SEO, Elon Musk's Twitter algorithm changes, and a surge in global hiring competition.
- ❖Huber successfully rebuilt Somewhere.com by replacing expensive US-based executives with high-skilled, lower-cost international talent from places like South Africa, Colombia, and Egypt.
- ❖A practical hiring funnel for international talent involves filtering by typing speed (35+ WPM), requiring a one-minute video introduction, and using task-based assessments.
- ❖The 'one big thing' method involves identifying the single most important task for the day and dedicating two uninterrupted hours to it first thing in the morning.
- ❖The wealthiest people often focus on one big business and build it for a long time, rather than managing a portfolio of many companies (holdcos).
- ❖Consistency in effort and focus over long periods is a 'superpower' that outperforms short, intense sprints followed by burnout.
- ❖Rising interest rates created 'carnage' in real estate, significantly increasing debt service costs and driving down property values, forcing many investors into distress.
- ❖AI is currently 'crap' for most business applications, with high energy costs and overpromised utility, making it unsustainable for the 99%.
Insights
1The Somewhere.com Acquisition: A Case Study in Humbled Entrepreneurship
Nick Huber's acquisition of Shepherd (renamed Somewhere.com) for $52 million, intended as a peak 'cocky Nick Huber' move, quickly turned into a humbling experience. Despite initial confidence from tripling the business's cash flow, a series of external and internal factors led to significant setbacks. The name change from 'SupportShepard.com' to 'Somewhere.com' caused a 30% drop in leads due to lost SEO. Elon Musk's changes to Twitter's algorithm eliminated Huber's personal brand as a lead generation channel. Simultaneously, the global hiring market saw a surge in competition, and macroeconomic headwinds (rising interest rates, silent recession) impacted their cost-sensitive customer base. Huber also made bold, quick executive changes that initially added to the complexity.
- (Nick's initial confidence and humbling), - (Somewhere.com backstory, acquisition details), - (three drastic changes: name change, Twitter algorithm, competition, economic shift, executive changes)
2Strategic Global Talent Acquisition for Executive Roles
A key to Somewhere.com's recovery was a radical shift in hiring strategy. Instead of traditional, expensive US-based executive hires, Huber focused on recruiting high-caliber executive talent globally. He found that roles like COO, Head of Performance Marketing, and Head of Finance could be filled by individuals in places like Johannesburg, Bogota, and Cape Town who possessed MBAs, spoke perfect English, and had international experience, but at a significantly lower cost. This allowed the company to save substantial money while gaining highly motivated, low-maintenance, and skilled professionals, proving that executive-level talent can be effectively sourced internationally.
- (Host's observation on executive hiring, Nick's confirmation), - (Specific examples of global executive hires and their locations), - (South African sales team improving conversion rates)
3The Power of Singular Focus Over Diversified 'Holdcos'
Huber, who once managed 11 companies, now advocates against the 'holdco' trend, arguing that most wealthy individuals achieve success by focusing on and building one large business over a long period. He highlights that running multiple companies multiplies problems and requires deep expertise in executive team building, compensation, and funnel optimization, which most entrepreneurs lack when starting. The 'hammer it' principle, exemplified by companies like Facebook's ad monetization and United Rentals' outbound sales, demonstrates that finding one effective growth mechanism and relentlessly pursuing it is more potent than diversifying across many less impactful ventures.
- (Pest control example of 'one thing'), - (Peter Thiel's 'seven revenue streams' analogy), - (Brad Jacobs' 'same plays' strategy), - (Suli's advice on Facebook ads focus), - (Nick's critique of holdcos and focus on one big business)
Bottom Line
The 'Roofing Company Arbitrage' model: Many roofing companies don't perform the physical labor themselves. They sell the job, manage the project, carry insurance, and then hire subcontractors for labor and purchase materials. They profit significantly from the spread between the project bid and the hard costs, making substantial daily margins for sales and oversight, not physical work.
This highlights an opportunity in 'sweaty' service businesses to create high-margin ventures by focusing on sales, project management, and quality control, rather than direct labor. It's a low-glamour but high-profit model for entrepreneurs willing to manage relationships and processes.
Identify other service industries where a similar arbitrage exists (e.g., landscaping, cleaning, construction trades). Build a business focused on sales, customer service, and subcontractor management, rather than directly employing labor, to capture significant profit margins without heavy operational overhead.
Geographic arbitrage in skilled trades: A framer moved his hotel framing business from competitive California to Alaska because there was significantly less competition and higher demand for his services, despite the logistical challenges of monthly flights.
This illustrates that 'weak competition' can be a more powerful success factor than proximity or familiarity. Entrepreneurs often overlook opportunities in less obvious or geographically distant markets where their skills or services are in higher demand and face fewer rivals.
Analyze your industry for regions or niches with low competition. Consider relocating or expanding operations to these areas, even if they are unfamiliar or require more travel. The increased margins and reduced competitive pressure can outweigh the logistical inconveniences.
Opportunities
Global Executive Talent Agency/Consultancy
Leverage the insights from Somewhere.com's success to build a specialized agency that helps companies recruit high-caliber executive and specialized talent (e.g., finance, operations, marketing, IT) from specific global hotspots like South Africa (sales, finance, COO), Egypt (finance, data analysis), Colombia/Brazil (operations), and Sri Lanka (general roles). Focus on the rigorous filtering process (typing speed, video intros, task-based assessments) to deliver top-tier candidates at competitive international rates.
Roofing Sales & Project Management Business
Start a roofing company that focuses entirely on sales, quoting, customer relations, and project oversight, rather than employing its own labor force. Subcontract all physical roofing work to independent crews and purchase materials directly. The business would generate profit from the significant margin between the quoted project price and the combined cost of subcontractors and materials, requiring strong sales and project management skills.
Key Concepts
Hammer It
This model emphasizes finding one thing that works exceptionally well within a business (e.g., a specific distribution channel or sales play) and relentlessly focusing on and repeating that strategy for an extended period (5-10 years) to build a dominant company, rather than diversifying efforts across many less effective initiatives.
Tortoise and Hare
This model highlights that consistent, steady effort and a sustainable pace (the 'tortoise') ultimately lead to greater long-term success than sporadic, intense sprints followed by crashes or procrastination (the 'hare'). It advocates for building systems and routines that allow for continuous progress without burnout.
Weak Competition
The 'secret to winning in life is weak competition' principle suggests seeking out markets or niches where there is high demand but low supply or limited skilled competitors. This often means looking beyond familiar or saturated local markets to 'go where there's fish but not other fishermen,' even if it requires operating in less convenient or unfamiliar geographies.
Lessons
- Implement a rigorous, multi-stage hiring funnel for all remote roles: start with a typing speed test (35+ WPM), then require a one-minute video introduction, and finally, use a task-based assessment relevant to the job function. This filters out 80%+ of applicants efficiently.
- Adopt the 'One Big Thing' productivity method: Each morning, identify the single most important task for the day and dedicate two uninterrupted hours to it before engaging in any other distractions. This ensures consistent progress on high-impact work.
- Evaluate your business for 'weak competition' opportunities: Instead of competing in saturated markets, research and consider expanding into less familiar geographies or niches where demand for your product/service is high and competition is low, even if it requires more logistical effort.
Blueprint for Hiring High-Quality Global Talent
**Identify Target Countries:** For general roles, focus on Colombia, Brazil, South Africa, and the Philippines. For finance, consider Egypt and South Africa. For engineering, look to Eastern Europe.
**Post & Promote Jobs:** Use LinkedIn to post job openings in your target countries. Promote the job with a budget of ~$100/day for 5 days (total ~$2000 per country) to attract a large applicant pool (e.g., 1000+ applicants).
**Filter by Typing Speed:** Automatically filter initial applicants based on a minimum typing speed of 35 words per minute. This eliminates approximately 85% of unsuitable candidates for remote roles.
**Request Video Introductions:** Send remaining candidates a request for a one-minute self-introduction video. This filters out 80% of those not serious about the job and provides insight into communication skills and professional maturity.
**Conduct Task-Based Assessments:** For the final pool of candidates (e.g., 30-40 people), create a paid, task-based test that closely simulates the actual work required for the role. This provides objective evidence of their ability to produce results and deal with imperfect instructions.
**Review & Hire:** Evaluate the task-based assessment results and video introductions to select the top 3-5 candidates. Prioritize production and problem-solving over interview charm. Consider paying for the assessment time.
Notable Moments
Nick Huber's public 'humbling' after a period of overconfidence and rapid business expansion.
This sets a rare, honest tone for the podcast, directly contrasting the 'crushing it' narrative common in entrepreneurship, making the subsequent lessons more credible and impactful.
The detailed breakdown of the Somewhere.com acquisition challenges, including a disastrous name change and external market shifts.
It provides a concrete, multi-faceted example of how even a seemingly successful acquisition can quickly face severe headwinds, offering valuable lessons in due diligence, market awareness, and operational resilience.
The shift from junior/mid-level international hiring to executive-level global talent acquisition.
This challenges conventional wisdom about where to find executive talent and highlights a significant cost-saving and efficiency opportunity for businesses willing to look beyond traditional local markets.
Quotes
"I have been humbled off my cocky attitude in my 30s."
"The selection effect is the people who are failing shut up and the people who are succeeding get real loud."
"The job of a CEO sometimes is literally just to tell your team no and to get them focused on what's already working."
"Focus is not about what you say yes to. It's about saying no to otherwise great ideas."
Q&A
Recent Questions
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