Richard

Noah Kagan shared how he started AppSumo, a “Groupon for software,” in one weekend in a new podcast episode. The startup cost was $60; AppSumo earned $80 million last year and Kagan is still its CEO.

In 2010, Kagan was 28 years old and had already experienced what it was like to be the 30th employee at Facebook and the fourth employee at personal finance app Mint.

“I think I just felt insecure at some of these places,” Kagan told fellow entrepreneur Jeff Berman in a June episode of the “Masters of Scale” podcast.

Kagan was fired after nine months at Facebook by Mark Zuckerberg and later fired from Mint, too. He realized that dedicating his time to his day job carried a risk — another person could decide to let him go at any time.

Related: The Author of ‘Million Dollar Weekend’ Says This Is the Only Difference Between You and the Many ‘Very, Very Dumb People’ Making a Lot of Money

“I think I wanted to prove that I’m smart or prove that I’m successful or prove that Facebook when they fired me, and then when Mint fired me, [that] I can do it,” Kagan said.

The idea for AppSumo, a marketplace of software deals for small business owners or solopreneurs, was born when Kagan thought there was a way to promote software tools and also get paid for it. He saw that the site MacHeist gave Apple users discounts on software bundles and wanted to try making the same type of discounts available to a broader audience.

“My interest was letting the geniuses create software, and my skill and my excitement is promotion,” Kagain said.

The business came together in about 60 hours. First, Kagan found software he wanted to sell: the image-sharing service Imgur. He cold-emailed Imgur’s founder on Reddit and got approval to sell a discounted version in exchange for a cut of sales.

Related: Here’s Why Reddit Turned Down an Acquisition Offer From Google in Its Early Days, According to Cofounder Alexis Ohanian

The next piece was meeting with Reddit’s founding engineer to ask for free advertising. He got that too.

The final part was paying a developer to create a website with a PayPal button and purchasing the AppSumo.com domain name.

What was the total cost to launch the business? $60 and one weekend of his time.

AppSumo made $300,000 in the first year, and $3 million in the second, Kagan said in the podcast. It brought in $80 million in revenue last year.

Kagan now has a net worth of $36 million.

Kagan said that the crucial part of business was being invested in the problem and getting excited about it.

Related: This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be ‘More Attractive’ Than an Office Job

“I think that’s the thing in business people are kind of missing out,” Kagan said. “They’re chasing AI now or chasing being an influencer. I think find areas [where] you’re like, I don’t know if I’m going to ever get tired of this.”

Starting a side hustle or finding an extra source of income has an upside — according to Kagan, you have more control over your future.

“If you can just give up 30 minutes a week, if you can just give up one Netflix show a week, if you can give up one thing a week, and you keep doing it weekly, eventually you can have that business,” he said.

Related: This Is the Winning Formula for Starting a Successful Podcast, According to a New Analysis

The famed Las Vegas Mirage Hotel and Casino is set to close for good on July 17, but gambling fans have one last chance to score big before the shiny doors shutter forever.

Since July 9, the Mirage has been giving out over $1.6 million in cash through a giveaway called the “Progressive Finale Cash Giveaway” for the casino to pay out its jackpots before closing as required by Nevada gambling regulations.

Related: An Iconic Las Vegas Casino Is Shuttering This Summer After 34 Years

Patrons can win up to $1.2 million through slot machine prizes and $400,000 in table games through July 16.

But videos across social media show that the giveaway is going about as well as you’d expect. Excited gamers have flocked to the casino to score a slice of the pie, leading to chaos and several fights on the casino floor.

Chaos at Mirage Casino right now pic.twitter.com/GEysoOHGaJ

— Jacob Orth (@JacobsVegasLife) July 12, 2024

@vegasstarfish Chaos and fights break out at Mirage Hotel & Resort Prepares to close permanently. All progressive jackpots must be paid prior to July 17th and random cash drawings are being given to any guest playing. This has caused huge lines, unhappy patrons, physical fights & exhausted employees. All animals at Mirage have been rehomed in anticipation of the Hard Rock renovation, Beatles Love by Cirque Du Soleil has shuttered and now all that remains are some additional funds to distribute. Add this to your list of places to avoid when visiting Las Vegas. #vegas #lasvegas #vegasstarfish #jackpot #giveawayalert #vegasnews #miragelasvegas #vegashotels #vegaslocal #vegasexperience #thingstodoinvegas #creatorsearchinsights #vegasonabudget #vegasvacation #vegasplanning #vegaswins ♬ Epic News – DM Production

It’s absolute pandemonium at the Mirage. $1.6 million in unclaimed progressive jackpots must be paid out before the casino ceases operations, due to Nevada gaming regulations. pic.twitter.com/ctOKRFO1wI

— Las Vegas Locally ? (@LasVegasLocally) July 10, 2024

According to Vital Vegas, the Mirage was only operating 400 machines as of Friday afternoon and shut all other machines to “end the progressive meters calculating and audit the numbers in order to properly give all the money away.”

The Mirage, part of the Wynn brand, opened in 1989 and was one of the first luxury resorts to open on the Strip. It was also the original home of the Siegfried & Roy show.

Related: Lisa Vanderpump Is Not Leaving Las Vegas, Opening New Venues

The hotel announced in May that it would be shuttering this summer. It’s set to rebrand to the Hard Rock Las Vegas, and the company will pay $80 million in severance packages to laid-off Mirage employees.

“Over the next two months we will bid farewell to this iconic and historic property and then we will commence an incredible transformation,” a notice posted to the Mirage’s official Facebook page read at the time. “We would like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests.”

JPMorgan Chase CEO Jamie Dimon appeared on “This is Working” with LinkedIn Editor-in-Chief Dan Roth on Thursday to discuss the future of the financial workplace, including his opinion on how AI will alter work as we know it.

Though business leaders and CEOs differ in their sentiments regarding the technology, Dimon is all in.

Related: JPMorgan Chase CEO Jamie Dimon Worried About ‘Stagflation’

“I think people should stop talking about it. It’s huge, and what we do is we’ve embedded all of our businesses,” the CEO said, estimating that JPMorgan would be increasing its number of AI projects by 400 each year. “It is unbelievable for marketing, risk, fraud. It’ll help you do your job better, so, huge productivity tool.”

Dimon said he believed AI would eliminate jobs at JPMorgan, especially in customer service, but also noted it should add jobs too, making it a “net net” investment.

Dimon made similar comments in April in JPMorgan’s Annual Shareholder letter.

Dimon told investors then that the technology was “increasingly driving real business value” across a slew of projects that spanned areas of marketing, fraud, and risk and that though the usage of such technology might lead to a reduction in “certain job categories or roles”, JPMorgan plans to “aggressively retrain and redeploy” employees if affected by incoming changes to their field or positions by AI.

Related: JPMorgan’s Jamie Dimon Says AI Leads to 3.5-Day Work Week

“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” he wrote.

JPMorgan Chase had a strong Q2 2024, with earnings reaching $18.15 billion at a 25% year-over-year increase and revenue that jumped 20% to $50.99 billion.

Dimon’s net worth as of Friday afternoon was an estimated $2.3 billion.

Billed as catering “to Gen Z‘s culture that values a slower, more relaxed pace of life,” Taco Bell is launching The Cantinas, a Taco Bell-themed “early retirement community” in San Diego accessible only to its Rewards Members.

“Guests can embrace the laid-back lifestyle of retirees through activities such as morning aerobics, afternoon pickleball matches and early bird dinners, allowing fans to experience cross-generational leisure and senior-inspired recreation,” a Taco Bell spokesperson told Entrepreneur in a statement.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

Image Credit: Courtesy of Taco Bell

Promising a “next level culinary experience” and “active living staples” such as Baja Blast and pickleball, The Cantinas is open August 17-18, 2024. The Weekend Membership is priced at $150 and includes shared overnight accommodations for the ticket holder and a guest. This membership offers complete access to amenities, recreation, dining, entertainment and more, with “afternoon naps encouraged.“

Alternatively, the Day Pass is $50 per day and grants the ticket holder and a guest full access to the grounds, recreation, dining and more from 10 a.m. to 8 p.m. on Saturday and 8 a.m. to 8 p.m. on Sunday.

Related: 50 Cent Once Sued Taco Bell for $4 Million. Here’s How the Fast-Food Giant Got on the Rapper’s Bad Side.

Image Credit: Courtesy of Taco Bell

Related: 10 Little-Known Facts About Taco Bell and its Journey to the Top of the Franchise 500

A Taco Bell Rewards Membership is free, and only Taco Bell Rewards Members can purchase tickets for The Cantinas. Tickets will be available on a first-come, first-served basis on July 16 at noon ET via the Taco Bell app.

This isn’t the first time the chain — the top franchise in Entrepreneur‘s 2024 Franchise 500 Ranking — has created a fully immersive experience for fans. In 2019, Taco Bell took over a hotel in exclusive Palm Springs and turned it into The Bell: A Taco Bell Hotel and Resort. Described as a “Tacoasis,” the weekend experience featured everything from Taco Bell-embroidered waffle robes to taco-shaped sugar cookies left on the hotel pillows to an exclusive sampling of Taco Bell’s then-unreleased Toasted Cheddar Chalupa.

Read More: KTLA Los Angeles

Even the most prominent business figures have felt imposter syndrome.

Philanthropist Melinda French Gates sat down with Jay Shetty on the “On Purpose” podcast this week to talk about her career and personal life, namely moments where she’s had to find grace and embrace a sense of imperfections while on her journey.

Related: Melinda French Gates Resigns as Co-Chair of the Bill & Melinda Gates Foundation

French Gates recalled her time running the Bill and Melinda Gates Foundation and admitted that she “felt like an imposter for the first 10 years” and never felt qualified to “speak credibly” about the foundation’s work because she wasn’t professionally trained in global health policy or medicine.

However, one specific incident brought her to an epiphany that changed the way she approached her work and her role.

“Someone actually inside the Foundation who was working for me at the time came to me and wanted me to speak out on something and I said ‘No, no, I don’t feel like I know enough,'” French Gates explained. “And this woman said to me ‘Are you kidding? Just look at all the traveling you have done … all the knowledge you’ve amassed?'”

She said that the employee gave her a multitude of examples of how she was qualified — from the different communities she’s visited to the doctors and scientists she’s worked with, all the while amassing years of direct experience in the field.

Related: Melinda French Gates Reveals Her Next Move After Leaving Gates Foundation

“I could speak on behalf of so many of these women that I’d met and who’d invited me into their homes or shown me the tough circumstances of their lives,” French Gates explained. “If they’ve spoken to me, I need to speak their truths into the world … I do know enough. I’ll never know everything, no one will ever know everything on the history of the Earth, but I know enough to know what I know deeply at a core level and to speak those truths.”

French Gates formally resigned as Co-Chair of the Bill and Melinda Gates Foundation in May, noting that under the terms of her departure, she would still have an additional $12.5 billion to spend on philanthropic work moving forward.

“This is not a decision I came to lightly,” she wrote in a statement on X at the time. “The time is right for me to move forward into the next chapter of my philanthropy.”

Days later, she announced that she would be donating $1 billion over the next two years to organizations advocating for women.

Melinda French Gates’ net worth as of Thursday afternoon was an estimated $13.4 billion.

Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.

According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.

Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.

The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.

Related: This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can ‘Work From a Resort in the Maldives’

“Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”

Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.

The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.

Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

“My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.

His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.

Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.

He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.

Related: He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: ‘This Has Not Been Done Before’

This Side Hustle Spotlight Q&A features Heather Freeman. Her Facebook page Coffee. Mom. Repeat. boasts 850,000 followers and brings in six figures a year. Responses have been edited for length and clarity.

^{Image Credit: Courtesy of Heather Freeman}

What was your day job (or other sources of income) when you started your side hustle?
Before becoming an influencer, I was a part-time licensed insurance agent and a stay-at-home mom.

When did you start your side hustle, and where did you find the inspiration for it?
I started my “Coffee. Mom. Repeat.” Facebook page in 2013, then named “Mom’s Time Out.” I began posting affiliate links there in 2016. It wasn’t until 2018 that it went viral after I posted a ridiculous video of an 80s facial exercise. That same year, I officially changed the Facebook page name to Coffee. Mom. Repeat. after I surpassed 100,000 followers. I found the name to be more fun and relatable.

Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

I started monetizing my content as an influencer because I knew I wanted more out of life for my family — from having the ability to travel to living in a better house — and I wanted more time at home with my daughter. My then-husband worked very hard to provide financially for the family, and I wanted to alleviate some of that burden for him.

What were some of the first steps you took to get your side hustle off the ground?
My cousin told me how her husband made money through affiliate marketing — sharing links to online retailers and earning commission from the sales. I found it to be very interesting and picked his brain. He explained how it worked, and I decided to apply to the Amazon Associates program, as that was the only one I was aware of at the time.

I started posting on my small meme page and made $100 in my first month. From there, I started researching everything I could on Pinterest and Google. Affiliate marketing and influencing was still very new, so it was a lot of trial and error.

Related: This 27-Year-Old Started a Side Hustle on Facebook Marketplace — Now the Gig Earns Over $500,000 a Month

I have built a reputation with my followers, so they know that what I’m promoting to them is a good product. I share real-life reviews of products I love, and I post consistently.

In 2023, I started using the influencer marketing platform Mavely to create shoppable affiliate links to share with my followers. Mavely has played a huge role in my success because it’s expanded my ability to earn commissions from different online retailers that my followers love, with hundreds of brand partners to choose from.

What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
Online algorithms, most definitely! It’s challenging to see that one post will reach 500,000 people while another will only reach 2,500. That’s been a challenge to work through, so my followers still see what I post.

In addition to posting on Facebook, I have an email list where I will highlight a few amazing steals of the day. I also sometimes link in my Instagram stories.

Related: This Former Stay-at-Home Mom Started a ‘Zero Experience’ Side Hustle That’s Earned Over $500,000 — and She Doesn’t Work More Than 1 Hour a Day

How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
In the beginning, I was consistently making $100-150 a month. It wasn’t until 2019 that it started getting into four and five figures. To date, I average $14,000 a month. My biggest month, I earned almost $30,000, and my lowest (recently) was $8,900.

What do you enjoy most about this business?
The flexibility! I can leave on vacation tomorrow if I want to, and I only have to make sure my laptop is with me so I can still work. I have been able to work in the middle of the ocean, from a resort in the Maldives and flying high in the air as I travel.

Related: This Mom Started a Side Hustle After a ‘Shocking’ Realization in the Toy Aisle. Her Product Was in Macy’s Within the Year — Seeing Nearly $350,000 in Sales.

What’s your advice for others hoping to start successful side hustles or businesses of their own?
Just start, and don’t be afraid to reassess your game plan regularly. You will have days when you succeed and others where you absolutely fail, but as long as you keep trying, you will find what works for you. Success also does not happen overnight. You need patience — and a lot of it!

California’s recent legislation to increase the minimum wage for fast food workers to $20 has stirred significant debate. While the intent behind the law is to improve the livelihoods of employees in one of the state’s largest industries, it has also led to several challenges for franchise owners.

Supporters of the wage hike argue that it addresses long-standing inequities and recognizes the essential role fast food workers played during the pandemic. They claim that higher wages will enhance the living standards for these workers, a significant portion of whom are women and adults over the age of 27, contrary to the common perception of the fast food workforce as predominantly young and inexperienced.

While it sets a new benchmark for labor rights and economic policy, it also introduces several challenges for franchise owners who must adapt to the increased labor costs. Here are some of the key ways this new minimum wage is impacting fast food franchises across California.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

1. Increased operational costs

One of the most immediate impacts of the new minimum wage law is the rise in operational costs for franchises. Fast food restaurants operate on thin profit margins, and the mandated wage increase means that franchise owners must allocate a larger portion of their revenue to payroll. This can be particularly challenging for smaller franchises that do not have the same financial cushion as larger chains.

2. Price increases

To offset the higher labor costs, many franchises have increased menu prices. This, however, can lead to a decrease in customer demand, as higher prices may drive customers to seek cheaper alternatives. The delicate balance between maintaining profitability and keeping prices competitive is becoming increasingly difficult for franchise owners.

Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.

3. Reduction in workforce

In an effort to manage costs, some franchises have had to reduce their workforce. This often means fewer employees working longer hours, which can lead to burnout and reduced service quality. In fact, two major Pizza Hut franchisees in California laid off 1,200 delivery drivers earlier this year in anticipation of the wage hike.

4. Cutbacks on hours and benefits

Another way franchises are coping with increased wages is by cutting back on employee hours and reducing benefits. This strategy helps manage payroll expenses but can have negative consequences for workers who rely on stable hours and benefits such as health insurance. Reduced hours can also lead to higher turnover rates, as employees seek more stable employment elsewhere.

Related: From Coding to Creole Cooking — Here Are 5 Inspiring Success Stories of Black-Owned Businesses

5. Investment in automation

Faced with higher labor costs, some franchises are turning to automation to reduce their reliance on human workers. Self-service kiosks, automated kitchen equipment, and other technologies can help mitigate wage increases but require significant upfront investment. Moreover, automation can lead to job losses, further exacerbating the employment challenges within the industry.

6. Economic ripple effects

The increase in wages can have broader economic implications, affecting suppliers, landlords, and other businesses that interact with fast food franchises. Higher operating costs for franchises may lead to cost-cutting measures in other areas, such as negotiating lower prices with suppliers or seeking reduced rents. These ripple effects can impact the wider business ecosystem, leading to economic adjustments across various sectors.

Related: Here’s How to Save on Fast Food This Summer — And Even Score Some for Free

The bottom line

While the new minimum wage law aims to provide better wages for fast food workers, it presents significant challenges for franchise owners. Increased operational costs, price hikes, workforce reductions, investment in automation, and competitive disadvantages are just some of the ways franchises are being affected.

The law’s long-term impact on the fast food industry and the broader California economy remains to be seen, but it is clear that franchise owners must navigate a complex landscape to remain viable.

Lauren Sánchez shared how she and fiancé Jeff Bezos approach philanthropy in a new interview — and she said that one thing “people don’t really know” about Bezos is that he put an 8-floor, 63,000-square-foot homeless shelter inside an Amazon office building in Seattle.

The Hollywood Reporter released a conversation between Sánchez and Eva Longoria on Tuesday. Longoria asked Sánchez about her and Bezos’s approach to philanthropy, and Sánchez stated that “Jeff is extremely focused, as you can imagine.”

Related: Lauren Sánchez Is Heading to Space on a Girls Trip

“We really look for organizations that are not only addressing urgent issues but also have a clear, impactful plan for making a difference,” Sánchez said.

Longoria and Sánchez have been friends for 20 years, with Longoria winning $50 million through the Bezos Courage and Civility Award in March.

Sánchez emphasized the $10 billion Bezos Earth Fund, which focuses on climate-related innovation, nature restoration, and climate justice. She also noted Amazon’s collaboration with Mary’s Place, an organization that helps support homeless families.

“One thing that Jeff did with Mary’s Place is he put the homeless shelter inside Amazon’s offices in Seattle which is incredible,” Sánchez said. “I know. It’s crazy that people don’t really know about this that much.”

Related: Bezos Earth Fund Is Donating $100 Million to Groups Using AI to Help Combat Climate Change

Amazon employees just have to go downstairs to volunteer their time at the shelter, Sánchez added.

^{Jeff Bezos and Lauren Sanchez. (Photo by Yui Mok/PA Images via Getty Images)}

Amazon opened the shelter in May 2020, with space for up to 200 people every night. The facility has a health clinic, kitchen and dining areas, playrooms for children, and office space so Amazon’s legal team can offer legal help.

Related: At 16, She Was a Homeless Single Mom With Serious Talent. Now, Her Business Brings in Millions.

The shelter is kept private from Amazon offices through separate entrances.

Amazon reported that in 2020, the center provided more than 85 families with emergency housing.

Bezos has posted about the shelter on social media. In April 2021, for example, he posted a video of him and Sánchez taking Washington State Governor Jay Inslee through a tour of the facility.

According to the Bloomberg Billionaires Index at the time of writing, Bezos is the second richest person in the world with a net worth of $221 billion. Sánchez has a net worth of $30 million, per Prestige.

Jim Keller, an engineer who has worked at AMD, Apple, and Tesla and is now CEO of an AI chip startup taking on Nvidia, says that Nvidia is “becoming the IBM of the AI era.”

On a Sunday podcast episode of DemystifySci, Keller brought up Nvidia’s AI chips and called attention to companies like Microsoft and Google that are using Nvidia’s technology to power their own innovations.

“All the big tech companies are in an arms race and they’re all calling Nvidia,” Keller said.

Related: Nvidia CEO Jensen Huang Turned Down a Merger Offer in the Company’s Early Days, According to Insiders. Here’s Why.

Keller, who now leads the $2 billion AI chip startup Tenstorrent, which has funding from Samsung and Hyundai, stated that Nvidia currently has “the best processors by functionality.”

He then said that Nvidia is “slowly becoming the IBM of the AI era,” adding, “We’ll see how that goes. I run an AI tech company so I have opinions about that too.”

^{Jim Keller, chief executive officer of Tenstorrent. Photographer: SeongJoon Cho/Bloomberg via Getty Images}

Nvidia is now the industry leader for AI chips, with over 80% of the market share. It benefits from a first-mover advantage in AI computing; Nvidia claims to have started investing in AI and machine learning development starting in 2006.

Related: Employees Who Worked at This Company for the Past 5 Years Are Now Multi-Millionaires in ‘Semi-Retirement’

IBM, too, could be considered a first mover in the PC market. Though IBM did not invent the PC, the company’s 1981 personal desktop opened computers up to a broader audience and generated $1 billion in revenue in its first year.

IBM “set a technology standard” with its first PC, according to IEEE Spectrum.

Keller has previously weighed in on the cost of AI chips, both from Nvidia and from ChatGPT-maker OpenAI, which currently uses Nvidia’s chips. He claimed in April that Nvidia could have cut research and development costs and in February that he could build AI processors for all workloads and AI companies at one-eighth of the cost suggested by OpenAI CEO Sam Altman.

Nvidia CEO Jensen Huang said in March that its next-generation AI chip would cost more than $30,000.

Related: Here’s How Much Investing $10,000 in Nvidia When It Went Public Would Be Worth Now