I think where is the opportunity the opportunity lie always lies in the place
opportunity lie always lies in the place
opportunity lie always lies in the place where people complain some people sit
where people complain some people sit
where people complain some people sit there complained you think if I can
there complained you think if I can
there complained you think if I can solve that complaint that’s the
solve that complaint that’s the
solve that complaint that’s the opportunity
opportunity
opportunity [Music]
[Music]
[Music] generally speaking you should resist the
generally speaking you should resist the
generally speaking you should resist the temptation of having too many features
temptation of having too many features
temptation of having too many features it’s all about either solving a problem
it’s all about either solving a problem
it’s all about either solving a problem or providing a value to a user if you
or providing a value to a user if you
or providing a value to a user if you have to decide if you’re going to be a
have to decide if you’re going to be a
have to decide if you’re going to be a slow growth company or get big fast
slow growth company or get big fast
slow growth company or get big fast company because any time you try to
company because any time you try to
company because any time you try to straddle those two lines painful things
straddle those two lines painful things
straddle those two lines painful things happen to you and I can’t stress this
happen to you and I can’t stress this
happen to you and I can’t stress this enough choosing your partners
enough choosing your partners
enough choosing your partners it’s got to be maybe the most important
it’s got to be maybe the most important
it’s got to be maybe the most important decision you’ll ever make whether you
decision you’ll ever make whether you
decision you’ll ever make whether you know personally and love or otherwise in
know personally and love or otherwise in
know personally and love or otherwise in business you can change your idea you
business you can change your idea you
business you can change your idea you can pivot your company you can’t change
can pivot your company you can’t change
can pivot your company you can’t change your partners without starting over and
your partners without starting over and
your partners without starting over and so actually so many people rushing into
so actually so many people rushing into
so actually so many people rushing into these relationships I mean you should
these relationships I mean you should
these relationships I mean you should really give that a lot of thought this
really give that a lot of thought this
really give that a lot of thought this is something that hopefully will last
is something that hopefully will last
is something that hopefully will last years don’t solicit feedback on your
years don’t solicit feedback on your
years don’t solicit feedback on your product your idea or your business just
product your idea or your business just
product your idea or your business just for validation purposes be really
for validation purposes be really
for validation purposes be really careful about that
careful about that
careful about that you want to tell the people that can
you want to tell the people that can
you want to tell the people that can help move your idea forward but if
help move your idea forward but if
help move your idea forward but if you’re just looking to your friend
you’re just looking to your friend
you’re just looking to your friend co-worker husband wife for validation be
co-worker husband wife for validation be
co-worker husband wife for validation be careful because out of love and concern
careful because out of love and concern
careful because out of love and concern a lot of people will express some
a lot of people will express some
a lot of people will express some concerns and it can stop a lot of
concerns and it can stop a lot of
concerns and it can stop a lot of multi-million dollar ideas right in
multi-million dollar ideas right in
multi-million dollar ideas right in their tracks in the beginning
and if you’re really trying to achieve
and if you’re really trying to achieve something than so to say okay here’s my
something than so to say okay here’s my
something than so to say okay here’s my vision and I’d like to say be obstinate
vision and I’d like to say be obstinate
vision and I’d like to say be obstinate about your vision but be really flexible
about your vision but be really flexible
about your vision but be really flexible about your tactics what does that mean
about your tactics what does that mean
about your tactics what does that mean it’s sort of like think big act small
it’s sort of like think big act small
it’s sort of like think big act small what that means is it’s important to
what that means is it’s important to
what that means is it’s important to have a vision of where you’re trying to
have a vision of where you’re trying to
have a vision of where you’re trying to go how you get there is the series of
go how you get there is the series of
go how you get there is the series of experiment now you can call them
experiment now you can call them
experiment now you can call them failures when they don’t work but
failures when they don’t work but
failures when they don’t work but they’re learning experiments where you
they’re learning experiments where you
they’re learning experiments where you try things see what works try the next
try things see what works try the next
try things see what works try the next thing
everybody thought we were crazy we
everybody thought we were crazy we probably were crazy but having a dream
probably were crazy but having a dream
probably were crazy but having a dream like that that resonates with people
like that that resonates with people
like that that resonates with people changing the world achieving something
changing the world achieving something
changing the world achieving something big it turns out that’s what pulls you
big it turns out that’s what pulls you
big it turns out that’s what pulls you through the hard times every company has
through the hard times every company has
through the hard times every company has a heart as hard times every company has
a heart as hard times every company has
a heart as hard times every company has setbacks and it’s having that that that
setbacks and it’s having that that that
setbacks and it’s having that that that mountain in the distance that you’re
mountain in the distance that you’re
mountain in the distance that you’re trying to scale that is what gets
trying to scale that is what gets
trying to scale that is what gets everybody through we need to focus on
everybody through we need to focus on
everybody through we need to focus on solutions like ideas all of us here are
solutions like ideas all of us here are
solutions like ideas all of us here are really creative and did some of this
really creative and did some of this
really creative and did some of this loads of ideas throughout the day and we
loads of ideas throughout the day and we
loads of ideas throughout the day and we become really excited about that
become really excited about that
become really excited about that let’s do we should start a company
let’s do we should start a company
let’s do we should start a company around that so that when you actually go
around that so that when you actually go
around that so that when you actually go to the other side where you talk to over
to the other side where you talk to over
to the other side where you talk to over you you know find out what someone
you you know find out what someone
you you know find out what someone actually a problem a problem that they
actually a problem a problem that they
actually a problem a problem that they have installed that is is when you know
have installed that is is when you know
have installed that is is when you know real value comes out I would say that
real value comes out I would say that
real value comes out I would say that the lesson learned for me to anybody
the lesson learned for me to anybody
the lesson learned for me to anybody else out there interested in starting a
else out there interested in starting a
else out there interested in starting a business is please find something you’re
business is please find something you’re
business is please find something you’re passionate about because it’s so much
passionate about because it’s so much
passionate about because it’s so much work it’s so much time it’s so much
work it’s so much time it’s so much
work it’s so much time it’s so much effort but if the subject matter is
effort but if the subject matter is
effort but if the subject matter is something that you you genuinely love to
something that you you genuinely love to
something that you you genuinely love to be involved with it’s it’s not going to
be involved with it’s it’s not going to
be involved with it’s it’s not going to be that big of a drag and it’s not going
be that big of a drag and it’s not going
be that big of a drag and it’s not going to be that big much work it’s going to
to be that big much work it’s going to
to be that big much work it’s going to be incredibly exciting and rewarding
be incredibly exciting and rewarding
be incredibly exciting and rewarding because to your point you’ll feel like
because to your point you’ll feel like
because to your point you’ll feel like you’re living your the life that you’re
you’re living your the life that you’re
you’re living your the life that you’re meant to live we get to create any
meant to live we get to create any
meant to live we get to create any company we want right we get to create
company we want right we get to create
company we want right we get to create the reason for its existence we get to
the reason for its existence we get to
the reason for its existence we get to create the rules the game and who we
create the rules the game and who we
create the rules the game and who we hire and how we hire them and who can
hire and how we hire them and who can
hire and how we hire them and who can stay and who can’t stay it’s beautiful
stay and who can’t stay it’s beautiful
stay and who can’t stay it’s beautiful and so I just would encourage everyone
and so I just would encourage everyone
and so I just would encourage everyone that as we all contemplate life to try
that as we all contemplate life to try
that as we all contemplate life to try to question the assumptions that we live
to question the assumptions that we live
to question the assumptions that we live by and the default options that are
by and the default options that are
by and the default options that are given to us and expand our thinking to
given to us and expand our thinking to
given to us and expand our thinking to wonder what we really can’t do with our
wonder what we really can’t do with our
wonder what we really can’t do with our lives
so today you should think okay my
so today you should think okay my co-founders do we do we cover a lot of
co-founders do we do we cover a lot of
co-founders do we do we cover a lot of surface area do we have different skill
surface area do we have different skill
surface area do we have different skill sets and is it somebody that that I
sets and is it somebody that that I
sets and is it somebody that that I trust fundamentally and that’s those are
trust fundamentally and that’s those are
trust fundamentally and that’s those are really really really important questions
really really really important questions
really really really important questions to ask yourself because it’s so they
to ask yourself because it’s so they
to ask yourself because it’s so they give a really strong foundation to go
give a really strong foundation to go
give a really strong foundation to go forward if you’re going to start your
forward if you’re going to start your
forward if you’re going to start your own thing you know maybe you have a
own thing you know maybe you have a
own thing you know maybe you have a grand grand vision of like all the
grand grand vision of like all the
grand grand vision of like all the different features it’s going to have
different features it’s going to have
different features it’s going to have all the different you know revenue lines
all the different you know revenue lines
all the different you know revenue lines you’re going to do and you know keep
you’re going to do and you know keep
you’re going to do and you know keep keep that vision but do one piece of
keep that vision but do one piece of
keep that vision but do one piece of that first and do it really really
that first and do it really really
that first and do it really really really well it’s so much better to do a
really well it’s so much better to do a
really well it’s so much better to do a few things well than many things poorly
people really love simplicity so if you
people really love simplicity so if you look at the problems with large software
look at the problems with large software
look at the problems with large software like Microsoft Office every feature in
like Microsoft Office every feature in
like Microsoft Office every feature in Microsoft Office somebody wanted at some
Microsoft Office somebody wanted at some
Microsoft Office somebody wanted at some time but what happens is over 10 or 20
time but what happens is over 10 or 20
time but what happens is over 10 or 20 years the thing gets so huge it’s
years the thing gets so huge it’s
years the thing gets so huge it’s overwhelming so the discipline of great
overwhelming so the discipline of great
overwhelming so the discipline of great product design is to figure out what are
product design is to figure out what are
product design is to figure out what are the important cases for the long term
the important cases for the long term
the important cases for the long term and to have the discipline to say no to
and to have the discipline to say no to
and to have the discipline to say no to some things that are good it’s easy to
some things that are good it’s easy to
some things that are good it’s easy to say no to things that are bad but great
say no to things that are bad but great
say no to things that are bad but great product design is saying no to some
product design is saying no to some
product design is saying no to some things that are good
and I find even with myself that it’s
and I find even with myself that it’s really hard to do a Minimum Viable
really hard to do a Minimum Viable
really hard to do a Minimum Viable Product as minimum that you’re
Product as minimum that you’re
Product as minimum that you’re constantly thinking no no it really has
constantly thinking no no it really has
constantly thinking no no it really has to have this other partner really has to
to have this other partner really has to
to have this other partner really has to have this and then you over build and
have this and then you over build and
have this and then you over build and then you have to unbilled and rebuild
then you have to unbilled and rebuild
then you have to unbilled and rebuild which is very disappointing so doing a
which is very disappointing so doing a
which is very disappointing so doing a Minimum Viable Product is really
Minimum Viable Product is really
Minimum Viable Product is really important and it’s even more minimum
important and it’s even more minimum
important and it’s even more minimum than you think it is you can’t ever sort
than you think it is you can’t ever sort
than you think it is you can’t ever sort of balance two completely contradictory
of balance two completely contradictory
of balance two completely contradictory things as a means of hedging you have to
things as a means of hedging you have to
things as a means of hedging you have to decide what are you going to believe in
decide what are you going to believe in
decide what are you going to believe in and put all of your energy behind that
and put all of your energy behind that
and put all of your energy behind that and that’s that’s the those are the
and that’s that’s the those are the
and that’s that’s the those are the kinds of strategic decisions and
kinds of strategic decisions and
kinds of strategic decisions and trade-offs that you make every day as an
trade-offs that you make every day as an
trade-offs that you make every day as an entrepreneur and it’s important that you
entrepreneur and it’s important that you
entrepreneur and it’s important that you create the level of clarity and
create the level of clarity and
create the level of clarity and conviction to go after an opportunity
conviction to go after an opportunity
conviction to go after an opportunity that isn’t hedging you know lots of
that isn’t hedging you know lots of
that isn’t hedging you know lots of different ideas or lots of different
different ideas or lots of different
different ideas or lots of different approaches because that’s the surest way
approaches because that’s the surest way
approaches because that’s the surest way that you’ll never be good at sort of
that you’ll never be good at sort of
that you’ll never be good at sort of anything so there are a number of
anything so there are a number of
anything so there are a number of decisions that we make every day and on
decisions that we make every day and on
decisions that we make every day and on a product side there are billion
a product side there are billion
a product side there are billion different features that we could make so
different features that we could make so
different features that we could make so the hard part is really choosing which
the hard part is really choosing which
the hard part is really choosing which ones to focus on which ones to build and
ones to focus on which ones to build and
ones to focus on which ones to build and you only have a finite number that you
you only have a finite number that you
you only have a finite number that you can actually execute on so for us a lot
can actually execute on so for us a lot
can actually execute on so for us a lot of it is just listening to the community
of it is just listening to the community
of it is just listening to the community and more importantly understanding you
and more importantly understanding you
and more importantly understanding you know what features they’re asking for
know what features they’re asking for
know what features they’re asking for but why are they asking for these
but why are they asking for these
but why are they asking for these specific things what’s the root problem
specific things what’s the root problem
specific things what’s the root problem they’re trying to solve or Golden’s are
they’re trying to solve or Golden’s are
they’re trying to solve or Golden’s are trying to achieve and a lot of that is
trying to achieve and a lot of that is
trying to achieve and a lot of that is based on actual behaviors so not just
based on actual behaviors so not just
based on actual behaviors so not just what they say but what they do
you’re really trying to solve a new
you’re really trying to solve a new problem in a different way you have to
problem in a different way you have to
problem in a different way you have to come to problems with beginner’s mind
come to problems with beginner’s mind
come to problems with beginner’s mind right not knowing something can be a
right not knowing something can be a
right not knowing something can be a very powerful tool in to accomplishing
very powerful tool in to accomplishing
very powerful tool in to accomplishing it because you don’t know that it’s not
it because you don’t know that it’s not
it because you don’t know that it’s not possible that’s what doing a startup is
possible that’s what doing a startup is
possible that’s what doing a startup is not realizing that something is
not realizing that something is
not realizing that something is impossible in doing it anyway because if
impossible in doing it anyway because if
impossible in doing it anyway because if you build something for yourself you
you build something for yourself you
you build something for yourself you build something that you love but you
build something that you love but you
build something that you love but you think it’s efficiently happening if you
think it’s efficiently happening if you
think it’s efficiently happening if you make something that you love there’s
make something that you love there’s
make something that you love there’s probably not a billion people in the
probably not a billion people in the
probably not a billion people in the world that love as well
and what the leaders look like first and
and what the leaders look like first and foremost leaders always have a herd
foremost leaders always have a herd
foremost leaders always have a herd people always like following leaders
people always like following leaders
people always like following leaders maybe it’s their charisma maybe it’s
maybe it’s their charisma maybe it’s
maybe it’s their charisma maybe it’s their personality maybe it’s because
their personality maybe it’s because
their personality maybe it’s because they’re so in belief of what they say
they’re so in belief of what they say
they’re so in belief of what they say that you have the ability to convince
that you have the ability to convince
that you have the ability to convince people to buy into your vision not just
people to buy into your vision not just
people to buy into your vision not just for a paycheck it’s something more than
for a paycheck it’s something more than
for a paycheck it’s something more than that because great leaders they don’t we
that because great leaders they don’t we
that because great leaders they don’t we have a herd they fight for the herd and
have a herd they fight for the herd and
have a herd they fight for the herd and the herd knows that that’s your job as
the herd knows that that’s your job as
the herd knows that that’s your job as entrepreneurs these are not employees
entrepreneurs these are not employees
entrepreneurs these are not employees that do your bidding
that do your bidding
that do your bidding these are partners that you should bring
these are partners that you should bring
these are partners that you should bring into your space and you should be
into your space and you should be
into your space and you should be treated like that and they should be
treated like that and they should be
treated like that and they should be treated like that with respect and with
treated like that with respect and with
treated like that with respect and with dignity
larger more established entities can’t
larger more established entities can’t move as quickly as you can and success
move as quickly as you can and success
move as quickly as you can and success and scale and size all fight against
and scale and size all fight against
and scale and size all fight against this and I would encourage you for the
this and I would encourage you for the
this and I would encourage you for the longest possible time as you sort of
longest possible time as you sort of
longest possible time as you sort of start your own companies to look for
start your own companies to look for
start your own companies to look for ways to stay agile values are who you
ways to stay agile values are who you
ways to stay agile values are who you are or you don’t have personal values
are or you don’t have personal values
are or you don’t have personal values professional values it’s really what you
professional values it’s really what you
professional values it’s really what you stand for and again there’s no black and
stand for and again there’s no black and
stand for and again there’s no black and white answer here there’s no right or
white answer here there’s no right or
white answer here there’s no right or wrong value but if you’re building a
wrong value but if you’re building a
wrong value but if you’re building a team or building an organization you
team or building an organization you
team or building an organization you want to understand your identity and
want to understand your identity and
want to understand your identity and then it mostly impacts hiring it impacts
then it mostly impacts hiring it impacts
then it mostly impacts hiring it impacts the way that you decide to add people to
the way that you decide to add people to
the way that you decide to add people to your team otherwise you can become very
your team otherwise you can become very
your team otherwise you can become very very split in terms of what your mission
very split in terms of what your mission
very split in terms of what your mission is so it’s about this movement forward
is so it’s about this movement forward
is so it’s about this movement forward now what you own not your education or
now what you own not your education or
now what you own not your education or your pedigree not pile of resources you
your pedigree not pile of resources you
your pedigree not pile of resources you might have at hand not your network just
might have at hand not your network just
might have at hand not your network just going after this thing and knowing that
going after this thing and knowing that
going after this thing and knowing that as you do that you’ll find what you need
as you do that you’ll find what you need
as you do that you’ll find what you need you’ll make your way over around and
you’ll make your way over around and
you’ll make your way over around and through and I think the best
through and I think the best
through and I think the best entrepreneurs that I’ve met are able to
entrepreneurs that I’ve met are able to
entrepreneurs that I’ve met are able to do that because they have the strong
do that because they have the strong
do that because they have the strong vision and they know that it’s worth it
vision and they know that it’s worth it
vision and they know that it’s worth it to keep moving forward if you’re going
to keep moving forward if you’re going
to keep moving forward if you’re going to have a breakout startup really going
to have a breakout startup really going
to have a breakout startup really going to think about how you can innovate on
to think about how you can innovate on
to think about how you can innovate on distribution not just product right
distribution not just product right
distribution not just product right and the biggest mistake I see these days
and the biggest mistake I see these days
and the biggest mistake I see these days that I see brilliant sort of founders
that I see brilliant sort of founders
that I see brilliant sort of founders who are brilliant product people and
who are brilliant product people and
who are brilliant product people and they’ve really thought about their
they’ve really thought about their
they’ve really thought about their product and really thought about how
product and really thought about how
product and really thought about how they’re going to make it work and then
they’re going to make it work and then
they’re going to make it work and then they launch their product and it’s like
they launch their product and it’s like
they launch their product and it’s like crickets chirping no one no one’s using
crickets chirping no one no one’s using
crickets chirping no one no one’s using it and they’re kind of flummoxed as to
it and they’re kind of flummoxed as to
it and they’re kind of flummoxed as to what to do they’ve never really spent
what to do they’ve never really spent
what to do they’ve never really spent time thinking about it and they just
time thinking about it and they just
time thinking about it and they just kind of assume that it hey if you build
kind of assume that it hey if you build
kind of assume that it hey if you build a good product everyone’s going to find
a good product everyone’s going to find
a good product everyone’s going to find it and the reality is it’s a big let out
it and the reality is it’s a big let out
it and the reality is it’s a big let out there and that’s not really true
you know I think what I see right now is
you know I think what I see right now is people wrap up their sense of success
people wrap up their sense of success
people wrap up their sense of success and identity with their profits and
and identity with their profits and
and identity with their profits and fundraising and comparing themselves
fundraising and comparing themselves
fundraising and comparing themselves against how their peers are doing I
against how their peers are doing I
against how their peers are doing I think that’s really the wrong way to
think that’s really the wrong way to
think that’s really the wrong way to look at things and it needs to kind of
look at things and it needs to kind of
look at things and it needs to kind of non optimal health for instance I don’t
non optimal health for instance I don’t
non optimal health for instance I don’t know if the valuations that companies
know if the valuations that companies
know if the valuations that companies are getting today is necessarily healthy
are getting today is necessarily healthy
are getting today is necessarily healthy for the company themselves and for us
for the company themselves and for us
for the company themselves and for us again
again
again you know our inability to raise capital
you know our inability to raise capital
you know our inability to raise capital actually forced us to be very
actually forced us to be very
actually forced us to be very disciplined in how we think about the
disciplined in how we think about the
disciplined in how we think about the operational metrics of the company and
operational metrics of the company and
operational metrics of the company and that’s allowed us to you know be pretty
that’s allowed us to you know be pretty
that’s allowed us to you know be pretty successful so you know the most
successful so you know the most
successful so you know the most important thing you can actually advise
important thing you can actually advise
important thing you can actually advise yourself or anyone else nor your
yourself or anyone else nor your
yourself or anyone else nor your mistakes what is your problem
mistakes what is your problem
mistakes what is your problem you’re good at some things just go to
you’re good at some things just go to
you’re good at some things just go to that the number one thing you didn’t
that the number one thing you didn’t
that the number one thing you didn’t worry about is am i doing
for somebody aspiring to you know take
for somebody aspiring to you know take things to the next level or to even
things to the next level or to even
things to the next level or to even surpass their wildest dreams there’s
surpass their wildest dreams there’s
surpass their wildest dreams there’s always gonna have to be an element of
always gonna have to be an element of
always gonna have to be an element of luck but I think more important is
luck but I think more important is
luck but I think more important is putting yourself in a business that can
putting yourself in a business that can
putting yourself in a business that can be ubiquitous that can that really
be ubiquitous that can that really
be ubiquitous that can that really doesn’t have limits because otherwise
doesn’t have limits because otherwise
doesn’t have limits because otherwise there’s always going to be a grind to it
there’s always going to be a grind to it
there’s always going to be a grind to it but if the business if it can’t be
but if the business if it can’t be
but if the business if it can’t be something that you can visualize every
something that you can visualize every
something that you can visualize every business using or every consumer using
business using or every consumer using
business using or every consumer using it’s going to be tough to scale to be
it’s going to be tough to scale to be
it’s going to be tough to scale to be big enough or they have the perceived
big enough or they have the perceived
big enough or they have the perceived value the two things we really zero in
value the two things we really zero in
value the two things we really zero in on a people are you know two things they
on a people are you know two things they
on a people are you know two things they sound simple they end up being very
sound simple they end up being very
sound simple they end up being very difficult courage and genius courage is
difficult courage and genius courage is
difficult courage and genius courage is the one we talk about a lot because it’s
the one we talk about a lot because it’s
the one we talk about a lot because it’s the one that people can learn you know
the one that people can learn you know
the one that people can learn you know courage courage which is to say not
courage courage which is to say not
courage courage which is to say not giving up in the face of adversity you
giving up in the face of adversity you
giving up in the face of adversity you know just being absolutely determined to
know just being absolutely determined to
know just being absolutely determined to succeed you know is something that you
succeed you know is something that you
succeed you know is something that you can you can like force yourself to do it
can you can like force yourself to do it
can you can like force yourself to do it could be very painful you can force
could be very painful you can force
could be very painful you can force yourself to do it the genius part is a
yourself to do it the genius part is a
yourself to do it the genius part is a little bit hard to force yourself to do
little bit hard to force yourself to do
little bit hard to force yourself to do you know courage without genius might
you know courage without genius might
you know courage without genius might not get you where you need to go but
not get you where you need to go but
not get you where you need to go but genius without courage almost certainly
genius without courage almost certainly
genius without courage almost certainly won’t
won’t
won’t I think that’s hope you always have to
I think that’s hope you always have to
I think that’s hope you always have to ask them say do you believe in the
ask them say do you believe in the
ask them say do you believe in the context of what you’re doing you can
context of what you’re doing you can
context of what you’re doing you can leave that there’s really they’re there
leave that there’s really they’re there
leave that there’s really they’re there I think you forgot to write a product
I think you forgot to write a product
I think you forgot to write a product package or light way to reach users and
package or light way to reach users and
package or light way to reach users and you can leave that then you know keep
you can leave that then you know keep
you can leave that then you know keep scrapping because usually goes away
if you don’t love it you won’t make it
if you don’t love it you won’t make it through the long period of pain that is
through the long period of pain that is
through the long period of pain that is inevitable so make sure that you take
inevitable so make sure that you take
inevitable so make sure that you take care of yourself during the process make
care of yourself during the process make
care of yourself during the process make sure that you take care of your mental
sure that you take care of your mental
sure that you take care of your mental health your physical health while you’re
health your physical health while you’re
health your physical health while you’re doing it because a long road it also
doing it because a long road it also
doing it because a long road it also makes the biggest thing and I still
makes the biggest thing and I still
makes the biggest thing and I still built them from the thirds and majority
built them from the thirds and majority
built them from the thirds and majority of my time I’m tiring nothing has the
of my time I’m tiring nothing has the
of my time I’m tiring nothing has the impact of the right people around the
impact of the right people around the
impact of the right people around the bases and you can’t manage your way out
bases and you can’t manage your way out
bases and you can’t manage your way out of a bad team so many things go wrong
of a bad team so many things go wrong
of a bad team so many things go wrong when you’re starting a company and often
when you’re starting a company and often
when you’re starting a company and often nothing people ask you know what
nothing people ask you know what
nothing people ask you know what mistakes should you avoid making and you
mistakes should you avoid making and you
mistakes should you avoid making and you know my answer the question is don’t
know my answer the question is don’t
know my answer the question is don’t even bother trying to avoid mistakes
even bother trying to avoid mistakes
even bother trying to avoid mistakes because you’re going to make tons of
because you’re going to make tons of
because you’re going to make tons of these things right and the the important
these things right and the the important
these things right and the the important thing is actually learning quickly from
thing is actually learning quickly from
thing is actually learning quickly from whatever mistakes you make and not
whatever mistakes you make and not
whatever mistakes you make and not giving up right and I mean there are
giving up right and I mean there are
giving up right and I mean there are things every single year of Facebook’s
things every single year of Facebook’s
things every single year of Facebook’s existence that could have killed us are
existence that could have killed us are
existence that could have killed us are made it so that it just seemed like
made it so that it just seemed like
made it so that it just seemed like moving forward and making a lot of
moving forward and making a lot of
moving forward and making a lot of progress just seemed intractable but you
progress just seemed intractable but you
progress just seemed intractable but you just kind of bounce back and you learn
just kind of bounce back and you learn
just kind of bounce back and you learn and nothing is impossible you just have
and nothing is impossible you just have
and nothing is impossible you just have to kind of keep running through the
to kind of keep running through the
to kind of keep running through the walls and you can do that in a good way
walls and you can do that in a good way
walls and you can do that in a good way in a bad way but hopefully if you try to
in a bad way but hopefully if you try to
in a bad way but hopefully if you try to get people to motivate why they’re doing
get people to motivate why they’re doing
get people to motivate why they’re doing something and their way of thinking you
something and their way of thinking you
something and their way of thinking you know the worst thing you can end up with
know the worst thing you can end up with
know the worst thing you can end up with it’s a situation where you get told well
it’s a situation where you get told well
it’s a situation where you get told well this is the way it’s always been
this is the way it’s always been
this is the way it’s always been that’s the worst ever that’s a
that’s the worst ever that’s a
that’s the worst ever that’s a non-answer instead ask yourself you know
non-answer instead ask yourself you know
non-answer instead ask yourself you know given everything you have today is there
given everything you have today is there
given everything you have today is there a way we can make this better
people say you have to have a lot of
people say you have to have a lot of passion for what you’re doing and it’s
passion for what you’re doing and it’s
passion for what you’re doing and it’s totally true and the reason is is
totally true and the reason is is
totally true and the reason is is because it’s so hard that if you don’t
because it’s so hard that if you don’t
because it’s so hard that if you don’t any rational person would give up it’s
any rational person would give up it’s
any rational person would give up it’s really hard and you have to do it over a
really hard and you have to do it over a
really hard and you have to do it over a sustained period of time so if you don’t
sustained period of time so if you don’t
sustained period of time so if you don’t love it
love it
love it you’re not having fun doing it you don’t
you’re not having fun doing it you don’t
you’re not having fun doing it you don’t really love it you’re going to give up
see people that look for great ideas to
see people that look for great ideas to make money are nearly as successful as
make money are nearly as successful as
make money are nearly as successful as those who say okay what I really love to
those who say okay what I really love to
those who say okay what I really love to do what am i excited about what I know
do what am i excited about what I know
do what am i excited about what I know something about you know what’s kind of
something about you know what’s kind of
something about you know what’s kind of interesting and compelling it’s very
interesting and compelling it’s very
interesting and compelling it’s very rewarding if you let them something make
rewarding if you let them something make
rewarding if you let them something make the difference and yeah it’s a little
the difference and yeah it’s a little
the difference and yeah it’s a little bit harder but I think I think the
bit harder but I think I think the
bit harder but I think I think the passion that one might bring with it
passion that one might bring with it
passion that one might bring with it brings so much more energy to that that
brings so much more energy to that that
brings so much more energy to that that you’re more likely to speed
you’re more likely to speed
you’re more likely to speed [Music]
[Music]
[Music] you have to have an emotional investment
you have to have an emotional investment
you have to have an emotional investment in what you do if you don’t love what
in what you do if you don’t love what
in what you do if you don’t love what you’re doing
you’re doing
you’re doing [Music]
[Music]
[Music] failure is pretty much guaranteed
failure is pretty much guaranteed
failure is pretty much guaranteed success is not guaranteed by any means
success is not guaranteed by any means
success is not guaranteed by any means but failure is much more likely if you
but failure is much more likely if you
but failure is much more likely if you don’t love what you do if you know
don’t love what you do if you know
don’t love what you do if you know exactly what you want to be you need to
exactly what you want to be you need to
exactly what you want to be you need to spend as much time with people that are
spend as much time with people that are
spend as much time with people that are actually that already do something
actually that already do something
actually that already do something you’re very passionate about and don’t
you’re very passionate about and don’t
you’re very passionate about and don’t try to chase what is kind of the hot
try to chase what is kind of the hot
try to chase what is kind of the hot passion of the day and so when we’re
passion of the day and so when we’re
passion of the day and so when we’re coming up with ideas you know we always
coming up with ideas you know we always
coming up with ideas you know we always ask ourselves what kind of new market is
ask ourselves what kind of new market is
ask ourselves what kind of new market is this creating and then also what what
this creating and then also what what
this creating and then also what what part of my day and and what problem is
part of my day and and what problem is
part of my day and and what problem is it solving and so I’ve gone as far as
it solving and so I’ve gone as far as
it solving and so I’ve gone as far as taking an entire catalogue of my day
taking an entire catalogue of my day
taking an entire catalogue of my day from the moment I like open my eyes and
from the moment I like open my eyes and
from the moment I like open my eyes and writing down every single thing I do and
writing down every single thing I do and
writing down every single thing I do and then asking myself like is there
then asking myself like is there
then asking myself like is there something here
if you’re not coming up with 10 ideas a
if you’re not coming up with 10 ideas a day that’s why I have this thing I’m not
day that’s why I have this thing I’m not
day that’s why I have this thing I’m not coming up when I’m filling up this page
coming up when I’m filling up this page
coming up when I’m filling up this page every single day then my idea muscle
every single day then my idea muscle
every single day then my idea muscle will atrophy and I started this in 2001
will atrophy and I started this in 2001
will atrophy and I started this in 2001 and I still do it every single day like
and I still do it every single day like
and I still do it every single day like you have to come up with ideas every
you have to come up with ideas every
you have to come up with ideas every single day or the idea muscle atrophy
single day or the idea muscle atrophy
single day or the idea muscle atrophy the good news is after about six months
the good news is after about six months
the good news is after about six months of doing that you’re like a machine like
of doing that you’re like a machine like
of doing that you’re like a machine like people get surprised at how many ideas
people get surprised at how many ideas
people get surprised at how many ideas you can just have anywhere and so some
you can just have anywhere and so some
you can just have anywhere and so some of the best target advice I got is from
of the best target advice I got is from
of the best target advice I got is from Paul Graham that’s the guy who talked a
Paul Graham that’s the guy who talked a
Paul Graham that’s the guy who talked a lot about some scalable strategies for
lot about some scalable strategies for
lot about some scalable strategies for user acquisition at say for example you
user acquisition at say for example you
user acquisition at say for example you helping each user personally sure that
helping each user personally sure that
helping each user personally sure that means scale as a group with very large
means scale as a group with very large
means scale as a group with very large class size but when the set up is just
class size but when the set up is just
class size but when the set up is just starting out it really helps you have an
starting out it really helps you have an
starting out it really helps you have an advantageous small amended
– just go and do it try learn from it
– just go and do it try learn from it you can I will fail at something that
you can I will fail at something that
you can I will fail at something that the learning community they cannot be
and don’t let people who may respect and
and don’t let people who may respect and believe know what they’re talking about
believe know what they’re talking about
believe know what they’re talking about don’t let your you
don’t let your you
don’t let your you because often they will family can be
because often they will family can be
because often they will family can be done and
done and
done and [Music]
[Music]
[Music] when it comes to changing the world what
when it comes to changing the world what
when it comes to changing the world what I learned from Steve Jobs is if you
I learned from Steve Jobs is if you
I learned from Steve Jobs is if you believe in a Macintosh if you believe in
believe in a Macintosh if you believe in
believe in a Macintosh if you believe in iPhone iPod iPad if you believe enough
iPhone iPod iPad if you believe enough
iPhone iPod iPad if you believe enough then you will see it because other
then you will see it because other
then you will see it because other people will believe in it other people
people will believe in it other people
people will believe in it other people will create software other people will
will create software other people will
will create software other people will create products so you need to foster
create products so you need to foster
create products so you need to foster the belief in what you are dreaming so
the belief in what you are dreaming so
the belief in what you are dreaming so that it becomes a reality which is very
that it becomes a reality which is very
that it becomes a reality which is very different than saying I don’t expect
different than saying I don’t expect
different than saying I don’t expect anybody to believe it until I see it you
anybody to believe it until I see it you
anybody to believe it until I see it you need people to believe it before they
need people to believe it before they
need people to believe it before they can see it don’t necessarily think that
can see it don’t necessarily think that
can see it don’t necessarily think that you have to have the homerun in the huge
you have to have the homerun in the huge
you have to have the homerun in the huge Apple computer on your first start I
Apple computer on your first start I
Apple computer on your first start I spent a long time in my life with skills
spent a long time in my life with skills
spent a long time in my life with skills just building little devices for fun for
just building little devices for fun for
just building little devices for fun for fun is one of the key things is that
fun is one of the key things is that
fun is one of the key things is that drives you to think and think and think
drives you to think and think and think
drives you to think and think and think and make it better and better and better
and make it better and better and better
and make it better and better and better than you ever would if you’re doing it
than you ever would if you’re doing it
than you ever would if you’re doing it for a company build things at first for
for a company build things at first for
for a company build things at first for yourself that you would want the crazy
yourself that you would want the crazy
yourself that you would want the crazy busy
busy
busy you go through initially work day and
you go through initially work day and
you go through initially work day and weekend it’s really hard work I’ve
weekend it’s really hard work I’ve
weekend it’s really hard work I’ve always thought that each person invented
always thought that each person invented
always thought that each person invented himself for whatever reasons through
himself for whatever reasons through
himself for whatever reasons through whatever circumstance through whatever
whatever circumstance through whatever
whatever circumstance through whatever he has gone through that we are each a
he has gone through that we are each a
he has gone through that we are each a figment of our own imagination
figment of our own imagination
figment of our own imagination [Music]
[Music]
[Music] you know I often say this would be 12
you know I often say this would be 12
you know I often say this would be 12 people at the table but and we’re having
people at the table but and we’re having
people at the table but and we’re having a discussion about something and
a discussion about something and
a discussion about something and something may turn up it could be an
something may turn up it could be an
something may turn up it could be an opportunity half the people don’t
opportunity half the people don’t
opportunity half the people don’t recognize this an opportunity a lot of
recognize this an opportunity a lot of
recognize this an opportunity a lot of people are comfortable in what they’re
people are comfortable in what they’re
people are comfortable in what they’re doing they don’t want change people
doing they don’t want change people
doing they don’t want change people actually get into a zone where they’re
actually get into a zone where they’re
actually get into a zone where they’re very comfortable so they don’t like the
very comfortable so they don’t like the
very comfortable so they don’t like the idea of risk so how do you start a
idea of risk so how do you start a
idea of risk so how do you start a business with no money and the worst
business with no money and the worst
business with no money and the worst conditions that your backer doesn’t want
conditions that your backer doesn’t want
conditions that your backer doesn’t want to give you a dime
to give you a dime
to give you a dime what do you do get ready for a lot of
what do you do get ready for a lot of
what do you do get ready for a lot of rejection and at the same exact time do
rejection and at the same exact time do
rejection and at the same exact time do the things others don’t want to do do
the things others don’t want to do do
the things others don’t want to do do what’s necessary do what it takes no
what’s necessary do what it takes no
what’s necessary do what it takes no matter what it is and try not to hurt
matter what it is and try not to hurt
matter what it is and try not to hurt anybody along the way develop the habits
anybody along the way develop the habits
anybody along the way develop the habits you’ve got the brainpower got the energy
you’ve got the brainpower got the energy
you’ve got the brainpower got the energy but develop the habits of success
from day one I just never tried to hide
from day one I just never tried to hide that I was the girl in my apartment with
that I was the girl in my apartment with
that I was the girl in my apartment with the red backpack like this is Who I am
the red backpack like this is Who I am
the red backpack like this is Who I am and I find that people end up rooting
and I find that people end up rooting
and I find that people end up rooting for you and opening more doors if you’re
for you and opening more doors if you’re
for you and opening more doors if you’re really honest early on some people start
really honest early on some people start
really honest early on some people start businesses and try to come across that
businesses and try to come across that
businesses and try to come across that they’re much bigger than they are
they’re much bigger than they are
they’re much bigger than they are because they feel like that’s the only
because they feel like that’s the only
because they feel like that’s the only way they’re going to be taken seriously
way they’re going to be taken seriously
way they’re going to be taken seriously but if you know your products great and
but if you know your products great and
but if you know your products great and you know why you need it you don’t have
you know why you need it you don’t have
you know why you need it you don’t have to apologize for being out of your home
to apologize for being out of your home
to apologize for being out of your home or your apartment or being small I
worked 24 hours a day seven days a week
worked 24 hours a day seven days a week and I kid that’s what I cared about I
and I kid that’s what I cared about I
and I kid that’s what I cared about I cared about solving problems being
cared about solving problems being
cared about solving problems being successful anytime an obstacle presented
successful anytime an obstacle presented
successful anytime an obstacle presented itself I used it to my advantage
itself I used it to my advantage
itself I used it to my advantage made it work and I never heard the word
made it work and I never heard the word
made it work and I never heard the word know if I heard the word no it meant
know if I heard the word no it meant
know if I heard the word no it meant maybe then I made maybe yes in the end
maybe then I made maybe yes in the end
maybe then I made maybe yes in the end luck plays a very important part in how
luck plays a very important part in how
luck plays a very important part in how successful you are but the harder you
successful you are but the harder you
successful you are but the harder you work and the longer you work the luckier
work and the longer you work the luckier
work and the longer you work the luckier you’re going to be
you have the power to just I’m you can
you have the power to just I’m you can sit down you can code something you can
sit down you can code something you can
sit down you can code something you can try it doesn’t matter to you whether
try it doesn’t matter to you whether
try it doesn’t matter to you whether some things it’s a good idea or not
some things it’s a good idea or not
some things it’s a good idea or not because you have the power to go put
because you have the power to go put
because you have the power to go put that on line and you know see whether it
that on line and you know see whether it
that on line and you know see whether it resonates and connects with people stay
resonates and connects with people stay
resonates and connects with people stay focused on on the stuff that that you’re
focused on on the stuff that that you’re
focused on on the stuff that that you’re that you’re providing to your users
that you’re providing to your users
that you’re providing to your users you’re going to make a ton of mistakes
you’re going to make a ton of mistakes
you’re going to make a ton of mistakes it doesn’t matter you don’t get judged
it doesn’t matter you don’t get judged
it doesn’t matter you don’t get judged by the mistakes people don’t remember
by the mistakes people don’t remember
by the mistakes people don’t remember those years they remember the things
those years they remember the things
those years they remember the things that you did they were good basically a
that you did they were good basically a
that you did they were good basically a theory is we’re all born thinking like
theory is we’re all born thinking like
theory is we’re all born thinking like ah snores you know like when we crawl
ah snores you know like when we crawl
ah snores you know like when we crawl and we thought and we fall you know
and we thought and we fall you know
and we thought and we fall you know we’re trying to walk we figure it out
we’re trying to walk we figure it out
we’re trying to walk we figure it out entrepreneurs always figure out you’re
entrepreneurs always figure out you’re
entrepreneurs always figure out you’re born thinking like an option or that you
born thinking like an option or that you
born thinking like an option or that you know what I’m going to figure this out
know what I’m going to figure this out
know what I’m going to figure this out regardless and I’m going to keep going
regardless and I’m going to keep going
regardless and I’m going to keep going now often the challenge is families and
now often the challenge is families and
now often the challenge is families and friends convinced you not to be an
friends convinced you not to be an
friends convinced you not to be an entrepreneur because when you say I’m
entrepreneur because when you say I’m
entrepreneur because when you say I’m going to change the world moving the
going to change the world moving the
going to change the world moving the most famous person I’m going to save the
most famous person I’m going to save the
most famous person I’m going to save the seals they say don’t do that you it
seals they say don’t do that you it
seals they say don’t do that you it didn’t happen before it’s never happy
didn’t happen before it’s never happy
didn’t happen before it’s never happy you’re going to you’re going to you’re
you’re going to you’re going to you’re
you’re going to you’re going to you’re going to fail you can embarrass us
going to fail you can embarrass us
going to fail you can embarrass us I put the limiters on it they push the
I put the limiters on it they push the
I put the limiters on it they push the limit they put the blinders on you but
limit they put the blinders on you but
limit they put the blinders on you but true entrepreneurs will just keep
true entrepreneurs will just keep
true entrepreneurs will just keep figuring it out and you know what
figuring it out and you know what
figuring it out and you know what everybody wants to hear what they
everybody wants to hear what they
everybody wants to hear what they already believe to be true and so the
already believe to be true and so the
already believe to be true and so the last thing they want to hear is an
last thing they want to hear is an
last thing they want to hear is an original idea that contradicts their
original idea that contradicts their
original idea that contradicts their belief system so it’s very hard to even
belief system so it’s very hard to even
belief system so it’s very hard to even bring that kind of stuff up but those
bring that kind of stuff up but those
bring that kind of stuff up but those are the things those are the only things
are the things those are the only things
are the things those are the only things things that you believe that everybody
things that you believe that everybody
things that you believe that everybody around you doesn’t believe when you’re
around you doesn’t believe when you’re
around you doesn’t believe when you’re right that create real value in the
right that create real value in the
right that create real value in the world everything else people already
world everything else people already
world everything else people already know there is no value created it’s just
know there is no value created it’s just
know there is no value created it’s just business as usual so it’s so important
business as usual so it’s so important
business as usual so it’s so important to think for yourself
I think my biggest tip is just get
I think my biggest tip is just get started I meet a lot of young
started I meet a lot of young
started I meet a lot of young entrepreneurs who have good ideas or bad
entrepreneurs who have good ideas or bad
entrepreneurs who have good ideas or bad ideas or some ideas and you don’t want
ideas or some ideas and you don’t want
ideas or some ideas and you don’t want to be a person who just talks and talks
to be a person who just talks and talks
to be a person who just talks and talks and talks you have to actually go and do
and talks you have to actually go and do
and talks you have to actually go and do something and don’t worry about if it’s
something and don’t worry about if it’s
something and don’t worry about if it’s the perfect thing or not there is this
the perfect thing or not there is this
the perfect thing or not there is this myth of entrepreneurship that you’ll
myth of entrepreneurship that you’ll
myth of entrepreneurship that you’ll have the one genius idea and suddenly
have the one genius idea and suddenly
have the one genius idea and suddenly everything falls into place it doesn’t
everything falls into place it doesn’t
everything falls into place it doesn’t work like that it’s a hard slog there’s
work like that it’s a hard slog there’s
work like that it’s a hard slog there’s a lot of things to do wrong a lot of
a lot of things to do wrong a lot of
a lot of things to do wrong a lot of things you’ll be right the sooner you
things you’ll be right the sooner you
things you’ll be right the sooner you get started the sooner you’ll get
get started the sooner you’ll get
get started the sooner you’ll get somewhere I don’t have same
somewhere I don’t have same
somewhere I don’t have same opportunities you did yeah you do you do
opportunities you did yeah you do you do
opportunities you did yeah you do you do you have ever been to opportunity that I
you have ever been to opportunity that I
you have ever been to opportunity that I did and so you can go out there and do
did and so you can go out there and do
did and so you can go out there and do it somebody said well what was your goal
it somebody said well what was your goal
it somebody said well what was your goal go make money people need to understand
go make money people need to understand
go make money people need to understand that we cannot take a breath that we
that we cannot take a breath that we
that we cannot take a breath that we have competitors who want to take the
have competitors who want to take the
have competitors who want to take the food off of our table we have an economy
food off of our table we have an economy
food off of our table we have an economy in which is 8 percent unemployment here
in which is 8 percent unemployment here
in which is 8 percent unemployment here 9 percent unemployment in the US and
9 percent unemployment in the US and
9 percent unemployment in the US and Starbucks Coffee company is not
Starbucks Coffee company is not
Starbucks Coffee company is not something you have to have it is a
something you have to have it is a
something you have to have it is a discretionary purchase and so the
discretionary purchase and so the
discretionary purchase and so the mentality that you need in a business
mentality that you need in a business
mentality that you need in a business today Starbucks or otherwise to build
today Starbucks or otherwise to build
today Starbucks or otherwise to build sustainable success in enduring success
sustainable success in enduring success
sustainable success in enduring success is you have to eradicate the human
is you have to eradicate the human
is you have to eradicate the human behavior of relaxing the human behavior
behavior of relaxing the human behavior
behavior of relaxing the human behavior of feeling like we have won and what I
of feeling like we have won and what I
of feeling like we have won and what I have said in the last two years of
have said in the last two years of
have said in the last two years of Starbucks is there’s no celebration
Starbucks is there’s no celebration
Starbucks is there’s no celebration there’s no victory left we haven’t done
there’s no victory left we haven’t done
there’s no victory left we haven’t done squat
there’s always going to have to be an
there’s always going to have to be an element of luck but I think more
element of luck but I think more
element of luck but I think more important is putting yourself in a
important is putting yourself in a
important is putting yourself in a business that can be ubiquitous that can
business that can be ubiquitous that can
business that can be ubiquitous that can that really doesn’t have limits because
that really doesn’t have limits because
that really doesn’t have limits because otherwise there’s always going to be a
otherwise there’s always going to be a
otherwise there’s always going to be a grind to it but if the business if it
grind to it but if the business if it
grind to it but if the business if it can’t be something that you can
can’t be something that you can
can’t be something that you can visualize every business using or every
visualize every business using or every
visualize every business using or every consumer using it’s going to be tough to
consumer using it’s going to be tough to
consumer using it’s going to be tough to scale to be big enough or to have the
scale to be big enough or to have the
scale to be big enough or to have the perceived value to get you to that
perceived value to get you to that
perceived value to get you to that billionaire club what fear is stopping
billionaire club what fear is stopping
billionaire club what fear is stopping you in your tracks and burning the soles
you in your tracks and burning the soles
you in your tracks and burning the soles of your feet
of your feet
of your feet what is conquering that fear whatever it
what is conquering that fear whatever it
what is conquering that fear whatever it is that keeps you from being what the
is that keeps you from being what the
is that keeps you from being what the creator intended for you
creator intended for you
creator intended for you what if you could unleash everything
what if you could unleash everything
what if you could unleash everything great in your life would you do it would
great in your life would you do it would
great in your life would you do it would you say yes to that new companies
you say yes to that new companies
you say yes to that new companies generally shouldn’t exist existing
generally shouldn’t exist existing
generally shouldn’t exist existing companies are usually pretty good at
companies are usually pretty good at
companies are usually pretty good at what they do and so for a new company to
what they do and so for a new company to
what they do and so for a new company to exist it not only has to like you know
exist it not only has to like you know
exist it not only has to like you know come into good you know going to
come into good you know going to
come into good you know going to business in bring a product market but
business in bring a product market but
business in bring a product market but it has to bring a product to market
it has to bring a product to market
it has to bring a product to market that’s so much better than what already
that’s so much better than what already
that’s so much better than what already exists that it punches through the sort
exists that it punches through the sort
exists that it punches through the sort of status quo
I grew up under a premise go in an
I grew up under a premise go in an industry that has a large profit margin
industry that has a large profit margin
industry that has a large profit margin they’ll go in one that’s slim the one
they’ll go in one that’s slim the one
they’ll go in one that’s slim the one one that’s large take what you’ve got
one that’s large take what you’ve got
one that’s large take what you’ve got your assets or your energy your assets
your assets or your energy your assets
your assets or your energy your assets or your willingness to just not be told
or your willingness to just not be told
or your willingness to just not be told no the harder it is the tougher it is
no the harder it is the tougher it is
no the harder it is the tougher it is the bigger the challenge to get in the
the bigger the challenge to get in the
the bigger the challenge to get in the bigger the opportunity behind the
bigger the opportunity behind the
bigger the opportunity behind the opportunities behind are endless don’t
opportunities behind are endless don’t
opportunities behind are endless don’t allow any one friend family
allow any one friend family
allow any one friend family acquaintances teachers whoever it is
acquaintances teachers whoever it is
acquaintances teachers whoever it is don’t allow anyone to tell you that what
don’t allow anyone to tell you that what
don’t allow anyone to tell you that what you are dreaming for yourself and your
you are dreaming for yourself and your
you are dreaming for yourself and your family is not possible it is possible
family is not possible it is possible
family is not possible it is possible don’t be one of those people 20 years
don’t be one of those people 20 years
don’t be one of those people 20 years from now are going to be walking around
from now are going to be walking around
from now are going to be walking around a nine-to-five job miserable and angry
a nine-to-five job miserable and angry
a nine-to-five job miserable and angry and bitter to punish failure is yet
and bitter to punish failure is yet
and bitter to punish failure is yet another way to encourage mediocrity
another way to encourage mediocrity
another way to encourage mediocrity because mediocrity is what fearful
because mediocrity is what fearful
because mediocrity is what fearful people will always settle for you know
people will always settle for you know
people will always settle for you know one of the things that I tell people
one of the things that I tell people
one of the things that I tell people when they ask me for advice about what
when they ask me for advice about what
when they ask me for advice about what they should do when they’re wanting to
they should do when they’re wanting to
they should do when they’re wanting to start their own business or take a next
start their own business or take a next
start their own business or take a next step in their career is to actually
step in their career is to actually
step in their career is to actually start small I think a lot of people try
start small I think a lot of people try
start small I think a lot of people try to they kind of psyched themselves out
to they kind of psyched themselves out
to they kind of psyched themselves out or they get too overwhelmed with how big
or they get too overwhelmed with how big
or they get too overwhelmed with how big something can get but the truth is you
something can get but the truth is you
something can get but the truth is you really just got to start small and you
really just got to start small and you
really just got to start small and you got to prove it before you scale it
I like to see people I think it’s really
I like to see people I think it’s really important even if it’s ten minutes I
important even if it’s ten minutes I
important even if it’s ten minutes I hate all this new world of people are
hate all this new world of people are
hate all this new world of people are talking so I like the idea of seeing
talking so I like the idea of seeing
talking so I like the idea of seeing people I think you get a very different
people I think you get a very different
people I think you get a very different view and looking somebody’s are you you
view and looking somebody’s are you you
view and looking somebody’s are you you know in a second whether it’s right I
know in a second whether it’s right I
know in a second whether it’s right I mean I think these people they’re like
mean I think these people they’re like
mean I think these people they’re like eight yards away the desk and they’re
eight yards away the desk and they’re
eight yards away the desk and they’re busy be some kind talk to them why is
busy be some kind talk to them why is
busy be some kind talk to them why is emailing each other because go have a
emailing each other because go have a
emailing each other because go have a conversation what happened before email
conversation what happened before email
conversation what happened before email people spoke hello good morning how are
people spoke hello good morning how are
people spoke hello good morning how are you
Cubby’s like Google and I getting rich
Cubby’s like Google and I getting rich and user-generated content they’re
and user-generated content they’re
and user-generated content they’re getting rich on the content of companies
getting rich on the content of companies
getting rich on the content of companies like Viacom we’re not going to put put
like Viacom we’re not going to put put
like Viacom we’re not going to put put up with that we’re not going to put up
up with that we’re not going to put up
up with that we’re not going to put up with people taking our product and not
with people taking our product and not
with people taking our product and not paying but they want a product they can
paying but they want a product they can
paying but they want a product they can have it at the right price
since it really didn’t pan out and yet
since it really didn’t pan out and yet some things will come through I use the
some things will come through I use the
some things will come through I use the term gold gold rush rather than mania
term gold gold rush rather than mania
term gold gold rush rather than mania because I am a firm believer that what’s
because I am a firm believer that what’s
because I am a firm believer that what’s going on at the heart of it it is very
going on at the heart of it it is very
going on at the heart of it it is very important also there is gold may be very
important also there is gold may be very
important also there is gold may be very very deep and may be buried in different
very deep and may be buried in different
very deep and may be buried in different places than people think it is but it it
places than people think it is but it it
places than people think it is but it it it’s a great thing this is an area where
it’s a great thing this is an area where
it’s a great thing this is an area where our country is way out in front
our country is way out in front
our country is way out in front you take almost every aspect of what
you take almost every aspect of what
you take almost every aspect of what this entails the fiber-optic switches
this entails the fiber-optic switches
this entails the fiber-optic switches the software the chips the content
the software the chips the content
the software the chips the content coming from media companies and the
coming from media companies and the
coming from media companies and the opportunity to set global standards and
opportunity to set global standards and
opportunity to set global standards and have mobile markets every country I go
have mobile markets every country I go
have mobile markets every country I go to the biggest concern I hear is how far
to the biggest concern I hear is how far
to the biggest concern I hear is how far ahead is the u.s. of my country well
ahead is the u.s. of my country well
ahead is the u.s. of my country well since we don’t have deregulation in a
since we don’t have deregulation in a
since we don’t have deregulation in a sense we’re not really at the starting
sense we’re not really at the starting
sense we’re not really at the starting line
line
line in and so I’m certainly a fan of moving
in and so I’m certainly a fan of moving
in and so I’m certainly a fan of moving ahead aggressively a company is simply a
ahead aggressively a company is simply a
ahead aggressively a company is simply a group of people and as a leader of
group of people and as a leader of
group of people and as a leader of people you have to be a great listener
people you have to be a great listener
people you have to be a great listener and you have to be a great motivator you
and you have to be a great motivator you
and you have to be a great motivator you have to be very good at praising and
have to be very good at praising and
have to be very good at praising and looking for the best in people and you
looking for the best in people and you
looking for the best in people and you know people are no different from
know people are no different from
know people are no different from flowers if you water flowers they
flowers if you water flowers they
flowers if you water flowers they flourish if you praise people they
flourish if you praise people they
flourish if you praise people they flourish and and that’s a critical
flourish and and that’s a critical
flourish and and that’s a critical attribute of a leader now Apple
attribute of a leader now Apple
attribute of a leader now Apple fortunately is one of the half-a-dozen
fortunately is one of the half-a-dozen
fortunately is one of the half-a-dozen best brands in the whole world right up
best brands in the whole world right up
best brands in the whole world right up there with Nike Disney Coke Sony it is
there with Nike Disney Coke Sony it is
there with Nike Disney Coke Sony it is one of the Great’s of the grapes not
one of the Great’s of the grapes not
one of the Great’s of the grapes not just in this country but all around the
just in this country but all around the
just in this country but all around the globe and but even a great brand needs
globe and but even a great brand needs
globe and but even a great brand needs investment and caring
I’m going to put the vast majority of my
I’m going to put the vast majority of my energy attention and dollars into
energy attention and dollars into
energy attention and dollars into building a great product or service and
building a great product or service and
building a great product or service and put a smaller amount into shouting about
put a smaller amount into shouting about
put a smaller amount into shouting about it marketing it because I know if I
it marketing it because I know if I
it marketing it because I know if I build a great product or service my
build a great product or service my
build a great product or service my customers will tell each other I mean
customers will tell each other I mean
customers will tell each other I mean you have to mix in some patience with
you have to mix in some patience with
you have to mix in some patience with that the education it’s so much more
that the education it’s so much more
that the education it’s so much more widely available there now so many more
widely available there now so many more
widely available there now so many more people both here in the valley and
people both here in the valley and
people both here in the valley and around the world who now know how to
around the world who now know how to
around the world who now know how to start a company and that yeahmaybe
start a company and that yeahmaybe
start a company and that yeahmaybe sounds obvious but like it when I
sounds obvious but like it when I
sounds obvious but like it when I arrived in the valley in 1994 like I
arrived in the valley in 1994 like I
arrived in the valley in 1994 like I went to the bookstore and I tried to
went to the bookstore and I tried to
went to the bookstore and I tried to find a book on how they start a tech
find a book on how they start a tech
find a book on how they start a tech company and like it was a long and
company and like it was a long and
company and like it was a long and lonely trip through the bookshelves like
lonely trip through the bookshelves like
lonely trip through the bookshelves like there was very little I mean luckily
there was very little I mean luckily
there was very little I mean luckily Andy’s Andy’s book was there but Andy’s
Andy’s Andy’s book was there but Andy’s
Andy’s Andy’s book was there but Andy’s book was about how to run in self which
book was about how to run in self which
book was about how to run in self which it wasn’t monopoly
it wasn’t monopoly
it wasn’t monopoly I didn’t couldn’t really get a lot of
I didn’t couldn’t really get a lot of
I didn’t couldn’t really get a lot of benefit out of that my startup at the
benefit out of that my startup at the
benefit out of that my startup at the time and so like the resources just
time and so like the resources just
time and so like the resources just simply didn’t exist right and today
simply didn’t exist right and today
simply didn’t exist right and today you’ve got you know it’s everything
you’ve got you know it’s everything
you’ve got you know it’s everything you’ve got a lot of it comes out of
you’ve got a lot of it comes out of
you’ve got a lot of it comes out of Stanford so like this is the CS 180 just
Stanford so like this is the CS 180 just
Stanford so like this is the CS 180 just the CS 183 course of Stanford the
the CS 183 course of Stanford the
the CS 183 course of Stanford the various people have taught Peter Todd
various people have taught Peter Todd
various people have taught Peter Todd and that moment is taught like and then
and that moment is taught like and then
and that moment is taught like and then the fact that those classes are not just
the fact that those classes are not just
the fact that those classes are not just accessible to people at Stanford they’re
accessible to people at Stanford they’re
accessible to people at Stanford they’re accessible to people all around the
accessible to people all around the
accessible to people all around the world and there are people all around
world and there are people all around
world and there are people all around the world watching right those are those
the world watching right those are those
the world watching right those are those videos all the time learning how to
videos all the time learning how to
videos all the time learning how to start companies if you’re thinking about
start companies if you’re thinking about
start companies if you’re thinking about starting a company it therefore really
starting a company it therefore really
starting a company it therefore really stresses an idea and again I’ll use my
stresses an idea and again I’ll use my
stresses an idea and again I’ll use my computer Kiel and the shoulder thing
computer Kiel and the shoulder thing
computer Kiel and the shoulder thing channel this through something peter
channel this through something peter
channel this through something peter says I think is really relevant which is
says I think is really relevant which is
says I think is really relevant which is a lot of founders think about what it
a lot of founders think about what it
a lot of founders think about what it takes to get the second person in the
takes to get the second person in the
takes to get the second person in the company right the second founder of the
company right the second founder of the
company right the second founder of the second engineer right at the third
second engineer right at the third
second engineer right at the third person the fourth person he says that’s
person the fourth person he says that’s
person the fourth person he says that’s no longer the challenge like everybody
no longer the challenge like everybody
no longer the challenge like everybody wants to start a company and so
wants to start a company and so
wants to start a company and so everybody can get together two or three
everybody can get together two or three
everybody can get together two or three or four people to start a company
or four people to start a company
or four people to start a company he said the challenge is how do you get
he said the challenge is how do you get
he said the challenge is how do you get engineer number 20 because engineer
engineer number 20 because engineer
engineer number 20 because engineer number 20 right if they’re in this
number 20 right if they’re in this
number 20 right if they’re in this ecosystem they could go start their own
ecosystem they could go start their own
ecosystem they could go start their own company and so how do you convince
company and so how do you convince
company and so how do you convince somebody to join your company as
somebody to join your company as
somebody to join your company as engineer number 20 with a tiny
engineer number 20 with a tiny
engineer number 20 with a tiny percentage of equity right and and not
percentage of equity right and and not
percentage of equity right and and not being in charge as compared to starting
being in charge as compared to starting
being in charge as compared to starting their own company getting all the equity
their own company getting all the equity
their own company getting all the equity and being in charge now one of the
and being in charge now one of the
and being in charge now one of the things you do is you tell them they’re
things you do is you tell them they’re
things you do is you tell them they’re going to have the same problem but then
going to have the same problem but then
going to have the same problem but then they respond to you that you also have
they respond to you that you also have
they respond to you that you also have that problem and then you sit there and
that problem and then you sit there and
that problem and then you sit there and stare at each other
stare at each other
stare at each other awkwardly so so that that’s the thing so
awkwardly so so that that’s the thing so
awkwardly so so that that’s the thing so so what you have right now is you just
so what you have right now is you just
so what you have right now is you just have you have you have just a very very
have you have you have just a very very
have you have you have just a very very large number of seed funding companies
large number of seed funding companies
large number of seed funding companies that are experiments and their
that are experiments and their
that are experiments and their experiments on their ideas but more
experiments on their ideas but more
experiments on their ideas but more importantly their experiments on who has
importantly their experiments on who has
importantly their experiments on who has the will and the drive and the
the will and the drive and the
the will and the drive and the horsepower right in the salesmanship and
horsepower right in the salesmanship and
horsepower right in the salesmanship and everything else that goes into
everything else that goes into
everything else that goes into recruiting right and so and every guy
recruiting right and so and every guy
recruiting right and so and every guy should Sam Altman gave a talk today he
should Sam Altman gave a talk today he
should Sam Altman gave a talk today he said if you can wave a magic wand you
said if you can wave a magic wand you
said if you can wave a magic wand you would combine a lot of these companies
would combine a lot of these companies
would combine a lot of these companies together to get critical mass but
together to get critical mass but
together to get critical mass but mergers between startups almost never
mergers between startups almost never
mergers between startups almost never happened for a variety of reasons and so
happened for a variety of reasons and so
happened for a variety of reasons and so so it really it makes this sort of
so it really it makes this sort of
so it really it makes this sort of acuteness this recruiting problem is a
acuteness this recruiting problem is a
acuteness this recruiting problem is a very acute problem by the way you think
very acute problem by the way you think
very acute problem by the way you think about it then as M patients to think
about it then as M patients to think
about it then as M patients to think about it as a recruiting problem which
about it as a recruiting problem which
about it as a recruiting problem which is we have to get really good at
is we have to get really good at
is we have to get really good at recruiting but it’s not really that as
recruiting but it’s not really that as
recruiting but it’s not really that as much as it’s like okay what about my
much as it’s like okay what about my
much as it’s like okay what about my company is going to be so spectacular
company is going to be so spectacular
company is going to be so spectacular and so special and so unusual and so
and so special and so unusual and so
and so special and so unusual and so distinct and differentiated that it’s
distinct and differentiated that it’s
distinct and differentiated that it’s going to be able to easily hire engineer
going to be able to easily hire engineer
going to be able to easily hire engineer number 20 away from starting his or her
number 20 away from starting his or her
number 20 away from starting his or her own company and so to me it basically
own company and so to me it basically
own company and so to me it basically translates into basically we just we
translates into basically we just we
translates into basically we just we have to get better like you just have to
have to get better like you just have to
have to get better like you just have to get better you have to be able to
get better you have to be able to
get better you have to be able to compete you have to be able to win in
compete you have to be able to win in
compete you have to be able to win in this really brutal initial battle the
this really brutal initial battle the
this really brutal initial battle the good news is the company’s coming out of
good news is the company’s coming out of
good news is the company’s coming out of that sort of churning kind of you know
that sort of churning kind of you know
that sort of churning kind of you know sort of you know sort of snake bit of
sort of you know sort of snake bit of
sort of you know sort of snake bit of competition the companies that come out
competition the companies that come out
competition the companies that come out of that are really strong because they
of that are really strong because they
of that are really strong because they had to be not to come through it but it
had to be not to come through it but it
had to be not to come through it but it it is tougher and it is the other side
it is tougher and it is the other side
it is tougher and it is the other side of how easy it’s become to start to
of how easy it’s become to start to
of how easy it’s become to start to start the companies
again this is a it’s again another
again this is a it’s again another version of this market so you always on
version of this market so you always on
version of this market so you always on you know it’s again even you have a lot
you know it’s again even you have a lot
you know it’s again even you have a lot of big markets where you have sort of
of big markets where you have sort of
of big markets where you have sort of inch deep mile wide type type products
inch deep mile wide type type products
inch deep mile wide type type products and and payments is always sort of a
and and payments is always sort of a
and and payments is always sort of a version of this where where one of the
version of this where where one of the
version of this where where one of the big challenges is you know how do you
big challenges is you know how do you
big challenges is you know how do you get the first people to use your product
get the first people to use your product
get the first people to use your product how do you get the people to use your
how do you get the people to use your
how do you get the people to use your your new payment system for example and
your new payment system for example and
your new payment system for example and so it has to be really valuable the
so it has to be really valuable the
so it has to be really valuable the first people who are using it and so you
first people who are using it and so you
first people who are using it and so you want to find things that are you know
want to find things that are you know
want to find things that are you know which is a very intense need you know
which is a very intense need you know
which is a very intense need you know PayPal was like well the power sellers
PayPal was like well the power sellers
PayPal was like well the power sellers how to use checks if you get the money
how to use checks if you get the money
how to use checks if you get the money instantly so you should cut the time
instantly so you should cut the time
instantly so you should cut the time from seven to ten days to two instantly
from seven to ten days to two instantly
from seven to ten days to two instantly that was worth that was worth quite a
that was worth that was worth quite a
that was worth that was worth quite a bit in many other contexts you already
bit in many other contexts you already
bit in many other contexts you already have payment systems that work as that
have payment systems that work as that
have payment systems that work as that work pretty well or very well and if you
work pretty well or very well and if you
work pretty well or very well and if you have something that’s perfect that’s
have something that’s perfect that’s
have something that’s perfect that’s only a small Delta – very well and you
only a small Delta – very well and you
only a small Delta – very well and you know you always you always say that you
know you always you always say that you
know you always you always say that you shouldn’t let the perfect be the enemy
shouldn’t let the perfect be the enemy
shouldn’t let the perfect be the enemy of the very good I think in business is
of the very good I think in business is
of the very good I think in business is often the opposite where in practice but
often the opposite where in practice but
often the opposite where in practice but very good will prevent the perfect from
very good will prevent the perfect from
very good will prevent the perfect from ever arising so if you have things that
ever arising so if you have things that
ever arising so if you have things that are working very well and you have
are working very well and you have
are working very well and you have something that’s going to be
something that’s going to be
something that’s going to be theoretically perfect that’s often a
theoretically perfect that’s often a
theoretically perfect that’s often a really bad idea you know I think it’s
really bad idea you know I think it’s
really bad idea you know I think it’s kind of in life a lot of times when
kind of in life a lot of times when
kind of in life a lot of times when people are down they look at how to
people are down they look at how to
people are down they look at how to survive while they’re down but stay at
survive while they’re down but stay at
survive while they’re down but stay at that survival mode long term opposed to
that survival mode long term opposed to
that survival mode long term opposed to I’m gonna learn how to survive right now
I’m gonna learn how to survive right now
I’m gonna learn how to survive right now and make it but I’m immediately going to
and make it but I’m immediately going to
and make it but I’m immediately going to work towards the next step the next step
work towards the next step the next step
work towards the next step the next step and the next step closer I mean so how
and the next step closer I mean so how
and the next step closer I mean so how did you learn how did you learn how to
did you learn how did you learn how to
did you learn how did you learn how to be a successful entrepreneur well I
be a successful entrepreneur well I
be a successful entrepreneur well I don’t think it’s learning how to be a
don’t think it’s learning how to be a
don’t think it’s learning how to be a successful entrepreneur I think it’s
successful entrepreneur I think it’s
successful entrepreneur I think it’s just being able to do something and know
just being able to do something and know
just being able to do something and know that you have that ability to do it you
that you have that ability to do it you
that you have that ability to do it you see the human race has the ability all
see the human race has the ability all
see the human race has the ability all of you do to do 10 50 times what you’re
of you do to do 10 50 times what you’re
of you do to do 10 50 times what you’re doing right now well if you realize you
doing right now well if you realize you
doing right now well if you realize you have that ability as you go along you
have that ability as you go along you
have that ability as you go along you find obstacles but you overcome them or
find obstacles but you overcome them or
find obstacles but you overcome them or you go right around them like water
you go right around them like water
you go right around them like water might go around them a little bit and
might go around them a little bit and
might go around them a little bit and and that’s really it you look at what
and that’s really it you look at what
and that’s really it you look at what assets you have it’s a little bit like
assets you have it’s a little bit like
assets you have it’s a little bit like selling whether it’s a tangible product
selling whether it’s a tangible product
selling whether it’s a tangible product whereas
whereas
whereas servus it’s got to be the very best and
servus it’s got to be the very best and
servus it’s got to be the very best and you put forth its features and then how
you put forth its features and then how
you put forth its features and then how it benefits the customer well with
it benefits the customer well with
it benefits the customer well with yourself personally you put forth the
yourself personally you put forth the
yourself personally you put forth the features you have how these features
features you have how these features
features you have how these features might benefit and if you have a product
might benefit and if you have a product
might benefit and if you have a product and I’d love to share this with
and I’d love to share this with
and I’d love to share this with everybody don’t ever go into the selling
everybody don’t ever go into the selling
everybody don’t ever go into the selling business what do you have the greatest
business what do you have the greatest
business what do you have the greatest service in the world or the greatest
service in the world or the greatest
service in the world or the greatest product never go in there to sell your
product never go in there to sell your
product never go in there to sell your product go in there to be in the reorder
product go in there to be in the reorder
product go in there to be in the reorder business that’s kind of your mentality
business that’s kind of your mentality
business that’s kind of your mentality that’s true yeah because you’re going to
that’s true yeah because you’re going to
that’s true yeah because you’re going to sell it that’s where your focus is if
sell it that’s where your focus is if
sell it that’s where your focus is if you want to be in the reorder business
you want to be in the reorder business
you want to be in the reorder business even if it’s a one-time product whatever
even if it’s a one-time product whatever
even if it’s a one-time product whatever you do is so good that they’ll want to
you do is so good that they’ll want to
you do is so good that they’ll want to tell somebody else reorder themselves
tell somebody else reorder themselves
tell somebody else reorder themselves right so that kind of helps along the
right so that kind of helps along the
right so that kind of helps along the way if you have that mentality do unto
way if you have that mentality do unto
way if you have that mentality do unto others as you would have others do unto
others as you would have others do unto
others as you would have others do unto you that’s the basis for most religions
you that’s the basis for most religions
you that’s the basis for most religions but they get sometimes carried away in
but they get sometimes carried away in
but they get sometimes carried away in rites and rituals but that’s the core
rites and rituals but that’s the core
rites and rituals but that’s the core value do unto others as you dev others
value do unto others as you dev others
value do unto others as you dev others doing to you and then it’s the feeling
doing to you and then it’s the feeling
doing to you and then it’s the feeling of knowing from how genuine you are and
of knowing from how genuine you are and
of knowing from how genuine you are and because people don’t like to just listen
because people don’t like to just listen
because people don’t like to just listen to people talk about themselves how
to people talk about themselves how
to people talk about themselves how great they are they want to know
great they are they want to know
great they are they want to know incorporate it to make them successful
incorporate it to make them successful
incorporate it to make them successful also or do something a little different
also or do something a little different
also or do something a little different and I think that’s very very important
make sure you choose you know when
make sure you choose you know when you’re trying to decide whether or not
you’re trying to decide whether or not
you’re trying to decide whether or not an idea is good enough to pursue or a
an idea is good enough to pursue or a
an idea is good enough to pursue or a particular business is something you
particular business is something you
particular business is something you want to want to go forward with make
want to want to go forward with make
want to want to go forward with make sure that it’s the type of business that
sure that it’s the type of business that
sure that it’s the type of business that when you’re standing in the shower it’s
when you’re standing in the shower it’s
when you’re standing in the shower it’s the thing you want to think about for
the thing you want to think about for
the thing you want to think about for the next 10 or 20 years try to do
the next 10 or 20 years try to do
the next 10 or 20 years try to do something that you would want to do
something that you would want to do
something that you would want to do anyway whether it’s it doesn’t
anyway whether it’s it doesn’t
anyway whether it’s it doesn’t necessarily have to be a very successful
necessarily have to be a very successful
necessarily have to be a very successful business because when you do decide to
business because when you do decide to
business because when you do decide to become an entrepreneur and start a
become an entrepreneur and start a
become an entrepreneur and start a business chances are it’s not going to
business chances are it’s not going to
business chances are it’s not going to it’s not going to become like a
it’s not going to become like a
it’s not going to become like a multimillion-dollar business so at we do
multimillion-dollar business so at we do
multimillion-dollar business so at we do something that you love in the beginning
something that you love in the beginning
something that you love in the beginning so that even if it fails you’d still
so that even if it fails you’d still
so that even if it fails you’d still enjoyed it
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