🔑 Key Takeaways
- Entrepreneurship can provide a path to self-actualization and fulfillment by allowing individuals to pursue their passions and hobbies as viable business opportunities, overcoming common deterrents and building self-belief.
- While passion is crucial for long-term success, entrepreneurship can also stem from necessity and the drive to support oneself and loved ones. Finding passion along the way can lead to a fulfilling entrepreneurial journey.
- Therapy can accelerate self-improvement for entrepreneurs by providing a space to understand oneself, address underlying issues, and navigate discomfort, ultimately leading to a more successful entrepreneurial journey.
- Failure should be seen as a chance to learn, grow, and improve. It is essential to reflect on failures, separate them from personal identity, and use the lessons learned to find the right role that aligns with one's abilities.
- Success should be defined by personal growth and passion, not just climbing the corporate ladder. Emphasizing expertise and skill development can lead to a more satisfying and prosperous career.
- Identifying and leveraging your unique skills and expertise is crucial for success as an entrepreneur. By honing in on your "spiky point," you can differentiate yourself and create significant success in the entrepreneurial realm.
- Developing a diverse set of skills and partnering with individuals who have complementary skills can lead to exceptional success and the ability to make a difference. Additionally, learning from unrelated experiences can be beneficial.
- Building connections and finding common ground with others is crucial in both personal and professional settings. It is important to adapt to the audience's preferences and explore hobbies outside of one's main focus to gain fresh perspectives and valuable skills.
- Embrace your passions, shed the fear of failure, and take the first step towards your entrepreneurial dreams by turning hobbies into businesses, with platforms like Shopify making it more accessible.
- Success in business comes from having a simple idea, passion, and the drive to do it better than the competition. By constantly exploring, innovating, and improving, businesses can make a difference and thrive.
- Shopify's success is rooted in its continuous improvement by adding practical features to its platform, ultimately making the journey of starting and growing a business easier for its merchants.
- Embracing challenges and disruptions can foster resilience and drive growth. Cultivating a positive attitude towards change is crucial for individuals and teams to adapt and improve.
- Shopify understands the importance of fostering a culture that attracts and cultivates ambitious entrepreneurs, emphasizing the need for continuous improvement and evolution to build a successful company.
- A strong company culture and mission are essential for success, even without the presence of a founder. Employees who are motivated by a shared mission will do their best work and be passionate about what they do.
- Seek guidance from mentors in different areas of expertise and connect with like-minded individuals to foster collaboration and personal growth in business.
- Connecting with fellow entrepreneurs at a similar stage can provide valuable support, insights, and guidance. Online platforms like Reddit and YouTube make it easier to find like-minded individuals. Niche-focused entrepreneurs can offer unique value propositions.
- Prioritizing passion, resilience, and commitment over location and experience leads to success in both personal and professional endeavors.
- By prioritizing meaningful activities, relationships, and self-care, we can direct our time and energy towards what truly matters, leading to a more fulfilling and successful life.
- Recognizing when we're in the wrong job and seeking guidance can lead to increased happiness and success in our professional lives.
- Sharing your struggles with trustworthy individuals can provide accountability, motivation, and a sense of companionship, ultimately reducing feelings of loneliness and enhancing your progress in life.
- Shopify believes in the benefits of remote work for diversity and talent acquisition, but emphasizes the importance of in-person interactions to maintain a strong team dynamic.
- Embrace the flexibility to create a fulfilling lifestyle, prioritize rituals and community, and acknowledge personal growth to live a more connected and purposeful life.
- Being a great father is a personal and ongoing journey that requires vulnerability, seeking guidance, and self-reflection to navigate the challenges and measure success.
- Embracing failures, working hard, and being honest about challenges are crucial aspects of entrepreneurship that lead to success.
- Starting a business has become easier and more affordable than ever before, allowing individuals to pursue their ideas with minimal risk and potentially create significant industry disruption.
📝 Podcast Summary
The Power of Entrepreneurship: Solving Problems, Having Fun, and Finding Fulfillment
Entrepreneurship can be a powerful tool for self-actualization and finding fulfillment in life. Harley Finkelstein emphasizes the importance of entrepreneurship in solving problems and having fun. He believes that more people should consider entrepreneurship as a viable option for pursuing their hobbies and passions. Many individuals are trapped in jobs they despise because they believe they have no choice. However, if they commercialize their hobbies and share their creations with the world, not only will consumers benefit from better products, but these individuals can also find their life's work. Perception plays a significant role in deterring people from pursuing entrepreneurship, with financial concerns and lack of know-how being common deterrents. However, Finkelstein argues that the landscape has changed, and capital and expertise are no longer insurmountable barriers. The cost of failure is lower, and second chances are more readily available. Building self-belief and confidence can also serve as catalysts for taking the leap into entrepreneurship.
The Role of Passion and Desperation in Entrepreneurship
Passion and desperation are powerful drivers in entrepreneurship. Many successful entrepreneurs, including Harley Finkelstein, became entrepreneurs out of necessity and the need to survive. It wasn't about self-confidence or a desire for wealth and success, but rather the lack of options and the determination to support themselves and their families. While passion is important in the long-term success of a venture, it doesn't have to be the sole reason for starting a business. Sometimes, the initial motivation may be survival or the need to make ends meet. However, as one's journey progresses, finding passion in the work and aligning with a meaningful mission can lead to a fulfilling and sustainable entrepreneurial career.
The Benefits of Therapy for Entrepreneurs: Self-Awareness and Personal Growth
Entrepreneurs and founders should consider going to therapy as a means to self-awareness and personal growth. Therapy can provide a valuable opportunity for individuals to better understand themselves and work on any underlying issues or traumas that may be impacting their entrepreneurial journey. While some people may choose to pursue self-improvement through books or meditation, therapy can be a helpful hack to expedite the process. It is important to find the right fit with a therapist or other support system, as not every relationship will be effective. Acknowledging that therapy can be challenging and may bring up discomfort is crucial, but it can ultimately lead to a better understanding of oneself and a more successful entrepreneurial path.
Embracing Failure as an Opportunity for Growth and Development
Failure should be viewed as a discovery of what doesn't work, rather than a personal failure. The conversation highlights the importance of separating oneself from the failure of a project or specific task. It emphasizes the need to reflect on the lessons learned from failure and use that knowledge to improve in the future. The speaker learned that failure is an opportunity for growth and development, leading to a different perspective on failure. Additionally, the conversation sheds light on the importance of self-awareness and being honest about one's skills and strengths. It highlights the significance of finding the right role that aligns with one's abilities, rather than being driven by ego or external factors like status or salary. Overall, the key takeaway is to embrace failure as a learning experience and strive to find the role that allows one to utilize their strengths and make meaningful contributions.
Rethinking Career Success: Moving Beyond Management Positions
Career growth and success should not be solely defined by moving into management positions. It is important for individuals to assess their own skills, interests, and passions before making decisions about their career path. The conversation highlights the example of Pete, who prioritizes perfecting his craft and deepening his skillset rather than accepting a promotion. This challenges the notion that the only way to be successful is to become a manager or leader. It is important for companies to recognize and support employees who excel in their individual contributor roles and offer opportunities for growth and advancement within those roles. Embracing a "T-shaped" skillset, where individuals have expertise in one area while maintaining a broad understanding of other aspects, can lead to a more fulfilling and successful career trajectory.
The Importance of Finding Your "Spiky Point" in Entrepreneurship
Finding one's "spiky point" is crucial for success as an entrepreneur. The concept of spikiness refers to identifying a unique and valuable skill or area of expertise that sets an individual apart from others. In the conversation, Harley Finkelstein reflects on how his mentor guided him to attend law school not to become a lawyer, but to gain knowledge and insight that would make him a better entrepreneur. This unconventional path allowed him to develop a set of skills that were not obvious or common in the world of entrepreneurship. By honing in on his spiky point, Finkelstein was able to leverage his unique abilities and create significant success for himself and others. The key takeaway emphasizes the importance of identifying and capitalizing on one's spiky point to excel in the entrepreneurial realm.
The Power of Skill Stacking and Complementary Skill Sets
Skill stacking, especially with skills that are uncommon and valuable within an industry, can lead to exceptional success. By focusing on developing a diverse set of skills that complement each other, individuals can become highly sought-after talents. The conversation highlights the example of Cristiano Ronaldo, who may not be the best in every individual skill in football, but excels because he indexes high in various areas. Similarly, in the case of starting a company, it is recommended to seek partnerships with individuals who have complementary skill sets rather than those who are similar to oneself. This allows for a richer combination of skills and perspectives, leading to the potential to create something that can truly make a difference. Additionally, the conversation emphasizes the value of learning from seemingly unrelated experiences, as skills acquired in one area can be applied to another in unexpected ways.
The Power of Building Connections and Adapting to Different Situations
Building connections and finding common ground with others is crucial in both personal and professional settings. By getting to know the person on the other side of the table and establishing a connection, negotiations and interactions are more likely to be successful. Reading the room and adapting to the audience's preferences or needs is also important, whether you're a DJ entertaining a crowd or running a public company. Additionally, the conversation emphasizes the value of exploring hobbies and interests outside of one's main focus. These hobbies can provide inspiration, fresh perspectives, and valuable skills that can be applied to different areas of life. Overall, the conversation highlights the significance of empathy, adaptability, and the broadening of one's knowledge and experiences.
The Importance of Embracing Hobbies and Pursuing Entrepreneurial Goals
Starting a business doesn't have to be a daunting task. The speaker, Harley Finkelstein, emphasizes the importance of pursuing hobbies and passions as a way to become a better leader and entrepreneur. He believes that removing the expectations of immediate success and shifting the mindset from a hobby to a business can lead to great outcomes. Finkelstein encourages aspiring entrepreneurs to take the first step, even if it seems like a small one, and stumble forward through the process. He also highlights the accessibility of starting a business, especially with platforms like Shopify, where the cost of failure is minimal. Whether in school or having a full-time job, Finkelstein suggests that starting a business as a side hustle can be a viable option. Overall, the key takeaway is to embrace hobbies and passions, remove expectations, and take action towards entrepreneurial goals.
Starting a Successful Business: From Simple Ideas to Making a Difference
Successful businesses often start with a simple idea and a passion to do it better. Many of the thriving businesses on Shopify, such as Gymshark and Allbirds, were born from individuals noticing a gap in the market and taking action. These entrepreneurs didn't have elaborate business plans or immense resources, but they were driven by curiosity and a desire to create something meaningful. They faced competition and larger companies, but it didn't deter them. The key is not to focus on being the only one doing it, but rather on doing it better. Great companies strive to move the needle and make a difference, while good companies may simply serve a niche market. Success comes from exploring, innovating, and continuously improving.
Shopify's Continuous Improvement and Value Addition
Shopify's success lies in its ability to continuously improve and add value to its platform. The company started with a simple idea of allowing people to build beautiful online stores quickly and easily. Over time, they expanded their offerings to include payments, capital, fulfillment, and point of sale solutions, among others. While there were competitors in the space, Shopify differentiated itself by executing its ideas better. Deep empathy for merchants and a focus on practicality drive their decision-making process, ensuring that every feature and technology added to the platform serves a purpose and brings value to their customers. Shopify's goal is to make the journey of starting and growing a business less difficult, and their success is measured by the loyalty of their merchants who stay on the platform even as their businesses become more complex.
Embracing Challenges: The Key to Building Resilient Systems and Driving Growth
Shopify invited Supreme, a brand known for pushing boundaries and conducting large flash sales, onto their platform because they knew it would test the limits of their system's performance. Rather than shying away from the potential challenges, Shopify embraced it as an opportunity to enhance their resiliency. They wanted to prove that they could handle even the most demanding circumstances. This mindset reflects the concept of anti-fragility, where systems become stronger and better when faced with adversity. Shopify and other successful companies welcome challenges and disruptions, recognizing that they have the potential to drive growth and improvement. Resilience can be cultivated and learned, and it is crucial for fostering a positive attitude towards change among teams and individuals.
Creating a Resilient and Entreprenurial Culture at Shopify
Fostering a culture of resilience and entrepreneurship is crucial for building a successful company. Shopify recognizes the value of inviting entrepreneurs into their organization and creating an environment that these individuals find appealing. By seeking out entrepreneurial-minded employees, Shopify can cultivate a culture that is ambitious, hardworking, and always on the lookout for new opportunities. However, it is important to note that culture should not remain static but instead evolve with the addition of new team members, with the goal of continuously improving and enhancing the overall culture. This conversation challenges the notion that the early days of a company are always the best, emphasizing that the current version of Shopify is stronger and more refined than ever before.
The Importance of Company Culture and Mission for Success
Having a strong company culture and mission is crucial for success at any stage of a company. It is not necessary for a founder to be present to have a founder mindset. A strong culture is characterized by employees who do the right thing even when no one is watching, constantly challenge each other, and strive to improve the product in a unique and positive way. The early stages of a company can resemble a cult, where a strong mission is essential. It is important to find a company whose mission deeply reflects one's own life's mission, as it allows individuals to do their best work and be passionate about what they do. Ultimately, the objective and purpose of a company matter more than the marketing and branding tactics used.
The Importance of Mentorship and Building a Supportive Network in Entrepreneurship
Finding and utilizing mentorship can be instrumental in overcoming the challenges of starting a business. Rather than relying on one all-encompassing mentor, it is beneficial to seek guidance from different individuals who excel in specific areas of interest. By focusing on verticals such as parenting, relationships, entrepreneurship, and philanthropy, one can derive unique insights and lessons from each mentor, creating their own personalized version of success. Additionally, building a tribe or a network of like-minded individuals who are at a similar stage in their entrepreneurial journey can provide invaluable support and resources. Connecting with others who share similar goals and experiences can foster collaboration, exchange of ideas, and mutual growth.
The Value of Connecting with Like-minded Entrepreneurs
Connecting with people at a similar stage in business, even if they are not in the same industry, can be highly valuable. By finding and building relationships with individuals who are also starting out, entrepreneurs can form an informal board of directors. This network can offer support, share valuable insights, and provide guidance on important aspects like setting up bank accounts, bookkeeping, and more. As the conversation emphasizes, it is now easier to find like-minded individuals through platforms like Reddit and YouTube. Additionally, when considering investments in founders, the conversation highlights the importance of creators who go beyond promotional products and actually improve upon existing offerings. Niche-focused entrepreneurs, like James Purse with his obsession for black t-shirts, can also offer unique value propositions.
Focusing on Excellence and Accessibilty
It is important to focus on a specific vertical and become the best in that field. Harley Finkelstein admires individuals like James who excel in one particular area rather than spreading themselves too thin. He believes in bringing something unattainable for the masses into their hands, making quality more accessible. Finkelstein is drawn to people who have resilience, optimism, and a strong work ethic. He values those who have a deep passion for their mission and would continue pursuing it no matter the circumstances or financial gains. Location and experience are not the most crucial factors for him, but rather finding individuals who possess ambition and curiosity, the "surfboard people". Effective prioritization, demonstrated through calendaring and sticking to diarized commitments, helps Finkelstein achieve success in both his personal and professional life.
The Power of Prioritization and Mindfulness: Achieving Fulfillment and Success
Prioritization and mindfulness are crucial in maintaining a fulfilling and successful life. Harley Finkelstein emphasizes the importance of using calendars to prioritize meaningful activities and relationships, rather than simply scheduling tasks. He commits to spending quality time with loved ones, mentors, and engaging in charity projects that align with his values. By focusing on must-haves rather than nice-to-haves, he ensures that his time and energy are directed towards what truly matters. Additionally, he recognizes the impact of the pandemic on his well-being and acknowledges the need for self-care and being present both at work and in personal relationships. This conversation highlights the significance of intentional prioritization to achieve fulfillment and success.
The importance of self-awareness and supportive relationships in finding fulfillment in our careers.
It is important to have the self-confidence and introspection to recognize when we are in the wrong job or not pursuing our true passions. It is beneficial to have supportive people around us who can guide us towards new opportunities and roles that align with our interests and skills. By focusing on what truly brings us joy and fulfillment, we can become more valuable contributors to our team and organization. It is crucial to have open and honest conversations with those around us, including partners, colleagues, and mentors, about our struggles and aspirations. By seeking support and guidance, we can overcome challenges and find the path that brings us the most meaning and personal growth.
Embracing vulnerability and seeking the right support can strengthen mental health and foster personal growth.
Vulnerability is a strength, not a weakness. In times of loneliness, anxiety, and depression, it is important to reach out to the right people, such as good friends, family, colleagues, and partners, and share your struggles. By expressing your goals and aspirations to others, they can hold you accountable and help you achieve them faster and more effectively. Contrary to the common critique of sharing goals, speaking them out loud can actually motivate and inspire you. It is crucial to recognize the difference between being alone and feeling lonely, as even with family or friends around, one can still experience loneliness. Lastly, having people accompany you on different journeys, even if they are tangential to yours, can alleviate the sense of loneliness in entrepreneurship and other aspects of life.
Shopify's Hybrid Approach to Remote Working: Digital by Design
Shopify believes in a hybrid approach to remote working, which they refer to as digital by design. While Office Centricity has its advantages of building connections and community, it also has limitations in terms of talent acquisition and mobility. By allowing employees to work from anywhere they want, Shopify opens up opportunities for a diverse range of individuals to join their team. However, they recognize the importance of in-person interactions and team bonding, which is why they require employees to spend time with their teams in person at least once a quarter. This approach strikes a balance between flexibility and maintaining a strong team dynamic. Ultimately, there is no perfect solution to remote work, and companies must constantly evaluate and adapt their approach to meet the needs of their teams.
Embrace Freedom and Find Connection: The Shopify Way
The opportunity to work at Shopify allows individuals to have a valuable role and live anywhere they want. This flexibility is a game-changer for many people, as it provides the freedom to create a fulfilling lifestyle that suits their needs. Additionally, the conversation highlights the importance of rituals and community in our lives. Despite the increasing reliance on technology and the potential isolation that comes with it, creating meaningful connections and engaging in rituals can help fulfill our innate psychological needs for connection and purpose. Furthermore, it is essential to recognize that nobody has everything figured out. We all have areas to work on and improve, and the key is being self-aware, resilient, and open to growth.
The Vulnerability and Challenges of Being a Great Father
Being a great father is a vulnerable and time-sensitive endeavor. Harley Finkelstein shares his concerns about his ability to be a great father and the challenges he faces in defining and measuring his success in this role. He expresses his fears of running out of time and not knowing the right path to take. The conversation highlights the importance of vulnerability in discussing one's insecurities and seeking guidance from others. It also emphasizes the subjective nature of being a great parent and the difficulty in measuring this aspect of one's life. Ultimately, the pursuit of being a great father is a personal and ongoing journey that requires self-reflection and a willingness to learn from others.
Debunking the Misconception: Harley Finkelstein's Journey of Failures and Hard Work in Entrepreneurship
There is a common misconception about Harley Finkelstein's success and work ethic. Despite talking about his successful ventures and pursuits, he acknowledges that he has had numerous failures in business. People often assume that everything he has worked on has turned out to be successful, but in reality, there have been many failures along the way. Harley also admits that he puts in a lot of hard work and effort into his craft, contrary to the perception that things come easy to him. He emphasizes the importance of embracing the journey and putting in the necessary work, rather than just focusing on the destination. This conversation highlights the need to be more honest and vulnerable about the challenges and failures faced in entrepreneurship.
Embracing Opportunities in the Low-risk Era of Entrepreneurship
The cost of failure in entrepreneurship is currently at its lowest in history. Recognizing that the opportunity cost of starting a business is minimal allows individuals to embrace their instincts and pursue their ideas. Many successful entrepreneurs on Shopify did not begin with a grand vision or a billion-dollar company in mind. Instead, they experimented, tried new things, and adapted along the way. Starting a business now is more affordable than ever, and it has the potential to grow into a large, multinational, multibillion dollar venture. This is a unique time to be alive, where anyone with an idea can share it with the world and potentially change their entire industry. Even something as simple as making matzo ball soup for friends and family can turn into a successful business, proving that passion and existing skills can lead to entrepreneurial success.