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    #43 - Getting your team to take big risks, Turning office workers into remote, Quiet founders making big money

    enFebruary 08, 2020

    Podcast Summary

    • Overcoming Short-Term Thinking in Company PerformanceShifting to longer reporting periods and adopting a long-term stock exchange can discourage short-term tactics, promote sustainable growth, and prioritize long-term strategies over immediate gains.

      The pressure to perform well in quarterly earnings can lead to short-term thinking and behavior in companies. This can result in tactics like temporarily inflating numbers to boost stock prices, which can be unsustainable in the long run. A proposed solution to this issue is to shift to longer reporting periods, such as 6 or 12 months, as suggested by Trump. Additionally, there is an idea of a long-term stock exchange, pioneered by Eric Reece, where companies are incentivized to prioritize long-term strategies instead of short-term gains. This would discourage short-term trading and promote a focus on sustainable growth rather than quick wins.

    • The Stock Exchange Industry: Competition, Opportunities, and InnovationThe New York Stock Exchange's success lies in its global influence, adaptability to direct listings, and the need for continuous innovation in the financial market.

      The stock exchange industry is not only competitive but also full of lucrative opportunities. The New York Stock Exchange, for example, not only powers stock exchanges in other countries but also competes with Nasdaq for company listings. Despite losing money in the US, it benefits from its strong brand and expansive infrastructure network. Additionally, there is a growing trend of companies opting for direct listings instead of IPOs, especially if they don't need to raise capital but still want liquidity. This approach can save millions of dollars in fees and offers a faster and simpler process. This highlights the importance of innovation and adaptability in the ever-evolving financial market.

    • Capitalizing on the Lucrative Market of Laundry Services for Airbnb HostsEntrepreneurs have the opportunity to tap into the growing market of laundry services for Airbnb hosts, offering a professional experience and faster turnover for guests despite operational challenges.

      There is a significant market for commercial laundry services in the hotel industry. Companies like Star Laundry and Cintas are generating billions of dollars in sales by providing laundry services to hotels and other establishments. This presents an opportunity for entrepreneurs to capitalize on this market by offering specialized laundry services for Airbnb hosts. By providing fresh sheets and linens to Airbnb hosts on a regular basis and picking them up for cleaning afterwards, hosts can ensure a faster turnover and a more professional experience for their guests. However, there may be operational challenges since Airbnb locations are distributed and require roaming pickups. Despite this, the high volume potential of serving numerous Airbnb hosts makes it an interesting business prospect.

    • The Importance of Salespeople and Aggressive Sales Tactics in the Laundry and Clothing IndustriesSuccessful companies in the laundry and clothing industries understand the value of hiring a large number of salespeople, prioritizing aggressive sales tactics, and establishing relationships with small businesses to stay competitive. Strategic partnerships and leveraging brand recognition are also key.

      Successful companies in the laundry and clothing industries rely heavily on their salespeople. These companies, such as Centos and Jessica Simpson's brand, understand the importance of hiring a large number of salespeople and continuously replacing them when necessary. Through Reddit and Glassdoor reviews, it becomes evident that these companies prioritize aggressive sales tactics and high turnover rates to stay ahead in their highly competitive markets. Additionally, the ability to go door to door and establish relationships with small businesses is crucial for their success. It is surprising to discover that despite Jessica Simpson's seemingly waning fame, her brand continues to generate significant sales. This highlights the power of strategic partnerships and leveraging existing brand recognition in the market.

    • The Power of Mystery in SuccessLook beyond the flashy and explore the hidden greatness in those who remain quiet about their achievements.

      Success and mystery often go hand in hand. Whether it's the brother and sister partnership behind the successful makeup brand Colorpop or the enigmatic Joe Lamont from Trilogy software, these individuals and companies thrive by keeping a low profile. The less they talk about their achievements, the bigger they seem to be. This principle applies to many aspects of life. If someone is constantly promoting themselves, chances are their success may not be as substantial as they claim. In contrast, those who remain quiet about their accomplishments often have something truly significant to offer. So, when faced with the choice between the flashy and the mysterious, it may be worth looking deeper into the latter, as hidden greatness often lies beneath the surface.

    • Companies investing in education to build talent pipelineCompanies are creating their own universities or partnering with existing ones to train and attract talent, ensuring employees have specific skills needed, reducing retraining costs and allowing for targeted recruitment.

      Companies are starting to create their own universities or partner with existing ones to train and attract talent. This trend is becoming more popular as traditional universities are seen as inadequate in preparing students for real-world job requirements. Examples like Trilogy University, Shopify's dev degree, and McDonald's Hamburger U demonstrate how companies are investing in education to build their talent pipeline. By taking matters into their own hands, these companies can ensure that employees are equipped with the specific skills needed for their industry. This shift also allows for more targeted recruitment and reduces the need for costly retraining. As this trend continues to grow, expect more companies to follow suit and create their own educational programs.

    • The Importance of Planning and Finding Meaningful Activities During a BreakTaking a break from work is valuable, but it's important to have a plan or engage in meaningful activities to avoid boredom and find fulfillment during the break.

      Taking a break and disconnecting from the career race can provide valuable perspective and rejuvenation. Sam Parr shared that he embarked on a motorcycle road trip for seven weeks, exploring different parts of the country and meeting new people. While it was initially exciting, he admitted that it eventually became boring. This emphasizes the importance of having a plan or finding sustainable activities beyond a short-term sabbatical. Inspired by Paul Graham's example, Shaan Puri mentioned how Graham moved to the countryside with his family and dedicated his time to writing a programming language and essays. This shows that finding a meaningful project or passion can bring fulfillment during a break from the usual routine.

    • The Benefits of Extended Breaks and Creative PursuitsTaking breaks from work to pursue personal interests and passions can recharge and bring new perspectives, enhancing personal growth and creativity.

      Taking extended breaks from work, whether it's for weeks or months, can help recharge and bring new perspectives. Sam Parr and Shaan Puri discuss their experiences with long breaks and creative pursuits. They emphasize the importance of having time to pursue personal interests and passions outside of work. Sam talks about his desire to try different creative endeavors, like stand-up comedy or writing a book, while Shaan shares his ideal life of taking two-year plunges into creative pursuits. Additionally, they mention the concept of remote year, a program that allows remote workers to live and work in different places. Overall, their conversations highlight the benefits of taking breaks and exploring new experiences to enhance personal growth and creativity.

    • Embracing Flexibility and Exploration in the Modern WorkforceRemote work and extended travel programs offer individuals the opportunity to break from routine, gain fresh perspectives, and prevent burnout, while also benefiting companies in retaining talented employees.

      Remote work and extended travel experiences are becoming increasingly popular. The conversation highlights a program that allows individuals to spend 4, 6, or 12 months living and working in different locations as part of a curated group. It is not limited to remote workers, as even those with traditional office jobs can participate. The program aims to provide a break from the monotony of daily routines and prevent burnout by offering new experiences and perspectives. Additionally, companies are recognizing the value of sabbaticals and remote work opportunities in retaining talent. Overall, the discussion showcases the growing demand for flexibility and exploration in the modern workforce.

    • Comfortable and Functional Loungewear: Introducing Jambys' Boxers with PocketsJambys' boxers offer a simple yet innovative solution to uncomfortable loungewear, proving the demand for comfortable and functional clothing at home.

      Jambys, a brand that offers boxers with pockets, highlights the importance of creating comfortable and functional loungewear for home. Many people wear the wrong attire at home, such as jeans or formal pants, which can be uncomfortable. Jambys aims to provide an alternative by offering boxers that can be worn around the house without the need for pants. This simple innovation addresses the need for comfortable clothing while lounging at home. It is important for companies to consider the specific needs and preferences of their target market when developing products. Jambys' success shows that there is a demand for loungewear that is both comfortable and functional.

    • Shifting the focus from outputs to inputs for greater success in projects and career advancement.By measuring and rewarding individual's ability to achieve specific inputs, companies can encourage risk-taking and leadership, leading to successful projects and career growth.

      When it comes to thinking big and taking big risks, it's important for companies to have individuals who are willing to spearhead projects that may not work. However, the traditional way of measuring success based on outputs can discourage employees from attaching their name to projects that have a higher chance of failure. To address this, Jeff Bezos suggests a different approach that focuses on measuring inputs rather than outputs. By identifying specific levers and goals that are in their control, individuals can be measured on their ability to achieve these inputs, ultimately leading to promotion and career advancement. For example, in the hypothetical case of the hustle business, the three biggest levers to achieve the goal of $2 million in monthly revenue could be increasing free email subscribers, increasing paid email subscribers, and attracting more advertisers.

    • Shifting focus from outcomes to controllable inputs for team motivation and successBy measuring and promoting employees based on controllable inputs and having impactful projects, teams can be motivated to consistently execute the right actions and achieve success.

      Measuring and motivating a team based on outputs, such as revenue and profits, may not be effective because these outcomes are often too far removed from what individuals can control. Instead, it is important to focus on measuring and promoting employees based on the inputs they can control, such as the number of blog posts or emails sent out. By setting clear objectives and key results (OKRs) that align with these inputs, teams can be motivated to consistently execute on the right actions. Additionally, it is crucial to have a portfolio of projects that have the potential to add a significant impact, or "a 0," to the company's success. This approach, exemplified by leaders like Jeff Bezos and Bill Walsh, emphasizes the importance of concentrating on controllable factors and allowing the score to take care of itself.

    • The Importance of Mastering the BasicsPrioritizing the fundamentals and establishing a strong foundation in all areas of life and business is crucial to long-term success.

      Success often begins with mastering the basics. The story about UCLA coach John Woodin emphasizes the importance of starting from the ground up, even in areas that may seem unrelated to the ultimate goal. Woodin's focus on teaching his players how to put on their socks and tie their shoes before even touching a basketball highlights the significance of laying a solid foundation. This lesson extends beyond sports and can be applied to various aspects of life and business. By prioritizing the fundamentals and ensuring a strong base, individuals and teams can prevent unnecessary setbacks, such as blisters, and set themselves up for long-term success.

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