BC STARTUPS

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Chris Hladczuk
@chrishlad 3 years, 11 months ago 657 views

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I just interviewed the man who invented Amazon Prime.

He started a business worth $40 billion today and served on Amazon's board for 15 yrs.

Here are lessons from Bing Gordon that'll save you years of mistakes:

When you have a business idea, take action now before it dies.

• Write 1 paragraph about the idea

• Write a 4 slide business plan

• Write your 1st line of code

When you start a job, ask your boss 2 questions:

1) Who is the best boss you've ever had and what does that mean for me?

2) What does top 10% performance look like?

Hold yourself accountable for high achievement.

If you're a cab driver, drive the most miles

if you're a fisherman, get on the best boat.

How to succeed

• Be a learning machine.
• Find a way to maintain high energy

In college, you don't take classes for content.

You take classes for great professors.

Same with your job.

Pick a company for a great boss.

The best interview question:

"What's your strategy for learning?"

How to set goals:

1) Clear and unambiguous

2) Stretch, but not impossible

3) Under your personal control

4) Time sensitive + context relevant

Don't invite someone to be on your board that you wouldn't pay to have dinner with.

When pitching your startup, your goal is to share 1 insight to investors that they didn't know before.

If you want to help the next generation of business builders, retweet the first tweet below!

https://t.co/IfjYJJnl48

I just interviewed the man who invented Amazon Prime.

He started a business worth $40 billion today and served on Amazon's board for 15 yrs.

Here are lessons from Bing Gordon that'll save you years of mistakes: pic.twitter.com/NatY4K3zlK
— Chris Hladczuk (@chrishlad) May 14, 2021

for more top-secret insights, follow me @chrishlad

if you really like this, check out my newsletter where I share frameworks, systems for success and wild business stories:

https://t.co/VxEW9G1YnK

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Chris Hladczuk
@chrishlad

If you build a great product and no one knows, did it happen?

@mkobach
@JunaeBrown
@AmandaMGoetz
@JuiceboxCA
@KyleTibbitts
@jenalyson
@tobydoyhowell
@ThatChristinaG
@markritson
@TheCoolestCool

10 LESSONS from 10 of the BEST Marketers👇🧵

1/ Understand Culture First

"Marketing is effective when it’s a reflection of culture. Have to understand culture and society to understand marketing"

@mkobach

2/ Four Keys

• Make your audience feel like they know u— inside look into lifestyle or clear buyer persona

• Create shareable content—audience promos for u

• Authenticity

• Interactive strategies since everything is digital. Create EXPERIENCES

@JunaeBrown

3/ Pillars of Content

Every piece of content have 3 things:

- PURPOSE
- GOAL
- DISTRIBUTION STRATEGY

@AmandaMGoetz

4/ Clear Value Prop

"If you can’t describe in one tweet why someone should follow your brand on social, you can bet the average social user can’t find the reason either."

@JuiceboxCA

Chris Hladczuk
@chrishlad

I devoured 50 years of Warren Buffett shareholder letters.

The result?

12 timeless principles from the greatest investor in the world.

Here are the golden nuggets🧵

The Orangutan Effect

"If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will exit thinking more clearly yourself."

Teaching others actually teaches yourself.

2022

The Faulty Premise Framework

“A horse that can count to ten is a remarkable horse - not a remarkable mathematician.”

Beware your comparison set.

Are you judging crappy relative performance or absolute results?

1985

Pick the Right Business Boat

The business boat you get into is more important than how effectively you row.

“When a brilliant management team tackles a business with a reputation for poor fundamental economics, the reputation of the business usually stays intact.”

1985

A Rising Tide Doesn't Lift All Bonuses

"Good performance should be rewarded whether Berkshire stock rises or falls.
Average performance should earn no special rewards even if our stock soars."

Judge for individual performance or risk free riding on group success.

1986

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Chris Hladczuk
@chrishlad

There are over 30 million podcast episodes.

and you don't have time to listen to them.

So let me save you time with 7 that will make you smarter today🧵

My First Million with @ShaanVP + @theSamParr

Best Episode: #171 How to Generate Millions from Paid Events

Sam made $100k in 8 weeks hosting paid events with without any previous audience.

He gives a play by play to print money.

The @tferriss Show (the OG)

Best Episode: #341 with @nickkokonas

The most important concept in the damn world is asymmetric risk.

This episode was my first exposure to it.

Been a huge Kokonas fan ever since

20VC with @HarryStebbings

Best Episode: Jan. 4th, What happened in 2020? What can we expect looking forward to 2021?

He got Bill Gurley and Howard Marks... for the same episode.

Need I say anything else?

The @naval Podcast

Best Episode: First 25 episodes which are 2-5 minutes each

Ok, I'm cheating here

but when Naval breaks down the most popular twitter thread of all time: "How to Get Rich wIthout Getting Lucky"

...you stop and listen

Chris Hladczuk
@chrishlad

What if you could avoid competition forever?

How to Build a Personal Monopoly with @david_perell + @jackbutcher

THREAD👇

1/ What is a personal monopoly?

The intersection of...

• Curiosity: What do you care about?

• Competence: What are you good at?

• Character: Who are you?

These combinations SHRINK the area of competition.

"Competition is for losers."
@peterthiel

2/ Where to Start

"You can't connect the dots looking forward: you can only connect them looking backwards."
-- Steve Jobs

Trust your curiosity and intuition.

Only curiosity creates uniqueness.

3/ BUTCHER'S FRAMEWORK

DICE = Diverge, Converge, Emerge

DIVERGE (Collect Dots): Pursue things you're interested in

CONVERGE (Connect Dots): Find the connections among interesting things

EMERGE: You've found where to start. Now attack it everyday.

4/ "Make a single decision to eliminate 1,000 decisions."
-- @tferriss

For @visualizevalue + @jackbutcher: How do you visualize something to make it simpler?

Eliminate anything that doesn't compound towards achieving that goal.

Chris Hladczuk
@chrishlad

I've interviewed 5 founders of billion dollar startups.

Here's what I learned:

CTFU

"Catch the F*ck Up"

Startups are about speed.

If you don’t have urgency, you lose.

Successful people don't find hard things easy to do.

Instead, they've trained themselves to be better at hard things.

Create habits so small that they are painless.

h/t @JamesClear

Be short and to the point with important people.

Co-founders aren't people you meet at networking sessions.

They're your friends.

Get your smartest, hardest working friends and convince them to start a company with you.

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Marketing Examples
@GoodMarketingHQ

🔥 A lesson in pricing

THREAD ...

Peter Thiel spends 6 months writing down everything he knows about business. His book sells for $10.

Adam Wathan and Steve Schoger spend 6 months writing down everything they know about design. Their “book” sells for $79.

Believe it or not, both prices make perfect sense.

Thiel is selling to the masses and the masses are sensitive to price changes (price elastic).

If he raises the price to $30 they wouldn’t think twice before substituting his book for one of the many cheaper alternatives on Amazon.

Adam and Steve are selling to hardcore fans and hardcore fans are insensitive to price changes (price inelastic).

They've all been following the Twitter tips, watching the screencasts, reading the Medium posts.

In their minds, there are no substitute resources available.

When demand for your good is inelastic, you raise your price.

In the case of Adam and Steve, all the way up to $79.

As the diagram shows, a 8x price increase ($10 to $79) results in just a 2x drop in books sold (20k to 10k) and 4x more revenue (area of the rectangles).

Andrew Chen
@andrewchen

👇 Thread. New deck getting published this week: "Consumer startups are awesome, and here's what I'm looking to invest in at Andreessen Horowitz." If you want to read it, subscribe to my newsletter here: https://t.co/262t8eh0wf

1/ A lot of new consumer technologies have been introduced to US households in the last 100 years. But it's taken many of them - like the telephone - more than 50 years to get to the majority of the US. Why is that?

2/ We had to literally teach people how to use phone. Which end goes to your mouth, which goes to your ear. Say "hello" when people call. The motivation of consumers to talk to their friends has always been there, but we had to teach the behavior

3/ If you compare phones to the latest technologies, there's been a huge shift. Things are being picked up much faster.

4/ Even while there's been all this innovation recently, physically speaking, we are still the same human beings from 100,000 years ago.

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Garry()
@garrytan

Subtle real advantage nobody talks about: if founders can access deeper pools of capital early/quickly, they can get bigger faster without spawning lots of competitors.

If your startup is real, pitching Sand Hill is sometimes like giving away copies of your treasure map

This advice is seldom given because most of the time and for most founders, you are still better off talking about your idea as much as possible to better understand where the dead ends are in the idea maze. Can’t do that in isolation.

Asking investors what is hot is usually less useful than asking what has worked, and what didn’t work and why? That’s how you can skip ahead and avoid death.

“All I want to know is where I’m going to die so I’ll never go there.” —Munger

Shahed Khan
@_shahedk

8 things startups can do early on to optimize for focus & productivity:

1. Synchronous meetings only for p0 and p1 items

All meetings should be 25 minutes by default with the ability to extend by 15 minutes if necessary.

Each meeting should have a clear agenda that outlines its context, asks, action items, etc.

Meetings should be brief & impactful

2. Asynchronous for everything else

- Stand ups
- Project demos / updates
- Design / Eng handoffs
- Documentation walkthrough

A simple flowchart for meetings:

3. Strive for 90% focused work / 10% meeting & sync time

- No meetings on Tues & Thurs
- Encourage turning off Slack & distracting notifications
- Track your time to better understand your distractions
- Buy your team a copy of Deep Work & Getting Things Done

4. No recurring meetings

Recurring meetings are a productivity killer. Try to avoid them when possible.

Instead, assess whether a follow-up meeting is needed at the end of each meeting.

Massimo Di Berardino
@Massimokris

@_shahedk @buzz_chronicles save as startups

@buzz_chronicles @buzz_chronicles save as startups

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"I really want to break into Product Management"

make products.

"If only someone would tell me how I can get a startup to notice me."

Make Products.

"I guess it's impossible and I'll never break into the industry."

MAKE PRODUCTS.

Courtesy of @edbrisson's wonderful thread on breaking into comics – https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.

"I really want to break into comics"

make comics.

"If only someone would tell me how I can get an editor to notice me."

Make Comics.

"I guess it's impossible and I'll never break into the industry."

MAKE COMICS.
— Ed Brisson (@edbrisson) December 4, 2018

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You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.

But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.

And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.

They find their own way.