Entrepreneurship from 2008 to Today l Shopify President Harley Finkelstein

Summary

The discussion delves into the state of entrepreneurship in the 2010s, contrasting it with the 80s and 90s. It addresses the impact of the 2008 recession, which led to a flight to safety and a preference for jobs in 'too big to fail' companies. The conversation highlights the rise of direct consumer brands and the creativity within the decade, despite fewer business registrations. It also touches on the evolving nature of work, with individuals juggling multiple roles and the search for life's work during one's lifetime, rather than postponing it to retirement.

Takeaways

• 🚀 Entrepreneurship became easier in the 2010s due to various factors, but the decade was not stagnant; it saw the rise of direct consumer brands.
• 💼 The 2008 financial crisis led to a 'flight to safety' where people sought jobs in companies perceived as 'too big to fail'.
• 🏦 Post-2008, there was a preference for larger banks over medium-sized ones due to the perception of stability and government support.
• 🛍️ The 2010s are characterized by the growth of dynamic and disruptive direct consumer brands like Glossier, which later expanded to physical retail.
• 🔄 Brands like Mattel evolved by leveraging their existing intellectual properties to create new businesses, demonstrating creativity within the decade.
• 📊 Despite fewer business registrations in the 2010s compared to today, the data does not necessarily indicate a lost decade for entrepreneurship.
• 🧩 There is a trend towards individuals having multiple income streams, rather than relying on a single dominant source.
• 🎾 The concept of 'work-life balance' is evolving into 'work-life harmony', where personal and professional identities are more intertwined.
• 👨‍👩‍👧‍👦 People are seeking to do meaningful work during their lifetime, rather than postponing it until retirement.
• 🎯 The importance of focusing on one's main quest or passion, while acknowledging the risk of spreading oneself too thin across too many interests.
• 👨‍⚕️ There is a potential concern when professionals in critical roles, like physicians, have secondary, unrelated occupations that could distract from their primary responsibilities.

Q & A

Why were the 2010s considered stagnant for entrepreneurship compared to the 1980s and 1990s?

The 2010s were seen as stagnant due to the aftermath of the 2008 financial crisis, which led to a 'flight to safety' mentality. People sought jobs at large, stable companies that were perceived as 'too big to fail', rather than taking entrepreneurial risks.

How did the 2008 financial crisis affect the choice of employment for individuals post-crisis?

After the 2008 crisis, individuals preferred to work at larger companies that were bailed out, as they were seen as more secure compared to medium-sized banks that were not saved.

What is the speaker's opinion on the 2010s being a 'lost decade' for entrepreneurship?

The speaker disagrees with the notion of the 2010s being a lost decade for entrepreneurship, citing the rise of direct consumer brands like Figs, Jim Shark, Glossier, Everlane, and Dollar Shave Club as evidence of creativity and disruption during that period.

How did direct-to-consumer brands evolve during the 2010s?

Direct-to-consumer brands like Glossier evolved by moving from online-only to physical retail spaces, such as Sephora, demonstrating a dynamic and adaptive approach to business.

What is the significance of Mattel Creations in the context of the 2010s?

Mattel Creations represents the company's realization of the value of its intellectual properties, leading to the development of new businesses around beloved brands like Hot Wheels and Barbie, which were originally created in the 1940s.

What trend is observed in the way people approach their work and income sources today?

There is a rising trend where people have multiple income sources rather than relying on a single dominant source of income, indicating a shift towards a more diversified and flexible work approach.

What is the concept of 'work-life harmony' as opposed to 'work-life balance'?

Work-life harmony refers to an integrated approach where work is part of one's identity and life, rather than being separate entities that need to be balanced against each other.

What is the potential risk of having multiple roles or jobs?

The risk of being a 'jack of all trades, master of none' exists, where individuals may spread themselves too thin and not excel in any particular area due to the lack of focus.

How does the speaker view the concept of 'life's work' for people today?

The speaker believes that people are searching for their life's work during their lifetime, as opposed to previous generations who may have worked at jobs they didn't love and pursued their passions only after retirement.

What is the importance of maintaining focus on one's main quest according to the speaker?

Maintaining focus on one's main quest is crucial to ensure that the most important thing remains the priority, avoiding the risk of spreading oneself too thin and not achieving excellence in any area.

What is the 'Big Shot' project that the speaker is involved in?

The 'Big Shot' project is an initiative by the speaker to create an archive of the greatest Jewish entrepreneurs of the last half-century, showcasing their stories and contributions.