Entrepreneurship from 2008 to Today l Shopify President Harley Finkelstein
Summary
TLDRThe 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.
Outlines
🚀 Entrepreneurship in the 2010s and the Rise of Direct Consumer Brands
The speaker reflects on the perception of the 2010s as a stagnant period for entrepreneurship compared to the 1980s and 1990s. They attribute the stagnation to the aftermath of the 2008 financial crisis, which led to a 'flight to safety' where people sought employment in larger, 'too big to fail' companies. Despite this, the speaker disagrees with the notion of a lost decade, citing the rise of direct consumer brands like Figs, Jim Shark, Glossier, Everlane, Dollar Shave Club, and Brook Linen as defining features of the 2010s. They highlight the dynamic and disruptive nature of these brands, with some evolving to have a presence in both online and physical retail spaces, like Glossier moving to Sephora. The speaker also discusses the creative innovation during this period, including the reimagining of legacy brands like Mattel, which started building businesses around its iconic properties.
🌟 The Multi-Dimensional Identity of Modern Entrepreneurs
This paragraph delves into the evolving nature of work and identity for modern entrepreneurs. The speaker suggests that traditional concepts of work-life balance are shifting towards a 'work-life harmony,' where individuals integrate various roles and passions into their lives. They mention the trend of people having multiple sources of income and not relying on a single dominant job. The speaker also touches on the idea that people are now seeking their life's work during their lifetime, rather than postponing it until retirement. They caution against the risk of spreading oneself too thin and emphasize the importance of maintaining a focus on one's main quest, using the famous quote about keeping the most important thing the most important. The paragraph concludes with a personal anecdote about interviewing elderly Jewish entrepreneurs for a project called 'Big Shot,' highlighting the multi-dimensional nature of successful entrepreneurs.
Mindmap
Keywords
💡Entrepreneur
💡Stagnant
💡Recession
💡Flight to Safety
💡Direct Consumer Brands
💡Disruptive
💡Mattel Creations
💡Multi-Dimensional
💡Work-Life Balance
💡Life's Work
💡Jack of All Trades, Master of None
Highlights
The 2010s were stagnant for entrepreneurship compared to the 80s and 90s due to the aftermath of the 2008 recession, with a flight to safety as people sought jobs at companies considered 'too big to fail'.
Despite fewer business registrations in the 2010s, the decade saw the rise of dynamic and disruptive direct consumer brands like Figs, Jim Shark, Glossier, Everlane, and Dollar Shave Club.
Glossier evolved as a direct-to-consumer brand, eventually moving to physical retail locations like Sephora.
Mattel Creations was launched in the 2010s to build businesses around beloved brands like Hot Wheels and Barbie, showcasing creativity during the decade.
The 2010s were not a lost decade for entrepreneurship, but rather defined by the rise of direct consumer brands and innovative business models.
There is a trend of people having multiple income streams, with some individuals having multiple jobs or roles that contribute to their overall identity.
Some people believe in maintaining a strict separation between work and life, while others embrace a more integrated approach to work-life harmony.
The concept of 'life's work' is evolving, with people seeking to pursue their passions and interests during their lifetime rather than waiting until retirement.
The importance of maintaining focus on one's main quest or purpose, even while juggling multiple roles or interests.
The risk of spreading oneself too thin and becoming a 'jack of all trades, master of none' when taking on too many roles or interests.
The idea that one's identity can be multi-dimensional, encompassing various roles such as entrepreneur, leader, investor, and family member.
The speaker's personal project, 'Big Shot', which aims to create an archive of the greatest Jewish entrepreneurs of the last half-century.
The notion that people are becoming more multi-dimensional, with their self-identity being a combination of various interests and pursuits.
The potential concerns that may arise when someone's professional roles are too diverse, such as a family physician also being a DJ at an after-hours club.
The importance of finding a balance between pursuing one's passions and maintaining a clear focus on one's main quest or purpose in life.
Transcripts
now what I guess that that is what I
don't understand so I understand why
things are becoming easier to be an
entrepreneur what I don't understand is
in the
2010s um why like it was it was so
stagnant relative to history relative to
the 80s and 90s and stuff was it just
like everyone was just they came out of
a great um recession or whatever it was
and they just didn't want like they just
wanted to flag to safety or what was
going on there yeah that was a huge part
of it I mean 2008 was a mass part of
what happened subsequent to that that
era which was it was a flight to safety
it was I cannot rely on you know I I I
need to be resilient I need to be um
independent but sort of post too big to
fail a lot of people went to get jobs at
companies that were too big to fail and
I think that was very different than and
by the way like you take a medium-sized
Bank inv versus a very large Bank post
2008 there was an obvious reason to go
to that bigger bank because that bigger
Bank was saved that midsize Bank was not
saved but I I just I do so I do believe
there were I mean there was less
business registrations in 2010 there is
today there's no you know the the data
supports that but I do disagree that um
the 2010s was sort of this lost decade
for entrepreneurship when I think about
like figs or Jim shark or glossier or
everlane or Dollar Shave Club or I don't
know Brook linen these were all kind of
founded around that time actually I feel
like the 2010s are actually defined by
the rise of these direct consumer Brands
we played a huge role in that certainly
um but I think brands also got a lot
more um Dynamic and disruptive mean
directing Brands like
glossier also evolved they moved to
Sephora um and and you know Mattel
Creations like Mattel is a company that
was started in the 1940s obviously two
products one was hot the original two
products were Hot Wheels and Barbie
Barbie named after their kids Mattel
Creations came about in the 19 in the
2010s when Mattel realized that in the
basement in the Vault of Mattel they
have all this incredible inal property
that people love and are obsessed with
and let's actually start building
businesses around each of those
particular Brands so yeah less amount of
people starting businesses but a ton of
creativity happened in that 10-year
period now is there a sense where like
historically if you think of the average
person you know at least 90% of their
income comes from main source um and
today you're you're starting to see some
class of people have many jobs on like
the very high end you have these people
on like six boards or something and they
they make something on the on the more
emerging end you have someone okay
they're an Uber driver and they do this
and then they do something online for
this other thing Etc are do you think
we're going to see um a world where more
people where there's no like one
dominant no one place is like 50% of
their income
I think that
um it's a good question I I don't I
don't I think for some people like you
know they will separate it seems like at
least it's on the rise that Trend yeah
it's the rise but like there's gon to be
people who fundamentally believe that
work is work and life is life and those
two should never cross um I think you
have a different type of person whose
identity is not necessarily you know to
to use a sort of Bezos line it's not
work life balance it's work life Harmony
and all kind of work all together and
when I put my head on my pillow at night
I'm doing so as you know an entrepreneur
and a founder and the president of
Shopify and and passionate you know
father and husband and someone that
loves to play tennis and uh you know for
for fun I interview um old Jewish
entrepreneurs in their 90s I have a
little uh um project called Big Shot
where I'm Crea an archive of the
greatest Jewish entrepreneurs of the
last half century so I I I think more
people are becoming more
multi-dimensional
actually that's a very good thing yeah
now it's important and I one of the
things we talk a lot about at Shopify
from a product perspective but also from
a focus perspective is like your main
quest must remain your main quest you
know the most important you know the
famous quotee like the most important
thing is to keep the most important
thing the most important thing yeah that
really really matters so I I do think
there's a risk of being a jack ofel Trad
master of none but more generally um you
know you are an investor you are a
leader you're a podcaster it all kind
kind of fits together somehow or in like
this this nice little package that all
kind of each each thing kind of works
itself out yeah I do think though that
if I found out that my family physician
um was also uh a DJ uh on weekends at
after at an after hours Club there may
be some concern there as well but
actually I think that more and more what
is happening now is people are searching
for their life's work um during their
life unlike I think our previous
generations who kind of did a job they
didn't love their whole life and then
eventually retired and did their life's
work we want to do it during our life
and at the same time our life's work is
not necessarily one particular thing but
rather um you know a combination of of
of things that kind of create our
self-identity
[Music]
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