From 600+ conversations with the world’s leading thinkers.
Our philosophy has been about trying to control the entire customer experience. A lot of people, when they think about branding, they think about advertising and marketing. But we actually don't do any advertising or marketing. Instead, we invest all of that money into the customer experience, and then our customers do our marketing for us through word of mouth.
The actual actions of the people in the market are the things that determine what happens next within the market.
It's important to differentiate between a large market and a large opportunity; they're not one and the same. The ideal scenario is to tackle a significant problem within a substantial market, thereby creating a sizable opportunity.
Never was wealth the driver for me. – it was always hey, there's a cool idea here, let's make something of it. It was nice to be well rewarded, but the interesting part was working the problem, thinking about new things and how to bring them forward from being ideas to being products or new ways of doing things.
The venture capital industry exists to get capital in the hands of deserving entrepreneurs, but the data tells us that venture capitalists often have only a narrow definition of what 'deserving' means—and it often corresponds to being white and male.
For the people I documented, money was secondary… They knew absolutely they would make money, but changing the world and doing cool stuff was the primary goal; that was their mission.
The miracle of capitalism is that if you have a central government trying to solve something, it will come up with one averagely optimal solution for everybody. And capitalism will come up with 10 different solutions to the same problem.
The first thing I'd say is a big mistake is not caring about what the other side wants. Oftentimes people are thinking I have to say no to the other side. My goal is to say yes to them. It's to figure out what it is they want and give it to them.
Western management styles and Eastern management philosophies are not mutually exclusive. In fact, blending the best elements of each can be highly effective. It's not about choosing one philosophy over the other. It's about selecting and integrating the best aspects of both to enhance how you run a business.
If those assets are not being productively converted into goods and services that make the world a better place, it's a missed opportunity. Over the past half-century, we've standardised on a 'way' to do things – and that's clearly flawed but continues. We need managers and leaders to up their game if we're going to hope to tackle the environmental, inequality and other crises we face.
If you have a national or multinational brand, your customers are as diverse as the human population. If you're smart, you realise that you need people in your business who can relate to all those different kinds of people. This is actually one of the smartest supports for diversity and inclusion in the workplace.
I actually think social media can be fine, and in fact if you look at the first year or two of any particular social media, they often start out quite charming before the stupid business model kicks in where companies can only make money by having third parties inject money into the system.