From 600+ conversations with the world’s leading thinkers.
At the beginning I literally started a business out of passion. I loved fitness- it changed my life- it changed my schooling, education and taught me skills that changed my life for the better. I just wanted to be in fitness. When we started the business- whilst the first 6 months were difficult- it started to gain momentum and started to feel like a real opportunity. That's when I had to grab the business by the 'scruff of the neck' and drag it to where I thought it needed to be.
Different things energise different people. I get energised from building things that people like. I've met people who are totally motivated by being in the press, or motivated by money, and so many things… but for me, it's about making sure people enjoy the things we're building.
Entrepreneurs and founders have to learn to be the most adaptable people in their business- that's really important – otherwise, the business will outgrow the founder, or the founder will cause the business to stagnate or slow.
My goal was simply attracting large numbers of customers because mass appeal guarantees profit. I often advised not to obsess over immediate profits but to prioritise popularity. Like Amazon or Apple, success comes from creating something that garners mass recognition and love.
We characterise our ideal 'Substacker' in affectionate terms – we call them outsider nerds – they're outsiders insofar as they don't fit comfortably in the dominant media structure for whatever reason – perhaps they feel they can do better work outside of it.
Another hugely common mistake is optimising your business for investors, and not customers and employees.
So many people say, 'Jacqueline, I would love to change the world- but I don't know my purpose yet…' Purpose doesn't come to people sitting at the starting blocks and thinking about purpose. You have to live it.
The skills that get them to one point won't carry them the rest of the way. We talk about the ticking time bomb. The ticking time bomb is these very characteristics — when you're trying to scale, and things are getting more complex, and you have to work through other people — they blow up.
We have to be careful about just increasing start-up activity. If we are increasing the level of start-up activity of people who are more inclined to employ other people, fine… but I'm not convinced that is the case.
Many entrepreneurs make the mistake of hiring a table of yes-men. This is great for ego, bad for business. You need to hire people who are smarter or more experienced than you in those specific roles. They may often challenge you and re-structure your thoughts, but this is important for good governance.
Excellence is almost a tactile feeling – and it starts with a vision… sometimes a vision that shows you a path that's so good that it cannot not succeed.
I would argue that it's essential to set growth aside and prioritise achieving product-market fit. The logic behind this is straightforward: if you manage to attain product-market fit, you'll thrive, but if you fail, your venture will falter. It's that simple.