From 600+ conversations with the world’s leading thinkers.
I wasn't thinking about success or being 'big' or creating a huge business. I was thinking about answering a need, a void, creating something that wasn't there before.
80% of self-made billionaires we studied made their mark in mature, competitive markets. They weren't all 'exactly' new products that came out – they were maybe a variation of a business model or existing product that pleased the customer in a different way. Think of Howard Schulz with Starbucks, or Sara Blakeley with Spanx for example.
At WeWork, we believe creators are anyone that's pursuing their passions and contributing to a mission. Regardless of your company size, title or function, you are working towards creating meaning, intention and purpose within your life.
For me, it wasn't about creating a traditional business plan but rather channelling my 1960s mindset—I aimed to amaze and captivate people. I wanted passersby to wonder, 'Have you seen that? What's going on there?' Ultimately, this desire to make an impression has been the connecting thread in everything I've undertaken.
I saw something in the world that was done poorly and thought it could be done better. The difference between a miserable, crank grump and an entrepreneur? Both are unhappy- but the entrepreneur says they can make it better… that they can fix it… and they follow the spark.
I genuinely don't care about scrutiny – it's a zero on a scale of 1 to 10 for me. If the table goes cold, I'll walk out of the casino. I'm good… I've got my nest-egg… I'm happy. I do this every day because I like it and want to accomplish my goals.
Many entrepreneurs are deluded about their odds of success, that evidence is very clear. This creates problems… Should a government subsidise entrepreneurs who greatly over-estimate their chances of success?
I never, ever, thought – even remotely – that I would make this festival my life. It was never seen as something that would run forever – and was something which was very much done 'by the seat of our pants'.
Undeniably, joining a flourishing company vastly differs from joining a struggling one, just as there's a significant contrast between building a company with the intention to sell and constructing one with the goal of passing it on.
Starting a business is an exciting venture, often filled with enthusiasm, borrowed money, and a fair share of ignorance. In fact, a certain level of ignorance can be beneficial for an entrepreneur. If you were fully aware of the potential obstacles ahead, you might hesitate to start.
When these people are under stress, they make bad decisions. They get reactive. One of the key findings in our conclusions is that the unsuccessful founders were more reactive. They weren't measured. They weren't deliberate. They didn't make decisions based on facts — their emotions carried them away.
Small companies will get an idea and try to scale up. Big companies have to decide when to extend, when to extend and scale, and when to do something new. They need to build capabilities in terms of insight and execution to do the new thing.