Moment 130: Shopify's President: The 1 Skill You MUST Have To Thrive In Business: Harley Finkelstein
Oct 6, 2023
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Harley Finkelstein, President of Shopify, shares the importance of having a diverse skillset in business. He discusses the value of law school for entrepreneurs, skill stacking, the power of hobbies, and the psychology behind starting a business.
Having a diverse skillset, including hobbies and curiosities, can make entrepreneurs invaluable in their industry.
Skill stacking and building complementary skill sets can make individuals highly valuable and rare talents in their respective fields.
Deep dives
Importance of Spikiness and Unobvious Skills in Entrepreneurship
Spikiness refers to finding a unique and unobvious skill or arbitrage opportunity in entrepreneurship. The podcast episode highlights how having spikiness or combining complementary skills can make someone stand out and excel in their industry. The host shares personal experiences, such as attending law school to gain a deeper understanding of entrepreneurship, as well as examples like Steve Jobs taking a typography class. By developing spikiness, individuals can differentiate themselves and bring a unique perspective to their entrepreneurial ventures.
The Value of Skill Stacking and Complementary Skill Sets
The episode emphasizes the importance of skill stacking and building complementary skill sets. It suggests that being the best in the world at a few unobvious skills within an industry can make a person highly valuable. The host provides examples of Cristiano Ronaldo in soccer and Jack, the podcast host, potentially exploring theater or DJing to gain additional skills that would set him apart as a podcast director. By combining different skills, individuals can become rare and valuable talents in their respective fields.
The Power of Hobbies and Curiosity for Entrepreneurship
The podcast highlights the significance of hobbies and curiosity outside of one's primary field for entrepreneurship. The host shares personal examples of his wife starting an ice cream business and his own tea business, both of which have enhanced his leadership skills and understanding of Shopify's features. The episode encourages entrepreneurs to pursue their passions as hobbies, removing the pressure of immediate success and allowing for organic growth and learning. It emphasizes that starting a business doesn't require monumental expectations or significant investments, but rather a willingness to explore and stumble forward through the entrepreneurial journey.
In this moment, the President of Shopify, Harley Finkelstein, discusses why having a diverse skillset is the best way to stand out in your industry and a way of becoming invaluable. A lot of the time you may think that having diverse skills in the form of hobbies or curiosities are a waste of time and take attention away from your main area of focus or business. However, Harley believes that these skills are actually priceless for an entrepreneur and leader, so much so that he attended law school just to become a better entrepreneur.