Scott Galloway shares his entrepreneurial journey, from starting a video rental company to founding Prof G Media. He discusses challenges, successes, and decision-making processes. The podcast also explores revolutionizing business operations, setbacks in Red Envelope, starting a luxury center, management philosophy, and reflections on entrepreneurship.
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Quick takeaways
The speaker reflects on the pleasures and rewards of entrepreneurship, highlighting the importance of economic security and the fulfillment of building a successful company.
The speaker emphasizes the importance of endurance, not giving up when facing setbacks or challenges, and expresses gratitude for both the good and the bad luck they have experienced, shaping their journey.
Deep dives
Starting an edtech company to address issues in higher education
The speaker starts a company called Section, aiming to offer an affordable alternative to higher education. They express concerns about the moral corruption in higher education and want to provide an 80% equivalent of a graduate elective at a lower cost. The initial response is positive, but it faces challenges due to COVID-19. They focus on AI for growth and find stability after right-sizing the company.
The rewarding aspect of entrepreneurship and creative freedom
The speaker reflects on the pleasure and rewards of entrepreneurship, the chance to do something fun and creative. They highlight the importance of economic security and the fulfillment of building a successful company. They aim to spend more time with their family, have fun, spend money, and give back, while appreciating the financial success and positive impact of their current endeavors.
The surprises of the speaker's career
The speaker acknowledges that their career has been full of surprises. They mention various career paths they thought they would take, only to find themselves in different positions. They emphasize the importance of endurance, not giving up when facing setbacks or challenges. They express gratitude for both the good and the bad luck they have experienced, and how it has shaped their journey.
The profitability and enjoyment of Prof G Media
The speaker founds Prof G Media, a company with diverse revenue streams including podcasts, books, and speaking engagements. They describe it as the most profitable business they have been involved in, and emphasize the enjoyment and impact of their creative work. They mention focusing on important issues, building a strong team, and offering fair compensation to employees.
Scott tells the story of his career in entrepreneurship, from starting a video rental company before business school, to going public with Red Envelope, to founding Prof G Media. He shares what was most meaningful about those experiences, and what was most surprising.