Shopify President: How To Become A Millionaire For The Price Of A Starbucks Coffee!
May 8, 2023
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Harley Finkelstein, President of Shopify, shares his inspiring entrepreneurial journey from selling T-shirts at university to leading a billion-dollar e-commerce platform. He discusses how anyone can become an entrepreneur with minimal investment and emphasizes the importance of embracing failure and self-discovery. Harley also explores his drive to find meaning over mere happiness and the transformative power of entrepreneurship. His insights encourage aspiring business owners to initiate their ventures despite challenges.
Entrepreneurship is more accessible and affordable than commonly believed, requiring minimal investment.
Embracing failure as a learning experience and seeking self-awareness can contribute to entrepreneurial success.
Competition should not deter individuals from pursuing business ideas; deep empathy and continuous improvement are key to building loyalty and staying ahead.
Investing in content creators focused on improving products/services and excelling in specific niches can lead to success.
Effective prioritization involves calendaring, committing to important activities/goals, and focusing on must-have priorities.
Deep dives
Empowering entrepreneurs to start their own business
The podcast episode discusses the importance of empowering individuals to start their own businesses. The speaker, Carly Finkelstein, the president of Shopify, shares his personal journey of starting a business after his father's arrest and how Shopify was born. He emphasizes that entrepreneurship is not as expensive as commonly believed and that anyone can start a business with minimal investment. Finkelstein encourages individuals to pursue their passions and explore ideas, as successful businesses are often created based on a nugget of an idea that is explored and developed over time.
Changing the perception of entrepreneurship
Finkelstein expresses his mission to change the perception of entrepreneurship and encourage more people to consider it as a path to self-actualization. He believes that commercializing hobbies and finding one's life's work can lead to a more fulfilling and colorful world. He highlights the importance of breaking free from jobs that people hate and enabling them to pursue their passions. Finkelstein asserts that entrepreneurship is no longer inaccessible and that anyone can start their own business with the right mindset and resources.
Overcoming the fear of failure and embracing uncertainty
Finkelstein emphasizes the need to overcome the fear of failure and embrace uncertainty when pursuing entrepreneurship. He shares personal experiences of failures and highlights the importance of viewing failure as a discovery of what doesn't work, rather than a reflection of personal abilities. Finkelstein encourages self-awareness and suggests that entrepreneurs should not be afraid to seek therapy or guidance to navigate their psychological challenges. He also emphasizes the value of spikiness, focusing on unique skills and stacking complementary abilities to differentiate oneself in the industry.
Competition and doing it better
The podcast explores the idea of competition and how it shouldn't deter individuals from pursuing their business ideas. Finkelstein shares the example of Shopify, which had competitors when it started but succeeded by doing things better. He emphasizes the importance of deep empathy for customers and continuously adding disproportionate value to build loyalty. Finkelstein encourages entrepreneurs to focus on execution rather than the novelty of ideas and to strive for continuous improvement. By identifying practical implications and leveraging technology, businesses can stay ahead and provide exceptional experiences.
Investing in Content Creators
One million dollars would be invested in content creators who are focused on creating unique and improved products or services, rather than simply slapping their brand logo onto existing ones. Examples like Kylie Jenner's cosmetics line and Mr. Beast's Beast Burger demonstrate the value of content creators who strive to make something better.
Niche Verticals and Expertise
Another portion of the investment would go towards individuals who excel in a specific niche or vertical, going deep into their area of expertise. By focusing on one vertical, they can create the best version of a particular product or service, attracting those who are passionate about that niche.
Making Quality Accessible
The third investment would be in entrepreneurs aiming to make high-quality products or services more accessible to the masses. This could involve creating a more affordable version of a premium product, allowing more people to experience its benefits. The focus would be on democratizing quality and widening access for a larger audience.
Importance of Effective Prioritization
Effective prioritization involves calendaring and organizing tasks and commitments to ensure focus and productivity. By scheduling and committing to important activities and goals, individuals are able to prioritize what truly matters in both their personal and professional lives. This approach helps in avoiding rush and allows for a more intentional and balanced approach to tasks and relationships. By utilizing the calendar to diarize not only work-related events, but also personal activities and connections, individuals can better manage their time and prioritize what is truly important.
Balancing Must-Have and Nice-to-Have Priorities
Focusing on must-have priorities rather than nice-to-have ones is a key aspect of effective prioritization. This means identifying and dedicating time and energy to the things that truly matter, such as work, relationships, and meaningful contributions. By determining what adds the most value and aligns with personal values, individuals can make intentional choices and avoid spreading themselves too thin. Embracing the concept of the Ikigai, which explores the intersection of what one is good at, what the world values, what one can be paid for, and what brings personal fulfillment, can guide individuals in aligning their priorities with their passions and strengths.
In this new episode Steven sits down with the Canadian entrepreneur and President of Shopify, Harley Finkelstein.
Harley was 17 years when we started his first company selling T-shirts at University. Later, while studying law at the University of Ottawa, Harley met the future co-founder of Shopify, Tobias Lütke, and became an early adopter of the platform. After graduating from law school, Harley worked as a lawyer before joining Shopify in 2010 as it’s first employee. Since then Harley has helped Shopify grow from a start-up to one of the world’s leading e-commerce platforms in the world, powering over 1 million businesses in 175 countries.
In this conversation Harley and Steven discuss topics, such as:
Harley’s mission to make more people into entrepreneurs
Why Harley had no choice but to become an entrepreneur
Downshifting and what ‘being enough’ truly means
Why Harley searches for meaning rather than happiness
