Founders
#345 George Lucas
Podcast summary created with Snipd AI
Quick takeaways
- George Lucas prioritized self-belief and invested in his vision.
- Lucas embraced history and science fiction to create Star Wars.
- Continuous idea revision and historical knowledge elevate creative work.
- Lucas's rebellious spirit and mentorship shaped his artistic independence.
- Startups must prioritize hiring A players for long-term success.
Deep dives
Influence of Filmmakers' Approaches
George Lucas, Quentin Tarantino, and Steven Spielberg share similarities in how they approach their work. Just like Spielberg and Tarantino, Lucas has rewatched movies he loved, incorporating scenes into his own work. Lucas was influenced by his addiction to reading biographies, studying history, and science fiction, using these learnings in creating Star Wars. Similar to company builders drawing inspiration from predecessors like Edwin Land, Lucas referenced historical knowledge, showing how expertise in an industry's history elevates one's work.
Building Creative Repository Through Continuous Learning
Lucas emphasises the importance of continuously revisiting ideas, noting how Tarantino catalogued movie notes to inspire future projects. Through his tool Founders Notes, Lucas compiles insights, notes, and highlights from diverse sources, supporting an accumulation of history's entrepreneurial knowledge. His AI tool, Sage, akin to a knowledgeable guide, offers profound connections and insights, aiding in idea formulation and development for creators.
Legacy of George Lucas and Star Wars Empire
George Lucas's commitment to his vision empowered filmmakers to realize their creative visions, devoid of studio meddling. Despite being likened to Thomas Edison in the film industry, Lucas remains underappreciated for his groundbreaking contributions. Those who reach the pinnacle in their fields heavily immerse themselves in industry history, leveraging past learnings for success. His uncompromising vision, technological innovations, and tenacity mark his legacy as a transformative force in cinema.
Formative Years and Independence
George Lucas's rebellious streak and thirst for autonomy emerged from clashes with his father's traditional views. His pursuit of creative freedom led him to blaze his own path, evident in his cinematic empire's establishment. The pivotal encounter with mentors like Francis Ford Coppola and filmmakers like John Coerte solidified Lucas's resolve to shun conventional norms, forging a unique creative direction rooted in independence and unwavering dedication.
Rise of Independent Filmmaking
Filmmakers like George Lucas and Francis Ford Coppola revolutionized the film industry by creating successful independent films. For instance, the low-budget production of 'Easy Rider' paved the way for independent filmmakers to gain recognition in Hollywood.
Personal Sacrifices for Artistic Control
George Lucas's relentless pursuit of creative freedom led him to make significant personal sacrifices, such as financing his projects and risking bankruptcy. His commitment to maintaining autonomy over his films, like 'Star Wars' and 'The Empire Strikes Back,' showcased his unwavering dedication to his artistic vision.
Financial Innovation and Risk-Taking
Lucas's innovative financial strategies, including using profits from 'Star Wars' as collateral for bank loans, demonstrated his willingness to take calculated risks to fund his ventures. By leveraging merchandise rights and collateralizing his assets, he secured funding and retained creative control over his projects.
Success Amidst Adversity
Despite facing financial challenges and risks, George Lucas's perseverance paid off with monumental successes. 'The Empire Strikes Back' not only exceeded box office expectations but also propelled Lucas into immense profitability, leading to the realization of his visionary projects like Skywalker Ranch.
Prioritizing Hiring Top Talent in Startups
In the podcast episode, the importance of hiring top talent in startups is emphasized. Steve Jobs highlighted that in a startup, the first 10 hires are critical as they collectively determine the company's success. Jobs advocated for meticulous investment in finding and retaining top employees, considering them key parts of the company. This strategy, focusing on A players, is essential for startups to thrive.
Unique Approaches to Hiring and Recruitment Strategies
The podcast delves into unique approaches to hiring and recruitment strategies adopted by successful entrepreneurs. Various examples were shared, such as David Ogilvy's personalized recruitment methods based on finding individuals with exceptional work, and Nolan Bushnell's practice of gauging creativity and passion through reading habits. Additionally, insights from historical figures like Rockefeller, Peter Thiel, and Larry Ellison underscore the significance of hiring individuals aligned with core company values and mission.
What I learned from rereading George Lucas: A Life by Brian Jay Jones.
----
Get access to the World’s Most Valuable Notebook for Founders
You can read, reread, and search all my notes and highlights from every book I've ever read for the podcast.
You can also ask SAGE any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.
A few questions I've asked SAGE recently:
What are the most important leadership lessons from history's greatest entrepreneurs?
Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas)
How did Edwin Land find new employees to hire? Any unusual sources to find talent?
What are some strategies that Cornelius Vanderbilt used against his competitors?
Get access to Founders Notes here.
----
Join this email list if you want early access to any Founders live events and conferences
Join my personal email list if you want me to email you my top ten highlights from every book I read
----
Buy a super comfortable Founders sweatshirt (or hat) here !
----
(0:01) George Lucas unapologetically invested in what he believed in the most: himself.
(1:00) George Lucas is the Thomas Edison of the modern film industry.
(1:30) A list of biographies written by Brian Jay Jones
(6:00) Elon Musk interviewed by Kevin Rose
(10:15) How many people think the solution to gaining quality control, improving fiscal responsibility, and stimulating technological innovation is to start their own special-effects company? But that’s what he did.
(17:00) When I finally discovered film, I really fell madly in love with it. I ate it. I slept it. 24 hours a day. There was no going back.
(18:00) Those on the margins often come to control the center. (Game of Thrones)
(21:00) As soon as I made my first film, I thought, Hey, I’m good at this. I know how to do this. From then on, I’ve never questioned it.
(23:00) He was becoming increasingly cranky about the idea of working with others and preferred doing everything himself.
(34:00) Francis Ford Coppola: A Filmmaker's Life by Michael Schumacher. (Founders #242)
(42:00) The film Easy Rider was made for $350,000. It grossed over $60 million at the box office.
(45:00) The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)
A Mind at Play: How Claude Shannon Invented the Information Age by Jimmy Soni and Rob Goodman (Founders #95)
Steve Jobs & The NeXT Big Thing by Randall Stross. (Founders #77)
(47:00) What we’re striving for is total freedom, where we can finance our pictures, make them our way, release them where we want them released, and be completely free. That’s very hard to do in the world of business. You have to have the money in order to have the power to be free.
(49:00) You should reject the status quo and pursue freedom.
(49:00) People would give anything to quit their jobs. All they have to do is do it. They’re people in cages with open doors.
(51:00) Stay small. Be the best. Don’t lose any money.
(59:00) That was a very dark period for me. We were in dire financial strait. I turned that down [directing someone else’s movie] at my bleakest point, when I was in debt to my parents, in debt to Francis Coppola, in debt to my agent; I was so far in debt I thought I’d never get out. It took years to get from my first film to my second film, banging on doors, trying to get people to give me a chance. Writing, struggling, with no money in the bank… getting little jobs, eking out a living. Trying to stay alive, and pushing a script that nobody wanted.
(1:02:00) “Opening this new restaurant might be the worst mistake I've ever made."
Stanley [Stanley Marcus of Neiman Marcus] set his martini down, looked me in the eye, and said, "So you made a mistake. You need to understand something important. And listen to me carefully: The road to success is paved with mistakes well handled."
His words remained with me through the night. I repeated them over and over to myself, and it led to a turning point in the way I approached business.
Stanley's lesson reminded me of something my grandfather Irving Harris had always told me:
“The definition of business is problems."
His philosophy came down to a simple fact of business life: success lies not in the elimination of problems but in the art of creative, profitable problem solving. The best companies are those that distinguish themselves by solving problems most effectively.
Setting the Table: The Transforming Power of Hospitality in Business by Danny Meyer.
(1:05:00) My thing about art is that I don’t like the word art because it means pretension and bullshit, and I equate those two directly. I don’t think of myself as an artist. I’m a craftsman. I don’t make a work of art; I make a movie.
(1:06:00) I know how good I am. American Graffiti is successful because it came entirely from my head. It was my concept. And that’s the only way I can work.
(1:09:00) Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)
(1:21:00) The budget for Star Wars was $11 million. In brought in $775 million at the box office alone!
(1:25:00) Steven Spielberg made over $40 million from the original Star Wars. Spielberg gave Lucas 2.5% of Close Encounters of the Third Kind and Lucas gave Spielberg 2.5% of Star Wars. That to 2.5% would earn Spielberg more than $40 million over the next four decades.
----
----
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Be like Gareth. Buy a book: All the books featured on Founders Podcast
----
Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here.
----
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth
Be like Gareth. Buy a book: All the books featured on Founders Podcast
Remember Everything You Learn from Podcasts
