20VC: Keith Rabois and Mike Shebat on Creating an Olympian Mindset to Work Ethic, Why First-Time Founders are Better Than Serial Entrepreneurs, Why Remote Work Does Not Work, Why the Best Founders Always Start in their Teens & Why Companies are Cults?
Keith Rabois, a General Partner at Founders Fund, and Mike Shebat, CEO of Traba, dive into the unique mindset of successful founders. They explore why first-time founders often outshine veterans and the drawbacks of remote work. Rabois passionately advocates for an 'Olympian work ethic,' drawing parallels between startups and athletes' dedication. Insights on hiring the right fit for a high-performance culture and maintaining ambition in company growth are also shared, emphasizing that great companies thrive on shared values and commitment.
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Olympian Work Ethic
Expect employees to work 12-hour days, 4 days a week, in the office.
Hire and promote only those bought into this Olympian work ethic and a big vision.
insights INSIGHT
Work Ethic & Success
An intense work ethic is common among successful companies and individuals across fields.
Heroic ambition and relentless effort are crucial for turning improbable startup ideas into successes.
question_answer ANECDOTE
PayPal’s Work Ethic
At PayPal, intense dedication was the norm, with most employees unable to live in San Francisco due to the commute from Palo Alto.
Even having a day off was inconceivable, showcasing the extreme commitment level.
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In 'Zero to One,' Peter Thiel argues that true innovation comes from creating something entirely new, going from 'zero to one,' rather than incrementally improving existing ideas. He emphasizes the importance of vertical progress through technology and the benefits of monopoly in driving innovation. Thiel also discusses the need for long-term planning, the importance of finding the right co-founders, and the power law in startup success. The book challenges conventional wisdom and encourages readers to think critically and aim big to build the future[2][3][5].
High Output Management
Andrew S. Grove
High Output Management is a seminal book by Andrew S. Grove that outlines his management and productivity concepts developed during his tenure at Intel. The book introduces the 'management by objectives' approach, also known as the objectives and key results (OKR) framework. It covers techniques for creating highly productive teams, methods of motivation, and the importance of measurable processes, performance reviews, and training. Grove emphasizes the role of managers in leading and motivating teams, and his book is praised for its practical advice and timeless relevance in various professions and industries.
Keith Rabois is a General Partner @ Founders Fund, one of the world's best venture funds with a portfolio including the likes of Facebook, SpaceX, Anduril, Tesla and many more. For the last 23 years straight, Keith has either invested in or founded a $BN company. Keith is also the Co-Founder and CEO @ Openstore, the company that will buy or run your Shopify business.
Mike Shebat is the Founder and CEO @ Traba, the company providing industrial staffing when and where you need it. To date, Mike has raised $49M with Traba from some of the best including Founders Fund, General Catalyst and Khosla Ventures.
In Today's Episode We Discuss:
1. What it Takes to Build a Great:
Why does Mike expect everyone to work in office 12 hours per day, 4 days per week?
At what point does an extra hour of work not lead to more output?
What are the expectations in terms of emails, out of office, the weekends?
Keith, from the 23 BN companies you have worked with, is this insane work ethic aligned to all of them? Which had it? What did not?
What core components of PayPal's work ethic made it so strong? What does Keith mean when he says Linkedin could and should have been 5x bigger?
2. The Hiring Process for the Swat Team:
What does the hiring process look like for this type of work environment?
What are the signs that someone is really aligned to it vs faking it for the interview process?
What have been Keith's biggest lessons on both compensation and title in the hiring process?
Why does Keith believe that culture is like concrete? What are the biggest mistakes he has made on culture and what would he have done differently?
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