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Russ Roberts, host of the podcast EconTalk and author of How Adam Smith Can Change Your Life, discusses the meaning behind creating startups, the human nature and capitalism, key economic concepts for founders, teaching economics, the emotional aspect of giving your company away, and incorporating unquantifiable aspects of well-being into economics.
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Quick takeaways
- Non-financial motivations, such as seeking recognition and leaving a mark on the world, drive many founders to start their own companies.
- Understanding and leveraging the concept of emergent order can help founders make better decisions and allow their companies to self-regulate and solve problems naturally.
Deep dives
The Emotional Motivation of Founders in Startups
The podcast episode discusses the non-financial motivations that drive founders to start their own companies. These motivations often include a desire for recognition, leaving a mark on the world, and seeking approval or respect from others. While financial success is important, the spiritual and emotional aspects of building and creating something meaningful are equally important to many entrepreneurs. This emotional motivation can be seen in examples of founders who are moved by the thought of their deceased parents witnessing their success, or the desire to make a positive impact on the world. The podcast emphasizes that the money aspect is crucial, but the non-financial aspects provide a deeper sense of purpose and fulfillment.
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