How I Built This with Guy Raz How I Built Resilience: Live with Tobias Lütke and Jon Stein
May 16, 2020
Tobias Lütke, founder of Shopify, shares how his company thrived during the pandemic, emphasizing the resilience of small businesses. Jon Stein, founder of Betterment, discusses the advantages of starting new ventures during economic downturns and why 2008 inspired him. Both guests delve into the importance of adaptability in e-commerce and investment, highlighting lessons learned from past crises. They also explore the evolving financial behaviors of younger generations and the opportunities within economic adversity.
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Shopify's Growth During Crises
- Shopify saw increased sign-ups during the 2008 recession and the COVID-19 pandemic.
- Even Heinz Ketchup, a 151-year-old company, launched on Shopify during the pandemic.
The Entrepreneur's Emotional Rollercoaster
- Entrepreneurs experience both extreme optimism and dread, often oscillating rapidly.
- This emotional rollercoaster intensifies as the company grows.
Recession Opportunities
- Recessions can be good times to start businesses due to increased opportunity and a level playing field.
- Consumer spending shifts during recessions, not disappears, creating new niches.