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20VC: Basecamp CEO Jason Fried on His Relationship To Risk, Money, Vulnerability and Self-Doubt, Fantasising About Being Fired, How To Optimise Decision-Making and Minimising Regret

6 snips

Mar 22, 2021

Jason Fried, Founder and CEO of Basecamp, shares his journey from freelance web designer to leading a project management tool utilized by millions. He reflects on his complex relationship with money, the shift from material gratification to experiences, and the inherent risks of entrepreneurship. Fried candidly discusses his fantasy of being fired, the challenges of identity tied to work, and his conservative investment philosophy that prioritizes supporting friends. He emphasizes the necessity of intuition in decision-making amid pressures of leadership.

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ANECDOTE

Humble Beginnings

Jason Fried and two friends started Basecamp with $10,000 each.
They initially worked from a single desk in a shared office.

ADVICE

Value-Based Pricing

Price projects based on desired outcomes, not hourly rates.
Consider what you want to achieve and how much it costs.

INSIGHT

Investing Philosophy

Jason Fried focuses on supporting friends' businesses, not maximizing returns.
His personal portfolio consists of conservative index funds and blue-chip stocks.

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Jason Fried is the Founder & CEO @ Basecamp, the project management and team communication tool trusted by millions. Over an incredible 22 year journey, they have scaled to over 3.5M accounts and in 2020 they went back to being a multi-product company with the launch of their integrated email client & service, HEY. Jason is also the co-author of the widely acclaimed, ReWork and has also made several angel investments in the likes of Intercom, Gumroad and Hodinkee to name a few.

In Today’s Episode You Will Learn:

1.) How Jason Fried made his way into the world of startups and came to found one of the leading project management and team communications tools in the form of Basecamp?

2.) How does Jason analyse and evaluate his relationship to money? Why does Jason believe that he has this inherent downside protection when it comes to money? How does he structure his personal finances between stocks, cash, crypto etc etc? What have been some of Jason's biggest lessons when it comes to tying happiness to monetary levels?

3.) What does Jason mean when he says, "I have a fantasy of getting fired"? How does Jason think about knowing when is the right time to step away from the business? What would he like to do with that time? How does Jason feel about the challenge of tying his identity to his company? What are the dangers of doing so?

4.) How does Jason approach decision-making frameworks? What does Jason believe is the right way to respond when a decision does not go as planned? Where do many make mistakes here? Does Jason feel regret with decisions? How does Jason try and minimise regret?

5.) How does Jason feel about his biggest insecurities as a leader and CEO today? What are Jason's views on a CEO's ability to have self-doubt and be vulnerable? How have his views on this changed over the years? In what way has having kids impacted Jason's operating mindset? How has it changed what he values and appreciates?

Item’s Mentioned In Today’s Episode

Jason’s Favourite Book: In Praise of Shadows

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