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The podcast episode discusses the speaker's course on leverage and how it helps individuals get more impact from their effort and skills. The course focuses on leveraging tools, products, people, and capital to accomplish exponential results. The speaker shares three key points of leverage in Andrew Wilkinson's career, including his approach to managing CEOs and his hiring rule. Interviews with experts like Andrew are featured in the course to provide valuable insights and experiences to members.
The podcast delves into the speaker's personal journey of transitioning from doing everything in his agency to learning the importance of delegation. He recalls the challenges and breakthroughs in building a machine where he could delegate tasks and work on high-level responsibilities. Hiring a capable executive team, including a CEO, played a pivotal role in freeing him from day-to-day operations. The speaker emphasizes the significance of identifying one's strengths, hiring people who have already excelled in the required roles, and aligning incentives to drive success.
The podcast highlights how building an audience and being outspoken have positively impacted the speaker's businesses. Sharing controversial and polarizing opinions, particularly within the tech industry, has led to increased attention, opportunities, and high-level talent acquisition. The speaker acknowledges some risks associated with building an audience, such as being misunderstood or facing backlash. However, the overall benefits, including personal fulfillment, networking, and business growth, outweigh the negatives. The speaker also shares experiences of backlash and criticism, but recognizes that these incidents are rare and do not diminish the long-term value of building an audience.
Having operational experience in running a business provides individuals with a better understanding and empathy for the complexities and challenges faced by entrepreneurs. It allows them to view businesses through an operating lens, recognizing the complexities of managing teams and different priorities. This experience enables them to give more leeway and understanding to CEOs and make better-informed decisions. It also highlights the importance of having practical business experience when compared to professional investors who may lack that firsthand knowledge.
Delegating tasks and leveraging agencies can be extremely valuable in operating businesses. By delegating tasks to agencies, companies can access specialized skills without the need for full-time employment. Agencies provide fully assembled teams that can quickly start working on projects without delays caused by recruitment processes. However, it is important for businesses to ensure that each entity can still stand on its own and not rely too heavily on shared resources. This independence allows each business to prioritize their own goals and avoid hindering internal projects and progress. The ability to delegate and leverage agencies effectively adds significant leverage and efficiency to operations.
Andrew Wilkinson is the co-founder of Tiny, a venture capital firm that has helped to build over 25 profitable internet businesses over the last 15 years. He got his start founding MetaLab, one of the world’s top design agencies. He has gone from working out of his apartment a little over a decade ago, to today overseeing a group of companies with over 300 employees and tens of millions in revenue.
Artwork and illustrations by Jack Butcher of @VisualizeValue
Huge thanks to Modern Stoa (modernstoa.co) for their help on creating and growing this very podcast you’re listening to now. If you need help with podcast growth or monetization, go to modernstoa.co or hit the founder up on Twitter (@consumersky) or Instagram (@iamaskyking).
If you want to support the podcast, here are a few ways you can:
>> Buy a copy of the Navalmanak: www.navalmanack.com/
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>> Make a weekly, monthly, or one-time donation: https://app.omella.com/o/9Bufa
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>> Learn more and sign up for the “Building a Mountain of Levers” course and community: https://www.ejorgenson.com/leverage
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I appreciate your support!
Important quotes from Naval on building wealth and the difference between wealth and money:
How to get rich without getting lucky. - Naval Ravikant
Making money is not a thing you do—it’s a skill you learn. - Naval Ravikant
I came up with the principles in my tweetstorm (below) for myself when I was really young, around thirteen or fourteen. I’ve been carrying them in my head for thirty years, and I’ve been living them. Over time (sadly or fortunately), the thing I got really good at was looking at businesses and figuring out the point of maximum leverage to actually create wealth and capture some of that created wealth. - Naval Ravikant
Seek wealth, not money or status. - Naval Ravikant
Wealth is having assets that earn while you sleep. - Naval Ravikant
Money is how we transfer time and wealth. - Naval Ravikant
Ignore people playing status games. They gain status by attacking people playing wealth creation games.
You’re not going to get rich renting out your time. You must own equity—a piece of a business—to gain your financial freedom. - Naval Ravikant
The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn. The old model of making money is going to school for four years, getting your degree, and working as a professional for thirty years. But things change fast now. Now, you have to come up to speed on a new profession within nine months, and it’s obsolete four years later. But within those three productive years, you can get very wealthy. - Naval Ravikant
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Listen to the best highlights from the podcasts you love and dive into the full episode