Invest Like the Best with Patrick O'Shaughnessy Tobi Lutke – Building a Modern Business - [Invest Like the Best, EP.173]
18 snips
May 12, 2020 Tobi Lutke, co-founder and CEO of Shopify, shares insights on navigating the digital commerce landscape. He discusses Shopify's shift to direct consumer engagement, emphasizing the importance of supporting local businesses. Lutke delves into decision-making as a CEO, exploring the balance between delegation and personal involvement. He reflects on transforming workplace culture through intuitive design and personality typing frameworks. Additionally, he highlights the value of kindness and personal growth, especially during challenging times.
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Merchant Obsession
- Focus on your core customer, deeply understanding their needs and motivations.
- Build strategies and products that directly address those needs, avoiding distractions from other stakeholders.
Marketplace Model vs. Merchant Focus
- Marketplaces often thrive by diffusing merchant influence and squeezing their margins.
- Shopify's "shop of shops" model aims to strengthen merchant-buyer relationships instead.
Quality and Decision-Making
- Tobi Lutke prioritizes high quality, detail-oriented work.
- He focuses on areas where his team needs support in making correct product decisions.
