The Tim Ferriss Show
#359: Tobi Lütke — From Snowboard Shop to Billion-Dollar Company
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Combining different disciplines and skills can lead to innovative and impactful outcomes.
- Developing a growth mindset allows for continuous learning and personal growth.
- Reducing barriers and fostering a culture of risk-taking can encourage entrepreneurship.
- Success can come from being proficient in multiple areas and combining skills to create innovative solutions.
Deep dives
Optimizing for Learning and Combining Skills
Taking risks and looking for opportunities for massive impact can be paired with optimizing for learning new skills and combining disciplines that are rarely combined. By focusing on learning and developing relationships that transcend any one project, individuals can accumulate a diverse set of skills and unique perspectives, which can lead to innovative and impactful outcomes.
Embracing Growth Mindset
Developing a growth mindset, as explored in Carol Dweck's book 'Mindset', is crucial for personal and professional growth. Embracing the belief that abilities and skills can be developed through dedication and hard work rather than being fixed traits allows individuals to be more open to challenges, feedback, and continuous learning.
Encouraging Entrepreneurship and Startup Formation
Entrepreneurship and startup formation are experiencing a decline, but there are ways to encourage and support more individuals in pursuing their entrepreneurial aspirations. This can involve reducing barriers to entry, simplifying licensing and bureaucratic procedures, promoting entrepreneurship education, and fostering a culture that embraces risk-taking and innovation.
Combining Different Approaches for Success
To achieve success, it can be advantageous to combine different approaches and skill sets in unique ways. Rather than striving to be the best in one specific area, individuals may find greater success by being proficient in multiple areas and combining those skills to create innovative solutions or products.
The Significance of Reduction in Friction in Entrepreneurship
Reducing friction is crucial in entrepreneurship. It involves making the process of starting and running an online business as smooth and accessible as possible. Shopify, for example, aims to flatten the learning curve, allowing more people to succeed in entrepreneurship. Friction can come in different forms, such as the difficulty in understanding the complexities of starting an online business or navigating the retail world. By reducing friction, more individuals can enter the entrepreneurial space and pursue their dreams.
The Build a Business Competition and Its Impact on Entrepreneurship
The Build a Business competition was initiated by Shopify in 2009 as a means to incentivize and encourage entrepreneurship. The competition aimed to overcome the fear of failure that often holds people back from starting their own businesses. Shopify offered a substantial cash prize to the business that achieved the most significant growth within a six-month period. The competition not only provided an opportunity for entrepreneurs to win a substantial reward but also served as a catalyst for innovation and growth in the entrepreneurial community.
Unique Insights and Patterns from the Build a Business Competition
The Build a Business competition has provided unique insights into entrepreneurship and has identified emerging patterns in successful businesses. The competition has showcased that within a short time frame of six months, entrepreneurs can create multi-million-dollar businesses from scratch. These businesses often adopt new tactics and strategies, such as effective storytelling or utilizing platforms like Kickstarter. The competition has also highlighted the power of video marketing and the importance of understanding customer needs and trends. Each year, the competition identifies new approaches and tactics that contribute to the understanding of building successful businesses in the digital age.
The Importance of Breaking Out of Comfort Zones
Tobias Lütke, the CEO of Shopify, emphasizes the significance of breaking out of comfort zones for personal and professional growth. He describes how individuals go through different "boxes" in life, each representing a new challenge, as they navigate through school, work, and various other phases. Lütke encourages people to constantly seek growth and challenge themselves to enter larger boxes rather than becoming complacent. This continuous push out of comfort zones enables individuals to expand their knowledge, understanding, and approach to entrepreneurship. It helps them to remain adaptable and responsive in an ever-changing business environment.
"Feedback is a gift." — Tobi Lütke
Tobi Lütke (@tobi) is the founder and Chief Executive Officer of Shopify. In 2004, Tobi began building software to launch an online snowboard store called Snowdevil. It quickly became obvious that the software was more valuable than the snowboards, so Tobi and his founding team launched the Shopify platform in 2006. He has served as CEO since 2008 at the company's headquarters in Ottawa, Canada.
Tobi is an active advocate for computer literacy and education, and serves as a board member of Canada Learning Code, an organization working to give all Canadians access to digital skills. In 2014, Tobi was named The Globe and Mail's CEO of the Year. He served as Chair of the Digital Industries Table, an advisory board commissioned by the federal government to provide recommendations on how to turn Canada into a digital leader.
Please enjoy!
Click here for the show notes for this episode.
This podcast is brought to you by Peloton, which has become a staple of my daily routine. I picked up this bike after seeing the success of my friend Kevin Rose, and I've been enjoying it more than I ever imagined. Peloton is an indoor cycling bike that brings live studio classes right to your home. No worrying about fitting classes into your busy schedule or making it to a studio with a crazy commute.
New classes are added every day, and this includes options led by elite NYC instructors in your own living room. You can even live stream studio classes taught by the world's best instructors, or find your favorite class on demand.
Peloton is offering listeners to this show a special offer. Visit onepeloton.com and enter the code TIM at checkout to receive $100 off accessories with your Peloton bike purchase. This is a great way to get in your workouts, or an incredible gift. Again, that's onepeloton.com and enter the code TIM.
This episode is also brought to you by LegalZoom. I've used this service for many of my businesses, as have quite a few of the icons on this podcast, such as Automattic CEO Matt Mullenweg of WordPress fame.
LegalZoom is a reliable resource that more than a million people have already trusted for everything from setting up wills, proper trademark searches, forming LLCs, setting up non-profits, or finding simple cease-and-desist letter templates.
LegalZoom is not a law firm, but it does have a network of independent attorneys available in most states who can give you advice on the best way to get started, provide contract reviews, and otherwise help you run your business with complete transparency and up-front pricing. Check out LegalZoom.com and enter promo code TIM at checkout today for special savings and see how the fine folks there can make life easier for you and your business.
***
If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!
For show notes and past guests, please visit tim.blog/podcast.
Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.
For transcripts of episodes, go to tim.blog/transcripts.
Interested in sponsoring the podcast? Please fill out the form at tim.blog/sponsor.
Discover Tim’s books: tim.blog/books.
Follow Tim:
Twitter: twitter.com/tferriss
Instagram: instagram.com/timferriss
Facebook: facebook.com/timferriss
YouTube: youtube.com/timferriss
Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Remember Everything You Learn from Podcasts
