The Game with Alex Hormozi

I Interviewed the President of Shopify | Ep 670

Feb 9, 2024

Harley Finkelstein, President of Shopify and an early team member, shares his entrepreneurial journey and insights into e-commerce. He discusses how Shopify empowers entrepreneurs by overcoming barriers to starting a business. Finkelstein highlights the importance of innovation, customer focus, and community in driving growth. He also explores the evolving landscape of entrepreneurship and the critical role of strategic partnerships. His personal anecdotes provide inspiration and practical lessons for aspiring business owners.

01:29:57

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Episode guests

Harley Finkelstein

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Quick takeaways

Shopify utilized a referral program to create a distributed sales force and incentivize web agencies and developers to promote their platform.

Shopify created the Build a Business Competition, attracting media attention and fostering a narrative around entrepreneurship and the platform's success.

As Shopify's merchant base grew, they negotiated better rates with payment gateways and other service providers, passing on cost savings to their merchants and further incentivizing businesses to use their solutions.

Deep dives

Growth Strategy: Referral Partners

Shopify implemented a referral program that incentivized web agencies and developers to promote and sell their platform. These partners received a percentage of Shopify's revenue, creating a distributed sales force without being on the company's payroll.

3 tips for building successful partnerships

02:58

Authenticity Over Categorization

00:49

Embrace Entrepreneurship and Learning

01:23

Decentralized Decision Making and Mission Alignment

01:00

Intro

3min

Overcoming Barriers to Entrepreneurship Through Shopify

4min

Lessons from Early Entrepreneurship

11min

The Evolving Landscape of Entrepreneurship: Awareness, Community, and Minimal Risk

4min

The Rise of Entrepreneurship and Early Stage Business Dynamics

3min

E-Commerce Evolution: Strategies for Growth

23min

Building Strategic Partnerships for Growth

17min

Navigating Career Development and Transparency

24min

Get an inside look at Shopify's exponential growth and its impact on the e-commerce industry! Today, Alex (@AlexHormozi) is joined by Shopify’s President, Harley Finkelstein, as he dives deep into the philosophy and operation of the company, learning how the platform has become a cornerstone for modern entrepreneurs. He reveals the key factors behind Shopify's user-friendly design, robust support system, and its vision for the future of commerce. The conversation also highlights the role of innovation and customer focus in driving business growth.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(0:00) - Introduction and the excitement of entrepreneurship

(3:01) - Journey from zero to hero

(5:56) - Entrepreneurship and the t-shirt business

(8:47) - Starting my own DJ business

(11:47) - Starting a snowboard shop

(14:47) - Starting a business by solving your own problem

(17:27) - Increasing your luck surface area

(20:19) - The lowest cost of failure in starting a business

(23:28) - Shifting towards business owners

(26:36) - Focusing on SMBs and e-commerce

(29:41) - Key business principles

(32:55) - Building a long-term business with patience and generosity

(36:03) - The Build the Business competition and its impact on growth

(38:55) - Scaling and growth strategies on Shopify

(41:44) - Finding the perfect fit for your product

(44:31) - Authentic sponsorships and growth strategies

(47:30) - Building partnerships for business growth

(50:21) - Creating your own affiliate program

(53:02) - Making partners rich

(56:10) - Building generational wealth through sharing

(59:02) - The power of vulnerability

(1:02:11) - Shopify's founders mentality

(1:05:26) - The importance of employee tracks and transparency in communication

(1:08:19) - The importance of specialization and teamwork

(1:11:07) - Importance of micromanagement as a leader

(1:13:49) - Alignment and disagreement in Shopify

(1:16:53) - The changing landscape of retail

(1:20:03) - Authenticity and being yourself

(1:22:51) - Authenticity and connecting with others in entrepreneurship

(1:25:38) - Find your passion and solve a problem

(1:28:35) - A fun and valuable conversation with Alex

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The Game with Alex Hormozi

I Interviewed the President of Shopify | Ep 670

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Growth Strategy: Referral Partners

Growth Strategy: Build a Business Competition

Growth Strategy: Leveraging Economies of Scale

Building Relationships and Reciprocity

Embracing Vulnerability

The Future of Entrepreneurship

3 tips for building successful partnerships

Authenticity Over Categorization

Embrace Entrepreneurship and Learning

Decentralized Decision Making and Mission Alignment

Remember Everything You Learn from Podcasts