You Can Always Spot Someone Who Lost Everything

0:00Uh, you you he he says you can instantly tell if someone has had their downfall, had their darkest moment, you know, they've been through the ringer, they got chewed up and spit out by Silicon Valley or private equity or whatever industry they were in and you can tell that this person is now they've they've been humbled and so they're ready to build back appropriately, not get over their skis and then you can also see the type of founders It becomes a massive advantage and then you also see the founders that are sort of pre-fall and they're doing a lot of things that are

0:30>> Yeah, this is like the the 20 24-year-old who's like on a crazy tear, >> has raised money showed up for free, they're spending it >> and then suddenly like, you know, the business stops growing, like exacts are leaving, things like that, but I'm wondering if you there was like this like crucible moment for you before this latest run that you've been on. >> Oh, so two answers. One is I'll reject the premise, but um just because I don't like to say it's super binary, right? Like people are either before had had the hard thing in their life. It's like I think people have lots of hardship that happens at different seasons in their life. Like I've lost everything two times.

1:06Um, like big twice. >> [laughter] >> Um, but like that then it's like, okay, am I now post-fall? It's like, well, I mean I I hope that nothing bad ever happens to me again, but I'm pretty sure bad shit's going to happen to me again. Um, and so I just commit to not stopping. >> Yeah. >> Controlling the controllable and that's basically all I can do. >> Do you have a good answer to pithy advice for young people? We got asked this on a podcast recently and it was like the closing question. It was like you got 1 minute and I was like, I could you could talk for hours, like where do you even start? How do you think about packaging information like that? And I actually want your your your advice for young people if you have one thing.

1:45>> It's so hard, too. Like work hard is like good general advice, but then I I've I've been in points in my life and I know people that are like working hard on like the dumbest thing. yeah. And like that ends up being the worst thing that they can do. Yeah. [laughter] Well, I think so what you accomplish is a direct output of the volume of activity that you do multiplied by the leverage of the activity itself. And so, you have to pick the right boat. You have to pick the right opportunity based on your goals. Some people only want to make a million dollars. Some people want to make 10. Some people want to make 100.

2:17Some people want to make a trillion. Like everyone has different So, like the the leverage that What's interesting about that is that you just get to pick and it's going to be hard no matter what. I think Naval said this thing where it was like, "It's really hard to build a restaurant that's really successful. It's also really hard to build a, you know, billion-dollar unicorn. They both can be 80-hour weeks. And so, you know, and Stewart Butterfield from Slack uh Blackstone said like, "You might as well play big because level 10 talent is only attracted level 10 opportunities. It's harder to attract good people for bad opportunity cuz then you got to do it all yourself." Which is why I have so much respect for some of the guys like um uh Peggy and Andrew Cherng who are uh Mr. and Mrs. Panda Panda Express.

2:51>> Yeah. >> Dude, decabillionaires selling selling chicken. >> Passing the royalty. >> Dude, like But like like so much respect for that level of grit. 45 years selling orange chicken, right? Um all that to say you will pick based on the level of awareness that you have at that time. Where it gets more difficult is that you learn more as you go and you realize that there are higher leverage opportunities. The difficulty is that if you're 4 years into one thing, year five of an existing thing that you have 4 years of reps on versus year one of even a slightly better opportunity, you have to compare year one versus year five of the other one, not year one versus year one because time you can't get back. And so, that's where the compounding of getting better at something at some point does have outsized returns even if it's an inferior vehicle.

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