Episode

#248: The 10 Commandments of Startup Success with Reid Hoffman
Description
On this special episode, we're going to share with you the "10 Commandments for Startup Success." They're drawn from the new podcast Masters of Scale, which is hosted by my friend and today's guest Reid Hoffman (@reidhoffman). Reid has been on the show before, and you might remember him as the co-founder of LinkedIn, and the partner at Greylock who invested early in Facebook, Airbnb, Zynga, and a bunch of other startups that experience dramatic success. On this new podcast, Reid shares his theories on how companies scale from zero to a gazillion, and he tests them with famous founders like Mark Zuckerberg of Facebook and Reed Hastings of Netflix. He and his team pulled together a special remix for us to use on today's show -- distilling the very best, most actionable advice from the first season of Masters of Scale into these 10 commandments. They've included a lot material that hasn't aired yet. So even if you're already a subscriber, you'll hear some new things here. Stick around after we count down the 10 commandments because Reid was kind enough to answer a few of my questions. Please enjoy! Show notes and links for this episode can be found at www.fourhourworkweek.com/podcast. This podcast is brought to you by Four Sigmatic. I reached out to these Finnish entrepreneurs after a very talented acrobat introduced me to one of their products, which blew my mind (in the best way possible). It is mushroom coffee featuring chaga. It tastes like coffee, but there are only 40 milligrams of caffeine, so it has less than half of what you would find in a regular cup of coffee. I do not get any jitters, acid reflux, or any type of stomach burn. It put me on fire for an entire day, and I only had half of the packet. People are always asking me what I use for cognitive enhancement right now -- this is the answer. You can try it right now by going to foursigmatic.com/tim and using the code Tim to get 20 percent off your first order. If you are in the experimental mindset, I do not think you'll be disappointed. This podcast is also brought to you by Headspace, the world's most popular meditation app (with more than four million users). It's used in more than 150 countries, and many of my closest friends swear by it. Try Headspace's free Take10 program -- 10 minutes of guided meditation a day for 10 days. It's like a warm bath for your mind. Meditation doesn't need to be complicated or expensive, and it's had a huge impact on my life. Try Headspace for free for a few days and see what I mean.***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? Visit tim.blog/sponsor and fill out the form.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast 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.
Chapters
Tim Ferriss' Five Bullet Friday newsletter is a concise weekly email with five interesting things he found from all over the world.
00:00 - 04:08 (04:08)
Summary
Tim Ferriss' Five Bullet Friday newsletter is a concise weekly email with five interesting things he found from all over the world. It covers gadgets, self-experiments, books, and other weird stuff that he thinks is cool.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
This podcast features an interview with Reed Hoffman, Co-founder of LinkedIn and successful investor in Facebook, Airbnb, and more.
04:08 - 09:20 (05:12)
Summary
This podcast features an interview with Reed Hoffman, Co-founder of LinkedIn and successful investor in Facebook, Airbnb, and more. He shares his expertise in startup businesses and entrepreneurship, providing valuable insights for those pursuing business growth.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
The co-founders of Bevel, Tristan Walker and Frederick Hutson, talk about how to handle rejection in entrepreneurship and investing, and how it can actually be a good thing in the beginning stages of a business.
09:20 - 16:58 (07:37)
Summary
The co-founders of Bevel, Tristan Walker and Frederick Hutson, talk about how to handle rejection in entrepreneurship and investing, and how it can actually be a good thing in the beginning stages of a business.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Hiring the right people can make or break a startup.
16:58 - 21:39 (04:40)
Summary
Hiring the right people can make or break a startup. Successful founders like Airbnb's Brian Chesky and former Google CEO Eric Schmidt understand the importance of hiring with patience and care, even if it takes time and resources.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Successful hiring involves finding people with persistence and curiosity, as well as a diverse range of backgrounds and personalities.
21:39 - 25:53 (04:13)
Summary
Successful hiring involves finding people with persistence and curiosity, as well as a diverse range of backgrounds and personalities. While rocket scientists and super bowl winners may not be readily available, companies can still find and attract successful candidates by evaluating traits such as these.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Airbnb CEO Brian Chesky shares his journey from meeting hosts in person to building a billion-dollar company, emphasizing the importance of getting hands-on experience to create a personalized customer experience.
25:53 - 29:55 (04:02)
Summary
Airbnb CEO Brian Chesky shares his journey from meeting hosts in person to building a billion-dollar company, emphasizing the importance of getting hands-on experience to create a personalized customer experience.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Y Combinator's Sam Altman emphasizes the importance of building a truly exceptional product before scaling, while Brian Chesky, co-founder of Airbnb, encourages imagining an 11-star experience for users to strive towards.
29:56 - 36:30 (06:34)
Summary
Y Combinator's Sam Altman emphasizes the importance of building a truly exceptional product before scaling, while Brian Chesky, co-founder of Airbnb, encourages imagining an 11-star experience for users to strive towards. The kind of blitz scaling that works is scaling up a great product, while mediocre products scaled too early have crashed and burned.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Mariam stumbled under the power of crowdsourcing the idea that ordinary people when they come together in large numbers can do work once reserved Only for experts.
36:30 - 43:09 (06:39)
Summary
Mariam stumbled under the power of crowdsourcing the idea that ordinary people when they come together in large numbers can do work once reserved Only for experts.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
In this podcast, the host talks about various decision-making hacks that can prioritize speed as a factor and help in speeding up the process of making decisions.
43:10 - 47:58 (04:48)
Summary
In this podcast, the host talks about various decision-making hacks that can prioritize speed as a factor and help in speeding up the process of making decisions. He emphasizes the importance of taking up unexpected opportunities and raising more money than needed to carry the business in new directions.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Tim Ferriss and Harley Finkelstein talk about the importance of iteration and listening while developing a product or service, even if it means putting out an imperfect product initially.
47:58 - 55:03 (07:04)
Summary
Tim Ferriss and Harley Finkelstein talk about the importance of iteration and listening while developing a product or service, even if it means putting out an imperfect product initially.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Facebook's co-founders, Reid Hoffman and Mark Zuckerberg, share their perspectives on the crucial role of experimentation in innovation and how it was implemented in Facebook's growth.
55:03 - 1:00:55 (05:52)
Summary
Facebook's co-founders, Reid Hoffman and Mark Zuckerberg, share their perspectives on the crucial role of experimentation in innovation and how it was implemented in Facebook's growth. They emphasize the need to be embarrassed by your first product release and to test and experiment to effectively innovate.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
This podcast discusses the importance of disciplined decision making in order to survive and thrive in a fast-growing organization.
1:00:55 - 1:05:11 (04:15)
Summary
This podcast discusses the importance of disciplined decision making in order to survive and thrive in a fast-growing organization. It emphasizes the significance of quick decision making, the need to be prepared to both make and break plans and to be adaptable.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Google implemented a rule whereby any employee could devote 20% of their work week to any project they liked.
1:05:12 - 1:12:31 (07:19)
Summary
Google implemented a rule whereby any employee could devote 20% of their work week to any project they liked. This strategy has led to the creation of many successful Google products such as Gmail and Google Maps.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Company culture is a critical factor for success, but it is often overlooked or not prioritized by founders.
1:12:31 - 1:20:49 (08:17)
Summary
Company culture is a critical factor for success, but it is often overlooked or not prioritized by founders. Reed Hastings, founder and CEO of Netflix, emphasizes the importance of intentionally crafting a strong culture to empower employees and leverage every person in the organization for success.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
This episode of the "Masters of Scale" podcast explores the need for grit in scaling a successful business, emphasizing the importance of perseverance, collaboration, and a willingness to take risks.
1:20:50 - 1:25:56 (05:06)
Summary
This episode of the "Masters of Scale" podcast explores the need for grit in scaling a successful business, emphasizing the importance of perseverance, collaboration, and a willingness to take risks.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
Linda Rotenberg, CEO of Endeavor, explains how successful entrepreneurs should pay it forward to create a thriving startup ecosystem.
1:25:57 - 1:31:12 (05:14)
Summary
Linda Rotenberg, CEO of Endeavor, explains how successful entrepreneurs should pay it forward to create a thriving startup ecosystem. They should invest in other companies around them and become mentors/angel investors.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
In this podcast episode, the guest discusses the importance of thinking of oneself as an entrepreneur, rather than pursuing a traditional career path.
1:31:12 - 1:35:27 (04:15)
Summary
In this podcast episode, the guest discusses the importance of thinking of oneself as an entrepreneur, rather than pursuing a traditional career path. They also share their perspective on the significant impact artificial intelligence will have on multiple industries and parts of life.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
The speaker discusses their love for highly designed notebooks with literary references and shares about their weekly email newsletter where they talk about their favorite things from the week.
1:35:28 - 1:40:02 (04:34)
Summary
The speaker discusses their love for highly designed notebooks with literary references and shares about their weekly email newsletter where they talk about their favorite things from the week. They also talk about the importance of feedback for refining and advancing ideas.
Episode#248: The 10 Commandments of Startup Success with Reid Hoffman
PodcastThe Tim Ferriss Show
The speaker notes that more than 80% of podcast guests practice meditation and recommends Headspace, a free meditation app, for reducing stress and anxiety.
1:40:03 - 1:43:17 (03:14)
Summary
The speaker notes that more than 80% of podcast guests practice meditation and recommends Headspace, a free meditation app, for reducing stress and anxiety. He also promotes Four Sigmatic, a mushroom-infused coffee product, and offers a discount code for listeners.