Reid Hoffman, LinkedIn Founder: It’s Time To Quit Your Job When You Feel This! Trump Will Punish Me!

Intro (0s)

• President Trump was threatening personal and political retaliation against individuals who tried to help Harris get elected, and it was questioned if they would be penalized, to which the response was yes, directly on them and the person being addressed, with no plans to leave the US (5s).
• Reid Hoffman is the co-founder of LinkedIn and a successful entrepreneur who played pivotal roles in the success of influential companies including PayPal, Airbnb, Facebook, and Open AI (11s).
• Hoffman is now a leading voice in AI, helping people utilize this new technology to empower themselves in their life and careers (24s).
• He was part of the "PayPal Mafia" who went on to create Tesla, YouTube, Reddit, SpaceX, LinkedIn, and become multi-billionaires (31s).
• A key factor of a great entrepreneur's mindset is understanding that you don't get to an optimistic future by trying to avoid failure, and just because you don't have a 100% chance of succeeding doesn't mean that you shouldn't do it (42s).
• There are rare skills that can be taught to entrepreneurs to make them more likely to be successful, including knowing when to quit a job (54s).
• Hoffman's view on work-life balance and building wealth in 2025 will be discussed, along with his take on AI and its potential to give people "super powers" (1m11s).
• The average person can capitalize on the opportunity that AI presents, and Hoffman will share simple tips on how to do so (1m25s).
• A request is made to listeners to subscribe to the show, with a commitment to make the show better every week based on feedback and guest suggestions (1m38s).

How Have You Managed to Be So Successful? (2m2s)

• The individual's life has been remarkable, with involvement in many companies that have had a significant impact on society, and they seem to have a knack for seeing the future, which raises questions about the causal factors that set them up for such a life (2m3s).
• The individual's passion is understanding who we are as human beings and where we are going, which they developed from a young age through reading science fiction, such as Isaac Asimov's Foundation (2m45s).
• Growing up in Silicon Valley exposed them to the idea that technology can change the world, and they focused on the intersection of humanity and technology (3m11s).
• Science fiction has played a role in shaping their thoughts, although they acknowledge that most of the technology in science fiction is fictional (3m24s).
• Playing board games, particularly role-playing games like Rune Quest, as a child gave them a deep sense of strategy and problem-solving, as well as the ability to think about narrative and adventure experiences (3m54s).
• The individual started playing Rune Quest at the age of 10 and developed a sense of how to approach life strategically (4m19s).
• They believe that their experience with role-playing games helped them develop skills in strategy, tactics, and problem-solving, both individually and in groups (4m52s).
• At the age of 12, they became involved with the game's publisher, Chaosium, and even received their first paycheck for editing work on the game, which is still in use today (6m35s).
• The individual's father was initially opposed to fantasy role-playing games but changed his mind when his son brought home a paycheck for his work on the game (7m6s).
• The individual received $160 for their editing work on the game, which was a significant amount for a 12-year-old (7m1s).

What Did You Want to Be When You Were Growing Up? (7m20s)

• Growing up, around the age of 12-14, there was no clear idea of what to be in the future, except for knowing what not to be. (7m20s)
• Both parents being lawyers influenced the decision of not wanting to be a lawyer, viewing lawyers as modern-day gladiators who fight verbal battles for a paycheck. (7m30s)
• The desire was to create things and build, rather than engage in verbal battles or litigation. (8m1s)
• Even now, there isn't a clear idea of what to be, but instead, a two to three-year plan is used that iterates and evolves over time. (8m22s)

Why Was Being Born in Stanford Hospital So Relevant to Your Story? (8m32s)

• Being born at Stanford Hospital is significant because it provided exposure to Silicon Valley, a network of a generative platform that amplifies productivity, and access to talent, capital, knowledge, and communication (8m32s).
• Silicon Valley is an engine for economies, and being part of it can help individuals create technology or technology companies that can move the world (8m42s).
• Technology is a lens into the future, and individuals can create a technology or technology company that can be a lever to move the world, regardless of where they are from (9m39s).
• Luck plays a significant role in achieving greatness, and being born in a certain location, such as Stanford, can provide opportunities and connections that others may not have (10m2s).
• People often attribute their success to their own abilities, but luck is also a factor, and acknowledging this can help individuals be more humble and recognize the role of circumstance in their achievements (10m18s).
• Exposure and connection to networks, such as Silicon Valley, can provide opportunities and resources that can help individuals achieve their goals (10m42s).
• People from all around the world, regardless of their location, can be massively successful, but they need to think strategically and apply the rules of entrepreneurship to their passions (11m22s).
• Following one's passion is not enough; it's also essential to have a strategic advantage and be passionate about what you're doing to be world-class (11m52s).
• Being the entrepreneur of your own life means taking control of your own destiny and applying the principles of entrepreneurship to achieve success (11m45s).
• When considering a career or business venture, it's essential to assess market realities, competition, and aspirations, similar to how one would plot out a company's strategy, keeping in mind the intensely powerful network of Silicon Valley, which attracts amazing talent, capital, and knowledge from around the world (12m14s).
• If you're not in Silicon Valley, it's crucial to think strategically about how to compete in a global marketplace, focusing on unique opportunities that Silicon Valley companies may overlook or undervalue (13m5s).
• Successful entrepreneurs like Toby Lutke of Shopify and Daniel Ek of Spotify have achieved success by identifying areas where they can compete effectively, often by starting small and expanding strategically, such as Spotify's initial focus on Scandinavia (13m22s).
• Shopify, for example, focused on e-commerce platforms, which Silicon Valley companies like Amazon had largely dominated, but Lutke saw an opportunity to create a platform for small and medium-sized businesses (14m4s).
• To succeed in a global software play, it's essential to be aware of the global competition and have connections and knowledge of what's happening in Silicon Valley, as well as a deep understanding of the market and its opportunities (15m7s).

Self-Awareness as an Entrepreneur (15m13s)

• Self-awareness is crucial for entrepreneurs, as it helps them understand their skills and the challenges they can tackle, and it is generally beneficial for all human beings (15m27s).
• However, self-awareness can sometimes conflict with immense ambition, which is also important for success, and it's better when the two traits complement each other (15m57s).
• To cultivate self-awareness, entrepreneurs need to be aware of their competitive space and understand the landscape of their industry (16m1s).
• Being competitively aware is essential for businesses, as being blind to competition can lead to failure, unless the business is lucky enough to have a head start (16m17s).
• Understanding the competitive landscape is also relevant for individuals, but being competitively blind as an individual can still lead to success, whereas it's often detrimental for business leaders (16m53s).
• Investors in Silicon Valley often ask about a startup's competition, and if the entrepreneur claims to have no competition, it can be seen as a sign of being competitively blind, which may deter investment (17m14s).

Should Everyone Try to Be an Entrepreneur? (17m24s)

• Not everyone should be an entrepreneur, just like not everyone should try to be a professional musician or athlete, as it's a highly competitive game that requires specific competitive advantages, disposition, skill sets, and a path that gives a competitive edge (17m56s).
• Entrepreneurship involves taking substantial risks, but not being risk-blind, and realizing that a startup is default dead and needs to become default alive (18m48s).
• Successful entrepreneurs need to be able to get capital, pitch it, and create a flywheel between capital, talent, and business realization, which includes customers, go-to-market strategies, and building products and services (19m26s).
• Entrepreneurship is a dynamic process that requires learning how to launch new products, start a team from scratch, and set up a team with uncertain outcomes, which is different from working at a large company (19m58s).
• Entrepreneurs need to be good at bringing many resources from different vectors into their vision and working with various people, including investors, employees, customers, advisors, and partners (20m40s).
• To decide if someone should pursue entrepreneurship, they need to evaluate their competitive advantages, disposition, skill sets, and path to determine if they have a competitive edge in the entrepreneurial game (18m10s).
• Entrepreneurship is an iterative journey that requires continuous growth and learning as the game changes, with the ability to adapt and evolve being crucial for success (21m5s).
• A useful metaphor for understanding business strategy is the distinction between the Marine strategy (initial product-market fit), the army strategy (winning the market), and the police strategy (governing the market), each requiring different approaches and skills (21m20s).
• Entrepreneurs must be "infinite learners," constantly learning and adapting to new situations and challenges as they navigate the different stages of their business (22m0s).
• No entrepreneur has all the necessary skills and knowledge from the start, and must be willing to learn and bring in new skills and expertise as needed (22m7s).
• Establishing a successful business can attract new competitors, requiring the entrepreneur to continue learning and adapting to maintain their position in the market (22m30s).
• Entrepreneurs must balance persistence and grit with flexibility and a willingness to learn and adapt, being able to adjust their vision and plans as circumstances change (23m12s).
• A successful entrepreneur must have a dual focus on both short-term and long-term goals, being able to address immediate needs while also working towards a larger, more ambitious vision (23m52s).
• To achieve truly ambitious goals, entrepreneurs must be willing to "shoot for the moon," setting their sights on a high level of success and working towards it, rather than settling for more modest goals (24m11s).
• Planning is essential, but it's also important to remember that the middle part of the plan matters, and mistakes are a natural part of the process (24m16s).
• Having a plan B is not enough; instead, it's better to have a plan and multiple micro-plans to iterate through in case the initial plan doesn't work (24m39s).
• Iterating through micro-plans helps determine when to make a major pivot, which is necessary when the current plan is worse than the initial plan due to changed market circumstances or a lower chance of success (24m54s).
• Successful businesses, such as PayPal, have made major pivots; PayPal initially started as encryption on cell phones before changing its direction (25m2s).
• A major pivot is considered when the current plan, despite iterations, is less likely to succeed than the initial plan, and it's essential to recognize when to make this change (25m23s).

How Do I Know If My Business Is Good or Not? (25m30s)

• Most people have business ideas, but they often struggle to determine if their idea is good, partly because they've heard of similar ideas or seen others already working on them (25m35s).
• It's a mistake to think you're the only person who has thought of an idea, as there are over 8 billion people in the world, and it's likely someone else has had a similar idea (26m1s).
• The key question is whether you're the person who can pull the idea together, create momentum, and take the risk to make it happen (26m19s).
• Startups are inherently risky businesses, and even successful entrepreneurs like Reid Hoffman, who co-founded PayPal and founded LinkedIn, acknowledge that the chances of success are low, around 20-25% (27m0s).
• There are roughly two kinds of ideas: those that people generally think are good and those that people think are crazy (27m32s).
• The first type of idea is often validated by customer feedback and can be measured, but it also tends to attract competition (28m2s).
• The second type of idea is often met with skepticism, and people may think you're crazy for pursuing it, but this can also be an opportunity to create something innovative and unique (29m1s).
• Reid Hoffman tends to invest in and start businesses that fall into the second category, where people think he's crazy, as he believes this is where the most innovative and successful ideas often come from (28m58s).
• LinkedIn was initially met with skepticism, with many people worried that having a profile would make them seem disloyal to their company or that their company would fire them or withhold a bonus, but the platform eventually became widely accepted as a tool for professionals to establish a public identity and network (29m53s).
• In 2003, many people thought LinkedIn wouldn't work because it was individual-focused, rather than selling products to companies, but the platform's founder believed in its potential to transform the industry and create something amazing for individuals and companies (30m20s).
• The founder took a contrarian risk by pursuing the idea, despite the initial skepticism, and it ultimately paid off as LinkedIn became a successful platform (30m39s).
• Airbnb was initially met with skepticism by investors, including David Z, who thought it would fail due to its unusual concept and potential regulatory issues, but the platform's founder saw its potential and invested in it (31m20s).
• Despite initial concerns, Airbnb's transaction volume eventually grew rapidly, following a classic "hockey stick" pattern, and it became a successful company (32m20s).
• The experience with Airbnb taught the importance of being open to new ideas and willing to take risks, even when others are skeptical, and the value of continuous learning in venture capital (32m35s).
• As an investor, a portfolio approach is taken to mitigate risks, as seen with Airbnb, where potential risks could have made the business worthless, but if it worked, it would transform an industry (32m56s).
• Plans A and B are created to navigate risks, and the fact that others see these risks can provide years of no competition, allowing the establishment of a network and marketplace (33m20s).
• Investments that cannot be validated with customers are often the most challenging and potentially big ideas, as everybody thinking it's a good idea can indicate it's probably not a big idea (33m51s).
• Smart people thinking an idea is bad can be an indication of a contrarian idea, as it shows a theory of the game that's good but not perfect, and can be very risky (34m23s).
• When starting a company, smart friends are consulted to identify potential flaws, as seen with LinkedIn, where John Lilly pointed out the challenge of growing the network (34m52s).
• The key to starting LinkedIn was figuring out how to get to millions of people in the network, as that's where the value proposition kicks in (35m54s).
• It's known that some people will not see the value in a network until it reaches a certain size, but a small percentage of early adopters can help drive growth (36m6s).
• The process of growing an idea or project involves inviting people to participate and experiment with it, which can lead to it becoming interesting and valuable over time (36m20s).
• Initially, it's essential to have people who are curious and willing to try new things, as they can help reach a critical mass of users or participants (36m38s).
• Once the critical mass is achieved, the project can gain momentum and become self-sustaining, with the potential for further growth and success (36m50s).

What Was LinkedIn Like When It First Started? (36m52s)

• LinkedIn was initially a public CV with a search capability and the ability to communicate with people, rather than a social network with a news feed and people talking to each other, when it first started in 2002-2003 (36m58s).
• The network effects were less important back then, as people primarily used it to search for jobs or professionals, rather than to talk about themselves or share their life (37m23s).
• The founders knew that the network effects would evolve over time, and they had a plan to grow the network, even if it started with no network effects (37m38s).
• Unlike other emerging social networks at the time, LinkedIn was designed to be less dependent on social networking components, allowing users to create a profile, put up their CV, and not necessarily need to come back to the site frequently (38m13s).
• This design was a virtue, as it helped solve the critical mass problem, allowing users to give value to the rest of the network just by being there, even if they didn't actively engage with the site (38m27s).
• The founder was a specialist in building social networks, having been one of the first investors in Facebook and Friendster (38m50s).

Why Were So Many Successful People from the PayPal Mafia? (38m55s)

• The group of people who worked at PayPal, often referred to as the "PayPal Mafia," included successful individuals such as Elon Musk, Peter Thiel, and Reid Hoffman, who went on to create companies like Tesla, YouTube, Reddit, SpaceX, and LinkedIn (38m55s).
• Seven people from the early PayPal founding team became multi-billionaires, and the success of the PayPal Mafia can be attributed to several factors, including high-density talent and a willingness to take intensive risks (39m27s).
• The PayPal team had a high concentration of talented individuals who were willing to challenge conventional wisdom and take contrarian approaches (39m51s).
• When PayPal went public during a technology winter, it was one of only two technology companies to do so that year, and the team's success and subsequent acquisition by eBay gave them the financial resources and network to pursue new ventures (40m5s).
• The PayPal team's network and financial resources allowed them to invest in and support new consumer internet ideas, which were not being pursued by venture capitalists at the time (40m21s).
• The PayPal Mafia played a significant role in the web 2.0 movement, with Reid Hoffman coining the term "internet 2.0" and Tim O'Reilly later popularizing the term "web 2.0" (41m5s).
• The PayPal team's investments and support helped launch successful companies like YouTube and LinkedIn, which demonstrated the potential of the consumer internet and validated their contrarian approach (41m36s).
• The combination of talent, capital, and competitive drive within the PayPal Mafia contributed to their success and the creation of a suite of influential companies (41m57s).

The Importance of Sales (42m9s)

• The fundamental game of business for a startup founder involves recruiting the best group of people, binding them with a culture that gets the best out of them, and setting them a vision that's worthwhile (42m10s).
• Sales, or the go-to-market strategy, is crucial for startups, and it can include sales, B2B, enterprise, viral marketing, or viral growth plans (42m28s).
• Startup founders must be good at selling their vision to employees, partners, and investors, as they are all investing in the founder's vision (42m45s).
• One of the key skills that can be taught to entrepreneurs is pitching, which involves communicating their vision in a way that excites others and makes them want to join (43m10s).
• When pitching, it's essential to have a dialogue with smart people, listen to their questions and concerns, and show that you're aware of the difficulties of achieving your vision (44m10s).
• A good pitch should present a huge vision while also acknowledging the risks and challenges involved, making the founder appear credible and compelling (44m32s).
• Understanding the competition and the market is vital, as it helps founders develop a theory about the game they're playing and why they think they can succeed (45m30s).
• Founders should be able to explain why they think the market will favor them, why technology trends will favor them, and why they have a competitive advantage (45m35s).
• Many consumer internet companies operate in what are known as "Glengarry Glen Ross markets," where there can only be a few winners, making it essential to pitch why your company can be one of them (45m51s).
• When pitching, it's crucial to tell a story, including the risks involved and how you plan to navigate them, as this helps establish trust with potential investors or partners (46m14s).
• Entrepreneurs often make the mistake of starting conversations about investments or partnerships when they need money, but it's better to start these conversations earlier, when you're not asking for anything (46m41s).
• It's essential to always be recruiting and talking to great talent, even if you don't have an immediate job opening, as this can help you find the right people for your company in the future (47m2s).
• When looking for talent, it's not necessary to prioritize experience; instead, look for people with an "insane learning curve," who can rapidly learn and adapt to new situations (48m14s).
• The "PayPal Mafia" was successful because they hired people who were rapid learners and could figure things out on the job, rather than relying solely on experience (48m37s).
• The company's approach to hiring was influenced by the founder's experience at Socialnet, where they learned to prioritize talent with a strong ability to learn and adapt (47m51s).

How Important Is Hiring in Business? (48m57s)

• Many young entrepreneurs tend to focus on the product or capital when starting a business, but hiring the right people is crucial to the company's eventual outcome, and founders should spend at least a third of their time on hiring (49m20s).
• Companies are team sports, and hiring the right people is essential, just like in European football, where having a good striker is not enough, and you need to hire all the other positions as well (49m41s).
• The impact of hiring an A-player can be tremendous, and it can be a mental shift for young founders who often think their outcomes are determined by how hard they work and how good their ideas are (50m8s).
• Mark Zuckerberg's approach to hiring people he would work for is a demonstration of high talent, and young founders should aim to hire people better than themselves to increase their chances of success (50m20s).
• Young founders often don't think about hiring the best people because they are insecure and think they can't manage or afford them, but the best management technique is to hire someone and let them loose (50m47s).
• When it comes to hiring, references are more important than interviews, as some great people may not be compelling in interviews but are amazing in their field (51m29s).
• It's essential to find references that will give a good perspective, and not just rely on the references provided by the candidate, and tools like LinkedIn can be useful in finding these references (52m14s).
• When calling a reference for a potential hire, it's essential to ask the right questions to get an honest assessment of the candidate's strengths and weaknesses, as everyone has a combination of both (52m42s).
• A useful question to ask a reference is if they believe every person has a combination of strengths and weaknesses, and if they don't mention a weakness, it may indicate that the candidate is not suitable for the role (52m45s).
• Even the most skilled individuals have weaknesses, and it's crucial to understand that no one is perfect, and self-delusion can occur when people think they have no weaknesses (53m41s).
• When a reference provides information about a candidate's weakness, it can be used as "ammo" to ask follow-up questions with other references to gain a more comprehensive understanding of the candidate (54m24s).
• The fact that many successful people are independently successful but very different from one another is evidence that there is no single version of success, and there are many different types of success (54m57s).

What Are the Different Types of Entrepreneurs? (55m2s)

• There are many different types of entrepreneurs, and each has their own unique strengths and weaknesses (55m3s).
• No entrepreneur excels in every area, and generally, they should focus on playing to their strengths and competitive edges (55m30s).
• Neil Busri, the founder of Workday, is an example of an entrepreneur who is thoughtful and intentional about building a strong company culture, and he prioritizes cultural fit when hiring employees (55m40s).
• Elon Musk is an example of an entrepreneur who is driven by big ideas and is willing to work hard and take risks to make them a reality, even if they seem impossible (56m20s).
• Mark Zuckerberg is another example of an entrepreneur who has a unique approach, and Elon Musk pitched his idea for SpaceX to him, which initially seemed like a bad business idea but ultimately proved to be successful (57m4s).
• Entrepreneurs like Steve Jobs are skilled at hiring people and building a strong team, while others like Elon Musk may not be as strong in that area but excel in other ways (55m15s).
• It's essential for entrepreneurs to recognize their strengths and weaknesses and focus on building a team that complements their skills (55m23s).

Elon Musk’s Approach to Business (57m28s)

• Elon Musk pitched his idea for SpaceX before it was started, initially planning to send a turtle to Mars, and later a gelatinous cube with plant seeds, with the goal of being the first person to send life to Mars (57m33s).
• Initially, the idea seemed unrealistic, but over time, the opinion of Elon Musk's potential and ability as an entrepreneur has not changed, and he is considered one of the world's great entrepreneurs, having done repetitively amazing things since the PayPal days (58m16s).
• Elon Musk pitches his ideas with a high level of certainty, and while his batting average for major ideas is good, it's not 100%, requiring discernment when evaluating his ideas (58m42s).
• Elon Musk is a good hirer of people, but he tends to burn people out, with some people having the best work experience ever and others having the worst, but all saying they never want to work for him again (59m43s).
• Elon Musk views his employees as disposable parts, only relevant to him as long as they can help with his mission, and once they can no longer contribute, they are no longer relevant (1h0m25s).
• This approach is not shared by everyone, and some, like Reid Hoffman, prioritize building long-term relationships with entrepreneurs and maintaining a positive reputation as a board member and investor (1h0m37s).
• A difficult moment arises when there is intense disagreement about the approach or actions being taken, but the goal is to work collaboratively and constructively with others to find a resolution (1h1m14s).
• The ability to work effectively with others, such as Brian Chesky and Mark Pincus, is crucial for long-term success and requires a deep understanding of what truly matters in life (1h1m31s).
• Different strategies and approaches in life and business involve trade-offs, and it's essential to acknowledge and consider these trade-offs when making decisions (1h1m50s).
• Elon Musk's accomplishments, such as his work with cars, neural links, and AI, are often admired, but the trade-offs and potential costs of his approach are rarely discussed (1h2m4s).
• Self-awareness is critical in recognizing the trade-offs and potential downsides of a particular approach or goal, rather than just focusing on the desired outcome (1h2m22s).
• Some entrepreneurs, including Elon Musk, have been successful despite burning out their employees and treating them as disposable assets, but this approach is not universally admired or respected (1h2m41s).
• In contrast, other entrepreneurs, such as Mark Zuckerberg, have been able to create a positive work environment where employees have a great experience and appreciate the opportunity to work with them (1h2m52s).

Work-Life Balance in Startups (1h3m2s)

• Work-life balance in startups is challenging, and entrepreneurs often have to make sacrifices, as the nature of startups requires intense work and dedication, with the goal of achieving success in a competitive environment (1h3m2s).
• The concept of work-life balance has changed over time, and what was considered acceptable in the past may be viewed as toxic today, with some people expecting a better balance between work and personal life (1h3m22s).
• When LinkedIn was founded, the company's culture was built around the idea that employees would work long hours, including evenings and weekends, but also have time for their families, with the understanding that this was a voluntary choice (1h3m39s).
• To balance work and family life, LinkedIn's early employees would often have dinner together and then continue working, allowing them to spend time with their families while still meeting the demands of the startup (1h4m41s).
• There are only two circumstances in which a startup can achieve work-life balance: when the company is small and has no significant competition, or when it has a strong competitive advantage that allows it to dominate the market (1h5m7s).
• In most cases, startups in valuable spaces face intense competition, and employees may be expected to work long hours, including evenings and weekends, to keep up with the competition (1h5m51s).
• Some companies, like PayPal, have adopted a culture of serving dinner at the office to encourage employees to stay and work, which can be seen as toxic by some people but is a deliberate choice to stay competitive (1h6m0s).
• Ultimately, the choice to work in a startup with a demanding culture is a personal one, and individuals should understand the game they are playing and make informed decisions about their own lives and priorities (1h6m47s).
• Companies should be honest with their employees about the demands of the job and the culture of the company, and provide fair compensation, including equity, to reflect the sacrifices employees make (1h7m21s).
• In the case of LinkedIn, many of the company's early employees were able to achieve financial independence through their equity, allowing them to choose not to work if they didn't want to (1h8m2s).

Stepping Back as CEO for LinkedIn (1h8m10s)

• The decision to step back as CEO of LinkedIn was made after four years, due to self-awareness of strengths and weaknesses, particularly in scaling the company beyond 150 people (1h8m15s).
• At a smaller scale, the CEO job involves tasks that play to individual strengths, but as the company grows, the role shifts to governing the community and making strategic decisions (1h8m41s).
• The ability to think about recruiting as a general strategy for the company, rather than individual recruitment, is an example of the skills required at a larger scale (1h9m11s).
• As the company grows, onboarding days become necessary to integrate new employees into different groups, and the CEO must approach this as part of the company's engine (1h9m24s).
• The decision to step back was also influenced by a passion for working with high-powered talent, technology strategy, and product strategy, which can be done effectively as a board member (1h9m50s).
• The goal was to get LinkedIn to a point where it had reached breakout velocity, allowing for the recruitment of a world-class CEO to work with (1h10m34s).
• During Jeff Weiner's tenure as CEO, the primary office was located next door, allowing for close collaboration (1h10m56s).
• Self-awareness and a willingness to make a "low ego move" are key characteristics of successful founders, who may choose to step back from the CEO role to focus on their strengths (1h11m6s).
• LinkedIn went public in 2011 with a 4.3 billion valuation and was later acquired by Microsoft for 26 billion (1h11m52s).

How Does Life Change When You Become a Billionaire? (1h12m3s)

• Becoming a multi-billionaire does not change one's identity, and it is not the primary way to think of oneself; instead, one can identify as a technologist, public intellectual, creative strategist, and more (1h12m10s).
• Despite having a significant amount of wealth, one can still try to live a life similar to that of an upper-middle-class person, focusing on personal relationships and interests rather than wealth (1h12m43s).
• Having wealth allows for certain luxuries, such as traveling in a private plane and owning multiple homes, but it is possible to maintain a relatively normal lifestyle within those means (1h12m48s).
• Human relationships are crucial, and it is possible to have meaningful connections with people from various backgrounds, including both world celebrities and individuals who are not widely known (1h13m26s).
• One can still engage in everyday activities, such as visiting a nearby Starbucks, working on a laptop, and enjoying a cup of coffee, even with a significant amount of wealth (1h13m12s).
• It is essential to focus on personal growth and development in areas such as technology, public intellectualism, and creativity, rather than solely on wealth (1h12m31s).

Political Stance as a Billionaire (1h13m43s)

• The individual has been associated with the left side of politics, having been raised by left-leaning parents and having participated in a demonstration against the Vietnam War as a child, which resulted in being pepper sprayed (1h13m57s).
• The left often views billionaires as evil, and the individual has personally been called evil by some people on the left, but they try to understand and respect differing perspectives (1h14m20s).
• During the election cycle, some billionaires chose not to publicly support a candidate due to fear of retaliation from President Trump, and instead opted to remain neutral to avoid potential penalties (1h15m6s).
• The individual had conversations with billionaires who privately supported their actions but chose not to publicly do so, citing fear of repercussions (1h15m21s).
• There is a perceived risk of being penalized for supporting a particular candidate, with some billionaires choosing to remain neutral to avoid potential consequences (1h15m34s).
• The individual believes there is a greater than 50% chance of facing repercussions from the Trump administration for supporting a candidate, potentially including IRS audits or other forms of retaliation (1h15m47s).
• The individual hopes that any repercussions will be limited to "soft" measures, such as IRS audits or phone calls, rather than more severe actions (1h16m15s).
• Mark Cuban, another billionaire, also faced backlash for his public support of a candidate and opposition to Trump, and the individual has huge respect for Cuban's willingness to stand up despite facing criticism (1h17m15s).
• The individual believes that it is essential for powerful and wealthy individuals to stand up against fear and intimidation, as they have a responsibility to do so (1h17m48s).

Trump’s Redeeming Qualities (1h17m57s)

• There are redeeming qualities in Trump, such as his potential to bring about positive change through deregulation, which could be useful in areas like energy and clean energy, and could lead to the development of new technologies like nuclear power (1h17m58s).
• Despite potential negative consequences, such as harm to the environment, reducing regulation could be beneficial for entrepreneurs building new businesses (1h19m25s).
• Trump's administration may be good for entrepreneurship due to reduced regulation, but it could also have negative consequences, such as damage to the environment and restrictions on immigration, which is an important part of entrepreneurship (1h19m22s).
• The appointment of entrepreneurs to important roles in the administration, such as Elon Musk and David Sacks, could be beneficial, as they bring experience and knowledge in areas like AI and technology (1h21m10s).
• David Sacks is knowledgeable about crypto and has done good work in that area, but his understanding of AI is yet to be seen, and his focus on "anti-woke AI" may not be the most important issue in the field (1h21m42s).
• Elon Musk, on the other hand, has a good understanding of AI and its potential applications (1h22m14s).
• The reduction of regulation could be beneficial for entrepreneurs, but it's also important to consider the potential negative consequences, such as harm to the environment and restrictions on immigration (1h19m56s).
• The administration's approach to regulation and entrepreneurship will likely have both positive and negative effects, and it's up to individuals to try to make the best of the situation and work towards a good collective future (1h18m48s).
• It's always a good time for entrepreneurs to be building companies, regardless of the political climate, and they should focus on turning negatives into positives and finding opportunities for growth and innovation (1h19m0s).
• The appointment of entrepreneurs to important roles in the administration could bring a new perspective and approach to governance, but it's also important to consider the potential risks and challenges (1h21m12s).

The Shift Towards Freedom of Speech (1h22m18s)

• There has been a significant shift in what is considered acceptable and unacceptable speech globally over the last two years, particularly since Elon Musk's acquisition of Twitter (1h22m22s).
• The shift has led to a reevaluation of the balance between the freedom of speech and the freedom to engage in civil discourse without harassment (1h22m47s).
• The two freedoms are competing virtues, and the ideal is to find the right blend between them (1h23m5s).
• Social media platforms like Twitter and X have become increasingly toxic, with users facing harassment and vitriol for expressing their opinions (1h23m20s).
• In contrast, platforms like LinkedIn have a more civil atmosphere, where users can express critical opinions without resorting to personal attacks (1h23m50s).
• The difference in behavior on these platforms can be attributed to their design, with Twitter allowing anonymity and bots, which can encourage toxic behavior (1h24m6s).
• LinkedIn, on the other hand, requires users to be tied to a named profile, which can help to promote more civil discourse and discourage harassment (1h24m23s).
• If a user on LinkedIn is reported for saying something uncivil, they may be cautioned, have their post removed, and potentially lose their ability to post if they continue to engage in such behavior (1h24m39s).

Freedom of Speech as X (1h24m47s)

• The concept of freedom of speech and freedom of reach is discussed, highlighting the importance of allowing people to express their opinions, even if they are contrarian, while also considering the potential harm that can come from promoting misinformation. (1h25m9s)
• The example of vaccines is used to illustrate this point, with the acknowledgment that while it's okay for people to express anti-vaccine views, it's also important to promote credible medical information and expertise. (1h25m14s)
• The idea that vaccines are a wonderful invention that have saved many lives is expressed, but also notes that there were unknowns during the vaccine rollout, and it's essential to have a forum where contrarian ideas can be discussed. (1h26m50s)
• The importance of expertise and groups of experts in making decisions and judgments is emphasized, citing examples from science and the justice system. (1h27m52s)
• The approach of Twitter pre-Elon Musk is praised, where users could post contrarian views, but with a disclaimer box providing credible information and sources for fact-checking. (1h28m26s)
• The value of freedom of speech is acknowledged, but also notes that it's essential to balance this with the potential harm that can come from promoting misinformation, and that expertise and credible information should be prioritized. (1h27m39s)
• The principles of LinkedIn are not based on the requirement that users must say something scientifically true, but rather that they must say something civil, allowing for the expression of opinions even if they are not factually correct (1h28m59s).
• People should not be deplatformed or canceled because of their speech, even if others disagree with it, as long as it is within the constraints of the law and is civil, meaning no threat of violence (1h29m20s).
• The story of Galileo discovering that the world was round and being threatened by the Catholic institution at the time serves as a cautionary tale about the dangers of suppressing dissenting opinions (1h29m48s).
• Allowing dissent, even from non-credible sources, is important, and criticisms should be backed by knowledge, intelligence, and good argumentation, and should be part of a civil discourse (1h30m23s).
• The human brain is not designed to deal with the constant barrage of criticism and noise that comes with being in the public eye, and it can be a struggle to navigate this (1h31m5s).
• The responsibility for moderating online discourse lies with both individuals and platforms, and individuals can take steps to be positively contributory, such as setting boundaries and promoting civil discussion (1h31m55s).
• It is possible to have a freedom of speech network while still setting boundaries and consequences for engaging in threats or other forms of harmful behavior (1h32m16s).
• Threats of violence and actual violence should not be allowed on a platform, and it is possible to enforce this rule by removing such content. (1h32m22s)
• The example given is a tweet by Trump stating that Mark Milley, the joint chief of staff's General, should be executed, which is considered a threat of violence that should be removed. (1h32m26s)
• Threats of violence are not right, even if they are not technically illegal, and platforms should take a stance against them. (1h32m47s)

What Do You Think Social Media Will Become in the Next Decade? (1h32m49s)

• A theory about social networking from several years ago suggested that social networks would become more siloed into smaller interest-based networks, which is now happening with the rise of various platforms like Blue Sky, Threads, Instagram, and Rumble (1h32m50s).
• Social networks will continue to grow and become an increasingly important part of life over the next decade or two, with different networks fitting different parts of people's lives (1h33m30s).
• There will be multiple social networks, each with its own community culture, and they will use AI in different ways and become multimodal (1h34m17s).
• As an investor, the focus is on finding great ideas that haven't been thought of yet, which could make a significant impact in the future of social networks (1h34m32s).
• Social networks need to balance individual customers with societal customers, considering both when designing the platforms (1h34m53s).
• The balance between freedom of speech and societal responsibility is crucial, allowing people to post what they want as long as it's civil, while also considering the impact on society (1h35m5s).
• Anonymity can be important in certain situations, such as in oppressed governments, but it's also essential to consider the collective learning aspect of social networks and respond to misinformation (1h35m16s).
• Social networks may allow users to post misinformation but should also provide a response to counteract the negative impact on society (1h35m53s).
• A survey of doctors at elite hospitals found that 99.999% of them believe vaccines are a good idea, with only one doctor disagreeing (1h36m7s).
• Social networks have been a net positive for society, with a billion people using Facebook daily to share experiences and connect with loved ones, despite challenges (1h36m18s).
• Twitter, however, is taking a turn for the worst, with the largest number of untruths on the platform, although it can still be improved and fixed over time (1h36m45s).
• As the year comes to a close, it's essential to reflect on what's worked well in business and identify areas that need improvement, such as increasing productivity and setting more ambitious goals (1h36m54s).
• Fiverr, an online marketplace, can provide resources to help businesses ramp up in 2025 by connecting them with skilled freelancers specializing in various areas of business (1h37m12s).
• LinkedIn can help businesses connect with the right people, especially in B2B marketing, by providing access to a targeted audience of one billion members, 130 million decision-makers, and 10 million C-suite executives (1h37m54s).
• LinkedIn Ads allows businesses to target specific audiences by job, industry, company, and more, making it the highest returning paid social platform (1h38m26s).
• LinkedIn is offering a $100 credit to launch a first campaign, which can be claimed by visiting linkedin.com/doac24 (1h38m31s).

How Should the Average Person Be Approaching AI? (1h38m43s)

• AI is viewed in many different ways, and there are various takes on the subject, including those from experts like Mustafa Suleyman, co-founder of Inflection, which did a commercial deal with Microsoft and is still operating as a company focused on B2B software sales (1h38m45s).
• The concept of AI can be seen as "amplification intelligence," giving humans superpowers, as discussed in the book "Impromptu," the first book on AI co-written with AI (1h39m19s).
• A new book, "Super Agency," to be published in January, explores the idea that human agency will be magnified with the help of AI, leading to a transformation of society similar to that brought about by the printing press, electricity, cars, or mobile phones (1h39m36s).
• The concept of "super agency" refers to the time when many people gain access to a new general-purpose technology, leading to a significant transformation of society and individual lives (1h39m47s).
• With AI, individuals will have increased agency, as seen in the example of a doctor who can now help more people with the aid of AI, similar to how the invention of cars allowed doctors to visit a broader range of places (1h40m16s).
• The idea of super agency is not limited to individual benefits but also increases the agency of others, as seen in the example of a doctor's increased range and ability to help others, which in turn increases the agency of those around them (1h40m43s).
• Despite the potential benefits of AI, there are also fears and concerns surrounding its development and impact on society (1h40m52s).

Is the Gloom Around AI Warranted? (1h40m58s)

• The discourse surrounding the emergence of new general-purpose technologies, such as the printing press and AI, often involves fear and concerns about their potential impact on society, including the spread of misinformation and disruption of traditional knowledge custodians, with the printing press leading to nearly a century of religious wars (1h41m2s).
• Human societies struggle with adapting to new general-purpose technologies, and the transition period is often marked by pain, challenges, and disruption, but the end result can be enormously beneficial, offering super agency (1h42m4s).
• Managing the transition to new technologies effectively is crucial, but it is challenging due to the competitive development of these technologies across the globe, with different countries, industries, and companies working at their own pace (1h42m32s).
• The clock for technological progress is set by different human beings with varying theories of the good, risks, and societal implications, making it difficult to slow down or regulate the development of technologies like AI (1h43m18s).
• The development of AI is a complex issue, with some people calling for a pause, but others, who may not prioritize humanity's well-being, will likely continue to develop the technology, highlighting the need for responsible development (1h43m37s).
• A simple way to think about AI is to consider the potential impact of a highly intelligent AI system, with an IQ of 1,000, compared to a human with an IQ of 100, and how that might change the dynamics of human-AI interaction (1h43m57s).
• Humans are generally bad at imagining future technologies, and it is difficult to predict the exact impact of AI, but it is possible to create AI systems with varying levels of intelligence, from 150 to 1,000, and beyond (1h44m21s).
• Modern AI has become super intelligent, with the ability to understand and explain complex concepts like the mixture of experts creation of AI, a technique used to create world-class AI models, and can even compare it to modern economic Game Theory and modern oceanography, demonstrating a superpower that no human being has (1h44m41s).
• This AI superpower can provide informational GPS and cognitive superpowers, making human beings better, but it also raises concerns about the potential risks and misuse of this technology (1h46m6s).
• The development of AI technology is not just about creating Terminator robots or super intelligences, but rather about creating co-pilots that can assist and augment human capabilities (1h46m26s).
• There are two main worries with AI technology: the transition to a new era of human-AI collaboration, and the potential for AI to be used by malicious actors such as criminals, terrorists, and rogue states (1h47m4s).
• The development of AI-powered weapons and defense systems is a concern, as they could potentially fall into the wrong hands and be used for malicious purposes (1h47m40s).
• The creation of AI technology is not inherently different from the development of other technologies like the printing press, electricity, and cars, which also had the potential for both positive and negative impacts (1h48m16s).
• The impact of AI technology may be profound, but it is not necessarily more profound than the impact of other technologies that have been developed in the past (1h48m30s).
• There's a good probability that a new technology will have a significant impact, but its exact nature is less important than the fact that it's a genetic technology that creates agents that can operate on their own. (1h48m38s)
• This technology is agentic and cognitive, allowing humans to interact with it in various ways, which can lead to misconceptions about its consciousness. (1h49m24s)
• The fact that some AI systems can claim to be conscious doesn't necessarily mean they are, and the test of consciousness is more complicated now than it was before. (1h49m34s)
• Current AI systems are not conscious, and figuring out under what circumstances they would be conscious is an interesting question that needs to be explored. (1h50m1s)
• The cognitive superpowers and speed of deployment of this new technology are unprecedented, with the potential for a billion people to use a new agent created tomorrow. (1h50m28s)
• The newness of this technology can produce anxiety, make navigation difficult, and create challenging transitions, but facing new challenges is not a new experience for humans. (1h50m46s)

What Should the Everyday Person Be Doing with AI? (1h51m8s)

• Individuals with jobs should capitalize on the opportunities presented by AI, and the first step is to personally use AI for something that matters to their expertise, rather than just using it for trivial tasks like creating a sonnet or finding a recipe (1h51m40s).
• Using AI can help individuals find useful applications, such as using it to analyze an entrepreneur's plan and provide a list of due diligence tasks, which can be helpful even if the AI doesn't fully understand the context (1h52m51s).
• The current AI tools may not be perfect, but they are still useful, and the worst AI you'll ever use is the one you're using today, so it's essential to start using it to get familiar with its capabilities (1h53m31s).
• A simple tip for using AI is to adopt a role and ask it to counter an argument or provide an alternative perspective, which can be helpful for cognitive development, learning, and understanding the strengths and weaknesses of an argument (1h53m57s).
• AI can be used to analyze and develop arguments, and individuals can ask it to take their side and provide additional arguments to support their position (1h54m25s).
• General-purpose technologies like AI often have initial strong resistance, but they can still be useful and provide opportunities for growth and development (1h54m39s).
• Historians of technology can analyze and criticize arguments about the impact of AI on society by considering how it compares to past technological advancements and their effects on humanity (1h54m46s).
• AI can be a powerful tool for entrepreneurs, allowing them to realize their creativity and inspiration, and should be utilized to achieve their goals (1h55m5s).
• Building companies in the field of AI is a viable option for entrepreneurs, as it has the potential to create new opportunities and transform existing businesses (1h55m20s).
• The current AI boom is comparable to the .com boom, with the potential for entrepreneurs to create successful companies and become billionaires (1h55m28s).
• Silicon Valley, now more accurately described as "Software Valley," has a history of investing in new technologies, including AI, and is a hub for entrepreneurs looking to start new companies (1h56m0s).
• AI is a new general-purpose technology that opens up massive amounts of entrepreneurial space, allowing for the creation of new things that were previously impossible (1h56m49s).
• The internet is a good proxy for the current AI wave, as it also transformed existing businesses and created new opportunities for entrepreneurs (1h57m12s).
• AI has the potential to revolutionize any product or service, especially those where intelligence can be added, making it a fertile ground for startup ideas (1h58m11s).
• Instead of trying to build their own Frontier Model, entrepreneurs should consider using existing models from companies like Open AI, Microsoft, or Google to achieve their goals (1h58m23s).
• Many startup companies are building their own models, but some are choosing to deploy existing models instead, as seen in the customer service company Sierra, which was invested in and is led by Brett Taylor. (1h58m42s)
• As an AI startup, there is a range of approaches that can be taken, from building one's own models to deploying existing ones, and part of the appeal of entrepreneurship and invention is exploring different theories and ideas. (1h58m58s)
• Entrepreneurship and invention involve developing and testing one's own theories, and also discovering and learning from the ideas and theories of others, which is something that Greylock, an investment firm, looks for when investing in companies. (1h59m15s)
• For those looking to learn about AI, there are various options available, and attending university is one possible approach, although it is not the only one. (1h59m22s)

How Do We Learn About AI? (1h59m25s)

• To learn about AI, one can start by using it, building it, or downloading an open-source model like LLaMA or MRAW to experiment with, if they have technical skills (1h59m25s).
• For non-technical individuals, it's challenging to start a technology startup without a technical co-founder, so finding a technical co-founder is recommended (1h59m45s).
• Speed is crucial in startups, and it's not too late to learn AI and try to become a technical person, but finding a co-founder can be a better approach (2h0m6s).
• Most successful startups have an initial team, rather than a single founder, which is why investing in two to three co-founders is often preferred over investing in an individual founder (2h0m30s).
• Finding a co-founder can significantly increase one's capability and weight in the startup, as seen in examples like Mark Zuckerberg's team, which included Dustin Moskovitz, Adam D'Angelo, Chris Hughes, and others (2h0m49s).

Your Early Investment in OpenAI (2h1m7s)

• The company OpenAI had a focused and bold vision, led by individuals such as Sam Altman, Greg Brockman, and Ilya Sutskever, which involved applying scale to the attention-based Transformer invented by Google (2h1m8s).
• The vision was to bet the entire company on scale, being very focused on achieving this goal, despite the fact that many people had been working on AI for a long time without much success (2h1m34s).
• The key to AI's potential lies in its transformation to scale computing learning systems, where the system learns through massive data and computing power, rather than being programmed in a traditional sense (2h1m51s).
• The availability of scale computing learning systems relies on the presence of the internet, cloud computing, massive data centers, and access to large amounts of data (2h2m8s).
• Having a scale team is crucial for building successful AI systems, emphasizing the importance of a strong team for young entrepreneurs (2h2m23s).
• The success of OpenAI's vision was not immediately apparent, as many people had passed on AI investments in the past, but the company's focus on scale ultimately set it apart (2h1m47s).

How Important Is Networking? (2h2m31s)

• Networking is almost always critical because it helps in building an initial team, but it does not require spending excessive time attending parties and handing out business cards (2h2m32s).
• A strategy is necessary for building a network around a business and the individual, including identifying the right people to talk to, learn from, and bring into the network (2h2m51s).
• Identifying the right people to meet and connect with is crucial, and there are various ways to meet them, although they may seem obvious (2h3m7s).
• Common characteristics associated with successful entrepreneurs include hard work and having a big vision (2h3m14s).

Underappreciated Qualities for a Good Entrepreneur (2h3m16s)

• Politeness and etiquette are not particularly good competitive advantages for entrepreneurs, but being nice is still important, as entrepreneurship is a team sport that requires building a network and a team around you (2h3m33s).
• While some entrepreneurs have been successful despite being bad at building a team, this is not sustainable at scale, and having a team of high-talent people around you is crucial for long-term success (2h4m1s).
• The distinction between "missionary" and "mercenary" cultures is important, with missionary cultures being driven by a desire to change the world and mercenary cultures being driven solely by the desire to make money (2h4m34s).
• Mercenary cultures can still achieve success, but missionary cultures are more common among successful companies, as they are driven by a sense of purpose and a desire to make a positive impact (2h4m43s).
• Some companies may adopt a mission or a story in order to inspire and motivate their employees, even if the mission is not entirely genuine, as humans are emotional and respond to storytelling (2h5m53s).
• However, it is better if the mission is genuine and the company has a good plan for achieving its goals, as this will lead to more sustainable success and a stronger sense of purpose (2h6m17s).
• Even large companies, such as conglomerates, may adopt a mission or a value proposition that involves changing the world, in order to inspire and motivate their employees and stakeholders (2h6m30s).

The Qualities You Look for in an Entrepreneur (2h6m43s)

• When investing, key things to look for include insanely great ambition, a good plan for achieving that ambition, and an awareness that entrepreneurship is a team sport, not an individual sport, requiring a plan for bringing in different elements such as capital and talent (2h6m44s).
• A good way to assess an entrepreneur's ability to build a strong team is to ask them to name three to five world-class people who have worked for them before and then reference check those individuals to verify their quality (2h7m21s).
• Resilience is also crucial for entrepreneurs, as almost every startup goes through a difficult period, and it can be assessed by looking at how someone has responded to risk and difficult situations in the past (2h8m28s).
• To spot resilience in someone, you can push them on their experiences, see how they've taken risks, and assess how they respond to challenges, with those who have been through difficult situations and come out resilient being more likely to be resilient in the future (2h9m18s).
• When advising a young person on how to build wealth, it's essential to plan out their roadmap for life, considering different seasons such as 18 to 30 and 30 onwards, and providing guidance on how to make the most of each stage (2h10m11s).
• Universities often give the advice to "Follow Your Passion," but this can be terrible advice as it doesn't take into account the importance of establishing oneself economically and professionally first (2h10m35s).
• The right approach is to start by building a platform that provides economic stability and maneuverability, which could be achieved through wealth, a strong network of contacts, or a well-established professional reputation (2h10m53s).
• Taking big risks early in life can be beneficial, but it's essential to establish a foundation of stability and resilience first, whether that's through education, career advancement, or building a professional network (2h11m26s).
• Wealth is not just measured by financial assets but also by having a strong network of people who value one's talents and want to work with them (2h11m53s).
• Establishing oneself professionally and building a network can involve taking calculated risks, such as joining a startup or pursuing further education (2h12m27s).
• Building skills and knowledge is crucial, and these are the only two assets that cannot be taken away (2h13m7s).
• A person's platform can be broken down into five buckets: knowledge, skills, network, resources, and reputation, with the first two being the most secure (2h13m1s).
• A strong network is hard to lose if it's been authentically built, but it's not impossible, and life events can still impact it (2h13m30s).
• When considering a job, it's essential to prioritize knowledge and skills over salary, as soft assets like these are more likely to lead to long-term economic success and compound over time (2h14m4s).
• Soft assets, including knowledge, skills, and network, are critical for achieving a higher economic outcome, whereas hard assets, like salary, are more short-term and immediate (2h14m34s).
• The importance of soft assets versus hard assets remains the same across different stages of life, but the approach to acquiring them may change as one's priorities and circumstances evolve (2h14m52s).
• In one's 20s, it's possible to take more risks and prioritize soft assets over salary, but as one enters their 30s, they may need to adapt their approach to accommodate changing life circumstances, such as having a life partner, living in an apartment or house, and planning for a family (2h15m6s).
• Having children can be a significant life change, similar to starting a new business, and it's essential to consider how this change may impact one's priorities and approach to career and personal goals (2h15m42s).
• The likelihood of success in multiple startups, including raising a family, may be lower than in a single startup, but it can still be worth it on balance (2h15m56s).
• Happiness is a personal concept that goes beyond material success, and it's essential to define what happiness means to each individual, even for those who have achieved financial success, reputation, and other measures of accomplishment (2h16m3s).

What Is Happiness to You? (2h16m7s)

• Happiness is defined as going through life with people you love and building great things, but even if you fail at everything you built, being with people you love is what truly matters (2h16m8s).
• Part of the meaning of life is how you contribute to the people around you, whether it's through personal relationships or on a larger scale, such as through a platform like LinkedIn (2h16m26s).
• The concept of "I and We" is important, where you do things for yourself, for others, and for the collective good, and find meaning and delight in contributing to people's lives (2h16m36s).
• The importance of relationships and connections with others is essential in finding happiness and meaning in life (2h16m51s).
• In the past, happiness was mistakenly thought to be about being the best at everything, but it's realized now that nobody is the best at everything, and being obsessive about being the best can lead to neglecting other important things (2h17m23s).
• Love and having a long-term life partner can play a significant role in happiness and professional success, as they can provide a different perspective, support, and opportunities for growth and learning (2h18m23s).
• Having a partner with different strengths and interests can create a balance and provide opportunities for learning and growth, as seen in the example of Michelle, who is focused on local community work and art (2h18m44s).
• Life is about balance and finding meaning in different aspects, including personal relationships, work, and contributing to others, and learning from others is an essential part of this journey (2h19m14s).

Marriage and Entrepreneurship (2h19m54s)

• The difference between entrepreneurs in terms of how they'll show up in business is largely dependent on how they treat the people around them, with those who are good to others being more desirable to work with (2h19m58s).
• A startup is a long-term commitment, often lasting around 10 years, and investing in one requires a willingness to spend that amount of time with the entrepreneur (2h20m27s).
• The decision to invest in a business is not solely based on its potential for financial success, but also on the entrepreneur's character and whether they are someone you want to spend time with (2h20m50s).
• Some entrepreneurs may be successful in making money, but working with them can be a headache, and it's essential to prioritize one's own well-being and consider whether the investment is worth the potential stress (2h21m3s).
• Blitzscaling is a strategic response to specific market conditions, and not all companies should pursue this approach, especially those in different industries or markets (2h21m35s).
• The concept of Blitzscaling is not universally applicable and may not be suitable for early-stage companies outside of the consumer Internet space, such as those selling products in supermarkets (2h21m20s).

Should All Entrepreneurs Be Moving Fast to Build a Company? (2h21m41s)

• In today's global competition, certain industries have made global competition the norm rather than the exception, particularly those building internet properties or software companies (2h21m46s).
• Blitz scaling is a technique used to outpace competition by spending resources inefficiently to get to market size ahead of others, as seen in companies like Uber (2h22m9s).
• This technique is often necessary in "Glengarry Glen Ross markets" where the competition is fierce, and the goal is to be the first to succeed (2h22m46s).
• When competing globally, it's essential to have a theory of how to play the game against the fiercest competitors worldwide, as seen in Silicon Valley and China (2h23m12s).
• Blitz scaling is a technique learned from Silicon Valley and China, which can be applied to establish a business in a global competitive market (2h23m26s).
• If a country like the UK wants to take advantage of the opportunities brought by AI, it needs to enable its companies to Blitz scale, as companies that don't Blitz scale will likely lose to those that do (2h24m9s).
• To give UK companies a shot at success, the prime minister could enable some companies' ability to Blitz scale and choose areas where competitors are not Blitz scaling (2h24m4s).
• An example of a company that has successfully grown quickly without Blitz scaling is a matcha company called Perfect T, which has grown from zero to potentially £30 million in revenue next year (2h25m4s).
• Blitz scaling is a strategy that involves moving quickly to capture an opportunity, taking risks, and making significant investments in hiring, capital, and marketing, and it is often necessary to outpace competitors in a rapidly growing market (2h25m37s).
• The decision to Blitz scale depends on two main factors: competition and the need to reach critical mass scale, and it is often necessary to do so in order to stay ahead of competitors and achieve a strong market position (2h25m43s).
• In some markets, such as the payments industry, reaching a certain scale is crucial for success, and companies that fail to do so may become irrelevant, as seen in the case of PayPal, which needed to reach at least $1 billion in transactional volume per year to be successful (2h27m18s).
• Blitz scaling is not an end in itself, but rather a set of strategic techniques used in response to market and competitive conditions, and it should not be done for its own sake, but rather as a means to achieve a specific goal (2h28m4s).
• In some cases, brand establishment may be a key factor in a market, and companies may need to Blitz scale in order to become the leading brand and establish a strong market position, as seen in the case of a "Glengarry Glen Ross" market, where the first prize is a Cadillac and the second prize is steak knives (2h28m27s).
• The UK government could support companies by providing them with access to capital, which would enable them to Blitz scale and take advantage of opportunities such as AI, which has the potential to revolutionize many industries (2h28m44s).
• The US and China are likely to own everything, which is a fear for some individuals, particularly those living in the UK, as the US economy may experience a significant upswing in productivity due to advancements in technology (2h28m54s).
• T Ding Street is aware of the issue and is working on it, with announcements expected to be made in the future, although the details cannot be disclosed at this time (2h29m12s).
• The fact that T Ding Street is consulting with experts and working on the issue gives reason for hope (2h29m26s).
• There are two important topics that have not been discussed yet that are relevant to entrepreneurs (2h29m33s).

How Should You Be Viewing Risk? (2h29m36s)

• When considering risk, it's essential to remember that just because an endeavor doesn't have a 100% chance of succeeding, it doesn't mean it shouldn't be pursued, as seen in the example of LinkedIn's 20-25% chance of success when it was started (2h29m45s).
• Risks can be viewed as opportunities, especially when others perceive a lower chance of success, creating a window for potential gain before competition intensifies (2h30m31s).
• Thinking of risk as an opportunity allows individuals to see something others don't, and having an idea for why a risk may be overcome can lead to success (2h30m45s).
• Having a plan B, or multiple plans, is crucial when taking risks, allowing for pivoting if the initial plan doesn't work out, rather than going all-in and risking failure (2h31m15s).
• The concept of ABZ planning, which involves having multiple plans in place, is essential for managing risk and increasing the probability of success, whether in entrepreneurship or a professional context (2h31m34s).
• Taking smart risks involves being able to measure progress, adjust plans, and manage risk effectively, which is key to achieving success (2h32m29s).

How Do We Know When to Quit? (2h32m41s)

• When advising companies or friends, it's time to quit or sell when the new plan is much worse than the previous one, and this is often referred to as "plan Z" (2h33m9s).
• In a professional context, knowing when to quit a job can be determined by having a much better plan, such as a new opportunity that aligns with one's goals and aspirations (2h33m21s).
• Founders of companies often can't quit, as they are tied to the business and have a responsibility to see it through to success, whereas employees can quit once they've delivered on their "tour of duty" (2h33m34s).
• As an employee, signing up for a job is like signing up for a "tour of duty," where one is committed to making a big difference in the company, but not necessarily until the end (2h34m12s).
• When a better opportunity comes along, it's okay for an employee to leave and take on a new challenge, as seen in the example of Matt Kohler, who left LinkedIn to join Facebook (2h34m36s).
• Allowing employees to take on new opportunities and do their best work is important, as it can lead to personal and professional growth, and was a key aspect of the LinkedIn story (2h34m57s).

LinkedIn’s Deck (2h35m10s)

• LinkedIn's Series B deck, created by Matt Cohler, is notable for its simplicity and its vision statement, which remains relevant 20 years after it was written: "find and contact the people you need through the people you already trust" (2h35m36s).
• The deck's enduring vision is unusual, as many companies' initial visions change significantly over time, and LinkedIn's focus has remained consistent (2h35m46s).
• Reid Hoffman's experience with his third company, LinkedIn, and his previous companies, SocialNet and PayPal, helped him understand how to balance short-term and long-term goals (2h35m58s).
• To build a long-term company, it's essential to think about how to transform the industry and change millions of customers' lives, or, in the case of an Enterprise company, become an essential part of how multiple industries operate (2h36m23s).
• LinkedIn has evolved to be used in unexpected ways, such as building personal brands and even dating services, which was not initially envisioned (2h37m9s).
• One surprising use case was an engineer using LinkedIn to find job opportunities in Denver by searching for profiles similar to his and looking at the companies those people worked at (2h37m48s).
• Reid Hoffman is still interested in building companies, as evidenced by his co-founding of other ventures (2h38m29s).

Are You Still Interested in Building Companies? (2h38m30s)

• Co-founding companies is still a possibility, but being the CEO is not a priority, as there are other capable people, such as Mustafa Suleyman, who can take on that role (2h38m32s).
• The current focus is on building a network and skills to work with other CEOs, which is the primary role now (2h39m19s).
• The goal is to be happy and free, which is challenging to achieve as a CEO, so it's better to work with others who are more suited for the role (2h39m11s).
• Legacy is not the primary concern, but rather making a positive impact on the world, and leaving a lasting difference in the ongoing story of humanity (2h39m34s).
• Decisions are made based on the potential impact, rather than the desire for legacy or appreciation (2h40m15s).
• A joint decision was made not to have children, but being Godparents to several children has brought joy and allowed for participation in their lives without the full responsibilities of parenthood (2h40m26s).
• There are likely unchecked boxes in life, but no specific major ones were mentioned (2h41m0s).

Are There Any Unchecked Boxes? (2h41m2s)

• A book on friendship was the first book idea conceived as an undergraduate, and notes have been taken on the topic for 30 years, with the intention of still writing it (2h41m3s).
• There is a noticeable lack of books on friendship in bookstores, with most relationship sections focusing on romantic relationships rather than friendships (2h41m26s).
• Friendship and connection are a major part of the current focus, and it has always been an important aspect of life (2h41m57s).
• It is believed that working with friends and hiring friends is beneficial, despite the potential difficulties that may arise, as it allows for spending time with friends (2h42m6s).
• A long-standing friendship with Peter has endured despite intense disagreements on politics, which is attributed to their initial meeting as undergraduates with differing views (2h42m26s).
• Disagreements can be a good thing, and having friends with different perspectives is valuable (2h42m56s).
• A question has been left from the previous guest, asking what two things one wants their life partner to know about them (2h43m9s).

Last Guest’s Question (2h43m14s)

• Reid Hoffman believes that if someone claims to fully understand their partner, it may indicate they are not being a good life partner, as there will always be things that are misunderstood or not understood about each other (2h43m27s).
• Hoffman and his partner, Michelle, put a lot of energy into understanding each other, including seeing marriage counselors together, not because they are fighting, but to have a third party help them understand each other better (2h43m51s).
• Despite their efforts, Hoffman still thinks there are things about his partner that she doesn't understand or misunderstands about him, and vice versa (2h44m21s).
• Hoffman advises founders to identify the things in themselves that their partner may find challenging and bring them up in advance to build deep, quality relationships (2h45m47s).
• Hoffman shares an example of how he was clear with Michelle about the demands of the startup journey, which helped her understand and be supportive when he had to delay their wedding due to work commitments at LinkedIn (2h46m33s).
• Hoffman acknowledges that he may have let Michelle down in terms of making plans that got blown up, but he hopes not in terms of making a commitment (2h46m47s).
• Founders often struggle with transitioning from work mode to personal mode, which can lead to being absent or distracted in personal relationships, and it's essential to learn to be fully present and focus on the current moment (2h47m1s).
• Effective communication is crucial in relationships, especially when one partner is a founder, and both parties need to believe in each other and what they're doing to avoid long-term problems (2h48m9s).
• A new book titled "Super Agency: What Could Possibly Go Right with Our AI Future" is set to be released in January, co-written with Greg Bato, which offers an optimistic take on AI (2h48m30s).
• The book is recommended for anyone who wants to understand a positive perspective on AI and its potential future, and it's essential to envision an optimistic future rather than trying to avoid failure or pessimism (2h48m49s).
• The book has received praise from Yval Harari, who describes it as a "brilliant positive vision of the future" (2h49m17s).
• Reid's books, including "The Startup of You" and "Masters of Scale," are highly recommended for founders and non-founders alike, as they provide valuable insights on building businesses and navigating careers (2h49m35s).
• The "Masters of Scale" podcast is also recommended, where Reid sits down with successful founders to discuss how they've scaled and built their companies (2h49m52s).
• The guest expresses gratitude to Reed for the time spent together and appreciates the opportunity to meet him, thanking him for creating LinkedIn (2h50m39s).
• The guest mentions that LinkedIn sponsored the podcast, which was not known beforehand (2h50m44s).
• At the end of every conversation on the Diary of a CEO, the guest is asked to leave a question, which has been turned into conversation cards that can be played at home (2h50m59s).
• The conversation cards contain a question from each guest on one side and a QR code on the back that links to the person who answered the question (2h51m15s).
• The brand new, updated version two of the conversation cards is available at Theonconversationcards.com, but they have sold out twice instantly (2h51m32s).
• It is recommended to act quickly to get hold of the limited edition conversation cards (2h51m43s).