Tobi Lutke – Building a Modern Business - [Invest Like the Best, EP.173]

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English - May 12, 2020 09:44 - 1 hour - 45.2 MB - ★★★★ - 72 ratings
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Previous Episode: E1057: Founders Fund General Partner Keith Rabois on stock market bounce back, domain expertise being overrated, US/China issues, 2020 election, recipe for startups success, chaos making way for a new generation of entrepreneurs & much more!

Next Episode: #83 Brian Koppelman: What Really Matters

Podcast Notes Key Takeaways “A retail store is really a participant in the global world of commerce” – Tobi LutkeThe pandemic has closed most physical stores, but virtual stores are still alive and thrivingOne important skill people learn from video games is decision making, strategy, and resource allocationThe most important lesson Tobi’s learned from video games is managing his attention“You’re tested at how good are you at paying attention to what’s going on. How well are you investing your attention?” – Tobi LutkeThe most important realization from personality tests is that people are different and see the world from different perspectives“Just having a working understanding of this and actually having an appreciation for other people’s perspective is just hugely valuable and I think personality tests are a way to get there” – Tobi LutkeA key takeaway from stoicism: Only focus on influencing the things you can control, such as yourselfFor example, you can’t be insulted by what someone says unless you accept the insult “My brain has assigned the power to this other person to make me feel insulted and I chose to go along with that” – Tobi Lutke2030 came a decade early because of COVID: Everyone is on web conferences, more people are working from home, and online learning has skyrocketedPeople are also getting a glimpse of living in a business world that is almost completely digitaleval(ez_write_tag([[580,400],'podcastnotes_org-medrectangle-3','ezslot_6',122,'0','0']));

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My guest today is Tobi Lutke, the co-founder, and CEO of Shopify. This is both a timely and evergreen conversation. Timely, as the world as moved aggressively digital in the past two months, and Shopify powers so much of digital commerce. Evergreen, because while we touch on Covid and the Shopify business, this is much more a conversation on business and personal principles, learning, design, and growth. Tobi is one of the CEO’s I look up to most for the type of company he is building and for the way he conducts himself. We discuss business focus, why video games help you learn the power of attention, what design means for products and organizations, and much more. Please enjoy my conversation with Tobi Lutke.

This episode is brought to you by the MIT investment management company (MITIMCO)

Reach out or learn more:

Email: [email protected] Website: https://mitimco.org/partner/ MITIMCo 10 year Letter: https://mitimco.org/wp-content/uploads/2017/03/MITIMCo-Alumni-Letter.pdf MITIMCo brochure: https://mitimco.org/wp-content/uploads/2019/01/MITIMCo-Brochure_web_2018-12-05.pdf

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Show Notes

(2:35) – (First question) – The launch of the new Shopify shop app

(2:44) – Deniel Ek Podcast Episode

(2:45) – Jeff Lawson Podcast Episode

(4:56) – Having the right focus and growing a good business

(9:06) – Marketplace business model vs the merchant driven business model