Sarah Lacy
Appearances
The Startup Ideas Podcast
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This is the key to what makes him so unique. So the fact that he is, it is this extreme humility and amazing self-awareness. So he knows when he doesn't know something and he doesn't just go in to learn it. He gives himself or he used to, and I don't, I'm not close to him anymore, but he would really put himself in a position of extreme humility. And he had no ego in the fact that
The Startup Ideas Podcast
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We always think by by narrowing something that we're restricting, but we're not like how many people shop at Forever 21 who are not 21. You know, by being super specific, I think you speak really directly to someone and then, you know, other people will want to be part of it. Like when we started Chairman Mom, from day one, 30% of our customers were not moms.
The Startup Ideas Podcast
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Like it never precludes people if they want that thing. And I think it's it sends such a clear value of what it is. So I actually probably would start it aimed at girls. But, you know, like the Girl Scouts or whatever else say, like, it's open to everyone and, you know, and not discriminate.
The Startup Ideas Podcast
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But I think there's I bet there is public money you could get from public schools to roll this out and it would be a guaranteed revenue stream. You know that any elite boarding schools or private schools, there's a dad who would write a check for that thing if their daughter was getting a heads up on entrepreneurship.
The Startup Ideas Podcast
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I think you'd make a ton more money than I made trying to sell it to corporate women, sadly.
The Startup Ideas Podcast
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Do you want me to just pitch you my ideas? Is that how this works?
The Startup Ideas Podcast
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That's amazing. And this cookies aren't even around all year long.
The Startup Ideas Podcast
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Also, you would get magazine cover stories about it because of the issues with girls, because of the things they could be doing. You could do an annual like, you know, demo day in all of these communities that everyone would feel great about sponsoring and coming to. I mean, it's just one of those feel good things people want to be a part of.
The Startup Ideas Podcast
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And it's it's where people could like they people could virtue virtue signal that. and still actually meaningfully support young women at the same time.
The Startup Ideas Podcast
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You just said the Girl Scouts does a billion dollars. I don't think there's any issue with the funding piece of it. I think you have so many comps. You have so many comps in companies like everyone from Blackbaud to all kinds of private curriculums that sell into schools. The reality is not even just public schools.
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One of my daughters goes to Catholic school and they don't have the budgets for custom curriculum. So what the teachers are doing is buying private curriculum and teaching it in the classes. I think 20 years ago, you'd be right. I think now there is such a pathway of getting things into schools, and there's so much money and budget for it.
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I love it. All right. So I was thinking about this. My last startup that I did, which, you know, had, you know, a lot of successful startups always have these near, death experiences. I think I had near generational wealth, huge success with it, and always would just grab the defeat out of the jaws of victory. But it was this company called Chairman Me. It was started as Chairman Mom.
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Not on maybe a per unit basis, but there's a lot of schools in the country. I think what you need, though, is you need a CEO who's sold into that before. I think if you had a CEO who sold into that before, has connections there, I actually think the funding piece of it is like a no-brainer.
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You'd probably do a seed round, build it, get a proof of concept, do one series A, and in five years it would go public like snowflake. I think you would need one funding round.
The Startup Ideas Podcast
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Yeah, no, they absolutely are. And I think that you could have campaigns where you could say either this is what it costs and you make it like as cheap as possible and just go for volume and then say, here's what it costs. If the school can't afford that, you know, we can do a fundraising thing. You could even have you could run programs where local businesses or families sponsored it.
The Startup Ideas Podcast
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and then part of the costs were paid for by the proceeds. I mean, you could get really, really creative on how to do this because it's software, right? You're not hiring a teacher to do this. You have like 80% gross margins on those online courses. So it's also something that can be done and can be scaled up and down. You can have more support at high-end boarding schools
The Startup Ideas Podcast
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where we're facilitating a demo day or making intros to people in the community. But you could also do a bare bones version of it for inner city schools where it's maybe like, Maybe Nike wants to support it for a thousand schools. I mean, I think you could get really creative with how to pay for it.
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And because it's online courses, there's also like amazing recurring revenue because once you're in a school and people are getting value, it's not going to be ripped out of that school.
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You know, I think, I mean, look, there are two reasons that I have been able to do anything that I've done in my career. And it's two superpowers that I have. And the first is networking. I meet people constantly. I am never too old or too networked. to meet more people or really engage in those networks.
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And, you know, I think that there is an art to networking that is not standing around at a cocktail party being awkward, but building relationships and building relationships with people without an intended thing you want out of it. And I think that in maintaining those relationships over a long time and being there and showing up and being genuinely interested and
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And, you know, we went on a lot of sort of pivots and iterations. But what the part of the company that I love the most was during the pandemic, when women were really stuck at home and employee resource groups, which had really worked to, like, boost women and give them solidarity and ways to get ahead. Like those were kind of gone because everyone was working from home.
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You know, building relationships and networks when you don't need to, frankly, and then tapping them and making asks of them when you do need to. And, you know, I think every piece of that are things that people tend to fail on. You know, they don't make networks when they don't need them. And then they if they have them, they're squeamish about making asks of them.
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Whereas like we all, you know, we love when people we care about ask us for things because it makes us feel good. It makes us feel like we can ask them a favor in the future. So I think that's a huge one. And I think if you start, especially for people in their early 20s, start building your network now and it doesn't have to be with the CEO of a company.
The Startup Ideas Podcast
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It can be with someone who's a peer because y'all are all going to come up together. And then those people are going to wind up being the people who are decision makers in the future. You just don't know who's going to turn into what job and what you're going to need from someone.
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And like case in point with this idea, maybe like right now, I mean, you know, if I'm in my early 20s thinking I want to work at a startup, maybe I don't think my friend who is going to school to be a superintendent,
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necessarily be a great contact but lo and behold here's my startup idea i need to get into schools like anyone can be a great contact for you because you don't know who they know and you don't know what they're going to be and you don't know what you're going to wind up building um so i think that's number one and i think if you've been doing your job and trying to network then i bet you know someone who knows someone senior at nike i guarantee you
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I could find someone senior at Nike or a connection to them in my network. The second thing that I always was really good at, and I don't think I realized until later in my career how powerful it was and why, is story. I mean, one of the best books about story ever written is Lisa Krohn's Wired for Story, and it basically breaks down the neuroscience of story into
The Startup Ideas Podcast
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And how we have been wired since caveman days to respond to story in a way that we are biologically wired to our heart to race, blood to rush to our thighs because we know we're going to have to run away. You know, think about how often like the downside of this is when people have anxiety and they're like, oh, my God, I know that it's not rational. And it's like, yeah, it's not rational.
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It's because like your brain is telling your body a story of what's going to happen to you. if you sat on stage in front of thousands of eyeballs looking at you and have to give a keynote. So I think that story is the most powerful tool. I think it's the reason that most women who raise large amounts of venture capital do not come from a math background, but come from a media background.
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Because it is like the great leveler. So I think those two things. Right. You find the right contact and then you put together the right story. How is this going to make how is this going to transform Nike? How what heartstring are you pulling? What you know, you mentioned getting a kid in the video. I mean, I would absolutely do that.
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There was a brilliant marketing campaign for this nonprofit that. I think does water. It helps provide water. And they went to this, rather than saying, this is a huge number of people who go without water. And isn't, you know, isn't it staggering? There's this many people on the earth who don't have fresh water. No one cares. We don't care about numbers. We just don't.
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We started doing these really functional, really effective online courses for women. And we just nailed how to do online courses. Like we had 90% completion rates, whereas online courses usually have 5% completion rates. And we taught really tactical things by the best people in the world. So like we had this course on negotiation
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We have too much shit in our own life, right? But they showed one boy and as a result in this one village, like the bulk of kids would not make it to their sixth birthday because of water. So they took this one boy in this village and they, when he was five years old, took him around the world, completing his bucket list because he was gonna die at six statistically.
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And it is the most moving three minutes you will ever watch And even if you've seen it, even if you know the ending, you will still cry. You can't not because it is so designed to grab you in this evolutionary way that we all do. And so it's like you do the equivalent of that and like, of course Nike's gonna say yes.
The Startup Ideas Podcast
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Also like you build like a marketing campaign with them where they can talk about what they're doing for girls. It makes everyone at the company feel good. Maybe the one, you know, maybe it's like an like the equivalent of the Ernst & Young Entrepreneur of the Year Award. Does Nike do the national gala of all of these amazing, tiny little 10 and 12 year old bad asses? who've built these things?
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And do they hold it in New York and give the number one winner an internship? I mean, come on. There is so much media they get out of that. There's so much feel good. And how much would it cost? A couple million dollars? How many seats could you get with a couple million dollars? They could make a massive, massive difference.
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And it's compound interest of that, right? I mean, it's like, you know, every day, what can you do that will be a favor to the future you who's going to be in this position and need to sell Nike? Who can you meet? What can you learn? What can you put in place?
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I cannot tell you the numbers with both of my startups I was building, the numbers of future favors to the future me that I had no idea I was doing in my 20s or 30s that were company changing moments in my 30s or 40s.
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I mean, I have a hilarious one, which is Mark Zuckerberg. Like when I was at Businessweek, I first called Mark Zuckerberg when Facebook had just closed the Peter Thiel round of funding and he had just moved to Palo Alto. And I called the company and he answered the phone. Like that's how long ago it was. Now, he had already raised money from Peter. He was in the Valley.
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taught by this coach who used the scientifically proven way to negotiate without a gender backlash and on average got people 30% increases in salaries. Like they were really like Navy SEALs of courses to get women to the next level. They worked, they had huge results. Sounds great, right? Do you know why that company failed? because every day I had to do battle with women's internalized misogyny.
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But you can't imagine at that moment how much, even when David Z did the $500 million Greylock round, I made a bet with another CEO over a fancy dinner anywhere in the world because he insisted not only, the bet wasn't even will Facebook go public and be worth 500 million, which seemed unbelievable to everyone. The bet was, will they be out of business by this time next year?
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Like people were so burned, because this is the other thing we're hardwired for is pattern recognition. And people were so burned from the dot com bubble and they were so burned by things like Friendster. No one believed in this company. And so I started, you know, building a relationship with Mark and like covering him as a journalist and getting interested when he was 19.
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And then, you know, within a couple of years, I was one of the only two journalists in the world who had access to him.
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Yeah, and he also knew it's like, I thought there was something interesting about him when no one else did. I thought he was a remarkable person when no one else did. And again, it's like network, it's all relationships. I was just finishing, Indra Nooyi, the former CEO of Pepsi, was just finishing her autobiography or her memoir this morning.
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And she says at the end, like so many amazing things happen when you are the CEO of a multibillion dollar company. And I knew when I left, when I left, my friendship circle was going to shrink because those people, as nice as they were, weren't interested in me. They were interested in what I could do for them.
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And so people never underestimate when you're someone who believed in them before the entire world wanted a piece of them. So, I mean, that's an obvious one in my first book, which Mark was, which was about the rise of web 2.0. And Mark was one of a handful of people that I spent hundreds of hours shadowing.
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You know, I mean, I, that was my advance in that book was one of the, it was like the second biggest advance in business week history at that point and allowed me to buy a house in San Francisco that I still have to this day. So that one phone call paid a lot of dividends.
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Well, I mean, unfortunately, this is kind of something everyone knows about him now.
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Well, so let me give you the twist on it, because I do think this is the key to what makes him so unique. So the fact that he is, you know, he talks a lot about this, like every year there's a big thing he wants to learn. Right. And he like throws himself into it.
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And I know a lot of CEOs who like talk a big game about always wanting to be learning or whatever, and growth mindsets have become super popular after that. But I think the piece that Mark does that other people don't always see from the outside is this extreme humility and amazing self-awareness. So he knows when he doesn't know something and he doesn't just go in to learn it.
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He gives himself or he used to, and I don't, I'm not close to him anymore, but he would really put himself in a position of extreme humility and he had no ego in the fact that of, oh, I don't know this thing. I have to posture like I know it. He'd be like, I don't know this thing and it's vital.
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And I learned this firsthand because at one point I was like, why is this person giving me so much access? Because really at the beginning, he was like, why do we need press? Like there's no one that is in Facebook's audience who's reading Businessweek. Like he was pretty skeptical of the whole thing and he didn't talk to other journalists.
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And there came a point where I was just like, why am I getting so much access? This is so bizarre. And, and so I asked him that question and he said, he said, because I've noticed when I'm talking to you, I go in not thinking I'm going to say things. And then I suddenly start telling you things and you're so much better at people than I am.
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And it was like, I was falling into a pit wrestling with Gandalf. Like it was, I couldn't do it. And that was ultimately why the company failed because women did not, they'd been so emotionally beaten up and conditioned by them that they didn't deserve to have more. It was, I mean, we changed tens of thousands of women's lives, but I couldn't reach millions of women's. I could not convince them.
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And so as you're asking me questions and I'm telling you things you need for your job, I'm trying to figure out how you're doing that.
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Okay, so part of what I'm doing now, post-chairman me, I do not have another venture-funded startup in me. And I also don't want to become a VC because I'm too opinionated and too controversial, and I couldn't back someone who was a sociopath, which is kind of required in that field. So like all people in my position who can't do either of those things anymore, I've become a consultant.
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And the thing that I have found, people want to pay me an absolute, absolute fortune to do for them. And this is not a pitch because my time is completely booked, is help them figure out what is the book that they should write that only they can write that the world would want. Who's the best agent for them? What is the process like?
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How do you build your marketing channels in anticipation of this? I absolutely love doing this because writing books has been super life changing for me. And it is an amazing thing to have this tiny piece of your soul there. in the library of Congress forever. It's just, it's something that hasn't been disintermediated and it takes four years.
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And it's like, I talked to all of these tech people and they're like, can't we shortcut this? And it's like, you really can't, you really can't. So every time, no matter who you are, no matter gender, where you live, anywhere, people walk in a bookstore, they see a book they loved, meant something to them. I don't care if it's Twilight or Good to Great.
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They all do the same thing, which is they pick it up and they hold it to their heart. And they tell someone they're with about why it meant so much to them. There's nothing else that has that impact still. But here's the thing. You read a Good to Great. You read a Wired for Story by Lisa Cron, which I mentioned earlier. You read a Tim Ferriss book.
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You feel like as you're reading it, okay, I got it. I'm going to do all this stuff. It's going to unlock every problem in my life. All problems will be solved. Everything's going to be great. You finish the book and maybe, maybe you remember one or two things from that book. Maybe you apply them to your life. Maybe you do it for a short period and then forget.
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But it's actually really hard to apply a framework, whether it's a wellness framework, something like Atomic Habits or, you know, something that is more substantive, like a business book, a career book. It's really hard to consistently remember what was in that book that you read because and keep applying it to your life.
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And no one has the time to reread a book because there's always so many books coming out. And so you will just forget. And I've talked to so many people where they're like, oh my God, I totally forgot about the hedgehog strategy in Good to Great. I need to go back and reread that book.
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I think there's an amazing opportunity for AI here to build coachable AI bots based on authors. Wow. And I am so skeptical about AI in so many things, but I think the detail and the rigor and the framework and the word count of a book, I think if they had lectures, speaking gigs, online newsletters, the more things that speak to that worldview, the better. I think it's a rare case
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where you would extend someone's influence and not in any way cannibalize the underlying product. I still don't think it's a shortcut because I know a lot of people who are like, instead of a book, can I do this? And it's like, I still think there's why a book is hard is it's the thought process. It's the interrogation. It's figuring out what have you not thought for?
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It's the research of where does this framework fit in the world? Who else has researched this? I think that's what you can't shortcut because that's also all filtered through your life experience and your genius as the author. I think AI cannot shortcut that. But I think what it can do is it can extend you. So for instance,
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their lives could be better, they could have more money. And it was terrible, but that's the reality. So I give all that as a preamble, because I think what someone should do is build an equivalent for tween girls, because right when girls go into adolescence is when they start losing their confidence. And there's all these studies about this.
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Lisa, who I've mentioned four times now, if she were Beetlejuice, she would have appeared. She is like a story coach to the stars. And when my partner, Paul Carr, was going to write his first novel, he had published many nonfiction books, but writing a novel is totally different. He read Wired for Story and was like, oh my God, this is genius.
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I'm completely sold, but I don't really understand how to apply this to what I'm doing. I don't understand. And when am I doing this right? When am I being specific enough? When am I putting enough blood on the page? All the things that she talks about that make compelling story. And so we reached out to her and was like, do you do coaching? And she's like, I do, but I have a really long wait list.
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Now he was someone canceled. He made a compelling case. He was able to skip her wait list. They've spent four years working together on multiple novels. He's now in his third novel. But he, the book wasn't enough. He needed that back and forth. And I think a lot of people feel that way when they read Adam Grant's book, when they read Tim Ferriss's book, when they read, you know, any of, you know,
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Even as like a daily reminder with doing nothing more than everything they've already written being put into a nice UX.
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There's so many people working on this. This is not even a super new thing because so many people have asked me about it. But I think the way I'm thinking about it is somewhat different. But anyway, go ahead.
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So I think what it's not is a newsletter because I think most authors and there are many that do this really well. And it's, this is definitely like a core strategy I use when I'm helping an author build a multi-year strategy, right? You send a newsletter and it's like, Hey, remember this thing? Or like, Hey, here's something you could try today.
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And those are really interesting ways of continuing to like bring back those habits or frameworks or, you know, Adam Grant might send a thing that's like, hey, here's a new piece of research that backs up what I wrote about and give and take. And I think that's great.
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Actually, always the tampon and pad company did a commercial about this for Super Bowl one year. And it was like, this run like a girl campaign. People should Google this if they haven't seen it because it's stunning. They ask like little girls, well, first they ask like older girls, post-adolescence, what it's like to run like a girl.
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But I think what you need is like a daily prompt, like the equivalent of when I wake up in the morning, you know, I'm going to look at my email. I am going to see if anyone has texted me. And then the next thing I do is I go do like the basic four daily New York Times puzzles. And it's great, because it is not a time suck. there's really no archive on most of them.
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And if there is, I've already like done them. So it doesn't matter, but it's like, I'm going to spend maybe anywhere between five and 20 minutes. I'm going to feel really great about myself. I'm because I won't feel like I just doom scrolled. I'll feel like I did something that made me feel smart. And then the app is like, okay, see you tomorrow. It kind of kicks you out.
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So like, like Paul, my partner has so many issues where he like has a smartphone and gets rid of it and has it and gets rid of it. Cause he's like, I get sucked in. And it's a tough time waste. But the one app he always has is the New York Times game app because you really can't get sucked in. And so I think it's a similar thing.
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I think you have your coach and, you know, every when you can set the time, you know, if you're like a nursing mother, maybe 2 a.m., is the right time for you. What is the time you would naturally have that downtime? And you get a prompt from your AI coach being like, hey, have you thought about this today? Or asks a question.
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Let's say it was something about being more in the moment and being more grateful. Maybe that's what you want to work on. Maybe you get a prompt that's like, You know, you need to put down your phone for the next hour or, you know, right now, pick what hours you're going to not be on your phone or, you know, you know, right now, write down like five things that you're grateful for.
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Or, you know, let's say it's like, you know, whatever. something around fitness, like, you know, what is your plan that you can commit to for working out this week? And by the way, five minutes a day is totally appropriate because it's still putting you in a habit. You know, it can be totally customized. Like, I think if James Clear was doing this, you know, maybe you pick
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the different atomic habits thing you want to do. I remember when I was at Chairman Mee, one of the things that I took was like, you know, in making like daily cold sales calls, which is like, no one thinks is fun. I don't even think is fun. And I'm like, I love sales. And it's like I had a specific time, a specific day. I would have like a specific like treat or beverage for that.
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And I would like say out loud every day when I get home after dropping the kids at school, I'm going to go sit in my Airstream with some mint tea and I'm going to do 10 sales calls. And it's like so it's like I had that discipline for, I don't know, two weeks. Like what if James Clear was popping up on my phone saying, have you done it? How's the mint tea?
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And they're like, everyone's like making fun of girls and stuff. They ask young girls, they're like running all out and they're badass. And like, it is a drop off in confidence and belief in yourself right when you hit adolescence. That's when the internalized misogyny starts. I think if we could have a program in school that's like a,
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Yeah. And really, I mean, when James Clear is coaching someone, I bet he's saying the same things 80% of the time. And I bet he would be thrilled to be able to extend himself and say the same things. Like another great person to do it would be Kim Scott. It's like if you had a Kim Scott bot, which rhymes, which is nice, like what if they came in every day? Okay, you had a great day, didn't you?
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Yeah, okay. What conversation did you need to have that you, you know, wriggled out of? Because it felt too uncomfortable. Like what a good prompt for a CEO. It's like, oh my God, you're so right. I let myself off the hook for that. I did it. This is a reminder. I need to go do that. And I, you know, I would, I mean, you know, from the Nike comment earlier, I would start with James Clear.
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I think the biggest authors are always looking for ways to leverage themselves. And they're really likely to roll the dice on something like that. Especially and I mean, it has to be business authors. It has to be tech people. You know, it has to be people who have like that following. But like in the people who do multiple books, like awesome. Put a QR code in the next book.
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You know, have a special edition that you could sell where the first, you know, thousand people get this, you know, get the beta version. into the Kim Scott bot. And after that, you have to, you, uh, you know, have to be on a wait list or something. You would drive so many bulk sales.
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You would drive so many first day sales, which is like the best bet of getting on the New York times bestseller list. If you said everyone who pre-orders gets to be gets the Kim Scott bought for free, included in their book price, it only takes 10,000 books to get on the New York Times bestseller list. That would have a meaningful, meaningful difference in what a book does at market.
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pre-MBA entrepreneurship confidence program, not STEM, because STEM's great, but that doesn't teach you how to negotiate, how to have self-worth, how to ideate. But if you had that in schools before they hit the confidence rock bottom, I think in a generation it would transform female leadership.
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Nope. And because here's the thing. It's like... I would. Yeah, you could do because you think about like the I mean, like AI is a cost suck. So you have to think about that. But I bet the publishers, if you were driving sales, would give you part of the royalties or would give you some amount of money. Like right now at the store, when we do things like well, there's a lot of places where we're.
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we'll do like the only signed copies. And so the publishers will like ship books to that author in LA, they'll sign them and the publisher will pay for them to be shipped to us. publishers have discretionary marketing budgets for this kind of thing. And so, yeah, I think probably the money could all come from the publisher and you wouldn't have to charge the author.
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But I will say like authors will 100% pay for it. I mean, most business book authors, I mean, I know because I'm paid to help business book authors do a really good job. Like They invest in publicists, they invest in people like me, they invest in ghostwriters, they're giving a cut to their agent.
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Most authors will buy copies of their own book that they're giving to schools or they have in their office, they give someone a copy. So most authors, business authors are doing it because they wanna give back, because they wanna leave legacy,
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because they want everything they've worked for in their career to kind of add up to a philosophy or something at the end of the day, or because they're going to get a lot of other things out of it. Like you, I mean, I am living testament to like, I don't think I ever earned royalties on any of my books because I am such a good salesperson.
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I got massive advances, but every one I wrote, I got so many monetary career benefits, whether it was speaking gigs, whether it was board opportunities, whether it was, you know, whatever, whatever. I mean, you name it.
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There's such a moat to getting a published book out there that even with self-publishing, even with everything else, that there's all these benefits down the line from having written a book. So most of the people who, you know, who take the time to write a book who are at that level, it's not a monetary game for them and they don't want to leave. They want... They want regret minimization.
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And if they've taken four years of their life to get this book into the world that represents what they think and what they know and what they've built in their career, you think they're going to balk at spending a couple extra dollars or pennies per copy on a subsidized chatbot? No, because they're also going to think it's cool.
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I'm so delighted that for the first time in my life, I don't actually need anything from anyone, nor do I have anything to plug. But if you... I can always come up with something. So if you want to buy books not from Amazon, you can go to bestbookstore.com and buy them from us. We also have an incredible newsletter. I read about... I don't know, anywhere from three to 10 books a week.
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And I think it's one of those things that I guarantee you in 20 or 30 years, whenever people would be like, interviewing the Fortune 500 female CEO, and they'd say, how did you get there? They'd be like, well, I did this program when I was in sixth grade. And people say the Girl Scouts help teach entrepreneurship, but really, families go through it and they're like, it's just a marketing scheme.
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So I always have amazing recommendations of both fiction and nonfiction books. So check out bestbookstore.com and sign up for our newsletter. And we also, if there's any CEOs listening, one thing we do, which I love, is we do corporate bookstores. corporate book fairs. So it's like the scholastic book fair, but like for your company and conferences will do book pop-ups.
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And we've done that some for some of the largest software companies on the planet. And you, even people who are heads of huge companies, when you show them a table of books and they can take anything they want, and we'll even ship it home for free. it's like $30 from your company. There's no other way for that to make someone look happier. So those are my plugs. More books and more hands.
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Did you know that there are 19 research studies that show if you read fiction, you become more empathetic. You can understand what other people need and desire. You can get along with more different kinds of people. There are so many studies that show
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That reading fiction, especially for people, anyone building a consumer product, trying to sell to people, trying to understand the empathy that you gain from that is absolutely a career advantage. So that is always my soapbox because there's some people who are like, I don't have time to read fiction. I got to slay. And it's like, you will slay as a result of reading fiction.
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of, oh, I don't know this thing. I have to posture like I know it. He'd be like, I don't know this thing and it's vital. And I learned this firsthand because
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It's just a pyramid scheme. I think there's really cool ways that you could teach a lot of these fundamentals to kids Then you could also even partner with local businesses to have a lot of this stuff in the wild. Now, a lot of schools do entrepreneurship clubs, but they're taught by teachers or they're taught by a parent who comes in. They're not curriculum rich.
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They're not saying, hey, here's where you're going to stumble and here's where you're going to work through it. And the reason I'm so confident in this is because in the pandemic, when we were building all these courses and I was filming a lot of them in my home, editing them, doing a lot of office hours with these like world-renowned instructors, it was during lockdown.
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So like my kids were home and they were a little bit young. Now they're 11 and 13. But I mean, they learned amazing negotiation skills. They learned amazing executive function just by kind of being in the room and absorbing these things and asking me follow up questions. And
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And now, you know, we own a bookstore in downtown Palm Springs, which we kind of we live here part of the year and there's no bookstore. So our family opened one. And both of my girls have a business within the bookstore. My youngest daughter makes these good luck pom pom monsters. And if you buy $50 in books, you get one for free.
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And then my older daughter makes these pride cranes, origami cranes. And if you spend, I think, $30, you get one for free. And I'm telling you, people come in this store and they will grab an extra book. to get one of those two items. They sell out in like two days. So I pay them like a dollar a monster or I think a dollar 50 crane.
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My kids have like, I will be regularly giving them $80 and it is not pity money. The store is 100% made money. And so we look at supplies, we look at chains. There's small businesses all over America who would be willing to sell friendship bracelets, baked goods, cards, all kinds of things kids could be making. So that's idea number one.
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Essentially what I failed to build for women for tween girls.
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Well, I think the most scalable way to do it would be to do it as an online thing, but something that happens in the schools. And most schools now are actually using a lot of technical tools, whether it's Khan Academy or other curriculums. It's pretty common right now that there's... private school curriculums that teachers are basically following a framework, pressing play on.
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There's a lot of STEM curriculums like this. So I think you would slot into that model.
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But let me tell you the problem with that method in today's world. And I say this as someone whose kid was just given 20 raffle tickets that she has to sell. So we're in debt $200 if we don't sell these things. And so what's happening? Well, in... Twenty twenty four. My 13 year old is not going to go door to door selling things that doesn't work. It doesn't work. Why does it not work?
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First of all, people don't know their neighbors in the same way they used to. Um, also we have ring doorbells. People don't answer their doors if they don't know who it is and they don't come. A lot of people don't have doorbells. Like we're not built for a world where kids can go door to door selling stuff. And so then what happens?
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One of two things, either the kid has parents like me who, and by the way, by the end of this episode, I will sell you a raffle ticket. You Um, but like, so you have someone like me who pings a bunch of people and is like, Hey, Eli's just sell these raffle tickets. Or I just had the idea today. I'm actually going to make her do a sales pitch on video.
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And then I'm going to text it to our neighbors. Cause I think they would love to do this, but they're not going to answer their door. And so, but so that's not really teaching her anything, is it? That's just me being forced to handhold because otherwise I'm just buying the tickets. Cause where else is she going to sell them? Um,
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When, you know, you always see kids walking into like around malls or something and shopkeepers that they consider loitering, they shove them away. So it's like, you know, what are you supposed to do? And I also think in the best of times, all that does is teach kids sales. And starting a business is a lot more than sales.
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I think some of the most creative parts of starting a business are thinking about the product. I mean, obviously you agree because that's the whole point of your podcast. But like ideating, like what does this look? Did you find product market fit? What did you do wrong? How do you pitch this to investors? There's so many pieces of this that are not sales.
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And like I think sales is great because sales is like the number one thing that women sort of get socialized out of. There's so much talk about not enough women going into engineering. Women in sales is even more of a desert because there's all kinds of gender dynamics there. Only less than 3%
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of female founded businesses ever do a million dollars in revenue, which I think is due to the socialization against sales. So like I'm all for sales, but I don't think it's the only skill. And I don't think a world we grew up in exists anymore.
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It is my pleasure. Anyone who has built several companies knows the fun part is coming up with ideas. We can all come up with ideas. The shitty part is actually trying to build them. So I am fortunately at a stage in my career where I can just come up with ideas.
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And ideas that they have are amazing. I mean, we always like the cliche in Silicon Valley is you want to find like the next Mark Zuckerberg who's never held down a job and is this like brilliant young nerd and, who has a total clean slate, will like, okay, let's go even earlier and hear like what tweens want. And I think the sales piece of it is like a typical like growth marketing funnel.
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Like these kids are so much better at digital tools than we are. My 13-year-old can put any growth marketer to shame with her Canva skills. So like I think do an Instagram campaign, do a TikTok campaign, do an email marketing funnel like the sales pitch is still coming from you, but you're learning how to do it.
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And, you know, also do that thing where you're like you're, you know, part of the where I see people who feel awkward about sales and aren't good at sales tend to go wrong is like they they send their first email. or cold call trying to close the deal. And that's not what you're doing. You're trying to close for a conversation.
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So teaching kids those fundamentals, it's going to help them in every aspect of life. Because what are you doing when you're trying to get into college? You're selling. What are you doing when you audition for a role? You're selling. I mean, you're trying to get a summer job. You're selling yourself. So I think this is something that would absolutely transform
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the demographics of the labor market. Because I'm telling you, I spent 30 years as a journalist, and I always asked people when they got interested in starting their own business. And I can't tell you how many boys told me about their damn paper route, or their yard business, or about their side hustle they did, or stories like Tony Hsieh selling pizza for a dollar.
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This is something that male CEOs and male entrepreneurs have always been doing, but the equivalent for the girls is they're selling pyramid scheme chocolate bars for the Girl Scouts and setting up a stand with a little uniform and a required skirt on. I think we can do better for girls.
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No, I think I think the boys would be jealous. And there's no reason it should be gender binary. But honestly, like if I were starting it, my go to market would be initially black. For girls, because I think that is the pain point. And I think, you know, I've just I've learned one thing I've learned the hard way with entrepreneurship is like the riches are in the niches.