Podcast Summary
Making Connections and Adding Value in Business: Successful businesses find ways to make connections, add value, and make a difference through travel rewards, insurance, and technology.
Building a successful business often involves finding ways to make connections and add value, whether it's through travel rewards, insurance, or online communities. Wondery Plus subscribers can listen to the full story of how Reddit was built with this philosophy in mind. Today's business travelers, like the founders of Reddit, understand the importance of taking a break and making the most of their trips. By using the Delta Sky Miles Platinum Business American Express Card, they can earn rewards for their travels and keep their adventures going. Similarly, Amica Insurance focuses on making insurance feel more personal and human, with representatives who are there to help and a mutual commitment to serving customers. And for those looking to make a difference and advance technology, the National Security Agency offers opportunities to work on innovative projects and make a positive impact on the world. In the end, it's all about finding ways to build connections, add value, and make a difference, whether it's through travel, insurance, or technology.
Unexpected friendships can lead to unexpected business opportunities: Friendships formed through shared interests can lead to innovative business ideas, even if the initial focus is different
Sometimes, unexpected friendships can lead to unexpected business opportunities. The interviewee, Steve, shares a story of how he met his best friend Alexis in college, initially disappointed by Alexis's gender but quickly bonding over their shared love for video games. They lived together for eight years and while Steve was initially focused on a business degree, he found himself drawn to engineering after meeting Alexis, who was studying computer science. During their college years, their conversations were mostly about video games, but in their last year, Steve had an idea for a mobile ordering system for gas stations, which he believed could save time for customers. He shared this idea with Alexis, who had an idea for a different business at the time, but they eventually collaborated and founded a successful tech company together. This story illustrates the importance of unexpected friendships and how they can lead to innovative business ideas.
From day jobs to disrupting an industry: Determination and seizing opportunities can lead to industry disruption. Even with day jobs, Alexis and Steve's vision for My Mobile Menu didn't waver. Inspired by Paul Graham, they secured a meeting and were encouraged to apply for Y Combinator. With hard work and dedication, they were accepted and pitched to investors, revolutionizing the industry.
Determination and seizing opportunities can lead to significant success. The speakers, Alexis and Steve, had a vision for their business, My Mobile Menu, which they worked on tirelessly despite having day jobs. They were inspired by Paul Graham, a renowned entrepreneur and investor, and managed to secure a meeting with him during their spring break. Paul recognized the potential in their idea and encouraged them to apply for Y Combinator, a startup incubator. With hard work and dedication, they were accepted and went on to pitch their business to potential investors, ultimately revolutionizing the industry. This story underscores the importance of staying focused on your goals, taking risks, and being open to new opportunities.
Staying focused and open to change leads to success: The founders of Reddit were rejected but didn't give up, pivoted, and with investor's help built a major player on the internet
Perseverance and the ability to pivot when necessary can lead to great success. The founders of Reddit were rejected from a program but didn't give up. They went out and proved their worth, only to receive an offer from the investor they had hoped to impress. However, the idea they had initially pitched wasn't what they ended up building. Instead, they brainstormed with the investor and came up with a new concept, combining the popularity of social bookmarking sites with good content and a strong community. With the investor's support, they quickly developed Reddit, which became a major player on the internet. This story highlights the importance of staying focused on your goals, being open to new ideas, and not being afraid to make changes when necessary. It also underscores the value of having a trusted mentor or investor who can provide guidance and support during the early stages of a startup.
The early days of Reddit: resourcefulness and scrappiness: Despite limited resources, the founders of Reddit demonstrated perseverance and creativity, securing their first users through resourcefulness and eventually growing the platform through word of mouth
The early days of Reddit were marked by resourcefulness and scrappiness. The founders, Steve Huffman and Alexis Ohanian, couldn't afford the domain name they wanted (snu.com) and had to settle for Reddit instead. Steve handled the non-technical aspects, from naming the company and drawing the mascot to managing the finances and ordering pizza. They cheated to get their first users by creating a special submit page for themselves, and their first real users were Paul Graham's fans who discovered Reddit through his essay. The team had to be resourceful and beg for attention, as social media was still in its infancy and bloggers held the power to spread the word. The success of Reddit in its early stages demonstrates the importance of perseverance and creativity in the face of limited resources.
The early days of Reddit: creating value for users with uncertainty and adversity: Despite initial uncertainty and adversity, Reddit's founders focused on creating value for users, leading to a successful platform defined by empathy, community, and determination.
The early days of Reddit were marked by a sense of isolation and uncertainty, with the founders focusing on creating content and building a user base without a clear business model or long-term goals. The first signs of success, such as real users engaging with the content and Paul Graham's essay about Reddit, were crucial in motivating the team and defining the company's identity. However, personal challenges, including a serious accident and a terminal illness in the founders' families, brought a new perspective and a renewed sense of purpose to the team. These experiences shaped the culture of Reddit and instilled a deep sense of empathy and community that continues to define the platform today. Despite the initial lack of a clear business strategy, the founders' focus on creating value for users and their unwavering determination in the face of adversity ultimately led to Reddit's success.
Lessons from Starting a Business During Difficult Times: Appreciate the struggles, learn from them, value collaboration, use AI to empower teams, and prioritize company culture for business growth.
Starting a business can be a challenging experience, but keeping things in perspective and learning from it can lead to greater success. The founder of Reddit, Alexis Ohanian, shared how his experience of starting Reddit during a difficult time in his life taught him to appreciate the struggles and keep going. He also spoke about the importance of collaboration and teamwork, as exemplified by companies like Atlassian, which use AI to empower human collaboration and help teams accomplish more than they could alone. Another key takeaway is the importance of company culture in driving business growth, as highlighted by Insparity, a leading HR provider. Overall, the discussion emphasized the importance of grit, determination, and teamwork in building successful companies.
Unexpected opportunities can lead to personal growth and financial success: Be open to unexpected opportunities and the potential rewards can be significant. Calculated risks can lead to personal growth, financial security, and life-changing moments.
Sometimes opportunities come unexpectedly, and the decisions we make in those moments can lead to significant personal growth and financial success. The speaker's experience with Reddit is a prime example of this. After meeting someone at a party who mentioned his wife's interest in the company, the speaker was approached by the head of business development at Condé Nast. What started as a casual conversation led to the creation of a white label Reddit called Lipstick, which was later acquired by Condé Nest for a substantial amount of money. This unexpected success allowed the speaker to make a life-changing phone call to his mother, fulfilling a debt of gratitude and providing financial security for his family. Although the sale came earlier than anticipated, the speaker has no regrets as he was able to experience the joy of that phone call. After leaving Condé Nast, the speaker went on to found Hipmunk and later traveled to Armenia to unplug and reflect. Despite some personal challenges during this time, he returned to New York and continued his entrepreneurial journey. Overall, this story illustrates the importance of being open to opportunities and the potential rewards that can come from taking calculated risks.
Starting a Business with a Friend: The Importance of Open Communication: Open communication is crucial when starting a business with a friend to define roles, resolve disputes, and maintain a strong partnership. Neglecting this can lead to unresolved tension and eventual separation.
Starting a business with a friend can be an incredible experience, but it also requires open and frequent communication about roles, responsibilities, and potential disputes. The speaker, Steve Huffman, shared his experience co-founding Reddit with Alexis Ohanian. They had never clearly defined their roles or established a process for resolving disagreements. As a result, their friendship and business partnership became neglected, leading to unresolved tension when their contracts expired. Huffman then shifted his focus to activism, particularly fighting against internet-threatening bills like SOPA and PIPA. He found success in this area, experiencing the power of people's voices in effecting change in Washington D.C. Simultaneously, Huffman and the other Reddit co-founders went their separate ways, with Huffman starting Hitmonk, a travel company. Despite no longer being involved in Reddit's day-to-day operations, Huffman felt disconnected when Reddit faced a major crisis in 2015. In the end, Huffman's experience underscores the importance of open communication and the unique challenges that come with founding a business with a friend.
Co-founder Steve Huffman's love for Reddit and determination to fix its issues: In 2015, co-founder Steve Huffman reconnected with Alexis Ohanian to address toxic user behavior and restore Reddit, driven by his engineering background and understanding of trolls' mindset.
During a turbulent year for Reddit in 2015, co-founder Steve Huffman was driven by a deep love for the platform and his desire to understand and fix its issues, leading him to reconnect with his co-founder Alexis Ohanian and work together to address the toxic user behavior and restore the site. Amidst Ellen Powell's resignation due to abuse and a potential threat from a larger competitor, Huffman's determination to save Reddit was fueled by his engineering background and understanding of the trolls' mindset. While complete removal of all harmful users was not the goal, they aimed to improve the site and maintain its community.
Unexpected connections through Reddit's community: Reddit fosters a sense of community and connection, leading to unexpected relationships and shared experiences
Reddit, with its authentic representation of humanity, demonstrates the power of people coming together to help each other, despite imperfections. With over 300 million visitors monthly, the majority of interactions are positive and reveal shared experiences, fostering a sense of community. The founders, Steve Huffman and Alexis Ohanian, have their own personal lives outside of Reddit, and their chance encounter led to Ohanian meeting Williams, who is now expecting their child. This story highlights the unexpected connections that can be made when people come together, reflecting the essence of Reddit as a reflection of humanity's inherent goodness.
The Role of Luck in Success: Success isn't just about skill, talent, or hard work. Chance encounters and unexpected opportunities also play a significant role.
Success in life and business is not solely determined by skill, talent, or hard work, but also by luck. Alexis Ohanian and Steve Huffman, the founders of Reddit, shared their experiences and acknowledged that even with perfect knowledge and intelligence, they might not have been able to succeed again in the unpredictable world of social media. The conversation took place during a live episode of NPR's "How I Built This," where they also discussed the role of chance encounters and unexpected opportunities in their professional journey. This perspective is echoed by Misha Brown, the host of "The Big Flop" podcast, who explores the biggest pop culture fails and the people behind them. The importance of acknowledging the role of luck in success is a valuable reminder for everyone, as it helps to maintain a balanced perspective and encourages resilience in the face of setbacks.
