YouSaid · the spoken record

Gwyneth Paltrow

lines on the record: 45
first: 2019-07-02
most recent: 2019-07-02
sittings or episodes: 1
sources: podcast

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“Masters of scale is a weightwater original. The show is recorded on site in California and produced at the studio inside SY Partners in New York. Our executive producers are June Cohen and Darren Triff. Our producers are Chris MacLeod, Adam Skeuse, Jenny Cataldo, Dan Kedmey, Jordan McLeod, and Ben Manila. Our supervising producer is Jay Punjabi. Original music by Alison Leighton Brown, sound design, mixing, and mastering by Brian Pugh. Special thanks to Christier, Bob Safian, Elisa Schreiber, David Sanford, Saida Sepieva, Christina Gonzalez, Sarah Sandman, and Lauren Passell. Visit masters of scale.com to find a transcript for this episode and be sure to subscribe to our email newsletter.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“When you come to entrepreneurship later in your career, you're almost always risking something above and beyond those who start out earlier. You're risking your reputation, your current position, even your sense of self-worth. Recognize that you are always going to be the one who is most passionate about your idea. And if you're in a position to commit yourself wholly to it, then you are the best person to make it happen. I'm Reid Hoffman. Thank you for listening.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“The CO What is the shape of that long-term problem look like? And that's actually how you get to what an org chart should be. And then you said, okay, well, how many of these combine into one job, two jobs? Will you be able to get someone who has the skills of that job? Some of the stuff that I was learning that was different was, well, you don't just kind of go, okay, here's the whole org we need. It's like, well, okay, here's what the first six people look like. Here's what the first nine people look like. Here's what the next 12 people look like. And that's part of the reason why you start with generalists and move to specialists. Later, you're going to hire someone who's a specialist, but you start with a generalist who's just kind of filling in. And what does that mean in terms of the people that you need in order to be doing it? And how do you interview those people and all the rest? The way to keep that continuity of the founder is the culture.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Every founder has their own approach when it comes to scaling beyond their initial team, for Gwynneth it was accountability. For me, I took a strategic approach at Socialent, the first company I founded. I spoke about it to the producers of the show when I took the guest role earlier this season. It was both a little idiot savant and a little whatever the idiot stupid. Now at the time when I was doing social thought, I was just going, okay, well, what's the set of roles in a consumer internet software company? Do you have a product? You have an engineering, you have edit operations, you have a head of customer service, you have a head of HR, you have a CEO, you have a head of sales, you might have a head of marketing, and then you say, if you take some years out, five, ten years out, and you say, okay, how do I decompose the CO's problem of solving this business problem into a set of other jobs of people who are helping”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Every founder must inevitably face the question of how essential they are to their company at its later stages. Its one Gwynneth has been asking for a while, especially as the Goop Brand is so bound up with her.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Yep, exactly. And culture was one of the things I also didn't know until I got in it and learned it. I was like, no, how do you get it so that everyone is in this community, this tribe together? And it was like, be explicit about how to make it. And I think the accountability is exactly right. It's like, if you don't walk the walk and encourage everyone to walk the walk versus the oh no, so-and-so doesn't work.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Eight girls in a barn. It makes a nice change from two dudes in a garage. But whatever your origin story, you're going to have to grow beyond it.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“This brings us to the seventh and final step for would-be entrepreneurs. Be ready for the transitions that come with scale. Because they will expose all of your assumptions and how you should do things. They stress test your approach to culture. They also creep up on you. There is no sign design designating. Now you're a medium-sized company. How you negotiate your way through them defines you as a leader. One of those first transitions you will face will be going from a tight-knip group of pioneers to a larger community where not everyone knows each other's names.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“You need to focus on will depend on your skills, your interest, and your company. One surefire way of knowing when you're focusing on the right problems is that they'll set your mind on fire.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Just because someone is an expert in a field doesn't mean there'll be a right fit for your product, your company culture, or your vision. An expert in sorting through the noise of what would be nice to know and getting to the core of what you need to know is Brian Chesky of Airbnb.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“You don't need to know everything, but you do need to be aware of what you do know and what you don't know, and be ready to fill those gaps when you need to. But you also can't afford to blindly delegate tasks. Getting this balance right is one of the most important things on the learning curve of any entrepreneur. And for someone starting out later who may be set in their ways, it can be one of the most tricky to master. Far more so than figures and inventories.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Experimenting is learning, and this is something you will need to relearn to do. It will be a humbling experience, especially if you're coming from a career in which you would reach the peak of excellence. This brings me to step six, when entrepreneurship is your second act. Be an infinite learner, but accept you can't master everything. You will never learn as much in your lifetime as when you launch your first company. Except perhaps between the ages of zero and three, and even then you'll never learn enough. This is easy for new founders to forget, especially if they are also suffering from imposture syndrome and want to prove themselves. And it can be an especially big transition if you are coming to entrepreneurship a little later on.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Sarah already had an amazing product that wowed her friends, family, and anyone else she could convince to try, but she was thinking ahead, branching out from that initial idea. She knew she'd need to be ready to make variations, big and small, to fit the market and the expectations of her distributors and her customers.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“We'll hear from Brian later in the episode. But when it comes to trying many variations on a theme, another masters of scale alumni has a few words. As Gwynneth did with Goop, Sarah Blakeley grew spanks out of a need that she herself had, and that she solved.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“So, one part of it is in this classic entrepreneurial experimentation. It's like let's try this, let's try this, let's try this, let's double down on what's working.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“This experimentation led to the business model that Goop now embraces, a combination of product endorsements and sales of its own branded items. These include fashion, clothing, beauty, and, most controversially, health products. But while some of the things goop sells have dubious benefits, psychic vampire repellent is my favorite example. Gwennet's enthusiasm for experimentation is a trait she shares with successful founders everywhere.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“And once you're deep into the business as a founder, we hit step number five. Never stop experimenting with your product, your ideas, and your company. All good founders combine passion for their motivating idea with a flexibility and urge to explore product market fit. This is especially important in the beginning, and it is something that Gwynneth did obsessively.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Yes, exactly. And it's partially because you bleed the business, you think long term. Obviously, there are some COs who are not founder COs who become founder CEOs or have that characteristic, but it's this, this isn't a job, this is a mission.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Although Gwyneth took part in all the fundraising efforts as Goop founder, she didn't take on the role of Goop CO until twenty seventeen.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's actually, I describe financing partnerships as like getting married on two PowerPoints and a dinner. And so you have to choose who you're going to battle with. Is there a reality?”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“The bones are there, but you need help uncovering them and seeing what they connect to. Think of your investors and your mentors as a team of forensic scientists. They will notice things about your idea that others may miss, and they will help you brush away the dirt to bring those winning aspects into the light of day. Gwyneth had an early investor who had started digging into the hidden potential of our business even before they met.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“And as Gwynneth enters the fundraising stage, that brings us to the fourth step for founders when entrepreneurship is your second act. Keep your eyes on the road ahead, investors will be laser focused on the potential of your idea, not your past achievements. Just walking into the room and expecting to coast off your reputation isn't going to work. You need to show passion, but also have approvably outstanding business idea.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“I don't have the authority to do it. Unfortunately, too many people listen to this inner voice. It's why you need a chorus of external voices to drown it out. Juliet turned out to be a soaring soprano in Gwynneth's chorus.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Before the break, we heard how Gwynneth made a practice of seeking out advice. Gwynneth's first trusted advisor came to her on the strength of her product.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Listeners, Bob, here, if you listen to rapid response on Masters of Scale, you may be missing half the show because every Friday we release a second rapid response exclusively in the rapid response feed. The guests and topics are just as compelling and timely from Ford CEO to NASA's administrator to the lessons from the Devilware's Prada. It takes about 10 seconds to find just search rapid response wherever you listen to podcasts and hit follow to make sure you never miss an episode.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“By reaching out and asking people questions, you're not just helping yourself. You're helping the strengthen other people's networks. This is one of the reasons I built LinkedIn, to connect people around ideas and build self-reinforcing networks that scale relationships and expertise. It's also why I do this podcast, a podcast that is supported by an amazing sponsor who would love to get in a word at this point. After the ad break, we'll hear from Gwynneth on how she used the network she built to bring Goop into the world of VC funding and beyond.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Ruben lacked the test scores and experience to break into the closed world of investment banking by the traditional route, but he didn't lack the determination.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“This ability to shamelessly ask for advice is shared by the most successful entrepreneurs and especially the ones who build a bridge from their first successful career. Take Reuben Harris, Reuben made the transition from a professional cellist to investment banker to co founder and CEO of career karma, an app that helps other career changers find advice and mentors.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Of course this is an instance where being Gwynneth Paltro helps a lot, but I'm not saying you have to wait for your first Oscar win before reaching out, or that you should expend energy trying to get a direct line to Bob Eger. Rather, the lesson here is be scrappy in building your network, be constantly on the lookout for relevant questions in unexpected places, and then just ask.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Simply having the courage to reach out to people for advice is not enough. You need to know who you want to talk to and why. If you can come at them with specific questions, they're more likely to respond, and you're more likely to get something of value.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Gweneth was making the first faltering steps into scaling the revenue from Goop, but in a piecemeal fashion. She found sponsors for individual newsletters and rejoiced when her first ad partnership made her forty five dollars. But while she hadn't reached the limits of her ability, she was at the limits of her experience. She needed trusted, experienced advisors. And this brings us to step three for the would be founder. Ask for help and listen to the answers. Seek out trusted advisors, but this is important. Make sure they'll tell you what you need to hear, not what you want to hear. And this skill of unabashedly seeking advice and taking it might be when it's entrepreneurial superpower.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“After a few years of building up her content, brand, and most importantly, that trust and fandom of her readers, Gwynneth decided it was finally time for Group to move from passion project to business. She started looking for the business model to support her content.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“That first email to around ten thousand people contained recipes for turkey ragu and banana nut muffins. Every two weeks she sent out a new collection of recipes, fashion ideas, travel tips, and other recommendations to a rapidly growing list of subscribers.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Of course, this is normal. Even founders who think they know what they're doing often don't know what they're doing. If you can own this uncertainty like Gwynneth did, then you can make it into a strength. If a lack of knowledge leaves you paralyzed like a deer in headlights, An entrepreneurship may not be a dark and winding road for you. But if you welcome that challenge, it brings us to step two for the would-be founder. Embrace the gaps in your knowledge and come up with strategies to fill them, which is exactly what Gwynneth did as she prepared to send her first group newsletter.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Many late start founders have a similar origin story for their company. The seed came from a problem that was intimately important to them, often because of their current career. They solve this problem for themselves and a close circle of friends, usually in the simplest way possible. And because of these humble beginnings, they might make the mistake of thinking that their idea isn't worthy of wider attention, or perhaps assume it is just a stopgap until a real entrepreneur, one of those young tech whiz kids or an experienced serial founder, leaps in and brings it to market. But you'll never know until you make the leap. And that brings me back to something Gwynneth said.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Though she couldn't yet imagine the business, Gwynneth had the spark of the idea that would become Goop. Over the course of her travels as an actor, she noticed an unmet need.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“I had no idea what I was doing. It's a common refrain from founders who have brought an idea to life after pushing through their own profound doubts.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“The royal tenenbombs Seven Marvel films, including The Avengers. But we're not going to delve any further into Gwenh's amazing movie career. Instead, we're going to focus on how she made the entrepreneurial leap, not just as a celebrity figurehead, but as the founder building the business model from the ground up. As we make our way through Gwynneth's story, I'm going to share seven key steps that everyone should follow when entrepreneurship is your second act. Why seven? Well, it's an homage to a movie, of course. And step one for the hesitant would be founder? Don't wait for permission. Just start. Own your idea and your right to pursue it. Gwynneth's transformation from movie star to business founder seemed like a sharp left turn to many, but actually it had been a long time coming.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Multiple times You have to be willing to ask for help. I wanted to talk to Gwynneth Paltro about this because she famously made the transition from Hollywood Star to startup founder with Goop, her lifestyle brand. Gwynneth started Goop in two thousand eight as a weekly email she sent from her kitchen table. It now has over eight million subscribers and a two hundred fifty million dollars valuation. And while Gwynneth is in some ways an exception, being very well known from her previous career, her story is also representative of what many would-be founders face as they make the leap into entrepreneurship. Those of you who don't follow film, I should perhaps add that Gwynneth has made over fifty movies that together have grossed more than eight billion dollars. Include Shakespeare in Love for which you want an Oscar. Seven. Sliding doors”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“My Appears amongst the top results. I suppose I was an ancient thirty when I started my first company Social Net and I When I launched LinkedIn, I spent years putting Myself in positions that would prepare me to My own company So Argue Wasn't Fact str Time that was Wanted to bring the life. It's That is a barrier Often it is your own self. Whenever you're starting, you bring all your life experiences along Key assets. Use them That you've gone Far down another path to make the jump to entrepreneurship.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“By the stories of the young genius Bill Gates. Wonderkin, Mark Zuckerberg. There are plenty of influential entrepreneurs who founded companies in the 30s, 40s, and 50s. In fact, my producers have pointed out that if you Google entrepreneurs who start later in life,”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“This is Masters of Scale I'm Reid Hoffman, founder of LinkedIn, partner Greylock, and your host, and I believe. It's never too late to join the entrepreneurial party. Founding a business can be your second, third, or hundredth act. Entrepreneurship is plagued with unhelpful myths. Many of these are internal. We tell ourselves, and others are reinforced. Around us Pervasive is that entrepreneurship is a young person's game. Is not an assumption The show or about our audience because it's Way true. It's easy to be a”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“Old, and they Get on the saddle. It's never too late to join the entrepreneurial party. A business can be your second, third, or hundredth act.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“And twenty sixteen. He's recently started. Going back to Japan to train horses, and This time his reputation precedes him. the leap from horse rider.”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT
“That's Boyd Martin, Olympic horse rider, recounting his first experience in horse breaking. Two decades ago, he tra to Japan to an elite horse training There was just one small problem, although Had grown up with horses, he had zero experience when it came to this. Specialized and highly dangerous art of horse braking. Friend had roped him into the gig”
2019-07-02 · Masters of Scale · Entrepreneurship as a second act, w/Gwyneth Paltrow · IDENTIFIED FROM THE TRANSCRIPT