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Sahil Lavingia

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2020-12-08
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2020-12-08
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  1. And Excel starts erroring out, and you're like, yes, like this, we can do this forever if we need to. And that's roughly where we've been since where we're kind of growing. We're doing it in a way that we think we can do sustainably without betting the company to do anything certainly means we have to, we're constrained in many ways. We can't just say, hey, we're going to launch this totally new product, put a team of 20 on it. But so far, it's worked pretty well for us.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  2. Yeah, so we in 2015, we sort of January, we knew this was going to be brutal. We spent nine months. We raised a small bridge round, $2 million at forex liquidation preference from Kleiner and Mark Cuban and some other folks and spent nine or so months really trying to make it work, like sort of focusing almost completely on what can we do to grow the business faster. And then we failed to do that. And so luckily, I told the team, like, you know, they had full awareness that this was likely the path was going to lead to mass layoffs to save the company. And that's what we did in October and November. We downsized from 25, got rid of the office, finally found a new tenant. And, you know, got profitable, made $10,000 one month and it was like a dream because not only do you make $10,000, your runway goes from a certain finite number to infinity, right?

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  3. With people that feel at will. They feel like we're both re upping to keep this thing going on a very frequent basis with my employees, with my investors, with other folks that I talk to. It should feel very, not transaction, it feels transactional. And maybe it is transactional, but I don't know. It feels just voluntary. It feels like something we're signing up for and that makes me feel a lot better about it.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  4. This lease. But then again, if I followed that on that advice, who knows what would have happened? These might have pulled out even sooner. And it could have been worse. But definitely very painful. And really that taught me this very deep lesson of commitments and debt and really feeling like you owe someone something. I really don't like being in that place where I have to establish this almost goes back to what we're talking about before too, where you have these friends and you kind of There's sort of an expectation that like you're going to be friends with someone for life or it's bad that you kind of go separate ways. You know, something must have gone wrong or something. We still have in marriage divorce is still maybe that's fine. Maybe it's just what happens. That might be the right thing. I think we definitely have a lot of attachment to these ideas. And that's another one of them, I think it's the same thing. It's like I really try to build relationships.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  5. It was like, we're probably not going to raise money. We certainly are freezing hiring now. And what are we going to do? I mean, the office was just this overbearing thing. You like walk into a cavern, it felt like, you know, it was brutal. And then when we went down from 20 to 5, guess what? We're still in this office. This office could hold 40 plus people. And there's like four or five of us a day. It was painful. And so ultimately I had to make the decision to kill the lease completely. And we lost, you know, a couple hundred thousand dollars. And luckily we found a new tenant to come in, but we still lost. We ended up still losing probably 100 or so thousand dollars through that process. And what I should have done in hindsight, of course, hindsight's 2020, but what I should have done is told the team, hey, we're not moving offices. We're just going to.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  6. Pretty hard, a hard path if we were to succeed at all. And concurrently, our office lease was expiring. And so we had this 33,000 square foot office. We were spending 10 grand a month for. And we had we were growing startups, like you have to signal that you're growing. You can't say, hey, guys, we're going to take a break, figure this thing out. Because everyone's going to look at that and say, oh, these venture capitalists, you don't want those people. You don't want to back those people. So it becomes a self-fulfilling prophecy when you do that. So you have to kind of keep going, assuming that things are going to work out for at least a certain period of time. And so that's what we did. We signed a lease for a new office so we could scale from 20 people to 40, 50 people or so. It was $25,000 a month. We paid a big deposit, six-figure deposit on it, and moved. And then, you know, a few months later,

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  7. Yeah, I mean, I think, I mean, to your point, just quickly, it kind of goes back to what we were talking about, Singapore and the average of your five friends and stuff, right? Sort of the same thing. The questions that everyone in your group is asking of themselves ends up being the question that you're going to start asking yourself too. In terms of the worst mistake, definitely one that is very raw because it has like a very specific number tied to it is we started raising the series B. We started talking to investors about it. And so for context, like we raised a seed round of a million bucks, we raised a series A of seven in 2012 from Kleiner Perkins. And then in 2014 and 2015, we're growing 60% a year. We thought we had, it wasn't going to be easy, but we thought we had a shot. And we started talking to investors around the Series B. We wanted to raise maybe $15,000, $20 or something to keep going and very quickly realized this was going to be a

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  8. To write that article in the first place because I think if I hadn't, I would not have been able to write that article sitting at a coffee shop in San Francisco, right? Like just the ego, the self consciousness of it, I think I needed that distance to be in the middle of people who didn't really like to be so outside of that, to really kind of look at it and feel like it was almost like an out of body experience where I was kind of like analyzing the life. Like I was writing a biography of somebody else, you know, it was so foreign at that point.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  9. Yeah, something. This is, I assume it happens in any boom town, right? Like people are there for a specific reason, typically sort of accelerating their career. It definitely when you hear that question a lot and you're kind of responding to it a lot, you kind of end up sort of conflating that with your whole identity. And it took me leaving San Francisco and moving to Provo, Utah. And there the questions were very different. It was like, hey, are you married? Where are you from? Do you go to church? Just different kind of questions. Maybe a similar thing's happening. They're also trying to figure out where you stand on their own journey. Where do you fit in their journey, right? And they're also trying to form a connection around the common topics that you both are probably interested in. But after a while of that, I kind of forget, oh, I am a CEO of a company. That all kind of like I almost forgot about. And really that I think distance was what got me.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  10. I did for a long time. Yeah. I mean, you know, I was living in San Francisco. Everyone's raising money and everyone's talking about how many employees they have and how much revenue they're doing and how fast they're growing. So certainly in that cultural context, it feels like you show up. And it's like, how's Gumra going? You know, I mean, that's the questions. It's not malicious. These are the questions that people tend to ask when you go to these house parties. What are you doing? Oh, where do you work? What do you do for them? You're sort of gauging your sort of like where you are.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  11. Are they kind of understand that I think, but it was certainly, I mean, it was certainly disappointing. I think to admit when we did the layoffs, that was like the big moment that, you know, there's really no going back from that, right? Like you're sort of saying, hey, this thing that we all signed up for, like we literally cannot possibly keep going on this path. We need to, you know, we cut 75% of the staff from 20 down to five people in 2015. And then TechCrunch wrote about it. And so, you know, it just like, oh, wow, like the, you know, we really failed. And even though failure is such a meme almost at this point, it's something you read about when it happens to you, when it really, you know, even though you knew the odds coming into it, when it, when you realize like, oh, you're part of history, like this is, you are the example that other people might be referring, you know, when it feels very, very different.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  12. Yeah, I mean, there definitely was some disappointment. I mean, I had so many wins so early. I had dropped out of school and then I was the second employee at Pinterest at 18. And then I started a company at 19 and raised a bunch of money from really great investors and raised like 10 million bucks by the time I was 21 or something like that. So I just felt like if this was going to work, these are sort of the things that you need to see, right? But that's kind of a delusion. It's like when your team gets to the semifinals, like you still have to, you're still less than halfway there, right? Like there's still work to do, but you have so much evidence that you're like, oh, this, you kind of start believing something that might not be true. But it was mostly internal disappointment. The nice thing about the portfolio theory that VCs have is they don't care that much about you if it doesn't work either, right? So they're sort of focused on other things that are kind of content to let you figure it out, at least the good ones.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  13. You need the promise of or the potential there needs to be a billion dollar plus outcome here. It's kind of like when you look at the music industry, you know, or the NBA or anything, it's not that everyone has the expectation that they're going to become LeBron or Kanye West or anything like that, but the idea that it's possible and that one person is going to win the Hunger Games is going to really kind of, it drives the level of competition and sort of work ethic that I think you frankly just don't get when you don't have those crazy outcomes as a possibility, right? Like Jeff Bezos says an e200 billion dollars or whatever he has now, but for some reason, and no one does, I don't know what you do with that much money, but for some reason, it still like America, I think it still has this phenomenal culture of innovation that I think is largely driven by this weird, relatively obstructive

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  14. Percent of the company, one percent of the company, two percent of the company. And so they also are looking for, I mean, they're turning down offers from Facebook and Google and Uber at like, you know, for hundreds of thousands of dollars to work at your Rinky Dank startup. There's the whole system, I think, is modeled off of for this to be worth it for everybody that you need to get signed up to even get to any end result that's interesting.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  15. Yeah, it was, I think. I mean, Silicon Valley is a game of finding these crazy outsized returns. It's, you know, the sort of common adage is 30% of your companies die, 30% of your companies return less than 1x. And so you kind of need the last third and really the top 10% of the bets that you make to return over 10x of the sort of initial principal capital and often a lot more if you want to return any meaningful returns to your investors because this is an illiquid asset class, right? You're giving money to a venture capitalist as an LP and they're going to hold that capital for 10 plus years, right? So you kind of expect more than market returns if you're signing up for that. So yeah, that was totally the expectation. And that's not just the expectation. I think some people really focus on venture capitalists in the zeitgeist, but it's also the expectation for the early employees because the early employees might only have half

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  16. You just need to like anything, like, no one's gonna make you rich, like, you know, people are busy solving their own problems.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  17. Like, you know, you're going to get these people to come into your office and help you solve problems day in, day out. And this is an experience I've talked to so many founder friends where they feel like because the sales process is so good, this is what they do, right? They're selling cash to get on your cap table and they're really good at that. But it's like the second they sell you the car. They've sold you the car. I mean, they've done the 90% of the work to sort of precede investors, it does change a little bit later on, I think. And so I just wish I knew not in any way that says, oh, these people aren't helpful or whatever, but just the incentives and it's just a model in which they operate. And so I can understand, okay, this is as a founder what you expect from me, what I owe you quote unquote, and how I should sort of go about it. But you learn pretty quickly that that was the expectation.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  18. I mean, I would say every founder thinks that raising money is going to change their life. Like you're going to get all of these phenomenal people on your cap table and you're going to hang out with them all the time and they're going to help you, you know, recruit and build product and figure out go-to-market strategy. And the truth is like all of these folks are very busy. Some of them are running their own companies. Many of them are in many, many, many companies, of which you are at least not in the beginning, one of their sort of top few and the way venture returns work is it's sort of a power law. So if you're not they're Uber, you know, it's a different, the way they think about you might be a little bit different. So I wish I just knew that. I wish I knew earlier that like my company was still my responsibility. No one was going to fix my problems. They were investing because they believed in me and they believed in my potential. But it was up to me to still sort of take that potential energy and turn it into kinetic energy. It wasn't a handout.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  19. You'd probably be able to raise money for it. And I was like, I literally have no idea that I could do that. It was not in my mind at all that I could be a founder that early that quickly. And so I said yes. And then I just told all of these people that I had met out of the context of raising money. It was like, hey, we met about this three months ago or six months ago or what have you. I have a startup like, you know, I'm going to raise money for you interested. It was honestly a relatively smooth transition because I built up these relationships with people around just talking about product and talking. There was no agenda. I wasn't selling them anything. So I'd sort of already effectively sold them on my abilities to build stuff and be really committed to that path. And so when I decided to raise money, it's almost done all of the work accidentally. And then it was just sort of like going through like, okay, what are the terms the legal paperwork side of things? But it was a relative.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  20. I mean, this is like, I don't know, a really good example, I think, of like figuring out how you get to spend time with certain folks, like the way that I structured my life before even I wanted to fundraise or thought about it as an idea. I felt like I wanted to be a founder. And so I spent a lot of time hanging out with founders, hanging out with early employees, working at an early startup. I think that's sort of the best thing that you could do. You know, I left USC to go do that. And so I had a network just from building stuff, meeting with people, people wanting to recruit me for their companies. I'd started to build a relatively strong network of people like Naval and Seth Goldstein from Turntable and Samil Shaw from Haystack, VC now. And when I sort of had the opportunity to raise money, one investor suggested like, hey, this thing looks really cool. Have you thought about doing this full time? I know you're at Pinterest, but this is certainly something you think, you know.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  21. Morning on Hacker News, and it did well, I think. And then a few months later, I ended up starting to work on it full-time raising money from folks like Noval, et cetera. And that's what I've been doing since.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  22. So Gumroad, I wanted to sell this pencil icon that I designed for a Mac app. And I had a Twitter account. I had a dribble account. I had a few thousand followers. This is 2011. And I just wanted to sell them this thing. I kind of called it like a lemonade stand. I just, I don't need a whole storefront. Like I didn't need all of this infrastructure. I just needed a little table and I wanted to sell this icon for a dollar. And, you know, these people who are already following me, you know, I can just share with them and they can choose to buy it or not. And, you know, they enter in their credit card information. They get an email received with the download or they get the download maybe in line even and just made it super easy. And so I thought that would exist and it just didn't exist. It felt like a very large disconnect where I was like, oh, I'm going to go sell this icon to this audience. And then it wasn't possible. So, you know, that was Friday night. And then I ended up building Gummer that weekend and then launched it money.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  23. Just happen to be valuable for each other very symbiotic relationship. And then there's other people that I'm friends with that I would consider close, close, close friends with that I haven't talked to in months. And so I really, I think those can be separated. But yeah, I spent a lot of my time thinking about how do I spend more time with certain people, which I think can be a trap because you don't want to, you know, get into this place where you're just like, how do I meet this person? I don't think that's the right approach. But it's more like, how can I figure out how to become closer to the type of person that this kind of person is? And in general, if you do that over time, I feel like opportunities to meet these kinds of folks will come up and show up in your life organically.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  24. Yeah, this is something I struggle with a lot, I think. There is a large expectation around friends and like what friends mean. And, you know, Silicon Valley is kind of funny because there's this concept of we're friends. And I like to joke that we're startup friends because it's such an overused word. And what it means is like we met once in person for coffee. And if they, you know, I need something from them, I'll send them an email and they'll reply to my email. It's not like we hang out at the bar, you know, like, you know, like all these sorts of things, unless it's sort of some situational thing that arises, typically from some sort of business reason. And that might just be a differentiator between friends in school and friends, you know, in adult life. I'm not really sure because that's the only sort of career path that I've sort of taken. But yeah, it's, I always struggle with that idea that we need to be friends with everybody. There are people that I talk to all of the time, but I wouldn't consider them even friends of mine.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  25. Medium. And so you end up just like absorbing all of this content. And your perception is your reality. So I think you just inevitably kind of become closer to those sorts of people, which I think can be a great thing if you want to be a great business person, for example, you can read books by great business people. And of course, they're selling things. Like you kind of have to be mindful of maybe what their incentive structure might be. But you'll get closer to figuring out like what are the sort of attributes that make someone like Jay-Zay or someone like Steve Martin Steve Martin, right? And I spend a huge amount of my time reading those sorts of those sorts of books as well.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  26. Really mindful of that in terms of the books that I read, the people that I listen to the tweets that I follow, I think it's super important to really, you know, it's sort of like you are what you eat, right? The companies that you work for, I think I've never read a book and come out of it being less convinced of the argument, even though I was not on the side of the argument. Like when you spend that much time sort of looking at a subject from a specific perspective, you just end up becoming more empathetic to that point of view. And it's like doing that en masse, right? When you go on your phone, you're kind of seeing the way that a certain group of people see certain things. I think this has actually sort of been accelerated with COVID because you don't have maybe some of the back and forth. You're just, you can't, you know, it's sort of this very asynchronous.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  27. Program, like as part of you skip lunch and you go through a program that you basically run around a track and sort of eat lunch. I mean, it's like a sort of a regulatory system. And there's also national service. Everyone who's Singaporean, if you stay in Singapore, I chose to leave and go to school in the US. You have to go through national service, right? So you spend two years becoming sort of like a perfect adult, quote unquote, right? Like you learn these things like in general, people who go through that are less likely to get into trouble and things like that. So there was a lot of, it's hard to unpack exactly like, oh, you know, if we took this and applied it here, you know, it would fix this problem. But there's just so much culturally around just holding the people to a very high bar. And then when you do that, like the next generation, you know, is brought up with these sort of values and is willing to do that for the next generation, et cetera, et cetera, et cetera.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  28. Think expectations cannot be underrated. And I think And your peer group also can't be underrated. Like, I think there's so much emphasis on sort of the system that you're a part of. Your set of teachers, et cetera. But honestly, I think the biggest thing is just like you're kind of the average of your five friends, you know? And if you hang out with certain people, you're going to end up in a very, very, very different place based on that kind of like that osmosis that you'll go through and the sort of like this sort of socialization, you know, that you'll have as a kid. And I think that happens super early. And certainly, yeah, Singapore, it just, you know, it's a pretty ruthless place. Like the idea that there's no fat people, for example, in Singapore, it just like doesn't really exist as a concept. And I don't mean that any sort of derogatory way, but there's just people in general that aren't overweight. And part of that is in the local school system, if you are overweight, you go through.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  29. I don't know how to compare it because that's the only context I have. I think it's relatively similar to schools here, though certainly like doesn't have some of the same issues around what you've been reading about racism and anti-Semitism and sexism and all these things. Like Singapore, it doesn't feel like it has as much of the same bag. It has other issues for sure. I would say the emphasis there was so much on getting a secondary education. It was like everyone knew without any doubt that they would go to college. And it's a very, it's a very sort of financially motivated place. And so typically people will pick the jobs that will make them the most money. It's sort of very, very capitalistic in that way.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  30. Totally. And, you know, there's a lot of things you can't control, like to just, you know, where it's located on the map is really important in terms of the trade routes. Singapore is sort of like the largest port in Southeast Asia. But it took a person, I think, just like George Washington, right? Like you need the ingredients, but then you need kind of the chef as well to kind of put them together.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  31. Down, centrally planned country. It's a single city state country. And so I just love it because people love to use it as an example of their viewpoint. Like it's a really interesting kind of Rorshark test for the things that people like. But, you know, it's young, it's small. And so in terms, you know, it's never been in a war. And so I think there are just things that allow it to do things quote unquote better than other folks. And then I would say the other thing that I just, you know, took away from Singapore is just it's pretty ruthless. It's like a very pragmatic as a country place. They're very strategic about how do we grow this thing, right? Like how do we structure this place in a way that if you look at the GDP of Singapore over the last like 50, 60 years, it's like the fastest growing startup you've ever seen, you know?

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  32. It is a good heuristic to describe Singapore, I think. But yeah, it was just, I think, living in a place that felt so different from everywhere else. And Singapore, because it's such a young country, it doesn't have the same sort of identity almost issues that a lot of other countries have in terms of like, this is the way that we do things. Singapore, if you read about Akwan Yu or any of the founding story of the country and things, like they just pick and pull ideas from everything, you know, libertarians I know describe it as like a utopia because there's no minimum wage zero. There's basically a flat tax. I think it's around 15% flat no matter how much you make. There's no capital gains tax. And so libertarians love it. But then the sort of more progressive socialist kind of people that I know also love Singapore because it's sort of, you know, 80% of the housing there is built by the government. It's a very sort of top.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  33. Yeah, it was interesting. Singapore is a very unique place. A lot of people who visit describe it like a city playground where it's just insanely safe. It's super clean. You know, people joke about the fact that you get beat up for chewing gum or whatever, which is not true, but not inaccurate either.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT

  34. I wish I knew earlier that my company was still my responsibility. No one was going to fix my problems. They were investing because they believed in me and they believed in my potential. But it was up to me to still sort of take that potential energy and turn it into kinetic energy. It wasn't a handout. It wasn't like, you know, you're going to get these people to come into your office and help you solve problems day in, day out. No one's going to make you rich. People are busy solving their own problems.

    2020-12-08 · The Knowledge Project with Shane Parrish · #98 Sahil Lavingia: Observing the Present · IDENTIFIED FROM THE TRANSCRIPT