Justin recently read The 15 Commitments of Conscious Leadership by Jim Dethmer, Diana Chapman, and Kaley Klemp
Justin’s favorite recent reads:
The Untethered Soul by Michael Singer
Leadership and Self-Deception by The Arbinger Instritute
Justin makes coffee every morning using a Chemex Pour-Over
Justin has been gratitude journaling every morning using The Five Minute Journal
“The number one vehicle for personal growth that I’ve experienced in my life has been startups”
“If you’re relying on external factors to drive your inner happiness, you will always be disappointed in the long run”
Many startup founders have an ego attachment to how well the company does, but Justin recommends trying to mitigate this as much as possible
Your identity is NOT your company
“The best part about Silicon Valley is that there are people here who have done it before who are willing to help you”
Market Risk
“When you have nothing going for you except for the fact that you’re willing to put in long hours and a lot of blood, sweat, and tears, then you should focus on things where there’s a lot of market risk”
AKA – when you’re fresh out of college with minimal skills
What’s market risk? – When you’re heading into an area where a market might not even exist
Because of this, competition is very low
Examples: Airbnb, Twitch, Uber, Tinder
“It takes a lot of people who have nothing to lose to discover those ideas”
Execution Risk
BUT – if you have a lot of experience/skills under your belt, focus much more on execution risk
(The things where a market already exists, but you just have to figure out how to do it 10x better)
“I’m not convinced that raising a ton of money out of the gate is the right strategy… when you have a ton of money, you spend a ton of money”
Consider the market you’re entering
“If you’re in an industry where trustworthiness is really important, then being well-capitalized is key” – Jason
If you were to build a new bank where you’re going to be asking consumers to trust you with their money – it probably makes sense to raise a seed round and bring on strong executives/board members/investors (to boost trust)
In his early entrepreneurial days, Justin says he was doing close to nothing to improve himself
He would frequently eat pizza at lunch and crash all afternoon
To add – “I was not dealing with stress very well at all. If there was a problem in the company, then I would be very emotionally avoidant or I would drown my sorrows in alcohol”
But now…
He’s been gratitude journaling every morning using The Five Minute Journal
“It really helps me contextualize all the ups and downs you experience as an entrepreneur… the downs become not as big of a deal because you’re writing down all this stuff you’re grateful for in the morning”
He’s been following a ketogenic diet
He’s been meditating
At first he just used the Headspace app, but Justin now practices Transcendental Meditation
It’s quite philosophical
Why? – “If you want something to be part of your identity, talk about it. If you want to learn something, teach it.”
“Company culture eats strategy”
“When you’re not intentional about your culture or what type of company you want to be, then the culture ends up being the accidental collection of good and bad choices, personality quirks, and the good and bad behaviors that your founding and executive teams propagate”
Related:
“I think a lot of companies in Silicon Valley succeed despite their management, not because of it”
“Startups are not, contrary to popular belief, a sprint. It’s a marathon.”
Have high expectations (it’s only natural), but realize that no matter what happens – you’ll be okay
“Whatever happens, you’re going to be fine. You won’t be happier or less happy. Most people don’t internalize it, but I firmly believe it’s true.”
Figure out how to always be okay with what’s going on (because what’s going on will always be hectic)
“If you don’t figure out a way to be psychologically okay with that.. you’re going to give up, you’re never going to see your startup to its ultimate potential”
Justin recently deleted all the entertainment apps off his phone (including the browser) AND locked the ability to install new apps
How? – You can delete the app store and put a passcode lock on it for re-installing (which only his wife knows)
Because of this, Justin has been reading a lot more
A few of his latest favorites:
The Untethered Soul
One lesson learned from the book – “Most people go through life thinking that they’re the experiences they have, the thoughts they have, or the emotions they have… but really you’re just the observer of these things that are happening”
Think – your life is like a movie and you’re just the observer
Leadership and Self-Deception
The fundamental idea behind the book – treat people with empathy, not as objects
“The best entrepreneurs in Silicon Valley, the ones who create lasting companies and lasting value, they stick with their thing for DECADES”
Great things take time
Justin has been working with a new business/life coach – Matt Mochary