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Breakfast with Brad Jacobs + How To Make A Few Billion Dollars
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Brad Jacobs is one of the most talented living entrepreneurs. Brad has started 8 different billion-dollar or multi-billion-dollar businesses. He has done over 500 acquisitions and has raised over $30 billion. He started his first company at 23, has over 40 years of experience as an entrepreneur, and is the most energetic person I have ever been around. Earlier this year, he published his life story: "How to Make a Few Billion Dollars." How to Make a Few Billion Dollars was one of my favorite books that I've read this year and the episode I made about the book was one of the most popular episodes of Founders. This episode is what I learned from having breakfast with Brad Jacobs and reading his book "How to Make a Few Billion Dollars" (https://a.co/d/5WhAODu). https://www.founderspodcast.com/ Full Transcript and Show Notes: https://www.founderspodcast.com/episodes/373-breakfast-with-brad-jacobs-how-to-make-a-few-billion-dollars David Senra: https://x.com/FoundersPodcast?s=20
Segments Timeline
The Power of Recruiting Talent
Brad Jacobs emphasizes the critical role of recruiting exceptional talent in business success. He shares insights from his own experience and parallels with Steve Jobs, highlighting that the difference between average and extraordinary performance can be monumental. Jacobs believes that surrounding yourself with the smartest people is essential for achieving significant results.
"one of the most important things I learned from Brad's book and we spoke about this when I had practice with Brad as well was the importance of working with the smartest and most talented people that ..."
The Importance of Efficiency
Jacobs discusses how Ramp, a company he admires, has achieved remarkable efficiency by hiring only the top 0.23% of applicants. He reflects on the importance of running an efficient operation, citing Sam Walton's wisdom that efficiency can allow recovery from mistakes, while inefficiency can lead to failure, regardless of brilliance.
"exactly what ramp did ramp has the most talented technical team in their industry becoming an engineer at ramp is nearly impossible in the last 12 months they hired only Point 2 3% of the people that ..."
Lessons from Breakfast with Brad Jacobs
David Senra recounts his enlightening breakfast with Brad Jacobs, a prolific entrepreneur with a remarkable track record. Jacobs shares his journey of starting multiple billion-dollar companies and the relentless energy he brings to his work. Senra reflects on the impact of Jacobs' insights and the significance of lifelong learning in entrepreneurship.
"C players from a customer's perspective what does a team of A+ players sound like it sounds like this customer review that I read which said ramp is like having a teammate who you never need to check ..."
The Journey to Billionaire Status
Senra shares a humorous encounter on his flight to meet Jacobs, where a stranger mistakenly assumes he is reading an instruction manual on becoming a billionaire. This anecdote sets the stage for discussing the valuable lessons learned from Jacobs' book, 'How to Make a Few Billion Dollars,' and the insights that can be gleaned from studying successful entrepreneurs.
"any plans to slow down at all so about a year ago he published his life story which is called how to make a few billion dollars it was one of my favorite books that I've read in the last year and the ..."
Going to School on Everyone
Jacobs emphasizes the importance of continuous learning and being a 'sponge' for knowledge. He shares how he printed out Senra's website to learn from his insights, illustrating his dedication to lifelong learning. This segment highlights the common trait among successful entrepreneurs of seeking knowledge from various sources.
"hour and a half into the flight the guy sitting next to me turns to me and he goes do you want to be a billionaire and I was taken aback by his question I go excuse me like keep in mind these are the ..."
Embracing Problems as Opportunities
Jacobs shares a pivotal lesson from his mentor, Ludwig Jesselson, about embracing problems in business. He explains that problems are assets that lead to opportunities for growth and success. This mindset shift is crucial for entrepreneurs aiming to achieve big ambitions and navigate challenges effectively.
"beneficial to you so the first one is go to school on everybody I have lost count how many of History's Greatest Founders that you and I study on this podcast are described at some point in their life..."
The Value of Research and Preparation
Jacobs outlines his meticulous approach to researching industries before entering them. He emphasizes the importance of understanding market trends, gathering data, and learning from experts to make informed decisions. This preparation is key to identifying opportunities and mitigating risks in business.
"drive to learn the this total dedication to lifelong learning is a trait that Brad shares with nearly every single I can't think of a single person that you and I have studied he shares it with every ..."
Identifying Major Trends
Jacobs discusses the significance of recognizing major trends that can impact business success. He shares examples from his own ventures, illustrating how understanding these trends can lead to profitable opportunities. This segment reinforces the idea that staying ahead of market shifts is essential for entrepreneurs.
"like he didn't say they verbalize this but he was thinking he say like Mitch why are you you're you're more successful than anybody else here why are you taking notes and when my friend was telling me..."
The Art of Problem Solving
Jacobs reflects on the importance of creative problem-solving in business. He shares insights from his experiences, emphasizing that successful entrepreneurs view problems as opportunities to innovate and create value. This mindset is crucial for navigating the complexities of entrepreneurship.
"look at all the websites and social media of the major players and the up-and-comers in the industry I watch lots of interviews with CEOs I use paid services like Bloomberg alphasense and root and rei..."
The Role of Relationships in Business
Jacobs highlights the significance of building strong relationships in business. He shares anecdotes about his interactions with mentors and colleagues, emphasizing that trust and collaboration are vital for success. This segment underscores the importance of networking and fostering positive connections in the entrepreneurial journey.
"industry because by Nature they're a skeptical bunch and I want to hear their perspectives that is the end of the quote from Brad's book what he's describing here this is one of my favorite Parts beca..."
The Power of a Positive Mindset
Jacobs discusses the importance of maintaining a positive mindset in entrepreneurship. He shares strategies for managing stress and overcoming challenges, emphasizing that a positive attitude can lead to better decision-making and outcomes. This segment encourages entrepreneurs to cultivate resilience and optimism.
"easy to understand and easy to interface with so I want to read something from this book called insanely simple which was written by an advertising executive who worked very closely with Steve Jobs an..."
Learning from Mistakes
Jacobs reflects on the lessons learned from his mistakes throughout his career. He emphasizes that mistakes are valuable learning experiences that can lead to growth and improvement. This segment encourages entrepreneurs to embrace failure as a stepping stone to success.
"outrageously talented people to deliver outsid returns for shareholders in public stock markets that is Brad expressing the refinement of his thinking that is Brad making him very easy to understand a..."
The Importance of Clarity in Communication
Jacobs shares insights on the significance of clear communication in business. He emphasizes that clarity of thought and expression is essential for effective leadership and collaboration. This segment highlights the need for entrepreneurs to articulate their vision and goals clearly.
"not to make lots of money and so when I was thinking about the conversation I with Brad I came back to this is the not left Clarity of thought taking time to refine your message so you're easy to unde..."
Hiring for Excellence
Jacobs discusses the critical role of hiring top talent in building successful organizations. He shares his philosophy on recruiting and emphasizes the importance of finding individuals who align with the company's vision and values. This segment reinforces the idea that great teams are built on exceptional talent.
"the importance of putting work into clarifying your thinking and making sure that you're making yourself easy to understand and easy to interface with the people around you the third takeaway is relat..."
Investing in Technology
Jacobs highlights the necessity of investing in technology to stay competitive in today's business landscape. He shares examples from his own ventures, illustrating how technology can drive efficiency and innovation. This segment emphasizes the importance of embracing technological advancements for business growth.
"every direct report I've ever had to ensure that I had top tier people in place and when I read that the first time the note I left myself in the book was overpay for talent because it's nearly imposs..."
The Value of Feedback
Jacobs discusses the importance of seeking feedback from employees and stakeholders. He shares strategies for creating a culture of open communication and continuous improvement. This segment highlights the need for entrepreneurs to listen to their teams and adapt based on their insights.
"screw it up if you give a mediocre idea to a brilliant team they will either fix it or throw it away and come up with something better the takeaway here is worth repeating getting the team right is th..."
Embracing Eccentricities
Jacobs encourages entrepreneurs to embrace their unique qualities and eccentricities. He shares personal anecdotes that illustrate the value of authenticity in leadership. This segment emphasizes that being true to oneself can foster stronger connections and inspire others.
"if you ask entrepreneurs or VCS which of Team product or Market is most important many will say team that is the obvious answer in part because in the beginning of a startup you know a lot more about ..."
The Impact of Reputation
Jacobs reflects on the significance of reputation in business. He shares insights on how a strong reputation can open doors and create opportunities. This segment underscores the importance of maintaining integrity and building trust in professional relationships.
"at first he was very resistant to not making he was making a ton of money manufacturing horse drawn carriages and then this new invention called the automobile comes up and then eventually he realizes..."
The Joy of Entrepreneurship
Jacobs expresses his passion for entrepreneurship and the joy of creating value for others. He shares his belief that successful businesses contribute positively to society by providing jobs and improving lives. This segment highlights the fulfilling nature of entrepreneurship.
"line in that Ortega biography that I think Brad would agree with where Orga says or somebody subscribing Ora's approach says there are no mature sectors where everything is already discovered but rath..."
Final Thoughts on Success
Jacobs concludes with reflections on the journey of entrepreneurship. He emphasizes the importance of perseverance, adaptability, and a commitment to continuous learning. This segment serves as an inspiring reminder for aspiring entrepreneurs to pursue their dreams with determination.
"technology number five Pay It Forward help the Next Generation and so Brad mentioned his mentor Mr Jon a bunch in the book he mentioned them several times during our breakfast and Mr jlon ran the larg..."