
54 segments available
In this new episode Steven sits down with the Canadian entrepreneur and president of Shopify Harley Finkelstein. Topics: 0:00 Intro 02:05 Who are you & what mission are you on? 04:03 Why don’t people do the work they want to do? 07:41 What role does passion play in entrepreneurship? 14:21 How to have a good relationship with failure 25:00 The one thing that will make you a great entrepreneur 40:13 The start of Shopify 41:52 Should people be worrying about competing businesses? 50:50 The importance of resilience 54:13 Creating the perfect company culture 01:00:31 How to find the perfect mentor 01:05:51 What companies would you invest in today? 01:11:51 What are you good at? 01:17:40 What’s been your hardest time at Shopify? 01:28:27 Remote working 01:36:10 Something you’ve never said before 01:40:52 The last guest’s question Follow: Instagram: https://bit.ly/3M49FnB Twitter: https://bit.ly/3M3BLPF Join this channel to get access to perks: https://bit.ly/3Dpmgx5 Follow: Instagram: http://bit.ly/3nIkGAZ Twitter: http://bit.ly/3ztHuHm Linkedin: http://bit.ly/3ZFGUku Telegram: http://bit.ly/3nJYxST Follow: Instagram: http://bit.ly/3nIkGAZ Twitter: http://bit.ly/3ztHuHm Linkedin: https://bit.ly/41Fl95Q Telegram: http://bit.ly/3nJYxST Sponsors: Whoop: http://bit.ly/3MbapaY Bluejeans: https://g2ul0.app.link/NCgpGjVNKsb Huel: https://g2ul0.app.link/G4RjcdKNKsb
Harley Finkelstein, President of Shopify, shares his journey from a challenging childhood to becoming a successful entrepreneur. He emphasizes that starting a business doesn't require a massive investment, and that many people are stuck in jobs they dislike due to misconceptions about entrepreneurship. Finkelstein encourages individuals to explore their passions and take the leap into entrepreneurship, highlighting that it can be as affordable as a couple of Starbucks coffees.
"one of the greatest hacks for being an ambitious hard driving entrepreneur and that's why it's Kylie Jenner is nothing short of burlesque Harley Finkelstein he's the president of Shopify one of the la..."
In this segment, Harley Finkelstein discusses his identity as an entrepreneur and his mission to inspire others to embrace entrepreneurship. He believes that more people should view business creation as a means of self-actualization. Finkelstein argues that the world becomes more vibrant when individuals commercialize their hobbies, and he reflects on the importance of finding one's life's work.
"Polly in your own words who are you what do you do and what mission are you on I've always self-identified as an entrepreneur full stop um that's kind of the tool that I use to solve every problem in ..."
Finkelstein explores the psychological barriers that prevent people from pursuing entrepreneurship. He identifies financial fears and a lack of experience as major obstacles. He reassures listeners that the cost of failure is lower than ever, and that anyone can start a business without needing a formal education or significant capital.
"that is a life-changing moment there's there's going to be potentially millions of people listening to this now that resonate with what you're saying they are in situations that are not serving them o..."
In this insightful discussion, Finkelstein contrasts passion-driven entrepreneurship with necessity-driven entrepreneurship. He shares his own experiences of starting businesses out of necessity rather than passion, emphasizing that survival can be a powerful motivator. He also warns against pursuing business ideas solely for financial gain without genuine interest.
"they talk about self-belief and confidence as being this kind of macro force that drives people to to start and I was sat here the other day with an entrepreneur who's built multiple companies and bee..."
Finkelstein recounts his early entrepreneurial ventures, including starting a DJ company and selling T-shirts to support his family. He reflects on how these experiences shaped his understanding of entrepreneurship and the importance of aligning one's work with personal values and passions.
"girl 13 years old if you're a boy you go to these Bar Mitzvah parties and I remember seeing the DJs at these parties on stage playing I don't know cheesy music very cheesy music but I was just enthral..."
In this segment, Finkelstein discusses the importance of self-awareness for entrepreneurs. He advocates for therapy as a tool for personal growth and understanding, emphasizing that it can help individuals navigate the challenges of entrepreneurship. He shares his belief that therapy can be a valuable resource for anyone looking to improve themselves.
"on this podcast with Barbara Cochrane the shark over here in the US uh she said to me that her best investments she makes in entrepreneurs they tend to have some kind of underlying trauma and and that..."
Finkelstein shares his perspective on failure in entrepreneurship, highlighting the importance of separating personal identity from project outcomes. He discusses how viewing failure as a learning opportunity can foster resilience and innovation. He cites examples from Shopify's product launches to illustrate how not every initiative will succeed, but each provides valuable insights.
"favorite poem or speech ever is this Teddy Roosevelt speech the man in the arena did you know it no I'm gonna butcher it but it's effective like it is not the critic that counts but the the man or the..."
Harley Finkelstein discusses his relationship with failure, emphasizing that failure is not a reflection of personal inadequacy but rather a discovery of what doesn't work. He shares insights from Shopify's approach to product development, where numerous products are launched, and how each failure contributes to future successes.
"what's your relationship like with failure we talked a little bit about the idea of failure at the start of this conversation why people don't take the leap from that you know a miserable certain situ..."
Finkelstein reflects on his journey as Shopify's Chief Operating Officer and the realization that he needed to transition to a role that better suited his strengths. He emphasizes the importance of self-awareness in recognizing when a position may not align with one's skills and the courage it takes to admit that.
"and Shopify puts out a lot of products we had our uh we had something called Shopify editions which happened in February where we twice a year we basically do almost like the fashion industry we do li..."
In this segment, Finkelstein shares a story about an employee named Pete who declined a promotion, showcasing the value of self-awareness in career decisions. He discusses how many individuals feel pressured to accept higher roles for status or salary, often overlooking their true passions and strengths.
"know I had a conversation with with Toby and and and and and the team said look there is this other role and we need to bring someone in whose life's work it would be to be a great Chief Operating Off..."
Finkelstein talks about Shopify's new operating model that allows individual contributors to advance without necessarily moving into management roles. He highlights the importance of recognizing that not everyone needs to lead people to be successful and that mastery of one's craft can be equally rewarding.
"life more you see that a lot don't you when someone gets promoted to a management position and suddenly the group of friends they have are now the people that they have to manage that point of self-aw..."
In this insightful discussion, Finkelstein introduces the concept of skill stacking, emphasizing the importance of developing complementary skills that are rare within an industry. He illustrates how unique combinations of skills can lead to exceptional career opportunities and success.
"compensation and dispelling some of that frankly like the [ __ ] around the only way to be successful is to be a manager is to lead people not everyone needs to lead people some people should be a coa..."
Finkelstein shares his personal journey of discovering his unique entrepreneurial edge through law school. He explains how acquiring diverse skills can enhance one's capabilities as an entrepreneur and the significance of pursuing knowledge that may not seem directly related to one's career path.
"kind of works out I think most companies turn their employees ultimately into River Stones they say you got to be better here better there and I think instead this sort of t-shaped you've heard this s..."
In this segment, Finkelstein discusses the importance of acquiring unobvious skills that can set one apart in the entrepreneurial landscape. He uses examples from his own experiences and highlights how these unique skills can lead to greater success in business.
"advice for an entrepreneur also when that's not an entrepreneur what do you mean by spikiness and why is it important oh so this is going to be uh a long-window way to get there but I think it's impor..."
Finkelstein reflects on his journey in entrepreneurship, emphasizing the personal significance of the entrepreneurial spirit. He shares how his family's story of survival influenced his passion for entrepreneurship and the importance of making decisions that align with one's core values.
"know Steve Jobs did that like typography class that's right and that's where we have these incredible devices in front of us that's right so it's an unobvious skill that's complementary and that's why..."
Finkelstein concludes with insights on the importance of diversity in team building. He argues against forming teams solely with like-minded individuals and stresses the value of bringing together people with different skills and perspectives to foster innovation and success.
"it may have not led me to join a group of you know a handful of really smart Engineers building this crazy piece of software called Shopify 14 years ago I think this is an exceptionally un under spoke..."
Finkelstein shares insights from his experience as a DJ, highlighting how the ability to read an audience can translate into business success. He explains that understanding client needs and adapting strategies in real-time can lead to better outcomes, whether in negotiations or running a company. This segment underscores the value of interpersonal skills in entrepreneurship.
"is most people start companies with people just like them yeah yeah most people start companies of people that they would have been friends with in high school I think that's a terrible idea in fact i..."
In this segment, Finkelstein discusses how hobbies can provide valuable insights and inspiration for entrepreneurs. He shares personal anecdotes about helping his wife with her ice cream business and starting a tea business during the pandemic. Finkelstein argues that engaging in diverse activities can enhance creativity and problem-solving skills, ultimately benefiting one's primary business endeavors.
"serious negotiation I try to get to know the person on the other side of the table I try to find some common ground where both dads or both parents or both you know uh whatever we're both from the sam..."
Finkelstein emphasizes the importance of removing expectations when starting a business. He encourages aspiring entrepreneurs to view their ventures as hobbies rather than high-stakes endeavors. By focusing on the process rather than the outcome, individuals can explore their passions without the pressure of immediate success, leading to more innovative and sustainable business ideas.
"conversation people don't have enough because they think their hobbies are again deductive toys or games yeah yeah I totally agree yeah I mean look I mean this is what a polymath is a polymath underst..."
Finkelstein discusses how starting a business today is more accessible than ever, likening the cost to that of a few Starbucks coffees. He highlights that the barriers to entry have significantly lowered, allowing more people to experiment with their ideas without the fear of financial ruin. This segment encourages listeners to take the leap into entrepreneurship, emphasizing that failure is a part of the journey.
"Shopify and it's just a hobby there's something really really powerful in that because when we when I started this conversation I asked you why people don't take the leap and a lot of the reason why I..."
In this segment, Finkelstein addresses the common fear of competition among entrepreneurs. He shares his experiences with Shopify and how successful businesses often emerge despite existing competitors. Finkelstein stresses the importance of focusing on improving existing ideas rather than being deterred by competition, highlighting that innovation often comes from recognizing gaps in the market.
"school or you're where you have a job and this is sort of your side Hustle the amount of people shop by right now is about 10 of all e-commerce in the United States in places like Australia it's even ..."
Harley Finkelstein discusses the common fear among entrepreneurs regarding competition. He reflects on his own experiences, emphasizing that successful businesses often emerge even in crowded markets. The key is not to avoid competition but to focus on executing ideas better than others, which can lead to significant success despite existing competitors.
"which is at that time because I hear this all the time from entrepreneurs it's one of again one of the barriers for them starting is well someone's already doing it there's competition and I think abo..."
Finkelstein shares the journey of Shopify's inception amidst established competitors like Yahoo Stores and Magento. He highlights that Shopify's mission was not to create something entirely new but to improve existing solutions for small businesses. This segment emphasizes the importance of continuous evolution and adding value to meet the needs of entrepreneurs.
"wasn't necessarily to to try to do something no one else was doing it was try to do it better and that I think is the difference between the great companies and and just the good companies that there ..."
In this segment, Finkelstein stresses the importance of empathy towards merchants in building a successful business. He explains how understanding customer needs and focusing on their experiences can differentiate a company from its competitors. This approach fosters loyalty and encourages merchants to stay with Shopify as they grow.
"the initial idea had lots of other competitors in the space this was not this massive novel thing we just did it better and it's funny because a lot of those competitors we absolutely do not remember ..."
Finkelstein discusses the concept of resilience in entrepreneurship, asserting that it can be taught and developed over time. He shares insights on how Shopify fosters a culture of resilience among its team members, encouraging them to embrace challenges and learn from experiences. This mindset is crucial for navigating the ups and downs of business.
"I think a lot of companies lose out of that they pre they focus on what you know what is what is known as like Wales like who are the power users let's focus on that but we never did that we actually ..."
Finkelstein introduces the concept of 'anti-fragility' in business, explaining how Shopify invites challenges to improve its systems. He references the book 'Anti-Fragile' by Nassim Taleb, illustrating how companies can thrive by embracing difficulties. This philosophy is central to Shopify's approach, as they aim to become stronger through adversity.
"right time so you are not overwhelmed and I think we are very hard on ourselves and I mean that's the right term we're hard on ourselves that we really want to continue to push the envelope here's a v..."
In this segment, Finkelstein shares his desire to partner with high-demand brands like Supreme, viewing their challenges as opportunities for Shopify to enhance its infrastructure. He emphasizes that the best companies welcome challenges, as they lead to innovation and improvement, contrasting this with the common reluctance to take risks.
"test the limits of Shopify their flash sales are probably the largest flash sales across the entire internet which means they're probably the largest flash sales across all of retail and I knew that i..."
Finkelstein explains how Shopify cultivates a culture of resilience by hiring entrepreneurial-minded individuals. He believes that resilience can be learned and that the company thrives on the collective ambition of its team. This segment highlights the importance of creating an environment where employees feel empowered to take risks and innovate.
"pain they want to be copacetic and they want to continue the status quo really interesting you know I I mean my head went all over the place when you're just going through those stories because I reme..."
Finkelstein discusses the dynamic nature of company culture, arguing that it should evolve with each new hire. He contrasts the romanticized view of early startup culture with the reality of a growing company, emphasizing the need for a strong mission and values that adapt over time to foster a thriving workplace.
"you can actually build resiliency in fact I think people the most interesting people that I know that are resilient have had something happen to them that allowed them to build resilience on their own..."
In this concluding segment, Finkelstein reflects on the importance of having a strong mission at every stage of a company's growth. He asserts that a clear mission helps maintain focus and drive, ensuring that the company continues to attract like-minded individuals who contribute to its success.
"the same reason where you told me a story earlier About You Know Jack taking a photo of the of the bookshelf yeah I mean I'm not just saying because he's filming us and he's got to make me look good h..."
Harley Finkelstein discusses the importance of having a strong company culture that fosters a founder mindset. He emphasizes that a culture where employees do the right thing when no one is watching and challenge each other positively attracts like-minded individuals, creating a compelling environment for entrepreneurs.
"a Founder there to be to have a Founder mindset I think you actually need to have if your culture is strong and people do the right thing when no one is watching and people are constantly challenging ..."
Finkelstein reflects on the life cycles of companies, comparing their early days to cults. He explains how companies often start with a strong, passionate culture but face challenges during growth, leading to the need for structured processes. This transition can dilute the original culture if not managed carefully.
"compelling when I when I when I speak about culture I think I'm kind of using the word interchangeably with the word um in that particular case maybe the word values but let's if we think about compan..."
Harley shares his belief that a strong mission is crucial for any company, including Shopify. He contrasts his passion for Shopify's mission with that of other companies, emphasizing that working for a company whose mission resonates with you leads to greater fulfillment and productivity.
"Peter there was a quote from Peter Thiel where he was like you know um see what's the effect of the start should resemble a cult do you believe that it's something I've pondered because the word go is..."
Finkelstein outlines his mentorship philosophy, advocating for a diverse set of mentors across different life aspects rather than relying on a single mentor. He highlights the value of learning from various individuals who excel in specific areas, allowing for a more tailored approach to personal and professional growth.
"and even the fact that not every not every person needs to say to every company forever not everyone's gonna be a lifer that's okay people want to jump on the bus and or the rocket ship at different t..."
Harley discusses the significance of finding peers at a similar stage in their entrepreneurial journey. He encourages entrepreneurs to connect with others in their field, regardless of industry, to share knowledge and support each other, leveraging online platforms to build informal networks.
"I mean the mentorship framework that I use it's actually really simple it's that I don't think any any one particular Mentor is going to be uh you should wholesale take everything they say um Lindsay ..."
Finkelstein shares his criteria for investing in entrepreneurs, focusing on those who create innovative products and improve existing ones. He cites examples like Kylie Jenner and Mr. Beast, emphasizing the importance of understanding audience needs and delivering better solutions.
"much easier go to Reddit look on YouTube like you can literally go there's a video about bookkeeping for DJ companies there's probably a video on YouTube Somewhere go look at the comments who's engagi..."
Harley explains his approach to effective prioritization and time management. He emphasizes the importance of scheduling personal and professional commitments in a calendar to ensure that he focuses on what truly matters in his life, both at work and at home.
"camera that we're using now versus a webcam of course and in terms of the characteristics of the human what what do you bet on I mean we talked about this a lot so it's going to sound repetitive but i..."
In this segment, Harley Finkelstein distinguishes between must-have commitments and nice-to-have activities in his life. He shares how focusing on essential priorities, such as family and charity work, has shaped his approach to both personal and professional fulfillment. This discussion underscores the importance of clarity in one's values and goals.
"it's easier for me to prioritize what's important in my life both professionally and personally than most people who they try to fit things in um I often don't walk into a place you know you ever meet..."
Finkelstein introduces the concept of 'ikigai,' a Japanese term that represents one's life's work. He discusses how aligning personal strengths with what the world values can lead to a fulfilling career. This segment emphasizes the importance of self-awareness and finding a role that resonates with one's passions and skills.
"that matters and so when when our when we first you and I first connected I knew that I would one day would love to be on your show why because like when I think about do you know the concept icky guy..."
Harley Finkelstein reflects on the importance of vulnerability, especially during challenging times like the pandemic. He shares his personal struggles with loneliness and anxiety, highlighting how opening up to others can foster connection and support. This segment encourages listeners to embrace vulnerability as a strength rather than a weakness.
"the life's work Spectrum I think that's why they say that as you'll know if you've listened to the last few episodes of this podcast we're now sponsored by the incredible whoop and if you're anything ..."
In this insightful discussion, Finkelstein differentiates between feeling lonely and being alone, sharing his experiences during the pandemic. He emphasizes that having people around does not necessarily prevent loneliness, and the importance of reaching out for support. This segment sheds light on the emotional complexities of leadership and personal well-being.
"go to join.woop.com CEO to get three months week membership on me and let me know how you get on quick one as you guys know we're lucky enough to have blue jeans by Verizon as a sponsor of this podcas..."
Harley Finkelstein discusses the importance of vulnerability in personal and professional relationships. He emphasizes that showing vulnerability is a strength, not a weakness, and how it can foster deeper connections with friends, family, and colleagues. He shares his personal experiences of loneliness despite being surrounded by people, highlighting the distinction between being alone and feeling lonely.
"the critique of it is you don't deserve anything by just saying something out loud that I think it's complete [ __ ] I think if you want to do something and you tell put it on social media in 12 month..."
Finkelstein reflects on the challenges of remote work and its impact on community and connection. He argues that while remote work offers flexibility, it can lead to feelings of isolation, especially for younger employees. He discusses Shopify's approach to maintaining in-person connections through quarterly team meetings, emphasizing the importance of community in the workplace.
"another really important thing to say because you um in that basement during the pandemic your family were there in the house and we often confuse this idea of being alone with loneliness totally and ..."
Harley Finkelstein explains Shopify's transition to a 'digital by design' work model, allowing employees to work from anywhere while still encouraging in-person collaboration. He discusses the benefits of this model in attracting diverse talent and maintaining team cohesion, while acknowledging the challenges of balancing remote work with the need for personal interaction.
"because I've this is a debate I've pondered over and over and over again in my head which is like there's no correct answer here we all know that everyone's got a different Mission every company's got..."
Finkelstein shares his thoughts on the importance of rituals and community in today's society. He reflects on how modern technology can lead to a decay in personal connections and emphasizes the need for individuals to create their own communities and rituals to foster connection and belonging, drawing from his own experiences with family traditions.
"that's really valuable for us first time that you know our new CFO is based in New York our new GC is based in DC um our chief operating officers is is down south that is great people can live whereve..."
In this segment, Finkelstein discusses the paradox of feeling lonely in a hyper-connected world. He reflects on how societal changes and technology can strip away meaningful connections, urging listeners to seek out authentic relationships and shared experiences to combat loneliness and foster a sense of community.
"most introspective about this what's working what's not be honest about it so we know that being fully remote doesn't work for us we need to be in person sometimes we also realize that it's really an ..."
Finkelstein addresses the misconception that successful entrepreneurs have everything figured out. He shares his belief that everyone is navigating their own challenges and emphasizes the importance of self-awareness and resilience in the entrepreneurial journey. He encourages listeners to embrace their struggles and recognize that no one has a perfect life.
"reflect on this a lot I go the reason why the diversity is successful and the reason why a lot of the things we've done have really worked well in terms of like the content in the media is because we ..."
In a candid moment, Finkelstein opens up about his insecurities as a father. He reflects on the challenges of balancing work and family life, expressing his desire to be a great father while grappling with feelings of inadequacy. This segment highlights the emotional complexities of parenthood and the pursuit of personal growth.
"ones that say that they're good I don't know I think they're lying on that point then so we've we made these cards they're actually on sale on Shopify we um we use Shopify to sell these cards and it's..."
Finkelstein discusses the metrics of being a good parent, sharing insights from his own experiences and those of others. He explores the idea that independence in children can be a measure of successful parenting and reflects on the challenges of gauging one's effectiveness as a father, emphasizing the importance of striving for improvement.
"but that's the truth um yeah mission of what great father looks like is maybe not fitting the great father that you are um potentially uh you see what I mean by that yeah I I do um because you're an i..."
In this segment, Finkelstein addresses common misconceptions about his entrepreneurial journey, particularly the belief that all his ventures have been successful. He candidly shares his past failures and the lessons learned, emphasizing the importance of honesty and transparency in discussing both successes and setbacks in business.
"my work can be reflected by my performance I don't think the stock price is exactly directly you know I don't think they're I think that's more um correlation versus causation but the other points in ..."
Finkelstein addresses the common misconception that all his ventures have been successful. He candidly discusses his numerous failures in business, emphasizing the importance of sharing these experiences to provide a more honest narrative about entrepreneurship and the hard work behind his successes.
"you feel because I talk so much about entrepreneurship there is I've heard this now from a number of people that um I don't ever talk about the failures that I've had from a business perspective and p..."
In this segment, Harley Finkelstein talks about the pressure of public perception versus personal reality. He discusses the hard work behind his achievements and the importance of sharing the struggles and failures that accompany entrepreneurial journeys, advocating for a focus on work ethic and the process rather than just the outcomes.
"because I just don't have I don't have the space or the venue to talk about the slipper company the poker chip company the nurse uniform company like those are all real companies that I started when I..."
Finkelstein encourages aspiring entrepreneurs by highlighting that the cost of failure has never been lower. He discusses how many successful businesses started as simple ideas and emphasizes the accessibility of entrepreneurship today, inspiring listeners to take risks and pursue their ideas without fear of failure.
"the world but I've had tons of failures and I work really hard to make sure that I fewer of those over time but it doesn't come easy to me Holly thank you so much incredibly enjoyable conversation I'v..."
In closing, Harley Finkelstein reflects on the current era as a unique opportunity for entrepreneurs to share their ideas with the world. He shares an inspiring example of a successful Shopify store that began as a simple home-cooked meal idea, reinforcing the message that anyone can turn their passion into a business.
"and if you're not sure about an idea what you could sell how you could start think about something you already do there is a store on Shopify that sells the most delicious matzo ball soup is a is a Je..."