Book Review: How I Build This by Guy Raz

 

Business podcaster and journalist, Guy Raz, offers insights on how many innovative companies got started in How I Built This. Raz summarizes key takeaways from his podcast where he interviews founders.

Even though no two stories are alike, there are some similarities. In his estimation, entrepreneurs are open to the call. Some businesses were a direct response to an unmet need. Carol’s Daughter, FUBU, Walker & Co. met the needs of an ethnic demographic. Other companies thrived when their business model tweaks the industry: Airbnb, the Knot, Stitch, Rent the Runway, Canva, Warby Parker.

Entrepreneurs face many obstacles which Raz eloquently describes in Part 2. Some companies are noted for how well they have recovered from setbacks e.g. Jeni’s Splendid ice creams. Others are notable for how well they have pivoted into new niches: Stacy’s Pita Chips, Angie’s Boomchickapop, Slack, Twitch.

Even after companies have succeeded, founders must decide whether to sell or to maintain creative control. Neither decision is right or wrong; it just depends on what the founder’s goals may be.

While there are many success stories, there are a few cautionary tales: Dippin Dots and American Apparel.

How I built This is great for those who want to dip their feet into the entrepreneurial waters. While it offers many tips from the world’s foremost startups, its an enjoyable and engaging read.

Millions of jobs won't be coming back

 

According to the Washington Post, millions of jobs will not be coming back after the pandemic ends. Many people will need to discover or rediscover their "why" (as Sinek calls it). they will need to repurpose, repackage their career or make career shifts and changes.

More people will work from home and less employees will travel. According to the McKinsey Global institute, twenty percent of business travel will end. 

The economy will need the same number of jobs post pandemic as pre-pandemic, but the job duties will change.

Start With Why by Simon Sinek

In  six part and fourteen chapters, Sinek reveals what organizations need to do to be industry leaders. Surprisingly simple, leaders needs to remind employees why the organization was founded in the first place; they need to remember their WHY.

Those organizations that forget their WHY experience a strange bifurcation between what they do and why they do it. According to Sinek, Dell, Microsoft, Walmart, and Starbucks are some of the companies that have forgotten their original purpose. 

For Sinek, it all comes down to a golden circle. At the center of the circle is the company's purpose or passion. The leader turns this golden circle, now imagined as a cone, into a megaphone. Everything the company does, even the people it hires must be aligned with company's purpose. 

Using anecdotes and historical examples, Sinek explains how a trend is different from a fad, how novelty is different from innovation. Real innovation changes the industry and can change society.

Sinek highlight those companies that inspire the most--most notably Apple, Virgin Records, Southwest Airlines but also some less well-known companies.

To be successful, these companies need to market to early adopters and others that share their values. They need a marketing team that effuse their message;  products and services that pass the celery test. They need good successors that keep the WHY alive.