Reid Hoffman

So I think self-awareness is generally a very good thing for all human beings. And you still have to be irrationally ambitious, which is, I think, very important. And so sometimes self-awareness and just immense ambition sometimes don't go together. It's better when they do, but that's fine. What you do have to do is be very aware of what your competitive space looks like.

So I think self-awareness is generally a very good thing for all human beings. And you still have to be irrationally ambitious, which is, I think, very important. And so sometimes self-awareness and just immense ambition sometimes don't go together. It's better when they do, but that's fine. What you do have to do is be very aware of what your competitive space looks like.

So just about everybody who succeeds in a substantial way is good at being competitive. And if you're blind to your competition, you're kind of hosed. If you're successful, it's just because you're lucky. And that's part of what I was referring to earlier in luck. If you start a business where you have the luck where –

So just about everybody who succeeds in a substantial way is good at being competitive. And if you're blind to your competition, you're kind of hosed. If you're successful, it's just because you're lucky. And that's part of what I was referring to earlier in luck. If you start a business where you have the luck where –

competitors haven't identified it and you get a long head start on it, that's an instance of luck. Not all the successful companies are that way, but that can be very good and very useful on that. But you have to be very aware of what the competitive landscape looks like. Now, that's also true of individuals, right? Because it's like, well, who am I competing against is a relevant question.

competitors haven't identified it and you get a long head start on it, that's an instance of luck. Not all the successful companies are that way, but that can be very good and very useful on that. But you have to be very aware of what the competitive landscape looks like. Now, that's also true of individuals, right? Because it's like, well, who am I competing against is a relevant question.

But you can be kind of competitively blind as an individual. And still be very successful because of the way it works. But if you're competitively blind leading a business, leading a startup, almost always that's hosed, right? That's one of the reasons why, like, you know, all investors in Silicon Valley always ask about your competition.

But you can be kind of competitively blind as an individual. And still be very successful because of the way it works. But if you're competitively blind leading a business, leading a startup, almost always that's hosed, right? That's one of the reasons why, like, you know, all investors in Silicon Valley always ask about your competition.

And if you say, I don't have any competition, you're like, well, if they disagree with you, they're not going to invest because they go, you're competitively blind. Right.

And if you say, I don't have any competition, you're like, well, if they disagree with you, they're not going to invest because they go, you're competitively blind. Right.

Yeah, I'll run through a framework to help the folks. The short answer is no, not everyone should be an entrepreneur, just like not everyone should try to be a professional musician. Not everyone should try to be an athlete. Not everyone should be – you have to look at what your competitive advantages are and does your –

Yeah, I'll run through a framework to help the folks. The short answer is no, not everyone should be an entrepreneur, just like not everyone should try to be a professional musician. Not everyone should try to be an athlete. Not everyone should be – you have to look at what your competitive advantages are and does your –

Dispositions, skill sets, path give you a competitive edge, in this case of being an entrepreneur, right? Because any game that's competitive, right? And entrepreneurship is a highly competitive game. That's part of the, you know, it's as competitive as trying to become, you know, a globally renowned actor. It's as competitive as trying to become the CEO of a major bank or anything else.

Dispositions, skill sets, path give you a competitive edge, in this case of being an entrepreneur, right? Because any game that's competitive, right? And entrepreneurship is a highly competitive game. That's part of the, you know, it's as competitive as trying to become, you know, a globally renowned actor. It's as competitive as trying to become the CEO of a major bank or anything else.

So it's a competitive game. So for an entrepreneur, what you have to do is you have to say, okay, well, I have to be able, one of the classic ones, to take substantial risks. Now, it's not being risk blind. Entrepreneurs are actually not risk blind. Or occasionally they are, and occasionally they're lucky and it works. But almost all the successful ones realize that.

So it's a competitive game. So for an entrepreneur, what you have to do is you have to say, okay, well, I have to be able, one of the classic ones, to take substantial risks. Now, it's not being risk blind. Entrepreneurs are actually not risk blind. Or occasionally they are, and occasionally they're lucky and it works. But almost all the successful ones realize that.

that when you start a company, you're default dead, right? By default, the company is out of business, right? And so you're trying to get to a point where it's default alive versus default dead. Then there's a whole bunch of different things that go into that game. So one is, well, can you go get the capital? Are you in a market that allow you to get the capital?

that when you start a company, you're default dead, right? By default, the company is out of business, right? And so you're trying to get to a point where it's default alive versus default dead. Then there's a whole bunch of different things that go into that game. So one is, well, can you go get the capital? Are you in a market that allow you to get the capital?

Can you move to a market that allows you to get the capital? How do you pitch the capital? How does pitching capital go? And then you get this kind of flywheel going between capital, talent, business realization, capital, talent, right? And you're doing that. And the business realization obviously includes customers, includes go-to-market, includes building products and services, et cetera.

Can you move to a market that allows you to get the capital? How do you pitch the capital? How does pitching capital go? And then you get this kind of flywheel going between capital, talent, business realization, capital, talent, right? And you're doing that. And the business realization obviously includes customers, includes go-to-market, includes building products and services, et cetera.