Steven

Do you remember anything you took away from those classes that ended up being really important for you in terms of an idea or a philosophy or anything?

Do you remember anything you took away from those classes that ended up being really important for you in terms of an idea or a philosophy or anything?

I've always wondered what they teach at Stanford, especially as it relates to business, because the success rate of creating some of the world's sort of preeminent entrepreneurs is really, really high. So you're telling me one of the key ideas is big ambitions, right?

I've always wondered what they teach at Stanford, especially as it relates to business, because the success rate of creating some of the world's sort of preeminent entrepreneurs is really, really high. So you're telling me one of the key ideas is big ambitions, right?

So in my head, I go, well, if it's really, really big, then the chance of failure is probably going to go up. So, you know, I could open a coffee shop, right? And my chance of success is pretty decent. But if I go after building a new social network, which is something only a psychopath would do, then my odds of success are, what, one in a gazillion?

So in my head, I go, well, if it's really, really big, then the chance of failure is probably going to go up. So, you know, I could open a coffee shop, right? And my chance of success is pretty decent. But if I go after building a new social network, which is something only a psychopath would do, then my odds of success are, what, one in a gazillion?

Interesting. So the question that most of us, especially in the UK, we often don't think about building businesses that have the potential to reach huge scale. In part because we don't have as much of a robust, I think, technical track record in terms of building great unicorn tech companies in Europe. as you guys do over here.

Interesting. So the question that most of us, especially in the UK, we often don't think about building businesses that have the potential to reach huge scale. In part because we don't have as much of a robust, I think, technical track record in terms of building great unicorn tech companies in Europe. as you guys do over here.

That is so true. Thinking about my investment portfolio, there's about 40 different companies there. And almost every single one of them without really an exception, has adopted the approach of, we'll crack the UK first and then we'll go and figure out the US. But in that transition to the US, they encounter tons of challenges with how expensive it is to succeed here, like marketing costs here.

That is so true. Thinking about my investment portfolio, there's about 40 different companies there. And almost every single one of them without really an exception, has adopted the approach of, we'll crack the UK first and then we'll go and figure out the US. But in that transition to the US, they encounter tons of challenges with how expensive it is to succeed here, like marketing costs here.

If they're in retail, how difficult it is to get into Target or Walmart here. Also, the founders end up building their lives, their families in the UK, which means that the founders can't really, you know, uproot and move to the US later in the journey. So most of them try the US, waste a ton of money, get burnt, run back. And then I've seen that story play out over and over again.

If they're in retail, how difficult it is to get into Target or Walmart here. Also, the founders end up building their lives, their families in the UK, which means that the founders can't really, you know, uproot and move to the US later in the journey. So most of them try the US, waste a ton of money, get burnt, run back. And then I've seen that story play out over and over again.

When you think about penetrating these international markets, do you send core team members there?

When you think about penetrating these international markets, do you send core team members there?

So two points there. How do you know when to quit? You've kind of assembled a couple of principles there, but even, I think it's difficult in business because you can be getting lots of negative feedback, but that doesn't necessarily mean that the idea is something that you should quit. Maybe it means you should pivot or iterate or just keep going. But how did you know?

So two points there. How do you know when to quit? You've kind of assembled a couple of principles there, but even, I think it's difficult in business because you can be getting lots of negative feedback, but that doesn't necessarily mean that the idea is something that you should quit. Maybe it means you should pivot or iterate or just keep going. But how did you know?

What were the stars that align that told you to quit that business?

What were the stars that align that told you to quit that business?

And why does that end up mattering so much, that love and passion for the thing that you're building?

And why does that end up mattering so much, that love and passion for the thing that you're building?