Podcast – Knowledge Project – Toby Lutke (Shopify)
The way society sees video games is not necessary to be true always. Toby learnt how to make decisions with half information at a rapid pace. He had to make a lot of decisions every time he played the game. While working on the business you have to make similar decisions. Spread over a time interval.
Most of the business books are written from the perspective of primary markets. Like Silicon Valley and other similar business centres. These ideas might not be relevant to secondary markets. Ottawa in Toby's case.
Toby wanted to build a world-class organization in Ottawa. Talent in secondary markets tends to stick longer with the organizations.
Invest in the future potential of the employee. Train and empower them to realize their potential.
Most people want to do the right thing. But if you expect them to exercise their willpower to do it, it might not work. Enable environment changes that help them do the right thing. Example – Putting the empty plates in the dustbin. Place the dustbin at the exit door.
Shopify helps individuals sell products. Rather than selling happening at concentrated locations like Wallmart. You give more power to small businesses.
Trust Battery – Example – Love the contribution you do but if you don't attend meetings your trust level with the team diminishes. Do not make it about the individual. Make it about the trust percentage with the team.
You begin a business when you make the first sale.
Toby made the whole company work from home for a month to make them appreciate the people who work remotely.
To adapt to change quickly is a trait needed for nimble businesses.
Toby wants to run the largest small company!