Invest Like the Best with Patrick O'Shaughnessy

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Tobi Lutke – Building a Modern Business - [Invest Like the Best, EP.173]

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May 12, 2020

Guest

Tobi Lutke

Tobi Lutke, co-founder and CEO of Shopify, shares insights on navigating the digital commerce landscape. He discusses Shopify's shift to direct consumer engagement, emphasizing the importance of supporting local businesses. Lutke delves into decision-making as a CEO, exploring the balance between delegation and personal involvement. He reflects on transforming workplace culture through intuitive design and personality typing frameworks. Additionally, he highlights the value of kindness and personal growth, especially during challenging times.

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Transcript

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Episode notes

insights

INSIGHT

Systems Thinking

Systems thinking helps avoid linear cause-and-effect thinking.
It encourages analyzing reinforcing systems to understand recurring patterns.

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ANECDOTE

Factorio and Systems Thinking

Tobi Lutke recommends the video game Factorio.
It teaches systems thinking by simulating supply chains and logistics.

insights

INSIGHT

RTS Games and Business Skills

Real-time strategy (RTS) games like StarCraft teach valuable skills applicable to business.
These include resource allocation, strategic decision-making, and attention management.

Get the Snipd Podcast app to discover more snips from this episode

Shopify's Shift to Direct Consumer Engagement

05:56 • 9min

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Navigating Quality and Decision-Making as a CEO

14:49 • 9min

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Friction and Freedom in Business

24:08 • 20min

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Understanding Personality Typing in the Workplace

44:19 • 7min

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Transformative Writing and Stoicism

50:56 • 8min

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Parenting and Education During COVID-19

58:40 • 8min

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The Impact of Kindness and Personal Growth

01:06:18 • 2min

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#16814

• Mentioned in 3 episodes

The Systems Bible

John Gall

John Gall's "The Systems Bible" is a humorous yet insightful look at the complexities and often ironic failures of systems. Gall uses witty anecdotes and real-world examples to illustrate common pitfalls in system design and management. The book is filled with amusing stories of projects gone wrong, highlighting the unexpected consequences of seemingly simple decisions. It's a valuable read for anyone working with complex systems, offering a lighthearted yet effective way to learn from past mistakes. The book's unique approach makes it both entertaining and educational, providing valuable lessons in a memorable way.

#868

• Mentioned in 41 episodes

The Design of Everyday Things

Revised and Expanded Edition

Don Norman

In this book, Don Norman discusses how design should be centered around the user's needs, emphasizing the importance of visibility, natural relationships between controls and functions, and the intelligent use of constraints. He argues that poor design, rather than user ineptness, is often the cause of frustration with everyday objects. The book covers various aspects of design, including affordances, signifiers, and the seven stages of action, providing a comprehensive guide to creating user-friendly products.

#152

• Mentioned in 138 episodes

Zen and the Art of Motorcycle Maintenance

Robert Pirsig

This classic novel by Robert M. Pirsig is a personal and philosophical odyssey that delves into the author's search for meaning. The narrative follows a father and his son on a summer motorcycle trip from the Midwest to California, intertwining a travelogue with deep philosophical discussions. The book explores the concept of 'quality' and how it informs a well-lived life, reconciling science, religion, and humanism. It also touches on the author's own struggles with his past and his philosophical quest, making it a touching and transcendent exploration of human experience and endeavor.

#1381

• Mentioned in 29 episodes

A Guide to the Good Life

William B. Irvine

My guest today is Tobi Lutke, the co-founder, and CEO of Shopify. This is both a timely and evergreen conversation. Timely, as the world as moved aggressively digital in the past two months, and Shopify powers so much of digital commerce. Evergreen, because while we touch on Covid and the Shopify business, this is much more a conversation on business and personal principles, learning, design, and growth. Tobi is one of the CEO’s I look up to most for the type of company he is building and for the way he conducts himself. We discuss business focus, why video games help you learn the power of attention, what design means for products and organizations, and much more. Please enjoy my conversation with Tobi Lutke.

This episode is brought to you by the MIT investment management company (MITIMCO)

Reach out or learn more:

Email: partner@mitimco.org
Website: https://mitimco.org/partner/
MITIMCo 10 year Letter: https://mitimco.org/wp-content/uploads/2017/03/MITIMCo-Alumni-Letter.pdf
MITIMCo brochure: https://mitimco.org/wp-content/uploads/2019/01/MITIMCo-Brochure_web_2018-12-05.pdf

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Follow Patrick on Twitter at @patrick_oshag

Show Notes

(2:35) – (First question) – The launch of the new Shopify shop app

(2:44) – Daniel Ek Podcast Episode

(2:45) – Jeff Lawson Podcast Episode

(4:56) – Having the right focus and growing a good business

(9:06) – Marketplace business model vs the merchant driven business model

9:16 – Bill Gurley Podcast Appearances - 162 | 144 | 137

(11:47) – His role as a decisionmaker as CEO of the company

(14:07) – What does he mean when he talks about quality