Young and Profiting with Hala Taha
Business:Entrepreneurship
There are two types of entrepreneurs: those who copy other people’s businesses and those who create an entirely new market.
When you disrupt an existing market, you run the risk of being lumped in with your competitors. For example, you can probably name five of your local coffee shops off the top of your head.
While some entrepreneurs thrive off of copying other business ideas, the most successful businesses are the ones who solve a problem that nobody else has solved. If your business idea is completely original, then whoever needs your product will come to you because nobody else is filling that hole in the market.
Over the years, Jim McKelvey has become an expert at building businesses that solve problems no one else is addressing. He has founded several groundbreaking businesses like Square and LaunchCode, both of which fill a hole in their respective markets.
In this episode of YAP Classic, Hala and Jim break down the two different types of entrepreneurs. Jim tells Hala about how he met Jack Dorsey, co-founder of Square and Twitter. They also talked about why money is a weak motivator in entrepreneurship and how Jim and Jack survived an attack from Amazon.
Topics Include:
- The impact of his mother’s suicide
- Jim’s relationship with social media
- ‘Don’t do’ list
- How does Jim define entrepreneurship?
- Pros of copying someone
- Our copy-centric world
- Becoming aware of solvable problems
- Why money is a weak motivator
- How Jim met Jack Dorsey
- Age bias
- Starting Square
- The Innovation Stack
- Competing successfully against Amazon
- Writing The Innovation Stack
- And other topics…
Jim McKelvey is a serial entrepreneur who co-founded Square. He also founded Invisbily, LaunchCode, and Third Degree Glass Factory. He still serves as the owner of all seven companies he started, but does not hold a leadership position at any of them. In 2017, he was appointed as an independent director of the Federal Reserve Bank of St. Louis.
He’s the author of three books, the most popular being The Innovation Stack, an inside look into the world of entrepreneurship that details Square’s battle with Amazon. He also wrote The Birth of Baking, a graphic novel about The Bank of America’s conception, and The Art of Fire, a beginner’s guide to glassblowing.
Sponsored By:
The Jordan Harbinger Show - Check out jordanharbinger.com/start for some episode recommendations
Indeed - Visit Indeed.com/YAP to start hiring now.
Resources Mentioned:
YAP episode #69: https://podcasts.apple.com/us/podcast/69-the-innovation-stack-with-jim-mckelvey/id1368888880?i=1000478091591
Jim’s Book, The Innovation Stack: https://www.jimmckelvey.com/books/
Jim’s Website: https://www.jimmckelvey.com/
More About Young and Profiting
Download Transcripts - youngandprofiting.com
Get Sponsorship Deals - youngandprofiting.com/sponsorships
Leave a Review - ratethispodcast.com/yap
Watch Videos - youtube.com/c/YoungandProfiting
Follow Hala Taha
LinkedIn - linkedin.com/in/htaha/
Instagram - instagram.com/yapwithhala/
TikTok - tiktok.com/@yapwithhala
Twitter - twitter.com/yapwithhala
Learn more about YAP Media Agency Services - yapmedia.io/
Join Hala's LinkedIn Masterclass - yapmedia.io/course
Michael Easter: The Comfort Crisis, Embracing Discomfort to Reclaim Your Wild, Happy, Healthy Self | E290
Sal Khan: How AI Will Revolutionize Education | E289
Bill Perkins: I’m Planning to Die with Zero Dollars in the Bank and You Should Too | E288
YAPClassic: Nir Eyal on How to Become Indistractable
Dr. Michael Gervais: The Relationship Between Your Mind and Performance | E287
Lisa Bilyeu: Attract Meaningful Relationships and Achieve Your Dreams with Radical Confidence | E286
Fei-Fei Li: The “Godmother of AI”, Keeping Humanity at the Heart of the AI Revolution | E285
YAPClassic: Ex-Google Officer Mo Gawdat Warns About the Dangers of AI, Urges All to Prepare Now!
Stephen Wolfram: AI, ChatGPT, and the Computational Nature of Reality | E284
YAPClassic: Brian Scudamore, Turning Trash Into a $600M Empire
Sally Helgesen: How Inclusion and Visionary Leadership Fuel Innovation at Work | E283
Joel Larsgaard & Matt Altmix: Our Top Personal Finance Hacks for Millennials | E282
Ryan Serhant: The 3-Step Strategy System You Need to Build Your Brand From Scratch | E281
YAPClassic: David Allen on Mastering the Art of Stress-Free Productivity
Dr. Will Cole: Optimize Your Gut Health for Peak Performance | E280
Sean Cannell: Start a Profitable YouTube Channel in 2024 | Part 2 | E279
Sean Cannell: Start a Profitable YouTube Channel in 2024 | Part 1 | E278
YAPClassic: Vernā Myers on Overcoming Bias and Promoting Equity
Kelly Roach: Designing a Balanced Life for Family-Focused Entrepreneurs | E277
Amy Morin: Build Mental Strength to Overcome Any Obstacle | E276
Join Podbean Ads Marketplace and connect with engaged listeners.
Advertise Today
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Innovation in Compliance with Tom Fox
Kate’s Take
The Shameless Mom Academy: Motherhood, Motivation, and Mindset Tips for Busy Moms
HORSES IN THE MORNING
Wise Traditions