#326 Anna Wintour | Founders

Intro

In this episode of the “Founders” podcast, David is invited to speak at a class called Art of Investing at Notre Dame by Rick and Paul, who are huge fans of the show. The conversation is recorded and can be listened to on the Art of Investing podcast. The episode features a discussion with Mitchell Baldritch, a well-known entrepreneur who shares his knowledge on tax savings for entrepreneurs for free on Twitter. Mitchell developed a product called Better Bookkeeping, which helps small businesses with bookkeeping and legally saving money on their tax bill. The episode also delves into the fascinating career of Anna Wintour, the editor-in-chief of Vogue, and her journey to becoming a powerful figure in the fashion industry.

Main Takeaways

Mitchell Baldritch and Tax Savings for Entrepreneurs

• Mitchell Baldritch is known for sharing his knowledge on tax savings for entrepreneurs on Twitter.
• He developed a product called Better Bookkeeping to help small businesses save money on their taxes.
• Successful entrepreneurs are focused on watching their expenses to build competitive advantages.
• Mitchell’s expertise and obsession is helping entrepreneurs save money on their taxes.

Vesto and Investing Idle Cash

• Vesto is a platform that allows businesses to invest their idle cash in US treasuries.
• It helps bootstrap founders and those looking to extend their runway get a better rate of return.

Anna Wintour’s Influence in the Fashion Industry

• Anna Wintour has been the editor-in-chief of Vogue since 1988.
• She has the power to recommend fashion designers for bigger labels and advise them on running their businesses.
• Anna financially supports emerging fashion designers through the Council of Fashion Designers of America Vogue Fashion Fund.
• She practices complete control and inspires deference akin to that given to royalty.

Anna Wintour’s Career Journey

• Anna’s father played a crucial role in her career by suggesting she become the editor of Vogue.
• Her journey to the top was not a straight climb, as she left school at 16 and took up jobs on the sales floor.
• Anna caught the attention of Alexander Lieberman, who made up a job for her as creative director of Vogue.
• She learned from Lieberman to keep meetings very short and be decisive.

Anna Wintour’s Management Style and Power

• Anna’s management style is decisive and concise, with meetings lasting only two minutes.
• She gained a reputation as the “ice queen” after firing most of the staff when she became editor of British Vogue.
• Advertisers in Vogue seek her favor and advice, and there is a private club called the Vogue 100 for members to access her.
• Anna’s ambition and discipline were key to her success, and she prioritized quality of work over feelings.

Summary

Mitchell Baldritch and Tax Savings for Entrepreneurs

Mitchell Baldritch is a well-known entrepreneur who shares his knowledge on tax savings for entrepreneurs on Twitter. He developed a product called Better Bookkeeping, which helps small businesses save money on their taxes. Mitchell’s expertise and obsession in this area make him a valuable resource for entrepreneurs looking to optimize their tax expenses and gain a competitive advantage.

Vesto and Investing Idle Cash

Vesto is a platform that allows businesses to invest their idle cash in US treasuries, backed by the US government and earning interest. This is particularly useful for bootstrap founders and those looking to extend their runway, as it offers a better rate of return compared to traditional banking options. By utilizing Vesto, businesses can make their cash work for them and maximize their financial resources.

Anna Wintour’s Influence in the Fashion Industry

Anna Wintour, the editor-in-chief of Vogue, holds significant power and influence in the fashion industry. She has the authority to recommend fashion designers for bigger labels and provides guidance on running their businesses. Anna also financially supports emerging fashion designers through the Council of Fashion Designers of America Vogue Fashion Fund. Her complete control and the mythos surrounding her inspire deference from those in the industry.

Anna Wintour’s Career Journey and Management Style

Anna Wintour’s career journey to becoming the editor-in-chief of Vogue was not a straightforward climb. She left school at 16 and took up jobs on the sales floor before catching the attention of Alexander Lieberman, who created a position for her as creative director of Vogue. Anna learned from Lieberman to keep meetings short and be decisive, a management style she continues to employ. Her reputation as the “ice queen” stems from her firing most of the staff when she became editor of British Vogue. Anna’s ambition, discipline, and focus on quality have been key to her success.

Anna Wintour’s Power and Influence

Anna Wintour’s power and influence extend beyond the pages of Vogue. Advertisers in the magazine seek her favor and advice, and there is a private club called the Vogue 100 for members to access her. Anna intentionally builds relationships with the most powerful people in the industry to expand her influence. Her creation of the Council of Fashion Designers of America Vogue Fashion Fund helps credit her with breaking designers into the industry and builds loyalty towards her. Anna’s network and industry relationships are her strengths, as investors seek her advice on which labels to invest in.

Conclusion

This episode of the “Founders” podcast provides valuable insights into the world of entrepreneurship, tax savings, and the influential career of Anna Wintour. Mitchell Baldritch’s expertise in helping entrepreneurs save money on their taxes highlights the importance of financial optimization for businesses. Meanwhile, Anna Wintour’s journey to becoming the editor-in-chief of Vogue showcases the power and influence she wields in the fashion industry. Her management style and commitment to quality have been instrumental in her success. Overall, this episode offers valuable lessons for entrepreneurs and fashion enthusiasts alike.