Moment 130: Shopify’s President: The 1 Skill You MUST Have To Thrive In Business: Harley Finkelstein | The Diary Of A CEO with Steven Bartlett

Intro

In this episode of “The Diary Of A CEO with Steven Bartlett,” Steven interviews Harley Finkelstein, the President of Shopify. They discuss the skills and mindset necessary for thriving in business, as well as the importance of finding your unique strengths and pursuing your passions.

Main Takeaways

Developing Unique Skills and Mindset

• Spikiness is finding something unique that no one else is looking at and taking advantage of it.
• Going to law school can help entrepreneurs become more sophisticated and gain insights to become better versions of themselves.
• Law school can help entrepreneurs learn critical reasoning, negotiation, and how to find important information in large amounts of data.
• Going through an unconventional process can lead to finding alpha or arbitrage opportunities in entrepreneurship.
• Learning complementary skills can make someone a better entrepreneur in the long-term.
• Being in the top 10% at six unobvious skills in an industry can make someone the best in the world at that thing.
• Developing skills that are in high demand and low supply can make someone a hard-to-find talent in their industry.
• Building a company with people who have complementary skill sets is valuable.
• Getting to know the person on the other side of the negotiation table is important.
• Reading the room is crucial in business, just like in DJing.

The Power of Hobbies and Curiosity

• Hobbies and curiosity outside of work can be equally important for success.
• Being a polymath or comprehensiveist can help in understanding different areas of the world.
• Helping with a spouse’s business can build empathy and valuable skills.
• Pursuing hobbies during the pandemic can lead to unexpected business opportunities and skills.
• Starting a small hobby business can make one a better leader and provide valuable experience.
• Passion and removing expectations can lead to success in small hobby businesses.

Entrepreneurship and Shopify

• Entrepreneurship is deeply personal and can be a powerful tool for success.
• Finding your “spiky point” early on can lead to a more successful career.
• Shopify is an accessible platform for starting a business with low costs of failure.
• Starting a business in school or as a side hustle can be a low-pressure environment for experimentation.
• Many successful businesses on Shopify started as accidental or spontaneous ideas.
• Successful companies are built by exploring and expanding on initial ideas.
• Curiosity is key to building long-lasting businesses.
• The right idea can change the world.

Summary

Developing Unique Skills and Mindset

Harley Finkelstein emphasizes the importance of developing unique skills and mindset in order to thrive in business. He defines “spikiness” as finding something unique that no one else is looking at and taking advantage of it. Going to law school can help entrepreneurs become more sophisticated and gain insights to become better versions of themselves. Law school teaches critical reasoning, negotiation, and the ability to find important information in large amounts of data. Going through an unconventional process can lead to finding alpha or arbitrage opportunities in entrepreneurship. Additionally, learning complementary skills and building a company with people who have complementary skill sets can be valuable. Being in the top 10% at six unobvious skills in an industry can make someone the best in the world at that particular skill. Developing skills that are in high demand and low supply can make someone a hard-to-find talent in their industry. Furthermore, understanding the person on the other side of the negotiation table and being able to read the room are crucial skills for success in business.

The Power of Hobbies and Curiosity

Harley Finkelstein highlights the importance of hobbies and curiosity outside of work. Pursuing hobbies and being a polymath or comprehensiveist can help in understanding different areas of the world, leading to new perspectives and ideas. Additionally, helping with a spouse’s business can build empathy and valuable skills. During the pandemic, pursuing hobbies can also lead to unexpected business opportunities and the development of new skills. Starting a small hobby business can provide valuable experience and make one a better leader. Passion and removing expectations are key to success in small hobby businesses.

Entrepreneurship and Shopify

Harley Finkelstein discusses the personal nature of entrepreneurship and how it can be a powerful tool for success. Finding your “spiky point” early on, or your unique strengths, can lead to a more successful career. Shopify is highlighted as an accessible platform for starting a business with low costs of failure. Starting a business in school or as a side hustle provides a low-pressure environment for experimentation and learning. Many successful businesses on Shopify started as accidental or spontaneous ideas, emphasizing the importance of exploring and expanding on initial ideas. Curiosity is identified as a key trait for building long-lasting businesses, and the right idea has the potential to change the world.

Conclusion

Harley Finkelstein’s insights on developing unique skills, pursuing hobbies, and embracing entrepreneurship provide valuable lessons for aspiring entrepreneurs. By finding your unique strengths, learning complementary skills, and staying curious, you can thrive in business and make a lasting impact. Whether it’s starting a small hobby business or building a company on platforms like Shopify, the journey to success begins with passion and a willingness to explore new ideas.