About this time last year, I posted my top five favorite podcasts for entrepreneurs. Avid readers may remember that one podcast, Acquired, was far and away my favorite listen—and I am happy to report that after a year of searching, downloading, subscribing and un-subscribing, Acquired still remains a must-listen in my podcast rotation.
For those who do not remember (or did not heed my suggestion), each episode of Acquired examines the history of a different tech company and the founder(s) who built them. Most of the companies featured on Acquired are familiar (think Apple, Uber, Lyft), but every so often, the hosts, Ben and David, pull back the hood of a Company I have never heard of before—the most recent case being Taiwan Semiconductor Manufacturing Company (TSMC).
Already, in less than a month, we have seen a slew of local and national endorsement deals — some notable, others less so. With more than 400,000 NCAA athletes now on the market, it is clear we are only scratching the surface, but, since you are here, take a look at some of the early deals of the brand new “NIL Era” in NCAA sports:
The Big Box Brands
Trey Knox and PetSmart: On July 1, Trey Knox, an Arkansas Razorbacks wide receiver, signed a promotional partnership deal with PetsSmart. With his Siberian Husky, the 6’5” wideout, who has 12,900 followers on Instagram, will promote PetSmart through coordinated social media posts and behind-the-scenes videos. Knox played in 11 games for the Razorbacks last year, starting six and recording seven catches — proof that you don’t have to be a superstar to get a superstar deal. Sometimes all you need is an incredibly photogenic dog and a bit of initiative.
Haley and Hanna Cavinder and Boost Mobile: Another deal from day one of the NIL era: by way of a billboard in Times Square, Boost Mobile announced their partnership with the Cavinder sisters, all-conference twin guards at Fresno State. It is yet to be seen how the Cavinder sisters fit into the plans of Boost Mobile, the wireless telecommunication subsidiary of Dish Network, but with the twins’ more than four million followers on social media, it is clear Boost Mobile will have to fight for the Cavinder sisters’ time.
This March, it was announced that the little brother of the “Big Four” would be re-joining its much larger brethren at the “Worldwide Leader in Sports” under a new seven-year deal. The deal gives the Walt Disney Co., the parent company of ESPN, the rights to certain NHL events and games, spread across traditional television and the ever-growing streaming platforms. Included will be 25 regular-season games on ESPN or ABC, early-round playoff series and one conference final each year, four Stanley Cup Final series on ABC and more than 1,000 games per season streaming on ESPN+. In addition, ESPN+ and Hulu will be home to 75 ESPN-produced exclusive telecasts per season. The NHL has also struck a deal with Turner Sports for the “B Coverage” — here’s to hoping the NHL can get Charles Barkley to take a respite from "Inside the NBA" to cover a few hockey games.
Our entrepreneur’s story begins as most successful entrepreneur’s stories do — with heartbreak. After years of tireless practice and dedication to his craft, bordering on obsession, he is told that his effort and energy, while appreciated, are misplaced. To make matters worse, his significant other leaves him, staying long enough to berate him about his future (or lack thereof). Shortly after, he undergoes a family tragedy due to mismanagement of finances, which leaves our entrepreneur, a hothead to begin with, extremely emotionally unstable.
In an effort to cool off and dig his family out of financial ruin, our entrepreneur tries his hand at something new and, in doing so, finds that he has a unique talent. Initially, he peddles his talent in his neighborhood — turning his talent into small profits, one customer at a time. He meets a mentor, who helps him hone his skills and encourages him to go after bigger profits by disrupting the current market. Our entrepreneur enters the market and is immediately (as most disrupters are) shunned by his more established and stuck-in-their-ways competition.
If you are like me (and most of Daniel Kahneman’s subjects), you answered this question easily, quickly, and incorrectly. Most of the population answers this way — that the bat costs $1.00 and the ball costs $0.10. Return to the problem and you can see that this answer is incorrect. Very simple math reveals the correct solution: that the bat costs $1.05 and the ball costs a dollar less at $0.05.
This simple experiment showcases the central question of Thinking, Fast and Slow: why does the mind sometimes use answers it knows to be false as solutions to questions it is most certainly capable of answering correctly? Daniel Kahneman, the Israeli psychologist and Nobel Prize winning economist, answers this question by examining the irrationality of the human mind in his international bestseller, Thinking, Fast and Slow.
Kahneman’s book takes the reader on a tour of the human mind — urging the reader to take a step back and examine their own irrationality, to tap into the benefits of what he calls “slow thinking.” He begins by describing the two systems (or characters as he refers to them throughout the book) which govern our thinking. System 1 is fast thinking. It operates automatically and quickly, with little or no effort and no sense of voluntary control. System 2 is slow thinking. It allocates attention to the effortful mental activities that demand it — deliberation and strategic thinking. System 1 is our motor. It continuously generates impressions, intuitions, intentions and feelings. System 2 is our steering wheel — turning those impressions, intuitions and impulses into voluntary actions.
Entrepreneurs, and, frankly, most humans, spend most of their time in System 1 — making decisions, putting out fires and navigating the multitude of minute decisions in our day-to-day lives. A well-developed System 1 is at the core of every entrepreneur — the ability to make snap decisions, follow your gut and irrationally believe that a business will prevail. But oftentimes that is how we end up with a baseball bat that costs 90 cents more than the ball.
Podcasts fit well into the busy lives of entrepreneurs, and as they build
their business(es), podcasts can provide incredible insights and advice about company expansion. Below is the definitive list (and by that I mean my own personal list which is by no means definitive) of the top 5 podcasts for entrepreneurs:
Acquired. I will be honest, Acquired is far and away my favorite podcast on this list (which is why I list it first). While the others that follow are great sources of information and enjoyable listens, Acquired is truly a podcast to which I look forward. Acquired’s tagline is “Every company has a story.” And, the hosts, Ben and David, are incredible story tellers. Each episode is nearly two hours long and is packed full of history, personal anecdotes (both Ben and David are successful VC’s) and true insight into what makes some of the greatest tech companies and founders of our generation tick. Or, as my old college roommate, an early stage investor himself, so eloquently describes, “two dudes absolutely nerding-out about venture capital.” If you are looking for a great place to start, begin with the story of Uber, which, as told by the hosts, begins in the late 1800’s. A few teasers: the idea for Uber began with late nights partying and James Bond; Uber’s recent legal troubles stand in stark contrast to the early days of the company; and a certain VC, a lead investor in the company, had tried and failed to invest in the company many times prior. Just listen — you won’t regret it.
The relationship among crisis, innovation, and change has always been intertwined.
At the risk of stating the very obvious, the spread of COVID-19 is disrupting life as we know it. Businesses have been forced to shut their doors; families have retreated inside in fear for their loved ones; and daily life has changed dramatically. From college graduations to birthday parties and even funerals, the loss of human experience is profound, and raises bottomless questions. And while this pandemic will lead to serious consequences, from death to a potential economic recession, its impact, as with most things, will depend on an individual’s circumstances and personal resilience. It also has led to many new ways to connect and others being creative in our newly virtual world. 