Masters of Scale by Reid Hoffman – Robert Reffkin: How setbacks create momentum Podcast Summary

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Masters of Scale by Reid Hoffman – Robert Reffkin: How setbacks create momentum

As dangerous as obstacles and setbacks may appear, they can also present opportunities. Robert Reffkin, founder and CEO of the real estate platform Compass, knows this well.

The trick, he says, isn’t to avoid obstacles at all costs but rather to identify them quickly as resources you can harness. “You can’t do great things in the world if you don’t have that entrepreneurial, “I can do it” energy,” Reffkin says. “And how do you get that energy?” “You dream a big dream.”

Setbacks are good

Don’t be discouraged by failures – use them as opportunities to learn and grow. Dream big, create a step-by-step plan, and harness obstacles to move forward towards your goals. Preserve your energy and bounce back from setbacks.

Learning from the examples of determination and resilience can help one harness momentum towards achieving their goals. It’s also important to focus on building transferable skills and experiences to pave the way towards an entrepreneurial career.

Pivot to a new direction

Even when facing rejection, reaching out for guidance and preparing diligently can lead to success. Embracing feedback and creating opportunities can make a positive impact on society.

Recognize when your career momentum is slowing down and consider pivoting in a new direction, with proper support and guidance from mentors or investors.

Put the customer first and have a clear mission to avoid frustration and wasted time. Ensure team members are aligned and working towards the same goals for success.

Maintain momentum

  • When changing company momentum, lead by example and don’t just talk about change. Friction is necessary but brute force is costly. Work with and around it to maintain momentum towards the new vision.
  • To change an organization’s momentum, it takes effort, focus, and listening to the needs of the people involved. Asking for feedback and hiring top agents can help build momentum towards an organization’s mission.

Lessons learned from urban compass’ inefficient apartment hunting strategy

Urban Compass, a startup aimed at making apartment hunting easy in New York City, initial strategy was inefficient for their customers. They hired neighborhood specialists from the hospitality industry instead of experienced real estate professionals. As a result, apartment hunters had to repeat their story multiple times to different specialists, leading to frustration and wasted time.

Additionally, the team lacked a clear mission and vision, leading to members pulling in different directions. The lesson learned is to optimize for the customer, not for the startup’s efficiency or coolness factor. It’s essential to have a clear mission and be specific about success to avoid team members going off on their own courses.

Demonstrating Change and Overcoming Friction When Changing Company Momentum

When you’re trying to change the momentum of a company, it’s important to not just talk about change but to demonstrate why your new vision is better and lead by example. Otherwise, your momentum could take you right out the door.

Friction is an essential part of changing momentum, and it’s not necessarily a bad thing. It makes us stop and assess what we’re doing, and it’s necessary in our daily lives. However, trying to overcome friction with brute force can be costly and futile.

Instead, it’s better to find ways to work with and around the friction to maintain momentum and move forward towards the new vision.

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