Key takeaways
- Leave no room for interpreting values. If two people in your company has a different definition of your values, then they're not values. Values is how the company runs when you're not there, so better make it consistent. For example in Lululemon, 'quality' means people come back to buy their product again.
- Invest in training. Chip, the founder, credits the success of their company to a training called the Landmark Forum. About 30,000 of the company's employees went through the course along with training for integrity, responsibility, and goal-setting. He's most proud that ex-employees are able to go and build their own successful ventures.
- Lean in on your unique knowledge. Chip minimizes his risk by betting on things within his control. For example, he bets on himself—his effort—as well as his specialized knowledge on sports apparel and fashion. By betting on what's unique to you, you can optimize your chances of success.
Personalities in the episode
Chip Wilson, founder of Lululemon
Summary
Chip shares his thoughts across a range of topics from entrepreneurship, company values, and risk taking. Highlights are:
- Values should be defined such that there is no room for interpretation. Give clear, specific examples of how a company value is exemplified (09:20 - 12:00)
- Minimize risk by betting on things you can manage. For Chip, he knows he can bet on his own hard work and specialized knowledge in sports attire. (18:00 - 21:00)
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