I really enjoyed this episode of the Farnam Street podcast with Tobi Lütke, founder and CEO of Shopify:
I especially appreciated his insights around building a company in a primary (like SF) and secondary (like Ottawa) market. In a primary market, competition is high and the chance team members will stick with a company for 5-10 years is low. In a secondary market, the chance team members will stay for a decade or more is high, which influences a lot:
That doesn’t sound like a big change, but it changes absolutely everything for the company. It means that it’s a much better idea to hire for future potential rather than for current skill. These basic ideas all start having way more dividends because the people, after you make them better, they stay with you longer, you get to benefit.
I also appreciated how Shopify internally refers to failures as “discovery of things that did not work.”