Soni’s book is a fascinating look at the early days of PayPal and the people who built it. It is a story of innovation, perseverance, and success. The lessons from this book can be applied to any startup, regardless of industry.
The Founders provides a thorough history of PayPal’s founding and ascent, highlighting the difficulties, triumphs, and relationships of the group that built the business and went on to become significant personalities in Silicon Valley.
We frequently hear about specific universities being associated with the founders of high-achieving technology companies. According to research conducted by Stanford professor Ilya Strebulaev and his Venture Capital Initiative, the top three business schools that produce unicorns are Wharton, Stanford, and Harvard. These results confirm our intuition that some locations possess a special power that enables them to generate globally recognized companies.
What transpires at those universities, though? Are the interactions and curriculum in the classroom the ones that scatter unicorn dust? Or does networking at events like parties and clubs encourage the formation and expansion of high-growth businesses? Do universities promote entrepreneurial intents by acting as a Kool-Aid with an entrepreneurial twist?
A notable concentration of specialized human capital, notably computer science training, is present in the “PayPal mafia” instance. The Founders features the autobiographies of seasoned computer programmers (like Levchin), interspersed with fewer biographies of those with backgrounds in social science (like Thiel, who studied philosophy before going on to law school).
12 lessons from the book The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni:
1. Be willing to take risks. Peter Thiel, Elon Musk, Max Levchin, and the other founders of PayPal were all willing to take big risks in order to build their company. They left their jobs, invested their own money, and worked long hours in a cramped office.
2. Be relentless. The founders of PayPal were never satisfied with the status quo. They were constantly innovating and looking for ways to improve their product.
3. Be resourceful. The founders of PayPal didn’t have a lot of money, but they were resourceful and found ways to make things work. They used off-the-shelf hardware and software, and they even built their own servers.
4. Be passionate. The founders of PayPal were passionate about their mission to build a new way to pay online. They were driven by the desire to make a difference in the world.
5. Be competitive. The founders of PayPal were fiercely competitive. They were always looking for ways to beat their rivals.
6. Be adaptable. The founders of PayPal were able to adapt to change quickly. When the market shifted, they changed their strategy accordingly.
7. Be willing to learn. The founders of PayPal were always learning new things. They were constantly reading books and articles, and they were always talking to experts.
8. Be willing to fail. The founders of PayPal failed many times before they succeeded. But they learned from their failures and kept going.
9. Be humble. The founders of PayPal were humble. They knew that they didn’t know everything, and they were always willing to listen to advice from others.
10. Be grateful. The founders of PayPal were grateful for the success of their company. They knew that they were lucky to have such a talented team and such supportive investors.
11. Build a strong team. The founders of PayPal were able to build a strong team of talented and dedicated people. This team was essential to the company’s success.
12. If you are thinking about starting your own company, I encourage you to read The Founders. It is an inspiring story that will teach you valuable lessons about innovation, perseverance, and teamwork.
