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How Future Billionaires Get Sh*t Done

Y Combinator2022-03-31
YC#Y Combinator#yt:cc=on
540K views|2 years ago
💫 Short Summary

Future billionaires maximize productivity by managing their time as makers and managers. Makers, like programmers, require uninterrupted blocks of time for deep work, while managers deal with meetings, emails, and to-do lists. Y Combinator fosters maker time and holds founders accountable for their goals. Key productivity tips include prioritizing the to-do list, minimizing meetings, and ensuring clear communication. The video discusses the importance of tracking key performance indicators (KPIs) for startup founders and the need to avoid distractions such as excessive use of social media. It also emphasizes the balance between using tools to organize time effectively and protecting one's time from being wasted. Additionally, the video highlights the potential pitfalls of focusing too much on collecting mentors and advisors instead of actually building and launching a product. The key points of the video include the importance of de-risking a startup by talking to customers and building a launching product, the downside of trying to hedge bets and avoid risk, and the message that failing as a founder is not a true failure but rather a rare and admirable attempt.

✨ Highlights
📊 Transcript
The video discusses the difference between maker and manager schedules and how it impacts productivity for founders.
00:00
Paul Graham's blog post 'Maker Schedule, Manager Schedule' inspired the idea of how programmers (makers) and managers organize their time.
Makers need uninterrupted blocks of time (e.g., 8 hours) to keep the context in their heads for programming.
Managers, on the other hand, can work in shorter time increments for tasks like emails and meetings.
Startups need to prioritize maker mode for programming, as seen in the example of a startup where the best programming happened at the end of the day when it was quiet.
Y Combinator (YC) also aims to build in as much maker time as possible for its founders, with a focus on maximizing productivity in that mode.
Founders need to find ways to optimize their productivity in both maker and manager modes.
04:01
For manager mode, prioritizing the to-do list, handling meetings efficiently, and ensuring important points are written down can improve productivity.
Managers should avoid letting their time be controlled by emails and slack.
Writing down meeting agendas and decisions is crucial for productivity, even if it seems unnecessary at the time.
Founders are obsessed with internal key performance indicators (KPIs) and stats.
07:00
Founders often have important KPIs for their business on their screen 24/7.
Knowing and understanding the key stats is crucial for the success of a startup.
The maker schedule, which involves blocking out time for focused work, is important for sales and talking to customers as well.
Great founders allocate dedicated time for the main event of their startup, whether it's sales or development work.
09:00
Scheduling 20-minute blocks for sales is not as effective as dedicating 8-hour blocks to it.
Clearing out unimportant tasks and protecting time for the main focus is crucial for high-level productivity.
Successful founders avoid getting caught up in social media and use tools to protect their time.
10:00
Social media can be a black hole for time and energy, so it's important to have a healthy relationship with it.
Some founders have to take extreme measures like unfollowing everyone and disabling features to avoid the addictive nature of social media.
Successful people use tools to organize and protect their time, acknowledging their weaknesses and reaching for support.
Founders are sometimes drawn to collecting mentors, advisors, and credentials as a way to feel part of the startup community, but it can be a bottomless pit of time suck.
14:00
Some founders believe that having an advisory board will de-risk their startup, but it can become a cycle of seeking validation without making real progress.
Just like spending years on acting lessons without actually becoming an actor, being involved in various forms of startup mentorship without launching a product or acquiring customers does not lead to tangible progress.
The two things that de-risk your startup are talking to customers and building/launching your product.
15:00
Talking to customers allows you to understand their needs and validate your idea.
Building and launching your product is essential for learning and making progress.
Hedging your bets is not the optimal strategy for startups.
16:00
Trying to juggle multiple options (e.g., keeping grad school open, having a job offer, talking to friends about a startup) is not the best way to de-risk your decision.
Taking a high risk life decision involves accepting that you might look stupid, make mistakes, and have regrets.
Bartering with the universe to have no risk is not realistic.
Being proud of the work you do, whether it's quitting a job at Google or not, is important.
Failing as a founder is not the same as failing a test; it's like trying to be a pro athlete and not making it to the top.
18:00
Failing as a founder is not truly failing, as it's a difficult path that few succeed in.
It's similar to being a college athlete trying to go pro but getting cut in the first year.
If you're proud of the work you did, it should be viewed as a positive experience in your life.
Hedging is not a good strategy for startups, as it makes you less competitive.
19:00
If there's a team as competent as you but not hedging, they will always win.
Splitting your resources in multiple ways due to hedging makes it necessary for you to be much better than the competition.
Hedging is not a good strategic move, even if you're trying to think strategically.
💫 FAQs about This YouTube Video

1. What is the difference between a maker schedule and a manager schedule?

The difference between a maker schedule and a manager schedule is that a maker schedule is structured to have long, uninterrupted blocks of time for focused work, while a manager schedule is filled with meetings and is more fragmented.

2. How can one maximize productivity in maker mode?

To maximize productivity in maker mode, it's important to have long, uninterrupted blocks of time for focused work, minimize distractions, and create an environment that supports deep concentration.

3. What are the key elements of a manager mode for maximizing productivity?

In manager mode, prioritizing tasks on a to-do list, efficiently managing meetings, and reducing dependency on constant communication tools like email and Slack are key elements for maximizing productivity.

4. How did Y Combinator's structure support the idea of a maker schedule?

Y Combinator's structure supported the idea of a maker schedule by minimizing time spent on meetings and external obligations, allowing founders to have dedicated time for focused work, and setting hard deadlines to drive productivity.

5. What is the impact of interruptions on productivity in a maker schedule?

Interruptions can significantly disrupt productivity in a maker schedule, as regaining focus and momentum after being interrupted during deep work can be challenging and time-consuming.

6. Why is it important for founders to focus on key KPIs in their business?

Founders should focus on key KPIs in their business to have a deep understanding of their business performance and make informed decisions. Being obsessed with internal KPIs can be crucial for the success of a startup.

7. What is the significance of the 'maker schedule' for startup founders?

The 'maker schedule' is significant for startup founders as it allows them to have uninterrupted time for deep work and focus on the core aspects of their business, such as product development and innovation.

8. How do successful founders manage their time and productivity?

Successful founders manage their time and productivity by being obsessively focused on key KPIs, avoiding distractions like social media, and utilizing tools to organize and protect their time. They also prioritize deep work and focus on the core aspects of their business.

9. Why do founders need to be cautious about getting trapped in the cycle of startup mentorship?

Founders need to be cautious about getting trapped in the cycle of startup mentorship because it can lead to a bottomless pit of time suck, where they may feel like they're making progress but not actually building a product or gaining customers. It's important for founders to focus on tangible outcomes and progress.

10. What are the key factors that de-risk a startup according to the video?

The key factors that de-risk a startup, as mentioned in the video, are talking to customers and building/launching a product.

11. Why does the speaker advise against hedging in the startup world?

The speaker advises against hedging in the startup world by emphasizing the importance of putting your full effort and resources into a venture, and the potential downside of splitting resources and competitiveness.

12. How does the speaker encourage founders to view failure in the startup world?

The speaker encourages founders to view failure in the startup world as a positive learning experience and emphasizes the pride in putting effort into a venture, comparing it to being one of the best in a competitive field.

13. What are the main points discussed regarding de-risking a startup in the video?

The main points discussed regarding de-risking a startup in the video include the importance of talking to customers, building and launching a product, and the potential downside of hedging and splitting resources.