Episode 64
047: Life & Business Lessons from Billionaire Entrepreneur, Jeff Hoffman (Founder of Priceline, Ubid and others)
A fantastic conversation chock full of great valuable insights and advice from the wonderful Jeff Hoffman, who has started and run several companies, including being a co-founder of Priceline.com (among others). If you listen to one interview on the Entrepreneur Hot Seat, this is it. Highlights include:
- How Jeff got into Yale but couldn’t afford it so he started a software company
- Started his first company because he had a big goal
- Most successful entrepreneurs are not motivated by money - they are driven by something more important than money
- Before you ask someone else for money for your business, see if you can earn it
- Why Jeff left his big corporate job after college
- Jeff didn't like the company he worked for so he designed his own company
- Entrepreneurs don’t just complain. They analyze a problem and research ways to fix it
- It is so important to surround yourself with people smarter than you who know how to do things
- Don’t kid yourself. No matter how smarter you are, you need people smarter than you
- Why Jeff felt disappointed after selling his company for millions of dollars
- When you are not motivated by money, you don’t worry about it as much
- Jeff is more motivated by challenge and building things
- There is no “they” - it’s you!
- Your success is someone else’s miracle
- There is no shame in making money - the shame is making it and not using it to help other people
- Why Jeff started creating quarterly projects to help people in the community
- Jeff had one failed company when he thought people would want to buy clothing online
- Jeff was part of Walker Digital that spun off several companies including Priceline.com
- How Jeff applied entrepreneurial skills to launching media companies
- The importance of studying successful people. Why are some people mroe successful than others?
- Most successful people have a broad curiosity and their funnel takes in more info
- Jeff’s “Info Sponging” technique
- How Jeff defines success: Any person that loves their life the way they and wouldn’t change anything about their past
- What things will you need to have done with your life when you look back one day?
- The importance of spending time with people not like yourself in order to learn more
- The shame in life is not in failing, it is in not trying
- The Legacy Challenge: What would people say about you if you died today?
- What do you wish People would say about you?
- Advice: Don’t believe your career and life have to be separate things
- I "have" to go to work vs. I "get" to go to work
Links:
If you are interested in coaching or have feedback or questions on the podcast, feel free to send me an email: andy@andystorch.com
