#198
Wayfair CEO Niraj Shah caught the entrepreneurship bug in his mid-20s, when he and his longtime co-founder Steve Conine sold their first company just a few years out of college. They left the acquirer and independently realized “we absolutely wanted to start something else,” Niraj recalls. “Once you’ve done that, if you enjoy that, it’s very hard to pursue something more traditional.” But the “if you enjoy that” bit really matters: Whenever he’s counseling younger people, Niraj tells them to pursue something they’re genuinely excited about. Otherwise, “it’s going to be very hard for you to do your best work.”
In this episode, Niraj and Joubin discuss shopping malls, employee discounts, working in Boston, family time, Jay Chaudhry, Cornell University, pursuing what you enjoy, fostering trust, family vacations, over-hiring corporate staff, taking market share, the power of ecommerce, ownership mentality, setting priorities, and rapid hiring.
Chapters:
00:51 Wayfair’s first retail stores
05:35 Buying from other stores
08:59 Immigrant entrepreneurship and Niraj’s dad
12:57 Building the flywheel
15:32 Structuring your calendar
17:59 Success and attention
21:47 Niraj’s first business
25:54 His co-founder, Steve Conine
29:58 Wayfair’s operations and the COVID surge
33:52 The home goods market
37:50 Optimizing SKUs
41:21 Specializing, focusing, and problem-solving
44:42 Sustainable work ethic
48:05 AI and personalization
52:42 Who Wayfair is hiring
53:56 What “grit” means to Niraj
Watch video #198 online without registration, duration hours minute second in high quality. This video was added by user Kleiner Perkins 11 July 2024, don't forget to share it with your friends and acquaintances, it has been viewed on our site 339 once and liked it 7 people.