Digital Social Hour Podcast Summary
Episode: Why A-Players Never Need to Look for Jobs (CEO Reveals) | Nathan Chan DSH #1001
Host: Sean Kelly
Guest: Nathan Chan, CEO of Founder
Release Date: December 21, 2024
Introduction
In the 1001st episode of the Digital Social Hour, host Sean Kelly welcomes Nathan Chan, the CEO of Founder, marking the first time Sean hosts a guest from Australia. This milestone sets the stage for an insightful conversation about entrepreneurship, overcoming cultural barriers, and building sustainable businesses in the digital age.
Entrepreneurship in Australia: Overcoming the Tall Poppy Syndrome
Timestamp: 03:24
Nathan Chan opens up about the unique challenges of being an entrepreneur in Australia, particularly highlighting the Tall Poppy Syndrome—a cultural phenomenon where individuals are criticized or cut down for their success.
Nathan Chan (03:24): "We have something called Tall Poppy syndrome. It’s where culturally, you’re often put down if you want to achieve great things or build something massive."
Sean and Nathan discuss how this societal mindset can discourage aspiring entrepreneurs from pursuing ambitious ventures. Despite these cultural hurdles, Nathan's early entrepreneurial spirit—selling PlayStation games and other items in school—laid the foundation for his later success.
Building Founder: From Digital Magazine to Membership Platform
Timestamp: 04:06
Nathan shares the origin story of Founder, initially a digital magazine named "Key to Success." His passion for interviewing successful founders led to the creation of content that resonated deeply with aspiring entrepreneurs.
Nathan Chan (04:06): "I started Founder purely out of the desire to define work that I enjoy. Life is too short to not do work you don’t enjoy."
After interviewing influential figures like Richard Branson, Founder quickly gained traction, becoming one of Australia's leading entrepreneurship magazines. However, recognizing the evolving digital landscape, Nathan pivoted Founder from a magazine to a membership-based platform known as Founder Plus.
Nathan Chan (08:00): "We just use the magazine as lead gen. The real focus is now building our membership site, a masterclass for entrepreneurship."
Founder Plus offers courses and interactive content from successful founders, providing members with actionable insights and mentorship opportunities akin to a "masterclass for entrepreneurship."
The Art of Storytelling and Deep Conversations
Timestamp: 15:50
A significant portion of the discussion revolves around Nathan's approach to interviewing high-profile entrepreneurs. He emphasizes the importance of storytelling and eliciting vulnerability from guests to uncover the true struggles behind their successes.
Nathan Chan (15:57): "We’re really about the storytelling. The more we can get the guest to share the difficult stuff, the better."
Nathan spends considerable time preparing for interviews, aiming to extract genuine stories of adversity and resilience. This approach not only humanizes successful founders but also provides relatable lessons for listeners.
Nathan Chan (16:27): "Every single founder has gone through times where they almost gave up. If you don’t experience those moments, maybe you’re not pushing hard enough."
Building a Sustainable E-commerce Brand vs. Drop Shipping
Timestamp: 13:45
Nathan differentiates Founder’s methodology from trends like drop shipping, advocating for the creation of sustainable brands rather than short-term, high-risk ventures.
Nathan Chan (13:54): "We teach people to build a sustainable brand, solving a problem instead of just finding a trending product."
He argues that while drop shipping can be an excellent starting point for understanding product-market fit and media buying, long-term success hinges on owning customer relationships and building scalable assets.
Nathan Chan (14:42): "Our whole methodology is building a brand, solving a problem, not just finding some product that you can just trend with."
Effective Talent Acquisition: Warm Referrals Over Job Boards
Timestamp: 24:35
A key topic is the strategy behind hiring top-tier talent. Nathan underscores the effectiveness of warm referrals compared to traditional job boards, likening high-performing individuals to "A-players" who often don’t actively seek new opportunities.
Nathan Chan (24:35): "The best way is through the network. Most game-changing hires come through my network."
He highlights that exceptional talent typically knows their worth and prefers roles that offer aligned incentives and growth opportunities, making referrals a more reliable source for hiring outstanding employees.
Nathan Chan (25:26): "A-players don't need to look for a job. The next job finds them."
Leveraging Content for Maximum Distribution and Brand Trust
Timestamp: 28:00
Nathan elaborates on Founder’s content strategy, focusing on leverage and distribution. By repurposing interviews into podcasts, articles, social media posts, and more, Founder maximizes the reach and impact of each piece of content.
Nathan Chan (28:05): "I could take one piece of content and turn it into 30 pieces of content."
This multi-channel approach not only increases brand visibility but also establishes trust through association with high-profile and respected entrepreneurs. The consistent output of quality content has been pivotal in building Founder’s reputation and expanding its community.
Nathan Chan (29:59): "These guys are effectively ambassadors for our brand. People know the brand because of the incredible people we've featured."
Navigating the Challenges of Digital Platforms and Content Saturation
Timestamp: 37:49
The conversation shifts to the dynamics of digital platforms like YouTube and TikTok. Both Nathan and Sean express concerns over content saturation and the declining effectiveness of traditional long-form content due to shorter attention spans fostered by platforms like TikTok.
Sean Kelly (37:28): "YouTube views are down. I've talked to so many YouTubers; they're down like 60% on average."
Nathan acknowledges the difficulty in maintaining visibility amidst the overcrowded digital space but remains optimistic about adapting strategies to continue reaching their audience effectively.
Nathan Chan (38:28): "It's a hard platform to conquer, but we're starting to work it out."
The Importance of Exceptional Talent and Building a Strong Company Culture
Timestamp: 22:40
In discussing company growth, Nathan emphasizes the critical role of exceptional talent and a robust company culture. He advises aligning employee incentives with business goals and fostering an environment where top performers are motivated to contribute meaningfully.
Nathan Chan (24:31): "Good people know their worth. They understand how to align their goals with the business."
Nathan also touches on the significance of creating a community-focused culture, which aligns with Founder’s niche in e-commerce, enabling targeted support and engagement for its members.
Branding Insights: The Power of a Simple, Memorable Name
Timestamp: 30:00
Nathan recounts a pivotal moment in Founder’s history when a trademark lawsuit forced him to change the publication’s name from "Key to Success" to "Founder." This change, although initially challenging, ultimately strengthened the brand by adopting a simple, memorable, and powerful name.
Nathan Chan (31:34): "I just changed the name. Founder was the best thing that ever happened to me."
He reflects on the broader branding landscape, noting that one-word brand names like Google, Facebook, and Snapchat tend to be more memorable and impactful.
Nathan Chan (32:10): "Most brands are one word. Ideally no more than five letters. It just flows well."
Conclusion and Key Takeaways
Throughout the episode, Nathan Chan shares valuable insights into:
- Overcoming Cultural Barriers: Navigating societal challenges like the Tall Poppy Syndrome to pursue entrepreneurial ambitions.
- Content Strategy: Maximizing content leverage through multi-channel distribution to build brand trust and community.
- Sustainable Business Models: Focusing on long-term brand building over short-term trends like drop shipping.
- Talent Acquisition: Prioritizing warm referrals and network-based hiring to secure top-tier talent.
- Storytelling in Leadership: Utilizing deep, authentic conversations to humanize successful entrepreneurs and inspire listeners.
- Branding Excellence: Emphasizing the importance of a simple, memorable brand name for lasting impact.
Nathan’s journey from launching a digital magazine to establishing a leading membership platform exemplifies the blend of resilience, strategic pivoting, and a commitment to providing genuine value to the entrepreneurial community.
Nathan Chan (41:29): "Want to learn how to start or grow an e-commerce business? We'd love to support you on the journey. We put out a lot of content around business entrepreneurship."
For aspiring entrepreneurs and professionals seeking to thrive in the digital landscape, this episode offers actionable takeaways and inspiring narratives that underscore the essence of building and sustaining a successful business.
Listen to the full episode here
Follow Founder:
Website: Founder.com
Social Media: Founder on LinkedIn
This summary encapsulates the key discussions, insights, and conclusions from the podcast episode, providing a comprehensive overview for those who haven’t had the chance to listen.