Podcast Summary: Your Next Move – Episode: How to Remain Resilient and Relevant Through Challenging Times

Host: Bea Dixon, CEO and Founder of the Honeypot Company
Guest: Chip Conley, Founder of Modern Elder Academy and former founder of Joie de Vivre Hospitality
Release Date: October 15, 2024

Introduction

In this insightful episode of Your Next Move, Bea Dixon engages in a profound conversation with Chip Conley, an accomplished entrepreneur, writer, and mentor. The discussion delves into Chip's multifaceted career, his near-death experience, and the wisdom he has cultivated as a leader. Together, they explore themes of resilience, relevance, and the evolution of personal and professional identity through challenging times.

Early Life and Entrepreneurial Beginnings

Bea Dixon opens the conversation by highlighting Chip's diverse experiences, including his ventures as a writer and founder of multiple businesses.

[01:07] Bea Dixon: "You've been a writer, you've been a hospitality founder, you've sold your company, you've been a mentor to one of the largest, most influential hospitality companies of our decade."

Chip Conley reflects on his early passion for writing and entrepreneurship, noting the societal pressures that initially led him to prioritize business over his creative inclinations.

[02:06] Chip Conley: "In early adolescence, I got embarrassed by the fact I liked writing. Entrepreneurship felt very masculine, so I redirected my creative energy towards business. I started a little restaurant, a neighborhood newspaper, and even hosted a local Olympics for kids."

Building Resilience and Cultivating Wisdom

As Chip transitions into his role as a young CEO, he emphasizes the importance of developing wisdom through experience.

[07:36] Chip Conley: "My biggest lesson was realizing I was not a wise elder when I started. I began maintaining a wisdom book, jotting down key lessons every weekend to cultivate wisdom from my experiences."

Chip underscores that wisdom is accessible at any age, contingent upon how one processes and learns from their experiences.

The Journey with Joie de Vivre Hospitality

Chip recounts the inception and growth of Joie de Vivre, his boutique hotel company, detailing the challenges and successes encountered over 24 years.

[06:03] Chip Conley: "After leaving Morgan Stanley, I joined a small real estate development company to learn the entrepreneurial side of real estate. This experience led me to start Joie de Vivre, one of the first boutique hotel companies, creating 52 hotels in California over 24 years."

He shares lessons learned from turning a failing motel into a thriving boutique hotel, emphasizing the role of psychological principles in business growth.

[10:33] Chip Conley: "I applied Maslow's hierarchy of needs to our employees, customers, and investors, ensuring we met their basic needs while striving to fulfill their deeper, transformative desires."

Mentorship and Transformation at Airbnb

After selling Joie de Vivre, Chip took on a mentorship role at Airbnb, where he played a pivotal part in steering the company through rapid growth and the challenges of the COVID-19 pandemic.

[13:36] Chip Conley: "At Airbnb, I helped transition the company's focus from short-term international stays to long-term domestic relocations during the pandemic. This adaptability was crucial in enabling Airbnb to thrive and eventually go public."

Chip highlights the difference between resilience and adaptability, noting that resilience buys time, while adaptability secures the future.

[19:34] Chip Conley: "Resilience buys you time, but adaptability buys you a future."

Near-Death Experience and Its Impact

A profound moment in Chip's life was his near-death experience, which reshaped his perspective and led to a deeper exploration of purpose and meaning.

[32:58] Chip Conley: "After running Joie de Vivre for 22 years, my near-death experience was a wake-up call. It taught me to let my soul, rather than my ego, drive my life."

This transformative event inspired Chip to establish the Modern Elder Academy, aiming to help individuals navigate midlife transitions with wisdom and purpose.

Founding Modern Elder Academy

Bea Dixon inquires about the genesis of the Modern Elder Academy (MEA), to which Chip responds by detailing his vision to create a "midlife wisdom school."

[26:01] Chip Conley: "I had an epiphany during a run in Baja, realizing the need for a midlife wisdom school. Within six months, we opened a beta version, which evolved into MEA, now with campuses in Baja and Santa Fe, and robust online programs."

He explains that MEA focuses on helping individuals reimagine their lives as they approach the latter half, promoting a growth mindset and regenerative living.

[25:08] Chip Conley: "We help people navigate midlife transitions by reframing their relationship with aging, moving from a fixed to a growth mindset, and embracing a regenerative lifestyle."

Strategies for Founders: Advice and Best Practices

Throughout the conversation, Chip shares invaluable advice for entrepreneurs and business leaders:

1. Cultivating a Strong Culture:

   [47:05] Chip Conley: "Culture eats strategy for breakfast. Invest in the culture of your business to ensure successful execution of your strategies."

2. Balancing Self-Worth:

   [38:26] Chip Conley: "Attach your sense of self-worth to more than just your business. Maintain interests and relationships outside of your company to build resilience."

3. Managing Anxiety:

   Drawing from his book Emotional Equations, Chip presents a practical approach to handling anxiety by dissecting its components.

   [39:41] Chip Conley: "Anxiety equals uncertainty times powerlessness. By identifying what you know, what you don't know, what you can control, and what you can't, you can manage anxiety effectively."

4. Testing Ideas:

   Emphasizing the importance of beta testing, Chip advocates for iterative experimentation to validate business ideas before full-scale implementation.

   [43:16] Chip Conley: "Beta testing helps mitigate risks. Whether through workshops, private trials, or adapting concepts from other industries, testing is crucial for success."

5. Embracing Regret as a Teacher:

   [38:26] Chip Conley: "The regret of not doing something is often more painful than the regret of actions taken. Trust your intuition but minimize risks by not betting the entire company on one decision."

Conclusion: Embracing Wisdom and Adaptability

As the conversation wraps up, Chip reiterates the importance of cultivating wisdom, maintaining a strong organizational culture, and remaining adaptable in the face of change.

[47:37] Bea Dixon: "Humans have souls and intuitions; making cultural investments ensures authenticity and effective service."

[48:44] Chip Conley: "I'm looking forward to helping disrupt higher education and retirement communities by fostering regenerative communities."

Final Thoughts:

This episode of Your Next Move offers a deep dive into the life and lessons of Chip Conley, providing listeners with actionable insights on leadership, resilience, and personal growth. Chip's journey from a young entrepreneur to a sage mentor underscores the value of adaptability, psychological understanding, and the pursuit of meaningful living. His establishment of the Modern Elder Academy serves as a testament to the transformative power of embracing life's transitions with wisdom and purpose.

Notable Quotes:

• Chip Conley on Wisdom:

  "You can be wise at any age. It just depends on how you are metabolizing the lessons and experiences you're having."
  [07:36]

• On Resilience vs. Adaptability:

  "Resilience buys you time, and adaptability buys you a future."
  [19:34]

• On Managing Anxiety:

  "Anxiety equals uncertainty times powerlessness. When you break it down, you can manage it effectively."
  [39:41]

• On Company Culture:

  "Culture munches strategy for breakfast. Invest in your company's culture to ensure your strategies succeed."
  [47:05]

This comprehensive summary captures the essence of Chip Conley's experiences and insights, providing a valuable resource for entrepreneurs and business leaders seeking to navigate challenging times with resilience and relevance.