David Senra - In Service of Founders

In this deep dive, Patrick O'Shaughnessy converses with David Senra, a dedicated chronicler of entrepreneurial history through his podcast 'Founders'. Senra, driven by a passion for learning from history's titans, shares insights from the lives of diverse figures like Christopher Nolan, Enzo Ferrari, and Napoleon. He emphasizes the transformative power of podcasts as educational tools and reflects on his own journey, from toiling in obscurity to influencing some of the world's most successful individuals. Senra's relentless pursuit of knowledge and personal growth, coupled with his commitment to sharing lessons with fellow entrepreneurs, underscores the impact of dedication and the pursuit of one's life's work.

• Tegus is an investment research platform with a rapidly expanding library of over 100,000 transcripts.
• The platform grows eight times faster and adds twice as much monthly content as competitors.
• Tegus offers 75% of private market transcripts exclusively, providing unique insights.
• They provide a free trial at tgus.com.

"With over 25,000 transcripts added just this year alone, what sets Tegus apart? It's not just the sheer volume, it's the unmatched speed at which our library expands, consistently outstripping competitors."

This quote highlights Tegus's competitive advantage in terms of the speed of library expansion and volume of content.

• Patrick O'Shaughnessy is the CEO of Positive Sum and O'Shaughnessy Asset Management.
• Opinions expressed are personal and not reflective of the companies mentioned.
• The podcast is informational and not for investment decision basis.
• Clients of the companies may hold positions in discussed securities.

"All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum or O'Shaughnessy Asset Management."

This quote clarifies that the opinions in the podcast are personal and not official statements from the companies involved.

• David Senra focuses on sharing lessons from history's greatest entrepreneurs.
• His podcast, Founders, has grown significantly in audience since joining Colossus.
• A live show with David Senra is scheduled in New York City.

"Every week for the past seven years, he has shared the lessons of history's greatest entrepreneurs on his podcast called Founders."

This quote describes the purpose and consistency of David Senra's work on his podcast.

• David Senra reflects on how his work has evolved and reached a larger audience.
• He emphasizes the importance of focusing on one's interests and learning from history's great figures.
• Senra's work has led to interactions with influential individuals like Charlie Munger and Sam Zell.

"I think the thing that sticks out the most is how wrong I was about the good idea I had was, okay, let me lock myself in a room, let me read compulsively, let me follow my natural interests, let me read biographies of some of the people that achieved the greatest things in the world, and then once a week, sit down and record what I learned."

This quote reflects on David Senra's initial approach to his work and how it has evolved to reach a broader audience.

• David Senra believes in the transformative power of podcasts as educational tools.
• He encourages young people to leverage free resources like podcasts for learning.
• Senra compares the knowledge gained from podcasts to formal education, emphasizing its value and accessibility.

"I think podcasting is a giant technological revolution. I think it's printing press for the spoken word."

This quote expresses Senra's view of podcasting as a significant advancement in disseminating knowledge.

• Entrepreneurs must be able to focus and make themselves easy to interface with.
• David Senra uses examples like Steve Jobs and Jeff Bezos to illustrate the importance of clarity and focus.
• He believes that being easy to interface with has contributed to his success and network growth.

"What would Steve Jobs do if he was in my position? What would Charlie Munger do? What would Sam Zell do? What would Edwin Land do? What would Estée Lauder do?"

This quote demonstrates how Senra uses the lessons from historical figures to guide his focus and decision-making.

• Storytelling is crucial for entrepreneurs to attract investment and customers.
• Great entrepreneurs create narratives that invite people into their world, making them part of a legend or story.
• David Senra sees storytelling as a blueprint for success that can be learned from past entrepreneurs.

"The storyteller is the most powerful person in the world."

This quote, attributed to Steve Jobs, underscores the influence of storytelling in entrepreneurship.

• Entrepreneurs like Enzo Ferrari and Ettore Bugatti built physical worlds that reflected their brands and values.
• David Senra views all entrepreneurs as world builders, whether through physical or ephemeral means.
• He discusses the integration of work and life, and the creation of a harmonious environment for creativity and business.

"The reason I'm obsessed with reading some of my favorite genre of biographies or filmmakers, because I consider all entrepreneurs as world builders."

This quote ties the concept of world building to the broader entrepreneurial spirit and the drive to create and control environments.

• George Lucas invested the profits from his successful movies into a physical location that enhanced his work.
• This investment created a self-sustaining ecosystem that fed on his creative output.
• The physical location is an extension of the creator's world, adding tangible value to their work.

"What you're doing, reinvesting your profits into a physical location that can then feed on your work, and it just makes everything you're doing better."

• The quote explains the strategic advantage of reinvesting profits back into one's own business, creating a space that enriches the creator's output and work environment.

• Entrepreneurs like George Lucas and Ettore Bugatti created worlds around their businesses, integrating their personal interests and lifestyles.
• Bugatti owned an inn and rode horses to inspire problem-solving before returning to his factory.
• This approach to business and life creates a cohesive and immersive experience that reflects the founder's personality.

"And then all of a sudden, like, you're walking across the field and you see him take off on his horses."

• This quote illustrates how Ettore Bugatti integrated his personal life with his business, using horse riding as a method for inspiration and problem-solving.

• Great founders and investors share more similarities with each other than with average people.
• They are voracious readers, deeply curious, and treat the world as their classroom.
• They apply knowledge from various sources to their businesses, using ideas and metaphors to strengthen their work.

"They are more alike to each other than they are to the average person."

• This quote highlights the similarity in mindset and behavior among successful founders and investors, differentiating them from the general population.

• The myth that the best entrepreneurs are very young is debunked by the fact that many successful entrepreneurs started later in life.
• Examples include Estée Lauder and Michael Bloomberg, who both achieved significant success later in their careers.
• The key to success is a burning desire to achieve mission success, with a focus on serving others through products.

"Nobody does their best work when they're 20 or 25, they may start it or whatever the case is."

• This quote challenges the common misconception that youth is a prerequisite for entrepreneurial success, emphasizing that many successful entrepreneurs find their stride later in life.

• Successful individuals take the time to understand themselves, which reflects in their work.
• Their work is often a direct expression of their personal tastes and judgment.
• Self-knowledge allows individuals to trust their own judgment and produce work that resonates with others.

"I actually think the important ingredient is they took more time to know themselves."

• This quote suggests that self-awareness and self-knowledge are critical components of success, as they enable individuals to create work that is authentic and compelling.

• Filmmakers like Christopher Nolan and James Cameron knew they wanted to be filmmakers from a young age and dedicated their lives to achieving that goal.
• Their stories exemplify high agency and resourcefulness, as they overcame obstacles to create their films.
• Filmmakers' early clarity on their career path is unique and drives their entire life's work.

"The bizarre thing about filmmakers is you go back and read Spielberg, Coppola, Cameron, Nolan, George Lucas, every single one I've read so far. And it's like they knew they wanted to be a filmmaker when they were, like, a kid."

• The quote highlights the distinctive characteristic of filmmakers who often have a clear vision of their life's work from a very young age, setting them on a determined path to success.

• Highly driven individuals often face challenges in their personal lives, such as multiple marriages or being difficult spouses.
• Their relentless pursuit of their goals can come at the expense of personal relationships.
• The dark side of success can include a lack of compromise and an intense focus on one's ambitions.

"High agency, highly disagreeable, adamant about getting his way. These are usually bad husbands, bad spouses."

• This quote acknowledges the potential negative impact of an individual's extreme drive and ambition on their personal relationships, indicating that such traits can make for difficult personal partnerships.

• Athletes like Michael Jordan and Tiger Woods are driven by an intense competitive nature.
• Their upbringing and early life experiences play a significant role in shaping their drive and competitiveness.
• The story of the father is often embedded in the son, influencing their pursuit of excellence and success.

"The story of the father is embedded in the son, as in every single biography, it's what people resonate the most."

• This quote emphasizes the profound influence of parental figures in the development of an individual's drive and ambition, particularly in the context of successful athletes.

• Successful individuals often desire to make their families proud and leave a legacy that reflects their values and achievements.
• The true measure of success can be seen in how one's children view them, rather than in material wealth or public recognition.
• The work of individuals like Sol Price is celebrated by their children, indicating a life well-lived and a successful legacy.

"If you get to the end of your life and your kids write that about you, you won. And I don't give a fuck if you have $50 billion."

• This quote asserts that the true mark of success is not in one's financial wealth but in the positive impact and lasting legacy one leaves on their family.

• Discussion of how tough relationships, like those of Michael Jordan and Tiger Woods, correlate with high levels of success.
• Question raised about whether more nurturing relationships can also lead to similar levels of excellence.
• Mention of a quote on envy, suggesting one should only envy a person if willing to accept their entire life, not just parts of it.
• Acknowledgment that few would desire the full extent of Tiger Woods' life despite his success.

"Are there examples of the opposite, where the relationship is more like the one you just described with Sol Price or the one that you're seeking to achieve with your kids, that led to the same sort of excellence that these very tough environments led to?" "There was a great line I heard recently from a friend and mentor of mine, which is around the notion of envy. And his beautiful little idea was, you are allowed to envy somebody. If you envy the entire life, you're not allowed to envy pieces of it."

• The quotes discuss the contrast between nurturing relationships and challenging ones in the context of achieving greatness.
• The second quote introduces the concept of holistic envy versus selective envy, particularly in the context of emulating successful figures.

• No clear examples provided of success stemming from positive parental relationships.
• Reflection on the motivation to surpass a successful parent's achievements, using Churchill as an example.
• The concept that fear of failure can be a stronger motivator than the love of success is introduced.
• Personal fear of not living up to one's potential is highlighted as a significant driver.

"Can't think of a single example. I'm sure there is nothing comes to mind right away. I have to go through all my episodes and really think about it." "I think a lot of people are actually just, like, terrified. I'm terrified to be a failure. Biggest fear I have is that I'm not gonna live up to my potential."

• The first quote indicates a lack of immediate examples where positive parental influence led to exceptional success.
• The second quote reflects the idea that fear of failure can be a more compelling motivator than the pursuit of success.

• Discussion about historical figures categorized as "conquerors" like Alexander the Great, Napoleon, and business tycoons like Vanderbilt.
• Observations on how conquerors and business magnates of the past were more extreme compared to today's figures.
• The influence of Napoleon on the history of entrepreneurship and personal development is examined.
• The importance of understanding influential figures to comprehend current leaders and innovators is emphasized.

"So, Alexander the Great, Napoleon. I've done a bunch of episodes, I think, on both of them." "If Napoleon was a businessman, he'd be the greatest businessman that ever lived."

• The first quote lists examples of historical conquerors studied in podcast episodes.
• The second quote hypothesizes about Napoleon's potential success in business, reflecting on his significant influence on historical figures and entrepreneurs.

• The speaker expresses a desire to understand and learn from influential figures like Napoleon and Churchill.
• The impact of Napoleon's philosophy on the speaker's perspective on personal visibility and ambition is discussed.
• The speaker shares a personal anecdote about almost collaborating with Sam Zell before his passing, highlighting the importance of sharing knowledge for future generations.
• The concept of service and the idea that money is a natural result of service is reiterated.

"Napoleon really made me realize, don't hold yourself back, because there is a weird hesitation with me." "Money comes naturally as a result of service."

• The first quote reveals how Napoleon's views influenced the speaker's approach to self-promotion and ambition.
• The second quote encapsulates the speaker's belief that financial success is a byproduct of providing value to others.

• The speaker shares their personal ranking of money, fame, and power as motivators.
• A discussion ensues about how individuals often have misaligned stated and revealed preferences regarding their motivations.
• The idea that entrepreneurship is not solely driven by money but by a passion for the product and service to others is discussed.

"The reason I said money at the top is because when you grow up with an absence of it, you realize how powerful money is." "The only people I'm really interested in, I talked about this. Everything comes down to me is products."

• The first quote explains the speaker's prioritization of money as a means to control and security, not materialism.
• The second quote emphasizes the speaker's focus on the product as the primary expression of service and value in entrepreneurship.

• The speaker reflects on individuals who have devoted themselves to a cause greater than personal gain.
• Henry Ford is highlighted as someone who focused on a singular idea and changed the world.
• The concept of becoming a more perfect instrument for one's devotion is discussed, along with the importance of legacy and service in entrepreneurship.

"I mentioned Henry Ford earlier. I think he's the greatest example." "Money comes naturally as a result of service."

• The first quote identifies Henry Ford as an exemplar of someone who honed themselves for their greater purpose.
• The second quote reiterates the belief that financial success is secondary to the service provided by entrepreneurs.

• Consistent improvement and long-term commitment are essential in building a great company.
• Henry Ford had a singular focus on creating a car for the average person, recognizing the disparity between car prices and average earnings.
• Ford's motivation wasn't purely financial, despite becoming very wealthy; his goal was to improve the quality of life by reducing manual labor through mechanics.

"Things well and do it over a long time and keep getting better at it, that's how you build a fantastic company, right."

• This quote emphasizes the importance of continuous improvement and dedication in building a successful company.

"What I think about him is he literally had one idea when he was a young man... I want to make a car for the everyman."

• The speaker reflects on Henry Ford's vision to create an affordable car for the average person, which was a revolutionary idea at the time.

"You can't say he did it for money, even though he's one of the richest people on the planet."

• Despite his wealth, Henry Ford's primary motivation was not financial gain but rather to see his vision of an accessible car come to fruition.

• The content one consumes can profoundly influence their thoughts and actions.
• The speaker is cautious about the quality of content they produce, aiming to positively impact listeners with good ideas and stories.
• People can adapt to and normalize even unpleasant conditions, as exemplified by early car manufacturers and the acceptance of horse waste in city streets.

"Which is why I'm so paranoid about the quality of what I put into my podcast. Because the mind is a powerful place in which you feed. It affects you in a powerful way."

• The speaker highlights their concern for the quality of content in their podcast, aware of the significant impact it can have on listeners.

"What's fascinating is you'd be shocked at what people can get used to."

• This quote discusses the human ability to adapt to and normalize even undesirable circumstances, such as the prevalence of horse manure in cities before cars.

• Entrepreneurs and investors may understand the value of prioritizing one's own opinions over others, especially when innovating.
• Henry Ford faced opposition for his car idea, as most people were resistant to change and content with the status quo.
• Believing in one's own opinion, despite others' objections, is a key trait of successful innovators and entrepreneurs.

"I truly believe that you should believe that your opinion is more important than any opinion around you, because I've seen this example over and over again."

• The speaker expresses the belief that an individual's conviction in their own ideas is crucial, especially when facing widespread skepticism.

• High agency individuals respond to rejection by seeing it as a step closer to their goal.
• The speaker admires people who see opportunities where others see nothing, as exemplified by entrepreneurs like Rockefeller and Samuel Zemurray.
• Zemurray's story showcases extreme high agency, from starting with nothing to becoming a powerful figure capable of influencing governments.

"When you're told no, what's your next response? For these people, it's like, no is just the first step and then move on to the next."

• This quote defines high agency individuals as those who view rejection not as a setback but as a step forward.

"I love these people that see opportunities where other people see nothing."

• The speaker appreciates individuals who can identify and seize opportunities that others overlook.

• All humans have a dark side, which can manifest even in good people.
• The speaker acknowledges the darker aspects of human behavior, such as dishonesty, corruption, and violence throughout history.
• Recognizing the potential for darkness in oneself and others is important, even while striving to be a good person and serve others.

"There is always a dark side to people, even good people."

• The speaker admits that every individual, regardless of their general goodness, has a darker aspect to their nature.

"Self-interest rules the world. And the dark side is that you can be so preoccupied with what you're trying to achieve that you light everything around you on fire."

• This quote suggests that the pursuit of self-interest can sometimes lead to destructive behavior, a reality that the speaker finds unsettling.

• The speaker relates to characters from Game of Thrones who demonstrate intelligence by knowing what they want and achieving it.
• Bronn's rise from poverty to power is highlighted as an example of navigating life with intelligence.
• Entrepreneurs often share this trait of ambition and the ability to create opportunities from seemingly nothing.

"That's how all the great fortunes started, isn't it? With a hard bastard that was a cutthroat."

• This quote from Game of Thrones is used to illustrate that many great family fortunes and businesses began with someone who was ruthless and ambitious.

"It's so arrogant for an entrepreneur to say, this is what I love about it. Oh, I have an idea that doesn't exist in the world and I'm going to marshal all my resources to make it real, fundamentally, saying I notice an opportunity and nobody else does."

• The speaker admires the boldness of entrepreneurs who see opportunities where others do not and dedicate themselves to realizing their vision.