 |
|
|
|||||
At 12, I was walking around a very affluent neighborhood with my father and he said, Mikey, all these people in these nice houses, not one of them could run a gas station. That stuck with me. The gas station test isnt about intelligence or ambition, its about aptitude for running a successful business. As a strong student, then an investment banking analyst, then a private equity associate, I was in this jetstream towards a career in investing. But can investors run gas stations? Does it matter? This concept was always in the back of my mind. I dove so deep into business details as an investor that my interest actually inhibited my performance. I was propelled into the operating world. As someone who made the transition from the investing world, albeit relatively quickly after four years, I get asked a lot about what attributes make someone successful in an operating role versus in an investing one. OPERATORS GO DEEP What stands out to me as the most basic difference between operating and investing comes back to the gas station. Most people in those nice houses I walked by at 12 years old probably werent interested in details like convenience store inventory. When you work in the operating world, you are in the weeds of your business. For example, at SoFi I knew all the nuances of different types of student loan forbearance programs and at Brex I knew the minutiae of the Mastercard transaction chargeback rulesthough not an expectation of my role at either company. This contrasts with my experience as a private equity investor where I look at purchasing a business ranging from a chain of laundromats to Ancestry.com within the same month. In private equity, success often came down to three things: underwriting growth, paying the right multiple, and adding leverage. There is no way to distill what it is like to run a business, especially one as complex as Figure, into such a simple framework. The most successful operators enjoy going deep. PROACTIVITY VERSUS PROCEDURE In terms of behaviors that make someone successful in the operating world, proactivity stands out. My experience in fintech has been that everything is breaking all the time. I wake up each day to problems new and old. While high-growth industries like fintech exacerbate this, all operating roles have all kinds of changing dynamics and customer issues that create challenges. The way to combat this chaos and thrive is to proactively anticipate issues. The moment that most exemplified my proactivity was at Brex when I managed the Silicon Valley Bank fallout. I had been tracking the issues at the bank early, and I was able to swiftly reduce almost all of Brexs exposure, enabling the company to be offensive in the wake of the crisis, and add over $1 billion of deposits in a weekend. On the investor side, work life is a lot more procedural. There is an investment processand that itself differs across private and public investing. But regardless, there is a relatively defined set of steps investors take. Evaluating an investment in a gas station or chain of them is very different than actually operating one. The former allows you to calmly consider the supply and demand dynamics, commodity price forecasts, etc., but there is almost no chance you will be screamed at by an unhappy customer or feel the visceral worry about the liquidity to fund your business. The process is much calmer and more controlled. That doesnt make investing easier, but the challenge is more intellectual rather than operational. PEOPLE MANAGEMENT IS THE JOB The operating world is all about people. The people who get to the top are most often the best managers of people. They know how to set goals and mobilize large teams towards those goals, because, at scale, leadership is less about individual contribution and more about creating the conditions for an organization to succeed. This seems very basic but its at the core of what differentiates operating roles from investing ones. My time as an operator meant managing a range of teams from accountants to mortgage loan officers to executives. The common approach I have taken is to understand peoples motivations and how I can help the company and role best fulfill them. Contrast this to my investor experience, where people management was a very small part of the picture. Most of the people were highly motivated and compensated in a competitive environment. Feedback was rarely given and what determined promotions was opaque. THE POINT IS HOW YOURE WIRED If the idea of going deep on messy details, waking up to problems, and spending most of your time thinking about how to get the best out of other people excites you, you are probably wired to be an operator. You dont need a perfectly defined process to be comfortable; you need ownership. If, on the other hand, you enjoy pattern recognition across new areas of learning, structured decision-making, and optimizing within a defined framework, investing may be a better fit. Its a very real craft, and often very lucrative. Early in my career, I assumed that operating was simply a more hands-on version of investing. Its not. Its a different job entirely. Running a business, whether its a fintech company or a gas station, requires a willingness to live inside complexity rather than analyze it from a distance. Not everyone wants to run a gas station, and thats fine. But if you find yourself drawn to depth over breadth, proactivity over procedure, and people over process, you might want to step out of the jetstream, and into the operators seat. Michael Tannenbaum is CEO of Figure.
Category:
E-Commerce
During his State of the Union address on Tuesday, President Trump made a bold claim about diversity, equity, and inclusion. We ended DEI in America, he said after touting his administrations record on job creation. The remark was an echo of previous claims Trump has made about DEI, which have been critiqued for misrepresenting his legal authority over DEI programs in the private sector. “I’ve ended all of the so-called diversity, equity and inclusion programs across the entire federal government and the private sector, and notified every single government DEI officer that their job has been deleted,” Trump said in a speech last year at the Conservative Political Action Conference. “They’re gone. They’re fired.” Its true that the Trump administrations repeated attacks on DEI have had a chilling effect on corporate America, and have more directly derailed DEI efforts in the public sector. Immediately after assuming office, Trump issued multiple executive orders that targeted DEI, which slashed DEI offices and roles across the federal government and threatened private companies with potential legal action if they maintained illegal DEI programs. The sweeping federal layoffs in 2025 ultimately affected about 277,000 workersincluding those culled from DEI teams at government agenciesand had a disproportionate impact on women and people of color. Under the Trump administration, the Equal Employment Opportunity Commissionthe agency tasked with enforcing anti-discrimination lawshas also adopted an anti-DEI posture. EEOC chair Andrea Lucas has set her sights on DEI-related discrimination, recently mounting an investigation into Nike over its DEI policies, claiming the company had discriminated against white employees and job applicants. Despite these setbacks, however, Trumps actions have not exactly ended DEIfar from it. Some employers, including Google and Meta, have moved away from certain types of DEI programs due to legal risk, whether that means cutting representation goals or no longer tying executive compensation to DEI metrics. But many private companies are still doing the work quietly, or have simply stopped using the term DEI, reframing their efforts as belonging instead. A benchmarking survey that culture and inclusion platform Paradigm put out last year found that federal contractors and large companies were more likely to make more drastic changes to their DEI initiativesbut many others were actually continuing to invest in DEI work; in fact, only 19% of the 400-plus employers surveyed said they were slashing DEI funding. Prominent companies like Apple and Costco have explicitly pledged their support for DEI, and pushed back on activist shareholders who introduced proposals that sought to end their DEI programs. And while public sentiment appears to have shifted on this issue, given the anti-DEI rhetoric from the highest levels of government, many workers still do support the tenets of diversity, equity, and inclusion. In a Gallup poll from last fall, 69% of Americans still agreed that it was important for businesses to promote DEIand that figure was far higher among women and people of color. Trump may believe his policies have ended DEIbut it seems few workers want to live in a country where thats the case.
Category:
E-Commerce
With Netflix now streaming original podcasts and Apple announcing a category-leading video experience on its app this spring, the meaning of the word “podcast” has grown increasingly diffuse. It was much easier to pin down during the mediums mid-aughts infancy. Back then, a podcast was simply asynchronous talk radiothe natural next step after moving from terrestrial radio, to satellite platforms like SiriusXM, to a new and purely digital format that could be downloaded and consumed on demand. In the years since, the definition has vastly expanded. Essentially, any form of episodic audio or video content that involves people speaking into microphones can now be considered a podcast. Weve drifted so far away from the original context and definition of the word that perhaps its time for semantics to catch up. The consumption is moving more and more toward video-based podcasts, says Jonathan Miller, a former Fox digital media and NBA executive and current CEO of Integrated Media Co. At some point, there needs to be a new name. But it’s not going to happen easily. Pivoting to video Originally coined in early 2004 by British journalist Ben Hammersley, the word “podcast” was an ingenious turn of phrase at the time. The punny portmanteau succinctly describes the then-emergent format of a broadcast that emanates from ones iPod. The only problem? That title assumed a world in which iPods hung around for the long haul, rather than entering obsolescence just three years later with the invention of the iPhone. (The iPod ultimately remained in circulation for another 15 years, until Apple ceased manufacturing them in 2022.) Anyone on the younger end of the prime podcasting demographic of 18 to 34 years old has likely never used an iPod, and might regard one with the same anthropological curiosity they would a VCR or rotary phone. If the podcasts outdated nominal inspiration werent enough reason for a rebrand, though, the popularity of video may be what cinches it. As more and more podcasters have started putting their shows on camera, YouTube has become the top podcast platform in the U.S., with over 1 billion active users logging on for them each month. Meanwhile, Apples audio-only app loses a little more of its market share every year, going from 15.7% of monthly podcast listeners preference in 2022 to 11.3% in 2025. Perhaps the companys forthcoming video experience will help Apple regain some of that groundif Netflix and its competitors all inevitably throwing their hats in the ring doesnt erode that number further. But if a podcast is no longer something audiences hear but watch, is it even the same medium? “What were witnessing isnt a departure from podcastingits an evolution, says Matt Sandler, general manager of creator services at Amazon. The content itself has evolved from interviews into ensemble conversations, documentary-style storytelling, live experiences, and hybrid shows that blur the lines between what weve traditionally seen on social [media], podcasts, and TV. As a result, podcasts have naturally moved from audio-only experiences to screens. As popular as the video format is getting, not everyone sees it as a full industry takeover. I don’t see a pivot to video but an addition, says Adam Curry, the former MTV VJ whose early adoption of podcasting earned him the nickname “The Podfather.” Of course, the addition of video to an audio format has always been disruptive, to say the least. The revolution will not be podcasted Before it became known as television, one of the inventions developers, Charles Francis Jenkins, dubbed it “radiovision.” There must have been very little doubt among the public about which technology TV was intended to replace. The introduction of TV solved the problem of how boring and undynamic it must have been to gather ones family around a radio and listen to Fibber McGee and Molly on a Thursday night. It created a dazzling new galaxy of programming possibilities that revolutionized show business, and just about every other kind of business. TV obviously didnt kill radio, but it drastically diminished radios appeal and quickly supplanted it as the top option for home entertainment. Among the reasons radio has flourished well beyond TVs invention is because people also wanted to be entertained outside the home. It turned out there were many situations where the dynamism of a visual component proved unnecessarywhile driving, working, or shoveling snow, for instance. The main distinction between the rise of video podcasts and the rise of television is that, unlike the medium that TV disrupted, podcasts were originally made precisely for such moments of divided attention. People mostly consume them while their eyes are focused elsewhere. In fact, according to a YouGov survey from 2023, the topmost popular podcast-consuming situations are while doing chores, commuting, or working out. I want something I can listen to like an audiobook when Im driving, riding the subway, or walking in the park, says Dave Winer, a software developer, writer, and pioneering podcaster. Though its technically possible to watch a long-form podcast while doing all those things, its not exactly practical. Still, the medium is now in a weird straddling moment in which many podcasters have not yet figured out for which of their audiences senses theyre primarily creating content. Its now quite common for the hosts of a podcast to pantomime actions, make faces and hand gestures, or employ some other visual aid that provokes an in-studio laugh, followed by a reflexive explanation to our listeners about what just happened on-screen. Will they eventually stop explaining? Or will they instead stop playing to the camera? Either way, it might be helpful to know that not as many people may be watching podcasts as it seems. According to Triton Digitals annual podcasting report, only 7% of audiences exclusively watch their favorite podcasts, while 13% exclusively listen to them, and the remaining 80% now alternate between the two options. These results hint at an epidemic of video podcasts playing inside listeners jean pockets as they go about their business. Maybe not for long, though. Whats in a name? Whichever way people prefer to onsume video podcasts, the popularity of these shows has big business implications. As the recent cancellations of both Kelly Clarksons and Sherri Shepherds TV talk shows indicate, podcasts are coming for daytime TV. Theyre also coming for the ailing late-night TV industry, and any other talky TV format that could technically be made with a tiny crew and no union involvement. (After launching without union coverage and incurring some blowback, Netflixs The Pete Davidson Show has since signed with SAG-AFTRA.) Talk television is set to become a derivative of video podcasting, Integrated Media’s Miller says. Fewer traditional talk show options will inevitably mean more video podcasts with high-wattage guests, like Amy Poehlers Good Hang and Matt Rogers and Bowen Yangs Las Culturistas. That means more people will likely start consuming their podcasts on smart TVs while curled up on the couch with a second screen. In a scenario where that mode of consuming podcasts becomes more dominant, the word podcast will feel even more dissonant than it does now. Part of the reason any medium needs a definitive name is to quantify audience consumption for advertisers. As an industry, video podcasts are now roughly at the point where streaming series were at about a decade ago, when it was still common to call them TV shows. Nielsen Media Research struggled to adjust its language when TV moved to streaming, and remains stuck in a swamp of acronyms like SVOD (subscription video on demand), OTT (over-the-top), and CTV (connected TV) content. Keeping the podcast label would cleanly delineate shows like the Kelce brothers New Heights and Alex Cooper’s Call Her Daddy for the remaining years of linear television. But if the word were to be replaced, what would we start calling podcasts instead? We might call it social media TV, says Henry Jenkins, a media studies professor at the USC Annenberg School for Communication and Journalism. The format is a longer and mostly unedited discussion compared to whats possible via broadcasting. Its consumed asynchronously. Both of these overlap with podcasts as we have understood them.” But with video, the medium is now yet another step removed from that original meaning, adds Jenkins. “What I like about social media TV is that it conveys the hybrid nature of this new format. I much prefer understanding it as something new than to allow it to define what podcasting becomes. Miller thinks a potential linguistic change might be simpler, though. What a podcast really refers to is a unit of somethingone pod is one episode, he says. So maybe, at the end of the day, they simply become known as episodes. Just because video podcasts have become the dominant commercial format, thoughto the point of possibly redefining the mediumdoesnt mean the original format is on its way out. If podcasting becomes video, and audio podcasting disappears . . . we’ll just boot up podcasting again with a different name, Winer says. But dont be surprised if the word sticks around as the industry evolves around it. We still use paper clip icons to attach a file, and a floppy disc icon to save something, Curry notes. Similarly, theres a reason why iPhones still have the word phone in them, even though making phone calls is now among the devices more marginal functions. Sometimes, words continue to survive long after the idea that inspired them becomes redundant. One such word, which originally referred to sowing seeds by scattering them over a wide area, is “broadcast.”
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||