Talking about the relationship between physical bookstores, creator economy and venture capital, and a week of miscellaneous thoughts

My favorite writer and anchor, and a practitioner of Stocism, Ryan Holiday opened a physical bookstore during the epidemic. The following is his experience and lessons in running a bookstore in the past two years. A brief compilation:

The Stoic philosophy holds that it is only in the face of difficulty that one can truly recognize one’s own strength.

Three years ago, my wife and I popped up with the wildest idea of ​​our lives: opening a bookstore in Barstop, Texas.

The difficulty of running a small business is obvious, but to say it has been a challenge running a bookstore in a rural Texas town during the pandemic would be an understatement.

We learned a lot about business, books, and personal abilities. I want to share the experience and lessons we have learned in the past two years here, and I hope you can learn from it and create something you think is cool.

1. Anything can be a good business opportunity. Many people open bookstores out of interest or hobby, but we take this business very seriously, just like writers regard writing as a job, and opening a bookstore is our job.

2. To me, a bookstore is not just a place to sell books, it’s our office, where podcasts are recorded and YouTube videos are made. We also rented out part of the space to a record store, so we had multiple ways of doing business, and if one project failed, we still didn’t lose too much money.

3. On the Daily Stoic podcast, Oscar winner Matthew McConaughey and I share a framework for thinking about big decisions. He told me that he has a reputation in Hollywood as being “fast no, slow yes,” giving him about two weeks to think before he says “yes” to something to see if it’s going to keep him up all night. Can’t sleep, make a decision.

4. Focus on goals. What is the metric of success for you? Knowing why you are doing something and how you measure success will help you calibrate your decisions. Our goal in opening a bookstore is to sell books we like and recommend, to make our communities better, and to challenge ourselves. As long as we don’t lose too much money, it’s a win.

5. People in my small town care deeply about what other people think. When you start something, you get a lot of opinions from locals, but they shouldn’t be your concern. We must look forward, go far away, and don’t be limited by narrow thinking and the environment.

6. During the worst period of the global epidemic, we decided to postpone the opening. Even after the Texas government lifted the epidemic control measures last year, our bookstore still insists on implementing safety and hygiene measures. Although some people were puzzled and angry about our decision, and even lost some business because of it, I think the most important thing is to have no conscience. Because in the long run, protecting the health and safety of the community and employees is the key to business development.

7. Be wary of the risk of mission creep. Our original plan was to only sell my favorite books and books I’ve recommended in my mailing list. The thing is, I’m always discovering new favorite books as I go along, so the store keeps growing. In the military, they call this phenomenon “mission creep,” which means that it’s difficult to predict exactly where things will go, and that targets tend to expand gradually as the mission or battle progresses. If you are working on a project, you need to pay special attention to this.

8. There’s a story about Nike CEO Mark Parker who asked Steve Jobs for advice when he first took the job. Jobs told him, “There’s only one thing. Nike makes some of the best products in the world. They’re irresistible. But Nike also makes a lot of crap. You need to get rid of the bad ones. Focus on making great products.” Parker recalls, “He was right. We were always sifting.” In my case, I needed to keep sifting through books, too. A book cannot be kept forever just because it sold well in the past, we must always pay attention to and select high-quality books.

9. Every time I go into the store, people get excited and ask me a lot of questions about the bookstore and writing. But every time my wife is in the store, people ask her, “Where’s your baby?” I’ve never been asked that. This reminds me that we need to recognize our own strengths and privileges, that this society is not all equal and everyone is on the same starting line.

10. The problem I have been facing is all the people who come to the bookstore to ask me for advice. At first, it makes me feel good about myself, but if I spend 20 minutes for everyone, my day goes by in no time. That means sometimes I have to be rude…if I don’t, the time I have for writing and my family and myself suffers.

11. If you are successful, share it with your team. Give them a raise or a bonus. If you don’t, then you’re making a mistake, the team and people are what count, not short-sighted profitability.

12. A few weeks ago, one of my employees made a bad decision that cost me $7,000. This was hard for me to swallow, and then I remembered the story of the late IBM CEO Tom Watson. In the 1960s, when Watson’s company lost $10 million because of a mistake, he called an executive into his office. The man thought he was going to be fired, but Watson told him, “Fired? I paid $10 million to train you, and now I just want to make sure you learned the right lessons.”

13. Building a book tower in a bookstore was one of the best decisions I have made since opening a bookstore. It stands 20 feet tall and was made from about 2,000 books, 4,000 nails and 40 gallons of glue. Building the book tower is expensive and laborious, but the payoff is high because people take pictures of it as soon as they enter the bookstore. Book Tower has become one of our best marketing tools.

14. We put a tree inside the bookstore for the same reason. We picked up a tree in the field and dragged it all the way down the main street to the store, and people on the street surrounded us asking what we were doing. We explained that we were going to put it in the bookstore and it would look like it was growing from the ceiling. Wow, people will exclaim, this is amazing. I once wrote that if you want to be in the news, you have to do newsworthy things. If you want to get noticed, you have to do compelling things.

15. Hemingway once said, “All first drafts are rubbish.” I like the way my bookstore looks now, but it took years of iterations to get it. Renovating a bookstore has always been a process of continuous improvement, growth and change.

16. The Odyssey is about 2800 years old and just yesterday we sold another copy. There is a Latin proverb that goes well, “Ars longa, vita brevis. Art is long, life is short.” Never underestimate the power a new packaging can have on something classic and old.

17. When we notice a drop in sales, we adjust the placement of items in the store. I don’t know why, but it seems to create a new energy, both for the customers and for the staff.

18. “I’ve always wanted to do that” is the first thing people say when they hear we’ve opened a bookstore. That’s a sad statement. If you want to do something, do it. I’m not saying it’s going to be easy or fun, but as the Stoic philosopher Seneca said, one thing all fools have in common is that they’re always telling themselves that one day it will come.

19. Whenever I want to do something, I need to make a yes or no decision. From dropping out to leaving the company to become a writer to opening a bookstore, these were turning points in my life and moments where I had a hard time making decisions. If you only do things that you have full control over, you will miss out on many great experiences.

20. I have found that those who are successful in one career carry their high standards to new projects. When you have too high expectations of yourself, it is difficult to accept some sub-satisfactory or ordinary things. However, most tech startups think about an imperfect minimum viable product (mvp). Hemingway also said that you have to be happy with your crappy first draft.

21. When I was considering opening a bookstore, I sought advice from James Creel, Mark Manson , Shane Parrish , and Tim Urban, and they all said that this business should never be done because there are Way more profitable. However, I always wanted to do something cool. Money is not the only purpose of life. What’s the point of being successful if you’re investing your money in things you don’t really care about?

22. When you succeed in implementing something that many people consider a bad idea, you may stop listening to people criticizing and questioning your ideas. This is one of the worst lessons in life. Just because my bookstore was a success, that doesn’t mean my next crazy idea will necessarily be a success, too.

Finally, I want to share that when I asked Tim Ferriss for his advice, he advised me to treat each project as an experiment. He told me to try it for two years, and if at the end you don’t like it or it fails, then it’s okay to let go. This suggestion felt very liberating because I didn’t bet my entire life on a project, just committed to it for a while.

Now two years later, my wife and I absolutely love our bookstore. Treating every venture and project as an experiment is good practice because it reduces risk and minimizes downsides. This allows you to bravely try many seemingly crazy things. Even if my bookstore fails in the end, I have benefited from learning the above advice.

So go try something that is challenging, it will make you better in so many ways!
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Today’s children are more willing to become Internet celebrities than to work in traditional high-paying industries such as lawyers and doctors. They have replaced traditional pastimes, such as playing in the mud and climbing trees, with watching content creators on video sites or becoming creators. For example, 10-year-old Ryan Kaji, who became a millionaire by filming videos of his own toys, his YouTube channel “Ryan’s World” has attracted 34.2 million subscribers, and his parents quit their full-time jobs to help him play. Manage business.

Today, the creator economy is defined as “a category of businesses comprising more than 50 million independent content creators, content curators, and community builders, including social media influencers, bloggers, and video producers, and and profitable software and financial tools.”

Twenty years ago, blogging was a niche hobby pursued in the spare time. Now, people build their entire careers around these interests: cooking, traveling, rock climbing, writing product reviews, and so on. For many years, people thought that “Internet celebrity” was just some pretty boys and girls showing off online, but now the “Internet celebrity economy” has spread to all walks of life.

In 2019, everyone laughed at Charli D’Amelio (the most followed person on Tik Tok) for making silly dancing videos in her bedroom. Now, the 18-year-old earns close to $18 million a year from deals with Prada, Hollister and others.

The creator economy is no longer an imminent future, but a real present. Content creators are no longer mere consumers, using their platforms to launch dream startups. Take Charli D’Amelio again. With the support of her millions of fans, she launched a clothing line and TV show with her sister, both projects have been a huge success among her fans.

Other young “influencers” are also starting their own companies, a growing trend. Addison Rae, who has millions of TikTok followers, launched her cosmetics company, Item Beauty, at the age of 20. 19-year-old TikToker Josh Richards has become CEO of CrossCheck — a Gen Z-focused content creation studio that has partnered with Hollywood star Mark Wahlberg’s production company.

Creators are the brightest startups of our time.

So, what role does venture capital play in the creator economy?

The essence of venture capital is exchange. Venture capitalists provide capital, resources, connections, and mentorship to promising start-ups, helping these entrepreneurs grow their businesses at a pace that would not be possible without investors. In return, investors receive an equity stake in the company and, in many cases, a seat on the company’s board of directors. As a result, investors typically exert some control over the company.

When creators want to transform into entrepreneurs and launch their dream projects, there will inevitably be some obstacles during this period. Whether it’s the need for funding, mentoring, resources, consulting, or a strong network, these factors often prevent creators from becoming fast and thriving entrepreneurs.

While VCs are committed to innovating and unleashing human creativity, it is difficult for them to invest directly in the creators themselves. Instead, they rely heavily on the three Ps of the creator economy, investing primarily in the tools that make creators successful, namely platform, payment, & process.

Creators can only be successful if they have an audience. In order to gain an audience, they need to publish their content on the right platform. The key word here is: the right platform. For example, writers can thrive on Substack; gamers can make waves on Twitch; videographers thrive on TikTok, and more. All of these platforms are optimized for different types of creators.

These platforms not only provide creators and investors with ample opportunities to earn the benefits of the creator economy, but also provide specific demographics with previously unimagined earning opportunities. Etsy, for example, was the first platform that allowed crafting moms to monetize their handicrafts into a legitimate business with a legion of loyal customers.

Once a creator has an audience, they can start making money. This means the birth of a variety of financial tools and payment plans, such as Sellfy, Patreon, Stripe and Creative Juice.

In addition to these large payment tools, there are countless diversified payment tools for creators on the Internet: for example, your fans can deposit change into your virtual tip jar through Ko-fi, or pay you through Cameo, so that You send them a personalized video.

Once the creators earn a certain amount of income, they start to develop in the direction of the company or enterprise. We all know that businesses need efficient systems to keep them running smoothly. The rise of AI will help creators take the lead in the process of starting a business.

Although there are many discussions on the Internet that AI will take away the work of creators, in fact, AI is more like an extremely efficient administrative assistant: it takes a few seconds to complete the research that used to take days and months, and the rapid generation is free. images and animations, and provide detailed editorial feedback on articles, blogs, and even novels.

So far, we have seen VCs support the creator economy by investing in 3Ps. But now, we are at the forefront of a new era where creators become investors.

Let’s go back to the aforementioned Charli D’Amelio and Josh Richards. Not only has Charli found success on her own, but she’s using her wealth to launch 444 Capital, a $25 million early-stage venture capital fund. The fund is dedicated to focusing on women and minority-led startups. Meanwhile, Josh has teamed up with TikTok stars Noah Beck and Griffin Johnson to open a $15 million venture capital firm, Animal Capital. Internet celebrities and creators are becoming investors step by step, which is also the beginning of the ecological cycle of creator economy.

In the past, because the timing was not yet ripe, investors could only optimize the performance of creators and obtain benefits by investing in 3P, but now, we have ushered in the era of direct investment in creators.

As my current firm, O’Shaughnessy Ventures (OSV), aims to explore, in addition to investing in early-stage startups like traditional venture capital firms, OSV also finds and engages with creators through its Infinite Media, Infinite Films, and Infinite Fellowships verticals. New ways to collaborate, incubate and support.

My boss and the founder of OSV, Jim O’Shaughnessy, said, “A lot of geniuses are buried in every corner of the world, but with the development of the Internet, I can sit in my office in New York and find people living in Nairobi or Bangladesh. geniuses, and to fund them and help them realize their dreams.”

Supporting independent creators not only allows them to make a living doing what they love, but helps the world produce more quality content. We need this capital that symbolizes the power of freedom and liberation – a financial system dedicated to the spiritual civilization and future development of mankind. The world makes more sense when writers, artists, and entrepreneurs have the money to go beyond their livelihoods to pursue the dreams they create.

This article is compiled from Infinite Loops, an email subscription under OSV. For more content about the creator economy, please check: https://infiniteloops.substack.com/ or join my community CY Circle to get the Chinese version information as soon as possible and investment opportunities.

1. The taste of founders and creators is too important. There are many capable people, but there are only a handful of people with taste. Whether your products and services can go further depends largely on decision makers taste.

Here’s chatgpt’s advice on how to cultivate good taste:
– Explore different fields: broaden your horizons and dabble in different fields such as literature, art, music, film, fashion, etc. By being exposed to diverse content, you can gradually develop your own taste.

– Understand history and culture: An in-depth understanding of history and culture can help you better understand the connotation and background of different art forms, and can also help you better appreciate and evaluate works of art.

– Cultivate critical thinking: Learn to analyze and evaluate the content you come into contact with, and think about whether your feelings and understanding are reasonable. Dare to question and challenge existing views and develop your own independent thinking ability.

– Communicate with others: Communicate with friends, family members, colleagues, etc., share your views and feelings, and listen to others’ opinions and suggestions. In this way, you can look at the problem from different angles and further improve your taste level.

– Keep learning and exploring: keep curious, keep learning and exploring, follow your own interests, and keep looking for new experiences and feelings. Through continuous learning and exploration, your taste level will also be continuously improved.

2. I have written about many interesting people I met during my travels. For example, the landlord and roommate in London is a well-known architect; the first Airbnb Host in London once appeared on CNN and even worked for the United Nations Consultant; the Airbnb Host in Liverpool is of Peruvian-Spanish origin, has traveled all over the world, and speaks 6 languages; the Host in Sydney is a well-known local artist, and has a collection of priceless masterpieces at home; in an unknown town in England The host is an old couple who love rock and roll. When I was young, I saw rock stars such as Pink Floyd, The Doors, Queen, Black Sabbath… I just found out today that my roommate in Portugal is also a little famous. Mr. Tony, who opened a store in the city center, did not expect that he had his own agent, and would go to shows and banquets to mingle with celebrities from time to time.

In the vast world, hidden dragons and crouching tigers, everyone has their own shining points, just waiting for you to discover their wonderful stories.

3. The focus of training this year is to listen to the body’s feelings.
– Who do you have energy with (e.g. desperate to share everything and want to have physical contact)?
– With whom do you feel energy dissipated (not wanting to talk, physically sick)?
– What can I do that keeps me motivated and tireless (writing a story for two hours, talking to someone I like for hours)?
– What are the things you can’t get enough of just thinking about (meetings with annoying people)?

Especially when it comes to dating, the body is more effective than the head. Although the head thinks that this person meets all the conditions of my fantasy, as long as the body resists, it must listen to the body!

4. When I look at things that are too beautiful for a long time, I will suddenly feel disgusted, and even have the urge to destroy them; when things are going too smoothly, I want to do some damage to break the calm; when I meet someone who treats me very well, I just want to reject people for thousands of miles or run far away…

My brain seems to be in the state of impostor syndrome, and I feel that I am not worthy of all the good things; on the other hand, maybe I know that things will be reversed when they are extreme, so it is better to destroy them with my own hands when the good things are still there, instead of waiting for a happy result They fall naturally.

Continue to practice on the way of dealing with all things in this world…

5. I remember talking to a therapist earlier and they asked me to recall a memory from a certain age or with a certain person. Then I found that I had no impression of these fragments of life at all, as if I had never existed in those years, and even looking at the diary at that time later, even the handwriting looked suspicious.

I always feel that sometimes my brain is too smart (not the kind of smart with a high IQ). In order to protect myself, I will deliberately delete some things and people, and even more excessively, I will tamper with memory.

Maybe there is no absolute truth in the first place, only temporary and cherished, what can be felt is true.

6. I heard a friend tell an interesting story:

When Apple first launched the Apple Wallet function, the stored coupons were not automatically deleted after they expired, and users had to manually delete them, which was very inconvenient. An engineer reported the issue to Apple, but no solution was forthcoming. So, the engineer applied for a job at Apple and entered the job smoothly. Although he was assigned to another team, he broke into the Wallet team and added a piece of code himself, so that the coupons stored in the wallet of the user can expire after they expire. Automatically deleted. After finishing this work, the engineer brother then resigned…

This is a master who can play games. I don’t want any fame, fortune, money or status. I just want this thing to conform to my logic. After I’m done, I’ll withdraw and go to the next level. This coincides with my original intention of joining the bank. At that time, I wanted to buy a house and invest in it. It happened that someone else would pay for your tuition to study. Why not do it haha!