Entrepreneurialism is about tackling fundamental problems and trends that the world faces today, says billion dollar investor and leading internet entrepreneur, Kevin Ryan, on the latest episode of the Innovators podcast.
Ryan has founded and sold several billion dollar businesses, including Gilt Groupe, Business Insider and MongoDB. He credits his success with taking a problem-centric approach, directing his attention next to crystal meth, autism and maternal health with his new ventures. He advises entrepreneurs and business leaders to do the same – focusing on long-term trends, great products and consumer needs, as opposed to short-term pressures, something he believes traditional retailers have failed to address.
“Creative destruction is an important part of our economy. And it’s working,” he explains. “If you’re in football, and you’re down two touchdowns, you’re gonna have to throw the ball. You may not win, but it’s the right move to start throwing the ball. And Macy’s didn’t throw the ball. And so I think they really deserve where they are.”
Moreover, during a time when we’re surrounded by stories of retail’s struggle to adapt – it’s easy to feel despondent. But as long as you focus on creating a great product, you will win in the long term, he notes.
“The number one priority is don’t run out of cash. […] The reason that traditional retailers don’t win is their products are not very good. And so that’s what they didn’t focus on – the basics. Batten down the hatches, get through a difficult year, because next year, we’ll be back.”
During this conversation, Ryan explains why, in light of the global pandemic, creative destruction is an important part of our economy, how businesses can survive by focusing on building better products, and despite feeling like life is contracting, we’ll actually end up with more choice.
Catch up with all of our episodes of the Innovators podcast here. The series is a weekly conversation with visionaries, executives and entrepreneurs. Get in touch to recommend a guest you’d love to hear from.