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Masters of Scale is authored by Reid Hoffman.

Entrepreneurship

Masters of Scale Book Summary - Masters of Scale Book explained in key points

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Masters of Scale summary

Name: Masters of Scale
Rating: 4.3 (482 reviews)
Author: Reid Hoffman

Reid Hoffman

Surprising Truths from the World's Most Successful Entrepreneurs

4.3 (482 ratings)

22 mins

Brief summary

Masters of Scale by Reid Hoffman is a business book that explores how companies grow from startups to giants. It showcases the experiences of successful entrepreneurs and offers insights for scaling businesses.

Topics

Start-Ups Strategy Leadership Entrepreneurship Work Culture Entrepreneurial Stories

Table of Contents

Masters of Scale
Summary of 7 key ideas

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Key idea 1 of 7

What’s in it for me? Get inspirational tips from world-famous innovators on scaling up your business.

You’ve got your one-in-a-million idea. Now you just need to find some investors to turn your humble product into a household name. Well, you’re about to learn how the founders of companies like PayPal, Airbnb, Facebook, and Netflix did just that – and it all starts with viewing “no” as an opportunity.

These blinks explore real-life success stories that highlight the importance of timing, leadership, culture, and the ability to adapt. Scaling a startup can be one of the most exciting adventures of an entrepreneur’s life, and learning how to make the best of unpredictable situations can lead to immense growth and satisfaction.

In these blinks, you’ll learn

why having a crazy idea might mean you’re onto something big;
how not having a nine-to-five brings out the best in Netflix employees; and
how Twitter sprang from the ashes of a podcast-publishing platform.

Consider every investor's "no" to be an opportunity for insight.

One hundred and forty-eight: that’s the number of times Kathryn Minshew heard the word “no” when she was seeking investors for the online career platform she was trying to get off the ground.

But with just one “yes,” Minshew raised $28 million for The Muse, which now employs 200 people and serves 100 million users.

The moral of the story? Don’t let a “no” hold you back – at least 99 percent of the time.

The key message here is: Consider every investor's "no" to be an opportunity for insight.

Sometimes, a “no” clues you into potential fixes. For example, let’s say you’re seeking funding for a chain of kickboxing gyms across Florida. The first investor you approach says, “No, too many old people live here for this to work.”

This can tell you several things. Maybe you need to refine your pitch – next time, you’ll include statistics that demonstrate growing interest in gym membership among the 60-plus crowd. Or maybe you should consider a different location. Or maybe you walk away from this investor because you’re not comfortable with their ageist attitude. Regardless, that “no” is an opportunity to get feedback and adjust your approach.

Pay attention to who tells you “no.” Is it a loving parent who doesn’t want you to get hurt? Or a spouse who doesn’t want to rock your family’s financial boat? Those refusals have more to do with your relationships than with your idea.

It’s also important to ignore the “lazy no,” thrown out by investors unwilling to put in time, research, or imagination. But carefully consider the “honest no” from someone whose opinion and wisdom you respect.

The best kind of “no” is the “squirmy no” – a reaction that polarizes a room, splitting it between people who say, “That’s the most ridiculous idea I’ve ever heard!” and those who say, “That’s so crazy it just might work!”

This scenario tells you you’re onto something so original that no one even knows what to think about it. While it can be tough to get buy-in with an unconventional idea, it also means you’re probably the first one to try the idea out. And being first to scale something no one has ever seen before is a wonderful and exciting place to be!

Fostering the right company culture is critical to scaling your startup.

So as soon as funding is in place, you can start scaling up – right?

Not quite. Instead, make strategic use of that beginning phase when you have a small, loyal – even fanatical – group of users. Find your early superfans and hypercritics, and take time to learn from their passionate feedback. Figure out what your guardrails are, what you’ll tolerate, and who to schmooze – including industry bigwigs and government agencies. Once you scale up, it will be tough to dig this deep or change course.

Scaling up too quickly can be risky – but moving too slowly can starve your company.

Designer Tory Burch wanted to launch her retail store in New York City during Fashion Week. She had customers, friends and family, media, and a brand-new collection of exciting clothes. There was just one problem. She had no doors to open. The bright orange door that she had custom-designed hadn’t arrived.

She had to make a choice. Should she hold off on the opening until everything was perfect, or should she let the hoards in through the empty doorway?

When scaling up, respond to what your customers do rather than say.

You know how your English teacher always said to show, not tell? Well, following that well-worn piece of advice can help give you a leg up in the world of scaling a startup.

Mark Zuckerberg created Facebook exclusively for Harvard students. When he announced that he would extend it to Yale, Princeton, and other schools, the initial users expressed their dismay – but it didn’t stop them from using, and growing, the service.

If you run into difficulty while scaling up, pivot to an even better idea.

Ev Williams was working on a podcast-publishing platform called Odeo when he got some bad news: their behemoth competitor, Apple, had the same idea. This signaled the death knell for his product.

Knowing that chances of scaling his startup to go head-to-head with Apple were close to nil, Williams went back to the drawing board. He called his team together and held a hackathon – an event that gets participants to brainstorm and develop a novel product or solution in one long sitting.

You need good leadership to successfully scale a company.

When Angela Ahrendts went to work for Apple after a stratospheric career as CEO of Burberry, it was a tough transition. Everything was different. She had gone from fashion to technology, England to America – and, suddenly, she was the boss of 70,000 people.

Ahrendts knew she needed to communicate her vision to all her new employees. But, as a parent of three teens, she knew that young Apple employees were unlikely to read long emails. So she made a three-minute iPhone video that was natural and real; she didn’t even edit out a phone call from her daughter.

The larger your business becomes, the more of an impact you can make on society.

Howard Schultz was seven years old when he came home from school to find his father lying in bed, covered in a cast from hip to ankle. The World War II veteran had been involved in an accident at work and was now immobilized, both physically and financially – he had absolutely no medical coverage, benefits, or protection.

Decades later, when Schultz became the owner of a little coffee operation called Starbucks, he made a deliberate decision: he’d build a company that took care of its employees, even before making a real profit. Starbucks became the first company in America to give every employee – even part-time workers – comprehensive health insurance.

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What is Masters of Scale about?

Masters of Scale (2021) is part fascinating anecdote, part how-to guide for entrepreneurs who are preparing to launch their product or scale up their company. With case studies and stories behind some of the world’s biggest companies, it isolates the principles behind successfully scaling up.

Masters of Scale Review

Masters of Scale (2020) is a thought-provoking book that explores the unique strategies and mindsets of successful entrepreneurs and business leaders. Here's why this book is worth reading:

Packed with insightful interviews and firsthand stories, it provides valuable lessons and practical advice for scaling businesses in today's fast-paced world.
By breaking down complex concepts into relatable examples and actionable steps, the book empowers readers to apply these strategies to their own ventures.
With its engaging narratives and fresh perspectives, the book is far from boring, keeping readers hooked and motivated to learn more about scaling businesses.

Who should read Masters of Scale?

Serial entrepreneurs
Investors looking to scale a startup
Executives seeking to grow their companies

About the Author

Reid Hoffman is the founder of LinkedIn and a startup guru who’s had a hand in the success of numerous companies, including Airbnb, PayPal, and Facebook. He’s the author of Blitzscaling, The Start-up of You, and The Alliance and hosts the podcast Masters of Scale.

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