"There's never been a better time to start a business," says Philip Krim, co-founder and CEO of Casper. He joined Mariam Naficy, founder and CEO of Minted, and David Solomon, co-head of the Investment Banking Division at Goldman Sachs, to discuss what's most important for successful companies and the one class business school graduates wish they could take again.
This podcast was recorded on October 15, 2015.
The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.
Copyright 2015 Goldman Sachs. All rights reserved.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
This is exchanged as Goldman Sachs were people from our firm share their incites on developments currently shaping markets industries in the global economy, objects, York, Global, had of corporate communications here at the firm today were in Santa Barbara California, for the Goldman Sachs Builders and innovators summit, which brings together a hundred the world's most intriguing entrepreneurs to discuss what's big in business today and what will change the world tomorrow or joined by David Solomon? Co, headed Goldman Sachs Investment, banking division to discuss the current entrepreneurial environment later will be joined by two entrepreneurs who are ten
This year's conference David, walk into the programme. Thank you had to be on the programme check, so David there's the fourth year you ve held this conference. Why we holdings event? What have you learned this year here? What when we we set out a five or six years ago, and we really looked at how important the world an entrepreneurial ism was plain in the? U S economy and we felt we had to get to a place where we were connecting with entrepreneurs that were building businesses earlier than our normal business would connect us and we decided to curated event. Will we bring a hundred entrepreneurs that are really doing very interesting things, building very interesting businesses together to spend a couple of days with some more season. Doktor from earth may be farther along in terms of what they built sold develop to share experiences connect network, and that was the idea, and so we started four years ago, and this is now in the fourth year and I'd say it's been. A huge success brings together an incredible group of people that spend time learning sharing and I think everybody walks away feeling that has been a really good use of a couple of days in a context that I'd say people here pretty upbeat and the pretty happy, because you with a group of people that are building businesses. These businesses are generally moving forward the progressing and most
entrepreneurs that are building these businesses have incredible passion about what they're doing and also an incredible commitment to really building very significant business is disrupting changing really having an impact on the community that we all live in. So despite everything is going out of the world is a lot going on in the world. This is a place where people come together in a very, very optimistic way to share Lauren and try to figure out how to.
So we ve been in a long period of low interest rates here in the United States really around the world that helped the lot of early stage companies raise money pre easily and build their businesses while staying private, so Harold Clyde's now assessing the financing landscape and how they thinking about building their companies. One of the things that definitely have happened over the course of the last five years as capital has been very available in private form to allow people to fund young companies, entrepreneurs about a much easier time, attracting capital to grow their businesses, and I'd say that, generally speaking, investors have been more willing and this trend has evolved aggressively in the last couple of years to provide capital and highly discount the execution risk that exists and most businesses as people move forward. In the context of that, there has been a lot of capital available and that's funded alot of businesses, and you know I'd say right now. People generally are not that concerned about access to capital because it really hasn't been an issue for people suffer from. What's going on here at the conference we ve been advising people to take the capital in need, because we think this environment that's been very lucid, easy with capital partially drove by where interest rates are, is not something that can last for ever and will be other periods of time or capital for private businesses that are growing for entrepreneurs that are starting businesses will be more difficult to be tougher to attract, and so were courage and people would take the capital that they need to execute on their business plan walls very attractive right now. I think most people are doing. That is not a lot of discussion here about
capital or finance, really a lot of discussion about moving businesses forward human capital how'd. You get the right human capital. What are some of the experiences that people have learned in the context of their businesses as they ve made mistakes were as they ve had roadblocks or speed Bob's, but from capital perspective people should take capital when they can get. It began its not much good we're not talking about it. As a means is not a big in making all night now, absolutely today were very lucky to be joined by couple. The entrepreneurs who are honoured at this year's builders and innovators summit felt Krim Seo CO founder of Casper Multiple, but about that welcome to the programme. Thank you and marine feces YO and founder of minted. Thank you. Ma Am tussle a bit more about mental ok submitted, evade design marketplace that connects consumers for the world's best artists to make very unique gets, so we crowd source olive our products wherein, while art stationary and hunger at home decor all the designs are sourced from independent community designers voted by you onto our sight and then you can come in order from us and we make the products directly and ship them directly to you and Casper, whereas an awesome name by the thank you will we are hoping to build Casper to kind of be the world's foremost brand around getting a better night of sleep, and we started down that path by designing engineering Abed that we think provides the best knight of sleep possible and will soon launch other products. That will also help improve the quality of your sleep thanks for being here, so you heard from David a little bit about the origins of this event. Would have you learned? What have you join about
opportunity to mingle with some fellow entrepreneurs. I think that's it. That's exactly the nothing that is the most enjoyable to be able to take a step back from your data day, which is very intense and spend a day dare to talking to people about other people's problems than other other issues ahead, river angrily to her, but other guys, reassuring and also to sort of compare how are solving the same problems around us requisition. I had a great conversation about advertising last night and how someone else's tackling advertising and had a couple of very good, actually pretty deep conversations about how to solve some specific problems and where an environment where we can blocks and talk about it with Lisbon. I think that's one of the biggest benefits Philip about you. You're doubly echo the sentiments and also that of David mentioned earlier. The speakers who work a few steps ahead of us is for US execution. The problems they deal with swords grew do her their perspective on it and how they tackle problems that we might be focusing on the road. So it's great to deal with the problems that we have to do with our pure sir, but also see what's ahead of us with some of the Gormans arrange for them, so it sucks
about the thinking behind you? Companies are Philip Casper cells, mattresses, yes, but it's not just any mattress and is not just any sales process. The mattress industries not been dynamic over the year. So what are you doing to try to change? That is certainly a very state industry and right now we're focus on mattresses, but really we see, Casper is kind of being one of the world's foremost brands around all things sleep and we see sleep- is having a lot of cultural momentum behind, because people are realising that investing in that part of overall healthy life and well being is important, and so we really focused on creating a single mattress that was universally comfortable. We felt that the traditional retail environment was rigged against the consumer. There was an experience that no one enjoyed, and so we set out to do not only change experience but really to invent one of the world's most comfortable mattresses. At any price, and so myself, my co founders set out to build this universally comfortable mattress, which has been well received and sell it and give people involved with it in a way that had never been done before within category in so what the thinking around why the time is ripe for disruption in this industry is a great question. I think we just saw that it was one of the last consumer categories. It had not been impacted by the internet. The majority mattresses are still sold in traditional specialty retail environments and consumers generally hate that environment, it's one where they have to deal with the commission salesperson, whose highly trained to get you to spend a lot more money than you have to, but mattresses are one of the most impact for products in your life. It's something you're spending, a third of your life on your mattress impacts. How you doing.
Day how you feel higher perform at work, so we decide that there is a big disconnecting with the opportunity was with consumers. Actually, interestingly, you put in the context of you, spend a third of your data mattress. You would think that people actually spend more on their mattress and Wesson certain other things that they sit on her sit in spent. I'm not really works, no its not in its actually. Consumers are confused, often that you know you have to spend more money to get agree, knighted sleep and that's not true, either Mary minted different kind accompany builds on the creativity of an entire community designers. How did you know about building the community behind minted and had his crowd sourcing model? Make minted unique? We crowd source everything we sell, meaning that to our idea was how do you created
and the last forever, by taking the merchandising decisions out from the hands of a few and bring it to the crowds of anyone around the world can enter the competitions that we hold design competitions in art in stationary in home, decor goods.
and then the voting analytics are what we used to pick the products that we saw. We completely use analytics. We try to take bias out of the system actually to create better design. So, ironically, its technology in math can help you make better design. You know in a sense were completely fresh all the time. That's the big difference here for us. So we are the first to get the trend of the fashion ahead of everyone else, and we repeatedly done it now in a couple of different categories with success.
We just launched home goods, which means were making believe not pillows curtains lampshade undermine zero competitors that absolutely never going to make a mattress throw pillows excess arise, the mattresses, but it's all about the design. That's that's print on things
So we built a community by really first approaching people knew stationary deserves to be totally honest than the customer marketing that we were doing actually began to attract designers, and it's a bit of a virtuous cycle were many things have now combined to create a very strong community, so inside you, company, you are looking for talent is airborne. Is there's a notorious war for talent in the industry today? What are you looking for? And how have you been thinking about the higher that you make fear company itself, not just the the folks that are helping, supplemented, yeah, it's very different from when we first started to now were nine figure business terms, a revenue, and we are in multiple vertical for running a multi vertical company which needs general management skills for each one of those vertical server constantly. Now, looking for people that work training to become general managers, but you know when we were back at twenty people, it was quite different. Now we talk about two things: building people within the both of the genes we ve just put in charge of art and stationery both dot from within and then outside. We hire people enter disciplines that we are not experts out. So if it's, for example, finance we heard of, if you financed from outside and HR, we hired a chief people officer from public company. She seen everything. That's where we Blanda Portfolio of experts from the outside and disciplines, we're we're, not differentiated, and if we are differentiated it's part of our core competency. We try to build from inside, like where we won't higher merchandise from outside the company, because we're all about breaking down traditional merchandising. So it doesn't make sense for us to necessarily hire somebody with twenty years of merchandising experience in and tell them forget everything you ve learned we're doing it using voting and analytics. So, as you got bigger, how do you mean teen, startup mentality and try to maintain the creativity that started off the companies that hard? And now you ve tried to tackle that George? It's really hard and I've gotten new insight into what
bigger companies tend to slow down in innovation, because I can see the things start to creep and tape culture process hierarchy just think flying down. We are trying to keep certain teams very, very lean, for example, to brand management team eyes very, very lean at the company, and it sets together in a sort of a circle fashion we set are set together and upon an ape at ball pen. I guess I do know what else to call it. Everyone is hearing whatever is going to re, open office format, physiognomy, segmented by markets and our rights physicality. How pay see people no offices lean teams in certain areas? There's all sorts of things are extra experiment with I'll. Tell you in a couple years, whether I we also saw that are not yet Philip. Haven't you you're still recently small. What are you looking for in terms of people? How do you track people? I d, keep them and had he keep that sort of start up and integrity that is behind the whole company. He adds injure salmon, were we're just shy of eighteen months old and write about a hundred people and who would have to grow headcount remarkably fast and its interests innocent people that we hired even a few months ago that we're task to do a certain position and now have to become managers within the organisation that have several people under them. And so it's interesting to think about how we should allow them retrain them to be a manager and empower them to do that and his mom said it's a balance of kind of bringing in outside hope we needed and in promoting with them. So the people move up within the organisation, especially the people that were critical towards success in the early days. But it's just something we think about a lot and I think every company goes to different phases of the kind of people they are looking for and what you're optimizing for in your search for talent and it's definitely tough out there and we have to move quickly to understand them.
So that organisation can be responsive, as you learn about new challenges for the business, and one thing I wanted to just mentioned: I was an analysts, take all men and by the single biggest thing I took away from the whole experiences recruiting and how everybody it Goldman was given the job of being. It wasn't in each of its ahead as its every experience. Everyone real job, yet everyone's job ended. Recruiting process was just amazing like how consistent it was and how well it found the best people and that something I've actually taken with me David together. That's time consuming. It is time consuming, but usually valuable, future valuable and in our business, which is a human capital, business.
what you ve got. In other words, at the end we will be on x. We got hacked our products
people that we hire that we recruit? We ve got people and capital the capitals commodity. All the value add is the human capital, and so you know recruiting becomes lifeblood of what you do now and a business we are actually putting forward product in some way, shape or form their differences, but still fundamentally for any business. You have to have really really good people. You gotta have a culture that attracts them retains them, and it's not an easy thing to do. What I do think would Marion's highlighted. Is this ownership of or responsibility that everybody feels to bring great people in your organization? Is you need them? That's really solid cultural foundation to have as a part of any organization, whether small, entrepreneurial business or.
A big you, no more mature regulation, big, I wouldn't use or behemoth so felt you add our previous experiences not, but where did you learn from that experience? Is today's environment different for entrepreneurs and have you taken what you learn in the past that applied to this new business? I think there's never been a better time to start a business. There's never been a better time to raise private capital, so we're based in New York City and I've been there about eight or nine years and for the first time you really see. Like start ups and technology and emerging companies kind of become the darling potentially more than finance in a city that was always dominated by that
and so its awesome from employer hiring standpoint, because you're getting the best and brightest out of school and people are legally really exciting jobs to join someone, that's really creating suddenly from the ground up. I think it's an awesome time to be looking for talent to build a company and also to have a network of companies that governs brought together here, but just in cutting your backyard that are dealing with the same challenges are stealing their business and there's a lot of people you can rely on a network. You can rely on to help you solve challenges that I don't think existed before the man. How about your previous experience? What is different about this company? What are you learn that your plying admitted, but the first one I said it was even our common nineteen eighty eight, and that is very much a land grab. Leeway is twenty six million dollars in eighteen months. We hire two hundred twenty people in six months and we try to just get out and get my share around being the kitten excessive nation as fast
A simple- and there were four, I think, venture back start ups that launch right after us. I did it with a co founder here, really fast raised a lot of money. This one we Miriam was fourteen when she's.
I'm just gonna ascended she's on her second also, those of the height of the boon hiding them at the height of whom you need will fast moving the attitude we weren't vast your debt exactly anyway, because a lot of ways you could be the first in an industry, we record the first cosmetics incoming unlikely, eventually sold it right before the market tank to settling that's that's so impressive. I've heard your story before is the fact that you actually had the foresight to sell that business at that point in time, because anybody else there was on a consumer driven platform, the thought they had a lot of momentum or create real value basically did not and the family rebel seldom business when you did was really an incredible accomplishment. Thank here yeah we seldom about a week before the NASDAQ took its first plunge Tarkash and our cash deal so get outcome that it was very much pickin pack, a commerce, put everything a warehouse, you picking packet. It wasn't that unusual, a business model in retrospect the web. One point out this time around things are more subtle. It's a lot more competitive. Their great people out there that Europe competing with access to information is a lot more transparent. So you know exactly what to do. If you read everything online so, but that's done is its brought a lot of the absolute best, talented people to the table and entrepreneurship. It's not just about the people who had the access to information as a school. It's now just everybody sets gotten more, intellectually challenging in some ways more satisfying. Yes, I do you think about differentiating yourself and that environment. I think the fundamental there still about trying to create long term, competitive, sustainable advantaged and layer that on layer after layer you get one layer and each had out another layer on in another year must have to take it as a build. This one anchor and then I take that anchored about another anchor and then another one and another ones that you got so much competitive advantage that even if one part of it gets attacked you ve got all of it. So I do think it is a lot more challenging. You are dealing with hiring millennials, who are very much into authenticity and transparency and said trying to change your mind said as a higher, and it is a ceo to make sure that your able to attract the best people by conforming really to a different culture than one that was existing fifteen years ago. I think, is also another important thing. It's really in the end about the talent, the people who you can attract the company and any bigger based strategy, billions strategic advantage. So how? But at Casper part of a strategy seems to be taking on industry, doesn't changed as much innocent, maybe a sexiest mothers. But if you bring some of that same engineering, talent, but a bullet, you speak for yourself. Out of you thought about the Phrygian yourself in this environment. As inches Miriam said, we talk about others, no silver bullet set yourself apart and that it is in criminal improvements, oftentimes, it's kind of embracing the more complex or difficult ones, and making sure that you solve those because there's a lot of competitors, the established goals that are looking at what we're doing all they can compete their new guys that are followed and our footsteps, and so for us we often talk about what are the more complex challenges that we can embrace to try to take on and see if we could solve those and attempt to build and of an incremental you more differentiated, indefensible business. It's tough. I mean everything, moves really quick, there's a tonic transparency out there. So as soon as you want something you do something different people see it and people trying to reverse engineer it. So it's something where you have to continually do that. I think building the organization you have to do so in a way that people in Bracer challenge, where those failure constantly chasing doing something better and for us it's always saying what else can we do to make the customer experience or customer during that much better or differentiated in its different suited from our competitor? Certainly, but even beyond our industry, when you are experiencing a new brand how'd, you experience it and what can we do to just continually surprise in the wider customers? Because if we do that, then I think there is real defence of building the brain that were building the experience it we're delivering in products of back. That. So here is the competent talk to him
out of different entrepreneurs? What kinds of challenges are they all facing and in what have you picked up? That makes you feel better that it's not just your problem. It's interesting, given the people that are here, but it also like growing pains and those manifesto in a number of ways for those people in reviewing the physical product. There's managing the supply chain is always an issue as your scaling quickly. Having certainly hiring is the common thread you hear from everyone that are you manage that and I think about all the complexities that go into that and how you deal with formalizing those as your organization which occurs in this several different inflection points for companies as they grow, but here that's all private companies that are growing rapidly in dealing with how do they make their companies more mature. From an internal standpoint marry you, I can t. Human resources is the class that everybody wishes. They could go back and take more. They end up in the child. I shall make good in business. They may be paid more attention to each hour classic. Is it really a lot of the acts in a lot of people? Talk about fashion designers, arc structure with his organizational structure, what type of people working for you how's it going transition that new VP of X Y, see into the organization. Are you still doing there? Sir? Are you view delegated that allow? The conversation are questions that others have asked me. I have been asking. Other people have been around responsibility of the ceo, your changing realities, scale, the or structure, it's funny like management and leadership, in
earliest days of those things that we never talk about, and culture as well. It was all about the product and have that many people believe exactly and end. The culture was what the cultural, because everyone's gonna say.
Roman. We all knew it and you don't have to define it and we all hired together. So it was easy to make sure that that was gonna manifested through those processes, but now that you're bigger you have to think about management and leadership, and those were things that I find we talk about a lot more than obviously ever did before in its interests in a here, those as disciplines and how people have dealt with that as they sell their organization strike insistent with they both said with what I've heard and in particular, hiring human capital and kind of managing people. Those have been the things that I think have been pretty consistent in my conversations till we get both coast represented here New York in the Bay area. What's the best place to start accompanied today, why the chosen to run your business, where you run it very prone to York being based in New York, but we are actually opening a San Francisco office and I think, there's stark differences between the two markets and they have very different fields from an off Pinocchio perspective. I think they both have their strengths and weaknesses and work sites have a bigger part, this Hanford Cisco community and were building our product development,
came out there, and this is really great talent out there. But New York is also a great commerce. How great advertising hub and there's a lot of great companies that have come up in New York that have great talent. Now they can help us accelerate our growth heading. You think about that. I had a choice pleasant faced me, but I ain't you haven't york envy sometimes because I run a business is very much about brand and marketing and retailing, and when I got a New York, people really understand our business. Do you talk to retailers and media people on they understand that as a super? Well, it's actually more of a fit with the industries in New York than it is actually in Silicon Valley, where we often get the blank stare
so, I actually really enjoy working in New York, and I think San Francisco actually gotten a lot harder, because every venture backed company has moved to the city of fifteen twenty years ago.
Bore in Palo Alto in Sunny Vow Mountain view house every everybody's migrated north of the airport, and it's made the real estate and the hiring situation incredibly difficult is actually insane it's almost an affordable to start a company in the city. Now in San Francisco, many people are going to Oakland, for example, opening Oakland offices. We have an open office now
we're just opened in Oakland Office, I believe, would lose the new broke. That's a failure to proclaim that the party monetary more quickly, but it's been arresting the way this is all about than there is such an entrepreneurial hub in San Francisco. There's a lot going on in New York for sure. But if I were to look out five or ten years from
The importance of entrepreneurial ism in the? U S, economy and kind of the advantage we have because culturally, we have that here, huge advantage for us and it gets gonna, continue Bobby Evan Flow based on capital availability. But I think it's really something that's here in the: U S stays its competitive advantage might evolve elsewhere in the world, but there is no practical reason that San Francisco or New York actually need to be hub to develop businesses and attract really terrific people. And you know this started at San Francisco, because you were regionally talking about businesses where the whole value at equation of the business was really about. Having software engineers encoding, I mean actually goes back to one and all the way back from ninety forties, NEO Packard, but generally it spoke to a certain kind of human capital and its obviously of olive way way beyond managers, human capital generally and human capital and starting a business has cost associated with it, and it's much much more active have spread around the country and places where the amount of capital to fund a business to pay your people to make it work is more affordable, and so I'm a short on this kind of trend that it's all about California or New York's Gandhi. The next one real
expensive urban centres are really attractive. I think people want to work in really big urban centres, but at the same point it is not practical for all these businesses to be located in these places that are massively expensive and my guess is in the next five to ten years will see change yeah and it was really interesting. Her Dan Gilbert earlier talk about the revival of Detroit, and I think to your point. When there are leaders
say we're gonna go we're gonna make this a hub, does attract talented that attract capital and you're, seeing that a more more cities and obviously there's a ton of appeal to start ups like going to Vegas or Detroit or wherever, where the US operators so much lower, and it's great to see whether its companies or people step up and say we're gonna, put the emphasis behind that India leader to bring everything to the table. So you have been to producers for a long time, even though you both very young. What advice when you give to the next generation.
People who just getting out of school now in a thinking about trying to build their own business, do should they start right away or should they come, work had been dead or Casper, learn the tools of the trade. What's the career path for the young budding entrepreneur and how our port was your initial experience when you warn and entrepreneurship here, agricultural experience well, port was a too that you worked. Goldman Sachs, workable, your men, I think, setting the work ethic bar and sort of what does great work. Look like it's nice to be around really great great great people. I was there from ninety one through ninety three in and work the flush really great people and that Daphne set the bar for what quality look like, which I think is important to be able to understand that and I'm going to business school actually also, even always reluctant as an entrepreneur, gotta business school. I thought: well great controversy, don't gotta this school! So am I doing this, but I did meet some really phenomenal people there and was able to network to then baby to raise capital for the first pillar.
So I think, being able to see some pattern fitting to understand what a business will look like when it's a little bit bigger having a couple of years about was helpful, but I dont think that you need to necessarily work at an amateur casper to do business. In fact, I think starting a little younger before you start to put it off for too long. If you really orange, entrepreneurs is likely the better part of the better path when you're younger and you have less to lose, you hunt or have a reputation illusion and have a mortgage you don't have children have supported sadder. I just becomes a little easier to take risks and that, if that first risk does pay off your and our great position for the second one of the third one. But what if it does so one of the links, its interest,
We're talking to people here that have had success and going out, but a few statistically laid out. There are ninety nine out of a hundred, don't turn, and so what about the person? Who is more able, as a young person things, they ve no responsibilities to take that risk, but they go down the road for five to seven years and fails. Are they in a better place starting sooner or would they be better if they had a base of experience and then tried? Would that give them something to fall back on its a great question? And anyone that's done this for any length of time. Others, ups and downs in that's part of what you worry about is what happens if you know you can't get out of it or a tadpole cycles, internal whatever may be part of it is what organisations you tied to. What have you learned on the journey and then how do you translate that into whatever you want? Your next came to be in so for me, I I had the perspective where I started. My first company, when I was in school attacks, has never really work for someone just learned on the job and then I think about like fight in another cassowary. It would be hard to kind of hire me. I was always a journalist cause. I would always started. One company always had to wear a lotta hats,
that makes oftentimes a difficult higher? I think it just depends on why your first past didn't work out. What did you learn in? Would that be valuable? How do you translate that into your next and oftentimes a lot of people? Don't they want to be founders? That's all they want to do. Then start
you'll learn early, an intimations point: you have less
You have to fill a couple to exact where you have time to failing, in its very very there's a used, an expression that that I think is really important in the context of their people, that really one of the founders, which means that if they fail at something or succeed, and so they will go find something else legally foundered. Something else, because the wired that way me the truly wired to start business.
go through that experience. I think one of the things that's going on today. That's interesting because of the visibility that all this entrepreneurial ism is getting. Is there a lot of people that are heading in that direction right out of school, that actually don't have that personality or wired? That way to really deal with a failure and Ngos say what
But again- and so you know, I think if, if you are wired that way, it makes sense, probably to start right away as soon as you can have a couple failures or have the time.
but there's a little bit a herd mentality right now where people are going to be a founder and start something just because, as opposed to the fact that the really wired that way to be successful in that kind of environment- and I think in those situations, I think it's very important that you talk to people who have been through ups and downs in cycles, because it very easy to see it all started. Company it'll be a unicorn company, that's worth doing arson and if your graduating, or just gradually recently, you ve only seen good times, and I think it's very important then to balance out perspective by talking to people who have been around through ups and downs, whether it's your personal journey ups and downs of the overall market ups and downs, and understand that the good times will in that's kind of the only inevitably that you can bet on and then are you prepared for that? Are you gonna be in a position where, if you need to get a job, you can get a job if you're gonna start something else, you have a plan there and not to say that you need to get ahead of yourself, but you just need to, I think, make tree of the perspective of their ups and downs need to be able to manage both, and I think that, certainly something that we try to each to our employees as well. As that don't take this for granted you we ve been doing while we're young, but we're startling interface our challenges, and when we do, we need to be ready for those that will personally professional in as individual and company. You have to be prepared and just ass. It ask yourself if you are willing to let go of what anybody thinks about you, because, if you're willing to get to that gets its a lonely process. Sometimes it's really read her and you have to have a lot of internal
strength for just keep keep making through sometimes, and so you need to basically be willing to completely not care at all. What other people think about you. So that's one question asked herself to see if you're really ready boats grew point, that's a great way to close it out. Thank you very much for joining. That concludes this episode of exchanges of Goldman Sachs subjects. Europe and thank you so much was this part. Jost was recorded on October fifty two thousand fifty the information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty as to the
curacy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. This recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs.
Transcript generated on 2021-10-15.