Learn With Jermaine—Subscribe Now!
I share what I learn each day about entrepreneurship—from a biography or my own experience. Always a 2-min read or less.
Going Against the Grain as a Toddler
I was talking to a family member today, and they shared memories from when I was a toddler. Apparently, I was very comfortable going against the grain. I didn’t worry about what everyone else was doing. I would often be in my own world, consumed for hours by whatever intrigued me at the time. If I was interrupted then, I made it very clear that I wanted to be left alone. Even if it meant missing out on what everyone was doing.
Not being concerned about what others thought helped me pursue entrepreneurship when others close to me were pursuing more traditional paths. It also allowed me to tune out feedback from people who questioned my taking such a risky path. It’s interesting to hear that it’s a trait I’ve had since I was a young child.
Distribution Will Force Innovation
Today I was at a friend’s house. He canceled his cable years ago and has been using YouTube TV ever since. Today he turned on his TV to watch a game and was stunned to learn that ESPN has been removed from YouTube TV. Disney and YouTube couldn’t agree to terms, so ESPN and other Disney-owned channels are out. My friend is evaluating his options.
This is an interesting situation. Channel owners like Disney have always had an interesting relationship with distributors of their content. They created it but needed help distributing it to consumers. Historically they were able to find a compromise because they needed each other. That dynamic has changed, as evidenced by today’s events. Disney, Netflix, Amazon, etc. have created their own distribution platforms and amassed millions of monthly customers. They can now distribute their content directly to the end consumer.
I’ve been watching distribution change in movies, banking, and other fields. This YouTube TV and Disney situation is yet another example of the changing distribution landscape. Technology has removed hurdles, allowing companies to distribute their solutions directly to consumers digitally—no third parties needed. This trend will continue at an accelerated pace. Distribution, along with other factors, will force innovation in many industries that haven’t changed in decades.
Weekly Reflection: Week Ninety
Today marks the end of my ninetieth week of working from home (mostly). Here are my takeaways from week ninety:
- Crunch time – This week was packed full. It was crunch time. I got lots of stuff done in a short time, but I felt it. Feeling a bit tired.
- New project – I was finally able to overcome the hurdle I’d run into and get this moving forward. I learned a lot, and I’m excited to get back to moving this toward the finish line.
- Christmas – After wrapping up this week, I’m able to think about Christmas now. I’m excited to connect with friends and family next week for the holiday.
Week ninety was long and tiring but productive. Looking forward to the holiday!
Less Traditional Learning Paths = HR Opportunity
Today I listened to two separate founders share their views on technical talent. They have different approaches to empowering tech candidates and helping them find employment, but they made the same point: Smart technical talent is no longer coming exclusively from four-year universities with degrees in computer science. Many of these folks are self-taught and coming from bootcamps, community colleges, etc.
This observation didn’t surprise me, but I was surprised to hear that large employers aren’t adapting to this change quickly enough. They’re having a harder time assessing the quality of candidates absent the degree. I suspect smaller companies are having the same problem.
How we learn is changing. I’ve shared my views on how future generations will learn and on bespoke education. Today I realized that big opportunities exist to help employers evaluate candidates who have pursued nontraditional learning paths. Determining whether someone is the right person for a role was already difficult, and the evolution of education is intensifying the difficulty. It’s a challenge in hiring tech people now, and I foresee it spreading to every type of opening a company wants to fill in the not-so-distant future.
Helping SMBs with Fulfillment
Today I listened to a founder pitch a solution to help small digital retailers execute order fulfillment logistics. The concept is that many small retailers don’t have enough business to justify the expense of warehouse space or fulfillment staff. And they could benefit from being in a workspace that’s a community of similar businesses. Aggregating all those retailers into a large space that includes warehouses and offices and providing the staffing to assist them could solve this pain point.
This solution resonated with me. At my start-up, we struggled in a gray area for years. We couldn’t justify a warehouse but needed something. We also didn’t have a community of other digital retailers, so we learned everything the hard way. We ultimately settled on a traditional office space and prayed nothing got shipped back to us. If this founder’s solution had existed when we were scaling, it would have been a savior.
I’ve shared my views on SMBs needing help navigating rapid change. I think this solution falls squarely within that idea. I think there is a large unmet need to help small and medium-sized digital retailers navigate order fulfillment. A solution like this would allow those founders to focus on the parts of their businesses that matter most, rather than fulfillment. I think this founder is on to something and that he will build a massive business!
Solving the Current Labor Market Challenges
The current labor market is a challenging one. It’s preventing many companies from meeting customer demand. I shared my views on this a few months back: I view it as an entrepreneurial opportunity.
The shortage of skilled workers is a problem now—and it’s projected to triple by 2030. Today I connected with a founder looking to address this problem. He has a background that uniquely qualifies him to understand and solve it in an innovative way. His solutions will include training, technology, and partnerships with governments and communities.
The labor shortage is a real problem that calls for innovative solutions. It’s a massive market that likely has room for more than one winner. I like this founder’s approach and hope he’ll be successful!
A Space About to Be Disrupted
A few months ago, I wrote about a space ripe for disruption, specialty transport. Today I met with a founder who’s tackling this exact problem. As I complained about my experience (which I still haven’t resolved), he laughed because he’s heard it so many times. We continued to chat, and he shared his insights with me.
The space is antiquated, which I already knew, and it’s not sexy. Based on consumer trends, though, he sees this market exploding in the future. We discussed how big the opportunity could be, and he thinks it could reach $10 billion or more. Everyone’s going after an enormous adjacent market, so this market has minimal competition.
I think this founder is in a great position. If he and his team can execute, they could benefit from a convergence of factors and grab a good share of this market before others even realize it exists. I’ve agreed to be an early customer and can’t wait to be along for this journey.
Good Questions = Better Decisions
I was watching a video today about decision-making. The presenter said that being asked good questions leads to making better decisions. I thought about this and reflected on my own experiences.
As a founder, I was part of a peer group of founders. One of the things I enjoyed was getting the perspective of the other founders on particular situations. Inevitably they would ask a series of questions to help them understand the situation better before they expressed any opinions or gave any advice. Their questions were sometimes invaluable. And they often forced me to think about things I hadn’t before or perspectives I hadn’t considered. I credit some questions from that group with leading to some of my better decisions.
I agree with today’s video, with a caveat: good questions from credible people lead to better decisions.
PAUSE to Mitigate Bias in Decision-Making
A friend shared a video with me today. They didn’t say what it was about but assured me I’d like it. They were right. It went deep on unconscious bias. This is something I’ve thought a lot about but frankly haven’t taken the time to study. The video did a great job of filling in lots of gaps. It shared a framework that can be used to mitigate unconscious bias. Here’s how it works:
- P – Pay attention and notice your reactions and assumptions. We all react to situations and people. Being on the lookout for how you do it is important.
- A – Acknowledge your assumptions. Assumptions affect how we relate to people and situations. And they lead to your brain making decisions on your behalf without your conscious permission. Be aware of your assumptions to be aware of what’s affecting how you relate to people and make decisions.
- U – Understand your perspective. In other words, be self-aware. How is your history affecting how you perceive a situation or person? Different life experiences lead to different perspectives. Your perspective might not be the only way to see things.
- S – Seek different perspectives. This helps you understand that your point of view is just that, a point of view. Not the objective truth. Hearing other perspectives can help you understand whether your assumptions are valid. Making a habit of hearing and understanding (not necessarily agreeing with) other perspectives also helps build empathy. Building human connections with people who are different from you can lead to more positive impressions of entire groups of people.
- E – Examine your options. After disrupting bias with the above-mentioned steps, you probably have more options. Use them to make an objective decision.
I have bias, and so does everyone else. Today I learned that bias is natural and necessary for human survival and decision-making. It’s based on assumptions and helps us in many instances by reducing the amount of thought required to make a decision. Being aware of bias and not making critical or complex decisions decision based on bias is the key.
Weekly Reflection: Week Eighty-Nine
Today marks the end of my eighty-ninth week of working from home (mostly). Here are my takeaways from week eighty-nine:
- Connecting the dots – I spent a few weeks thinking about a problem and collecting insights from others. This week, I was able to connect some dots. I still have lots to figure out, but it felt good to make some progress. Not sure where this will go exactly, but I feel good about the direction.
- New project – I hit an unexpected snag. I’m frustrated, but I’m reminding myself that part of the reason I’m doing this is to learn. I still want to get this wrapped up before Christmas, so I’ll keep pushing next week.
Week eighty-nine was busy. Still have lots to get done before December 25.