There’s a reason people pay attention to what Keith Rabois says. He’s known for playing a crucial role in the development of PayPal, eBay and LinkedIn among others.In 2014, he gave a lecture at Stanford called "How to Operate" and it's a goldmine of advice for entrepreneurs. I'll break down the best insights here as simply as possible...- There are two types of problems: A+ (hard but high impact) and B+ (straightforward). People tend to focus on solving B+ problems because it usually doesn’t involve leaving their comfort zone. This has a trickle-down effect that will stunt a company’s growth.- At PayPal, Peter Thiel’s solution to A+ problems was to make each person responsible for one specialty – and he refused to talk to them about anything but that one thing. This forced everyone into solving tough problems themselves, rather than just hoping others would do it.- Building a high-functioning company is like building an engine – one that even idiots can run. When Rabois worked at eBay, that mindset was integral to its success: it had an infrastructure so simple and seamless that "Martians could take over without anyone noticing."- Clarity is paramount; complexity is the enemy. Being a leader is like being an editor: you ask clarifying questions and then cut, cut, cut. A game-changing product can be marketed in 50 characters or less, so you’ve no excuse for not being able to sum up your product as simply as possible.- More hires ≠ more resources. In terms of firepower, all staff can be divided into 'ammunition' and 'barrels'. A barrel is that rare (but often niche) person who can take a concept and ship it. Your hiring should prioritize this type. Everyone else is ammunition: great to have, but ultimately non-essential.Look for anomalies. At LinkedIn, Rabois couldn’t understand why 25-30% of all clicks from the homepage went straight to a user’s own profile… until it became clear that this was down to pure vanity. This one statistic helped clarify a product value that nobody within the company recognized.Rabois asks struggling CEOs two things: 1) What are your priorities? 2) Can you show me your calendar? More often than not, the problems stem from the fact that there’s no alignment between these two things.TL;DR: When it comes to great leadership, the details matter. If you can nail the small stuff, the rest will take care of itself.I've bookmarked these notes so I can revisit them anytime I can't see the woods for the trees. Hope it's useful! see hubwealthy.com/wealthy
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