Compounding Wisdom
Fear VS Faith
To Lead or Not to Lead
To Lead or Not to Lead
Fear defeats more people than any other one thing in the world.
Ralph Waldo Emerson (1803-1882)
Will You Live in Fear or by Faith?
Do the thing you fear, and the death of fear is certain.
Ralph Waldo Emerson (1803-1882)
As the subprime financial crisis smacked the world into fear and trembling, entire industries started to crumble: the financial industry, the real estate industry, and then the tech world and other sectors.
This doubt and uncertainty about whether we were going into a global depression as industries suddenly went on life support made everyone, including me, fearful of the uncertain future.
Fear infected the entire world. Much like the global pandemic did for everyone's health, this fear infected every heart with the fear of losing house, business, and wealth. With banks collapsing, people's savings and deposits were at risk. Wall Street shut down, and brilliant finance MBAs had nowhere to go for jobs.
I started emailing Harvard MBAs in early 2009 and offered them jobs at Reinvent. One of them was willing to come to Vancouver. Her name was Michele Zaitlyn. Then, at the last minute, she emailed to tell me she decided instead to start a business with her classmate, Matthew Prince. That business was CloudFlare. I wish I had been more curious and funded their startup idea. They are now both billionaires and have done a fantastic job of providing cybersecurity for Internet businesses. And Forbes has listed Michele as one of the world's richest self-made women in 2024.
My business peaked in 2007, and I saw the downtrend cycle happening all over the domain world. Fear started to slowly infect my heart, too.
I purchased my last $20 million domain portfolio in Dec 2007 and stopped buying domains.
Though I was alive, my heart stopped believing
Every man dies. Not every man really lives.
William Wallace (1270-1305)
As subprime continued into 2009, I decided to be prudent, go back to foundations, and reduce the size of the team to the essentials. It was the most difficult business decision I had to make. I decided to keep tech but downsize all other departments. I couldn't sleep or eat a single meal, and I felt heartbroken having to let so many of my team go, to let the dream of becoming a great company die.
I would often hug my children and cry inside.
As I addressed my team about our decision to let two-thirds of the team go, my voice trembled with sadness and care. Many came and tried to give me solace, saying they understood. Some were upset and disappointed.
Reflecting on this time, I realized that whatever I felt was ten times worse for those impacted by my decision. A part of me died that day. I felt it was time to leave business and return to my original passions: health and God. I had only planned to do business for three to six months back in 2000. It had now been nine years.
I made a cowardly and difficult decision to also part from my Director and mentor, Dr. Chris Hartnett. I took the easy way out and cut it off quickly, without an explanation, thanking him and giving him something for his heart and mentorship. It's a decision I regret immensely.
I asked three team members to take over the business, and I would start transitioning management to them: Rob, Mona, and Don.
I would move on to the next phase of my life. I would play the piano to console my soul and study the Bible more deeply to come closer to God.
A New Heart
The heart has reasons that reason cannot know.
Blaise Pascal (1623-1662)
I played Moonlight Sonata and Disney songs, as well as played and sang hymns. It helped me. I thought a lot about life.
As the days, weeks, and months passed, new ideas began to flood my heart like lightning.
Three dreams took hold of my heart.
Social commerce
Gospel Media Network
Three movies I envisioned
In the next six months at home, I was absorbed in network effects and social commerce. The network effect is one of the most powerful effects in the world, and I believe it is even more powerful than the compound effect. During my time at Harvard, I studied network effects intensively.
What are Network effects?
A network increases in value with every new user. A good example is a phone. It has more value as you have more people you can 'network' with. This is the principle that social networks, commerce networks, and movie networks are based on. If leveraged well, they have inbuilt virality.
Instead of starting from scratch, I thought I could buy an existing network. Startups are hard!
I tried to buy Myspace, the declining social network displaced by the uprising Facebook, but it sold before I could place my offer. Turns out Allen & Company could only be reached through a warm introduction and I couldn't make the connection in time. In 2011, Myspace sold for just $35 million, six years after Rupert Murdoch's (FOX, Newscorp) company had bought it for $580 million.
I decided to learn the ropes of social commerce. The latest phenomenon was Groupon, and I wanted to recreate it with a social cause component by donating 10% to a local charity. I hired a COO, Tony Lam, from Electronic Arts, who built a team for this new company, GoodNews.com.
Little did I know that the pattern above would repeat itself as I embarked on new startups in new industries over the next 15 years.
I had wondered why the people in the Bible didn't learn the lessons from the past, repeating the same mistakes despite the warnings.
Now I know. :)
My Life Questions:
A prudent question is one-half of wisdom.
Francis Bacon (1561-1626)
1. What decisions can you make when in fear?
Flight or Fight? Run. Hide. Cower. Or the very few who Fight! Fight! Fight!
Fight the fear.
The remedy for fear is hope and faith.
My Life Lessons Then (from my 29 year old self):
Life can only be understood backwards; but it must be lived forwards.
Søren Kierkegaard (1813-1855)
1. Are you making decisions in fear or by faith?
Decisions are drastically different when based in fear versus based in faith.
Fear crumbles and destroys while faith believes, making even the impossible possible.
2. Life always gives you chances to learn the lesson over and over again until you do
It, too, shall pass. That is the lesson of the Bible and life. Everything passes.
We have one life to live, learn, and make a difference for someone else—even just one person. Sometimes, that person might just be you. My goal is to make a difference to more than me, one by one.
3. You will make bad decisions.
You do not have to be mean, demeaning, and uncaring when you make hard or bad decisions. Even if it is wrong, do it with care and compassion.
You need to make tough decisions. It's part of the seasons of business. Leaves fall, trees become barren. This happens to all businesses in time, to mighty empires, and to us in our seasons of life. There is a beginning and an end to products, businesses, and life. Be grateful for life's journey and those who walk the same path with you.
Life Advice Now (from my present 53 year old self):
Your pain is the breaking of the shell that encloses your understanding.
Kahlil Gibran (1883-1931)
1. You do not have to make hard decisions in haste.
You did not have to lay off your team suddenly, with no warning, explanation, or compassion. Give people time to adapt, even at your expense.
2. You did not have to be so extreme.
Instead of abrupt changes, think of transitioning and succession planning. Be gracious and help grow leaders. Build your systems to innovate and, believe and operate at the highest levels. Be great. Make those around you great.
3. Do good even at your own cost.
A good name is more important than ego, money or power. You must endeavour to keep your character and name, as well as respect and honour.
Next week:
Starting a Side Hustle
Making it work for you
Great things are done by a series of small things brought together.
Vincent Van Gogh (1853-1890)
See you next Thursday!
Subscribe to my Compounding Wisdom newsletter and start transforming your life.
Is this what I want to do for the rest of my life?
For the past 33 years, I have looked in the mirror every morning and asked myself: 'If today were the last day of my life, would I want to do what I am about to do today?' And whenever the answer has been No for too many days in a row, I know I need to change something.
Steve Jobs, 1955-2011
When I was 14, out of nowhere I went from totally healthy to suddenly hospitalized. I was bedridden and unable to walk or move. I experienced constant, severe pain as inflammation affected all my joints. I decided that if I were to live through this experience, then I would become a doctor to help people like me.
Fast forward 15 years, I received my medical degree from UBC and was in my final year of medical residency at UWO. I was working 80 hours a week, seeing 40 patients a day and on call every third day. I had pursued medicine to help people. But, with only 12 minutes per patient, I didn't feel like I was actually helping anyone. Being a doctor reminded me of how my father was stuck working “inside” his laundromat and dry cleaner businesses. He worked 7 days a week from 7 am to 11 pm, serving as many customers as possible.
Question 1: Is this what I want to do for the rest of my life?
I had spent the last 15 years with the singular goal of becoming a doctor. I achieved it but now felt disillusioned. I was newly married and had a beautiful newborn daughter on the way. Needless to say, I was at a big crossroads.
I pondered whether this was what I wanted to do for the next 40 years of my life. I still wanted to help people but this was clearly not the way to do it.
Question 2: What do I really want to do with my life?
I knew that I wanted the following:
To help patients avoid getting sick in the first place rather than just recover from disease.
To spend more time on health education than on “diagnose and prescribe in under 12 minutes”.
To be free from the shackles of financial constraints.
Question 3: What do I not want in my life?
I knew that I did not want the following:
To spend my time putting band-aids on problems. I want to explore them deeply and get to their root.
To be on call, working nights. My mom was a nurse who did graveyard shifts. It was very hard for the family. Much respect to all the doctors and nurses who take these night shifts.
To be shackled “inside” a business, like my dad had been.
Today, ask yourself these 3 questions:
Is this what I want to do for the rest of my life?
What do I really want to do with my life?
What do I not want in my life?
Spend some time each day writing the questions and answers in a notebook. Yes, physically use pen and paper. Post this by your computer, bathroom mirror or some place you can see it daily.
And, if your actions do not align with your answers for too many days in a row, you know you need to change something.
What do I really want to do?
“Choose a job you love, and you will never have to work a day in your life.” — Confucius (551-479 BC)
I wrestled with what to do. I felt trapped, the momentum of my life decisions since age 14 driving me to a path that wasn't what I had envisioned.
After much soul searching, I finally decided to make a big career change while completing my medical residency and getting my medical license.
I wanted to transition and become an Internet entrepreneur.
Life Lessons Then:
It’s not too late to make a decision to change the trajectory of your life.
Next week: Starting Something New: The Entrepreneurial Blueprint
My Simple Plan to make $10,000/month within months
See you next Thursday!
Subscribe to my Compounding Wisdom newsletter and start transforming your life.