July 16, 2024 • 1hr 22min

David Senra - Passion & Pain - [Invest Like the Best, Replay]

Invest Like the Best with Patrick O'Shaughnessy

In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews David Senra, creator of the Founders podcast. David has studied the biographies and stories of hundreds of history's greatest entrepreneurs and founders in incredible depth. He shares key insights and patterns he has observed across these stories. David's obsession with reading biographies of entrepreneurs started at a young age as he sought positive role models and examples of success. He views these historical figures as "mentors in historical context" that he can learn from. Through his podcast, David aims to share the lessons and inspiration he gleans from these stories with others.

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Key Takeaways

Obsession is a key trait of successful founders and entrepreneurs. Nearly every biography David has studied shows an intense obsession and drive to bring an idea to life.
Great founders tend to have a deep-rooted sense of inferiority or something to prove. This often stems from childhood experiences or early setbacks.
The market a business operates in is hugely important. Even brilliant entrepreneurs will struggle in declining markets.
Marketing genius is a common trait among successful founders. They find creative ways to tell their story and build desire for their products.
Founders serve as "guardians of the soul" of their businesses. The company often becomes an extension of the founder's personality and values.
"Excellence is the capacity to take pain". Enduring hardship and persevering through difficulties is essential for entrepreneurial success.
Great founders tend to work until they die. Their work is their passion and they rarely truly retire.
Studying history's great entrepreneurs provides inspiration and lessons that can be applied by aspiring founders today.

Introduction

In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews David Senra, creator of the Founders podcast. David has studied the biographies and stories of hundreds of history's greatest entrepreneurs and founders in incredible depth. He shares key insights and patterns he has observed across these stories.

David's obsession with reading biographies of entrepreneurs started at a young age as he sought positive role models and examples of success. He views these historical figures as "mentors in historical context" that he can learn from. Through his podcast, David aims to share the lessons and inspiration he gleans from these stories with others.

Topics Discussed

David's Background and Motivation (3:01)

David traces his love of reading back to childhood, when his mother would take him to bookstores where he would read for hours. Growing up in difficult family circumstances, David turned to books and biographies as a way to find positive role models and examples of success.

As he puts it: "I was looking for the right answers because all I saw was the wrong answers. I don't want to be that person."

This drive to learn from history's great achievers became the foundation for David's podcast and life's work studying entrepreneurs.

Obsession as a Key Trait of Founders (13:45)

One of the most common traits David has observed across hundreds of founder biographies is an intense obsession and drive. He notes:

Nearly every subject he's studied displays an obsessive personality and work ethic
Many founders work 12-16 hour days, 7 days a week for decades
This obsession often comes at the expense of other areas of life like family and health

David sees this obsessive drive as essential for overcoming the immense challenges of building something new. As he puts it:

"Think about how crazy you have to be to be like, hey, this thing doesn't exist. I want it to exist, and I'm going to will it into existence, and I'm willing to do everything possible to make sure this thing succeeds. That is a crazy person."

The Role of Inspiration vs. Perspiration (22:45)

Patrick and David discuss the classic debate of inspiration (ideas) vs. perspiration (execution) in entrepreneurial success. Key points:

Both good ideas and relentless execution are important
The market a business operates in is hugely important - even brilliant execution can't overcome a declining market
Most great founders studied by David combined a compelling idea with decades of obsessive execution

David emphasizes that nearly all the successful founders he's studied worked relentlessly on their businesses for decades, often until death. There are very few examples of quick, overnight successes.

The Importance of the Individual Founder (27:11)

David has found that the individual founder tends to matter tremendously in the stories he's studied. While teams are important, there is usually one driving force behind a company's success.

He notes that most great founders surround themselves with exceptional people, but maintain a singular vision. As Edwin Land put it: "There's no such thing as group originality or group creativity...originality are attributes of a single mind, not a group."

The Role of Ego (31:52)

Patrick and David discuss the complex role of ego in entrepreneurship. Key points:

Some ego and self-confidence is necessary to pursue audacious goals
But unchecked ego can lead founders to isolate themselves and make poor decisions
Many great founders learn to harness their ego as motivation while remaining open to feedback and new ideas

David shares examples of both positive and negative manifestations of ego in the stories he's studied.

Marketing Genius of Great Founders (58:39)

David has found that marketing genius is a common trait among the successful founders he's studied. Examples include:

Steve Jobs meticulously reviewing every Apple ad and marketing material
Walt Disney creating a weekly TV show to market Disneyland as it was being built
Enzo Ferrari cultivating an aura of mystery and scarcity around his cars

He notes that great founders tend to be gifted at customer acquisition and distribution, seeing it as a core part of their role.

Revealing Process as Marketing (1:04:38)

David observes that many great founders use the revealing of their process as an effective marketing tool. By sharing the work and craft that goes into their products, they build interest and perceived value.

He gives the example of David Ogilvy spending months researching Rolls Royce before crafting an iconic ad campaign centered on the craftsmanship of the cars.

David's Approach to Podcasting (1:08:10)

David shares his philosophy on podcasting and some of his influences:

Views podcasting as "the printing press for the spoken word" - a revolutionary medium
Inspired by Dan Carlin's Hardcore History in terms of depth of research
Aims for authenticity and a conversational tone, speaking directly to listeners
Sees huge potential for growth as more people discover podcasts

He emphasizes his goal of creating a "handmade product at scale" - meticulously crafted episodes that can reach a large audience.

The Capacity to Endure Pain (1:14:55)

David highlights enduring pain and hardship as one of the most important traits of successful founders. He shares the quote:

"Excellence is the capacity to take pain."

Nearly every founder story he's studied involves periods of intense struggle, self-doubt, and setbacks. The ability to persevere through these difficulties is essential.

As he puts it: "It is supposed to be hard. There's not a book they're going to pick up where the guy's like 'hey, I have this idea. I started it. Everything went great.' And the end of the book, it doesn't happen."

Kindest Thing Anyone Has Done (1:19:55)

David shares that the kindest thing anyone has done for him happened decades before he was born - his grandfather fleeing Cuba for America, changing the entire trajectory of David's life.

He reflects on how our decisions can impact generations to come, encouraging listeners to think long-term about the choices they make.

Conclusion

This wide-ranging conversation covers many of the key traits and patterns David Senra has observed in studying hundreds of history's greatest entrepreneurs and founders. His insights provide both inspiration and practical lessons for aspiring founders today.

Key themes that emerge include the power of obsession, the importance of enduring pain and setbacks, the marketing genius of great founders, and viewing one's business as a lifelong pursuit rather than a path to quick riches.

David's work studying and sharing these historical examples serves as both motivation and guidance for those looking to build impactful businesses and leave their mark on the world. His "Founders" podcast offers a unique window into the minds and methods of history's most successful entrepreneurs.