The Power of Passion, Execution, and Supporting Writers: Lessons from John Doerr and Substack

The Power of Passion, Execution, and Supporting Writers: Lessons from John Doerr and Substack

In the world of entrepreneurship and journalism, there are key lessons and strategies that can pave the way for success. John Doerr, a renowned venture capitalist, emphasizes the importance of passion, execution, and serving unmet market needs. On the other hand, Substack, a disruptive platform for writers, has revolutionized the journalism business model by prioritizing writers' success and providing them with financial security. By exploring these two distinct yet interconnected realms, we can gain valuable insights into what it takes to thrive in today's competitive landscape.

John Doerr's philosophy centers around the idea that what truly matters is an entrepreneur's passion for addressing a large, unmet market need. He believes in the power of a dedicated team and disruptive innovation to drive success. In addition, Doerr emphasizes the significance of focusing on customers rather than fixating on competition. By obsessing over customer satisfaction, entrepreneurs can build a loyal customer base and differentiate themselves in the market. Doerr also highlights the importance of setting audacious goals while pursuing reasonable financings. This mindset encourages entrepreneurs to push beyond their comfort zones and strive for greatness. Furthermore, Doerr underscores the value of urgency, ambition, vision, confidence, and humility in fostering a successful entrepreneurial journey. He advises entrepreneurs to prioritize their team and adopt a missionary mindset rather than being driven solely by financial gain.

Shifting gears to the world of journalism, Substack has emerged as a game-changer by reimagining the business model for writers. With the advent of the internet, the journalism industry faced significant challenges in terms of revenue generation. Substack recognized this and introduced Substack Pro, a program that offers financial security to writers for a year of work, regardless of their publication's performance. This innovative approach allowed Substack to absorb more risk on behalf of the writers, fostering trust and reliability. By aligning their success with the success of the writers, Substack demonstrated their commitment to supporting and empowering content creators. Through Substack Pro, writers initially receive a minimum guarantee while Substack keeps 85% of the subscription revenue. After the first year, the arrangement flips, enabling writers to keep 90% of the subscription revenue. This mutually beneficial partnership incentivizes writers to contribute to the growth and quality of the Substack ecosystem.

Substack takes a business-oriented approach to their deals with writers. They do not commission or edit stories, nor do they manage the writers. The writers remain the owners of their publications, and Substack's role is to provide a platform and support system. The only requirement from writers is a commitment to a minimum publishing frequency. Substack evaluates writers based on audience size, engagement on social media, and the respect they command among readers and peers. They also consider the coverage of subjects and how well they are addressed elsewhere as an indicator of market opportunity. Substack's vision is to host a diverse range of voices, recognizing the importance of a variety of perspectives in fostering healthy discourse. They acknowledge that writers who express important ideas may face opposition, and supporting such voices is crucial for a free press.

Combining the insights from John Doerr and Substack, we can distill three actionable pieces of advice for aspiring entrepreneurs and writers:

• 1. Embrace passion and focus on addressing unmet market needs: Find a problem or gap in the market that ignites your passion, and build your venture or publication around solving it. Passion will fuel your determination and commitment to excellence.

• 2. Prioritize execution and customer satisfaction: Execution is key to turning ideas into reality. Focus on delivering exceptional value to your customers or readers, surpassing their expectations, and building strong relationships with them.

• 3. Seek out partnerships and platforms that prioritize your success: Surround yourself with individuals and organizations that genuinely support and invest in your growth. Look for platforms like Substack that provide financial security, independence, and the freedom to focus on your craft.

In conclusion, the lessons from John Doerr and the innovative approach of Substack demonstrate the power of passion, execution, and supporting writers. Whether in the realm of entrepreneurship or journalism, these principles can guide individuals and organizations towards success. By embracing audacious goals, obsessing over customer satisfaction, and prioritizing the success of content creators, we can create a thriving environment for innovation, creativity, and healthy discourse.