Eric Wei is the co-founder of Karat, a Startup providing Credit Cards to Content Creators. But before he raised $100M to start Karat, he collected achievements like infinity stones. Whether it was working at Blackstone, being a consultant at McKinsey, or serving as a product manager at Instagram, Eric has done it all.
Today, I sat down with Eric to talk through how the heck he managed to accomplish so much, how to figure out what you’re truly passionate about, and so much more.
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⌚️Timestamps:
0:00 Eric Wei (Intro)
0:39 Was Any of This Worth It?
2:12 Is Entrepreneurship Right For You?
6:26 Let’s Get Tactical
6:43 The Path To Getting Your Dream Job
8:51 How to Build Confidence
12:16 What is First Principles Thinking?
15:15 How To *𝘈𝘤𝘵𝘶𝘢𝘭𝘭𝘺* Start a Company
15:45 Why You Need A Cofounder
17:55 Talk To Your Users!!!
21:35 Karat’s Market Entry Wedge
26:45 Virality + Solution = $$$
29:45 Karat’s Plan To Dominate The Content Market
32:09 Creators Are The New Distribution Channels
33:50 Eric’s Message To The World
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What was your biggest takeaway from this convo? Reply to this and let me know!👇
Love it! By mock interview did he mean with the people he connected with or by himself?
You guys are blessed. Congrats on everything you guys have accomplished. Goldman Sachs on a resume is a life accomplishment. I've got college dropout, amazon warehouse worker/driver. Peeing in bottles and skipping breaks to finish delivery routes earning $40,000 in Seattle looking for a second job lol. SMH. The struggles are real
6:30 This is precisely the reason many people live unfulfilled and misguided lives. They focus on the wrong things. Eric said very important things that were just brushed off as if they were pure "philosophy". No! They are tactical! These "philosophies" are what allow you to act and make decisions that lead you into the place you want to be. If you ignore them, you're just left wandering directionless on a map, while expecting things to work out fine. How can you expect things to work out while being blind!
I don’t get why he said to not give a shit abt his past experiences, it’s dishonest bc it’s largely why he was able to get to where he got to. And for eric to say that also implies to not chase prestige even though we all know founding a startup is THE elite exit. Is Karat solving business challenges really really his passion and why he started it? Did he even operate a business before (many did in their early youth) and could see the need bc of his own experiences kept bringing him back to solving this pressing issue he faced. Or did he just see it as a huge TAM opportunity and a big payday? He doesn’t rlly know what he wants even as he talks which makes it hard to take him serious. He’s what’s wrong with the industry, and I’m sure he’s talented and bright but he doesn’t care about much else except his own success :/
14:36 these are bad examples of first principles. The hope is to sell shirts. A question is 'why is it that people do not buy my shirts?" If they are unaware, ads might help address that. But what if they know about your shirts and don't care? A better question then is "why?" Then, How might we change their perspective so they do fall in love with the shirts?" Once the emotional shift is clarified and addressed, then you have a point of view for something to put into an ad. Here's an example of a use case. I like Brazilian Jiu Jitsu. I do not like wearing rash guards made with synthetic material. So I wear regular tshirts under my gi. But they get wrecked as they are not built for this environment. What if a shirt was? So I could wear cotton that is tougher than a default t shirt. And is fairly breathable. It would be interesting to try.
This guy needs to go into politics!!!!
Eric is a beeeeaaast. Super admire the way he thinks. Good for him.
Awesome. Love his point on no one knows anything. And that he gained confidence through accumulating external successes. Makes you wonder if he had that internal ability from the get go before those successes, and could succeed from the very beginning if he just devoted himself enough and tried hard enough, or if it was the skills he built during these roles that shaped him to have sufficient skills to do what he always wanted to do.
two of my most watched youtubers in one video. Life is great!
First principles thinking: What’s the purpose of speech? To communicate ideas through words. What words should I use? The words understood by most of my audience. Should I pronounce them the way the dictionary says, or the way my audience does? The latter.
“Folks”
Top notch discussion and editing
the quality of what you do is in a league of its own. thank you for sharing so much important wisdom with us all. rooting for you brother
Great discussion! I really liked the balance between theoretical and practical. Thank you!
Great interview, I really appreciate how comfortable u let the guests feel but also how u were able to politely wrangle it back on topic lol
7:15: 💡 The key to raising funds is to have confidence and engage in simulated training and practice.
16:19: 📷 The video discusses the importance of finding a co-founder and the process of building a startup.
26:02: 📊 The video discusses the challenges and strategies of building a financial technology business for creators.
Recapped using TammyAI
great content as always
This is super insightful! Please keep making more of these, John. I'm eating this stuff up!
“No one knows what they’re doing.” I figured that out so early in life it’s made a huge difference in how I view the world ❤❤
Great video again. Slaps
The biggest lesson for me: don't just solve a problem, make sure the solution you provide is attractive, has positive associations, and can positively affect your your social status (ego)
Thanks for this one. Really insightful. It’s nice to see someone talking about first principles or as naval says – become a clear thinker with logical chain of reasoning and thoughts.
So what is his networth? Wish he talked about investing. Or all his money is held in his business.
Amazing vid