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Founders

#381 I Had Dinner With Michael Ovitz

Founders

David Senra

History, Entrepreneurship, Business, Technology

4.82.4K Ratings

🗓️ 7 March 2025

⏱️ 27 minutes

🧾️ Download transcript

Summary

What I learned from having an intense and fun 3 hour dinner with Michael Ovitz.  1: Mediocrity is always invisible until passion shows up and exposes it. 2: There's no ceiling on where you can push your profession. 3: Don't be unequally yoked. Pick partners that have the same ambition as you. 4: Read biographies. Know everything about the history of your industry. 5. Have a profound sense of belief. The world is very malleable.  6: There’s opportunity hiding in plain sight. 7: By endurance we conquer.  8: Work 10% less. Optimize for the long term.  9. Surround yourself with people who will tell you the truth. 10: Retirement is lame. ---- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more.  ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here.  ---- Join my free email newsletter to get my top 10 highlights from every book ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here.  ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast

Transcript

Click on a timestamp to play from that location

0:00.0

Something that Michael Ovitz had in common with people like Steve Jobs and Jeff Bezos is the belief that you must find and work with extraordinary people.

0:07.6

Even when Ovitz was a young man, he starts his company, he has no money, he makes a list of people that he eventually wanted to work with.

0:13.8

And it was the best of the best.

0:15.5

And even though at the time it felt like a pipe dream, he actually makes that list into a reality.

0:21.4

And the importance of working with the very best people,

0:24.0

there's actually a great observation about this from Steve Jobs.

0:26.8

And he says that the key observation was that I noticed

0:28.8

that that dynamic range between what an average person could accomplish

0:32.6

and what the best person could accomplish was 50 to 1 or 100 to 1.

0:39.2

So given that, you're well advised to build a team that pursues the A plus players. That's exactly what Steve Jobs did. It's exactly what Michael

0:44.4

Overt's did. And it is exactly what Ramp did. Ramp has the most talented technical team in their

0:50.2

industry. Becoming an engineer at Ramp is nearly impossible. In the last 12 months,

0:54.3

they hired only 0.23% of the people that applied. So that means when your business is using Ramp,

1:00.4

you now have access to top tier technical talent and some of the best AI engineers on the planet

1:06.1

working on your behalf 24-7 to automate and improve all of your businesses' financial operations.

1:12.8

Ramp invests heavily in creating new innovative products. In fact, I just sat down with the founder

1:18.2

and a friend of mine who's one of the co-founders and the CEO of Ramp named Eric, and he told me

1:24.4

that 54% of their payroll is now dedicated to R&D.

1:28.5

So the longer they use Ramp, the more efficient your company becomes.

1:31.6

That's very important because as Sam Walton astutely pointed out in his autobiography, he wrote,

1:36.2

you can make a lot of different mistakes to still recover if you run an efficient operation,

1:39.8

or you can be brilliant and go out of business if you're too inefficient.

...

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