#179 Multi-Billionaire Marc Lore on How to Find Your Big Opportunity | Impact Theory

Founder of both Diapers.com and Jet.com, and now CEO of Walmart eCommerce, Marc Lore has had a success streak that is astonishing by any standard. Fortunately for everyone else, he is more than happy to share the habits, mindset and traits that have allowed him to become so accomplished. On this episode of Impact Theory with Tom Bilyeu, serial entrepreneur and multi-billionaire Marc Lore explains how to raise capital when you are just starting out, how to hire and lead employees, and how to make progress towards your goals no matter what you are right now.

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SHOW NOTES:

Marc credits his attitude of “billions or body bags” with his success [2:26]

Tom and Marc discuss having your back against the wall and being aggressive [5:16]

Marc hires self-motivated people and then makes sure he doesn’t micromanage them [7:55]

Marc looks for traits instead of experience for start-up companies [8:58]

Never ask a question in an interview that someone could have prepared for [10:52]

People who went to really good schools have a hard time taking risk [14:15]

Marc shares the story of applying to a business school he had almost no chance at [15:48]

Marc never accepts that something is impossible unless it literally has a 0% probability [18:48]

Marc believes that you are born and raised with some traits, but most can be developed [20:19]

Marc focuses on caring, kindness and empathy when raising his kids [22:27]

When Marc was a kid he was quite entrepreneurial, and got into stocks at 10 years old [23:26]

Marc talks about why his first investors were willing to take a risk on him [26:21]

Tom and Marc discuss how to help someone build desire [27:48]

Marc explains how he deals with doubters [31:04]

Great execution is better than great ideas [33:35]

The way to deal with failure is not to dwell on it, but be objective about progress [35:49]

People want to be understood, and empathy is the most important leadership quality [37:23]

Entrepreneurs should be thinking about vision, capital and people over 80% of the time [39:18]

For core values to be core, there have to be 3 or less [41:29]

Marc shows how he raised money in the beginning [43:18]

Marc shares the impact he wants to have on the world [46:23]

QUOTES:

“I’m not gonna accept that it can’t be done unless somebody proves that it’s a zero probability...And it’s typically the stuff that’s really close to zero--nobody else is touching--that’s where the big opportunities are.”  [18:50]

“Every time somebody says something can’t be done, there’s also a part of me that gets a little bit excited.” [32:13]

“Today’s today. What’s the biggest step you can take today, towards your vision? How do you make the most progress towards the vision, today?” [35:10]

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