Marc Lore, a successful entrepreneur who has sold two companies for billions of dollars, is now gearing up to launch Wonder, his food delivery and take-out venture, into the public market with a whopping $40 billion valuation. We had the privilege of sitting down with Lore in New York to discuss Wonder and its goal of simplifying meal planning, as well as delving into his unique management philosophies that have led to his success.
Lore shared his distinctive approach to leadership and hiring, emphasizing the importance of vision, capital, and people in running a successful business. Here are some key takeaways from our conversation with Lore:
Lore’s Approach to Leadership:
– Lore does not subscribe to the typical founder mode of management, where founders micromanage even lower-level employees to prevent small issues from escalating. Instead, he focuses on weekly leadership meetings that center around vision, strategy, organizational structure, and performance management systems. By ensuring alignment and clarity, Lore allows his team to take ownership and drive the company forward.
Hiring Rock Stars:
– Lore is passionate about hiring top-tier talent, known as “rock stars.” He emphasized that truly identifying a rock star candidate goes beyond a one-hour interview and requires a deeper look at their resume for patterns of success. Lore looks for multiple promotions, long tenures at companies, and significant career advancements as indicators of potential rock stars. For him, building a team of superstars is essential for the company’s success.
Embracing Risk:
– Lore believes in the power of taking calculated risks, especially in the startup world. He argues that the status quo poses a greater risk than making bold changes, even when the risks may seem daunting. Startups inherently face high failure rates, and Lore encourages founders to embrace risk as a means of prolonging the company’s lifespan and propelling it towards success.
In conclusion, Lore’s unconventional yet highly effective leadership style, emphasis on hiring top talent, and advocacy for risk-taking provide valuable insights for aspiring entrepreneurs. By prioritizing vision, capital, and people, and by boldly pursuing opportunities for growth, startups can navigate the challenging landscape of entrepreneurship with resilience and innovation. Lore’s success story serves as a testament to the power of visionary leadership and calculated risk-taking in building thriving businesses.
