Tennis, MKX, Worby Parker discussed on Masters in Business
And that's because it's it's become so transactional, you wanna white shirt? You go to the department store you buy a white shirt. But if you wanted to go and see what's there? You don't natural. Think to go walk through a department store and sort of browse and be be an having experience. And and what what neighborhoods is looking to do is bring back some of that experience. It's almost really a throwback to the way that the department stores used to be where you'd get you know, you could go and browse and look at something that seasonally appropriate, but also have a bite to eat at the lunch counter. And you know, we have a broader array of things to buy. And so these guys are curing lots of digitally native brands that are looking for retail points of presence because it's become obvious with businesses like Worby Parker like having stores actually matters because people want to touch and feel and experience your product. But then there are other larger more mainstream brands that are looking for new ways to activate and show off their products to their their existing consumers as well as new consumers. And then you see lots of like makers local folks, local craftsman that have cool products that they wanna share. They don't have a a big. Showcase a arena to do that. And then obviously wrap that all around with food and community music art, and it's a really cool installation in in sort of how how we think or at least the company thinks consumers want to shop in the next next generation, tell us about a time you failed and what you learned from the experience. So I was a banker, and and, you know, they're they're no no limit to the failure stories there. But one particular moment where I- I- consistently said. Yeah, I understood what I was doing and had no idea what I was doing. And I got it. Rai the end result of the analysis was completely wrong. And for that for me was was a heart failure to take. Because I never wanted to be the guy that got it completely wrong. But what it led me to understand and recognize is that I I'm not gonna walk away. If I don't understand what's going on. Mkx ask the don't assume that asked the dumb questions, you know in. A world like like banking, you get caught up in the jargon. And folks were dropping all sorts of terms. I had no idea what they meant. And instead of asking I just tried to figure it out and two o'clock became four o'clock became six o'clock in the morning, and I'm still looking at the blank screen, and it was it was an embarrassing awful failure. But it was the last time I ever had that failure interesting. What do you do for fun? We know you play tennis. But outside of that tell us what you do to keep either mentally sharp or fit outside of the office. So attempt tennis is the main thing I've got two young kids and try to spend as much time with those folks. And and you know, they're young boys and all they love to do is run around. And so I get a good workout with with those folks. But it's it's it's it's harder. These days to find that time to to get sharp. And I really I struggle with it. It's one of the things I really work on. But but I'm recognizing more and more. Now that I've gotta take the hour or two hours for myself and either go play ten. NS or go right on the peleton or whatever and try to try to sweat it out a little bit. If they millennial recent college grad came up to you and said they were interested in a career in venture investing. What sort of advice might you give them? I would say start a business really become an entrepreneur. I the I don't think that this was given much to my generation of college graduates. And I think again as we talked about the cost of starting a business or nothing and the opportunity cost of doing it when you're twenty two you know, if you fail you dust yourself off and onto the next to go get a regular job there. But you have so few opportunities to start a business and live off Rama noodles for for a year with your three three best mates in in a tiny either co worker co living facility or or small cheap apartments starting a business. All.