Entrepreneur Marc Lore, who has sold two companies for billions, plans to take his food delivery and takeout startup, Wonder, public in a few years with a bold $40 billion valuation. In a recent interview in New York, Lore discussed Wonder's goal of simplifying meal planning and shared insights into his management philosophies.
On Leadership Approach
Unlike many founders who adopt a hands-on "founder mode" approach, Lore focuses on vision, capital, and people. He holds weekly two-hour meetings with his leadership team to revisit and refine foundational aspects such as strategy, organizational structure, capital planning, performance systems, and company values. This consistent alignment ensures that teams operate effectively with minimal direct involvement from him. "When everyone is fully aligned, and you have great people, you just let them run," Lore explained, emphasizing that clarity in vision and strategy empowers teams at every level.
On Hiring Rock Stars
Lore prioritizes hiring exceptional talent, stressing that identifying a "rock star" in a single interview is nearly impossible. After hiring thousands of employees, he noticed that superstar resumes exhibit clear patterns: consistent promotions, tenure long enough to demonstrate impact, and upward career moves rather than lateral or downward shifts.
"When I find a superstar resume, I grab it and pay whatever they need," Lore said, emphasizing the value of building a team of exceptional performers. He ensures these individuals thrive by creating robust performance management systems that outline clear paths to advancement, especially for highly motivated employees like Gen Z, who often expect rapid career progression.
On Embracing Risk in Startups
Lore believes startups must embrace risk to survive and thrive. He argues that founders often underestimate the dangers of maintaining the status quo while overestimating the risks of change. Comparing startups to patients with life-threatening conditions, he explained, "If you’re a startup founder, the probability of failure is high—about 80%. To reduce the risk of dying, you have to take bold risks."
In contrast to big companies, which prioritize incremental improvements, startups require risk-taking to secure their futures. For Lore, doing nothing is the riskiest decision of all.
Through these philosophies, Marc Lore emphasizes the importance of vision, talent, and bold decision-making in building and sustaining successful ventures.
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