Asking The Ethernet Billionaire If It Was Worth It

TLDR Bob Metcalfe, the creator of Ethernet, made money by selling Ethernet, not just inventing it. He founded 3Com and learned from Steve Jobs. The speaker shared insights on pitfalls of success, regretted not learning sales skills earlier, and discussed personal financial improvements. Bob discussed his diverse career path, from founding 3Com to becoming a journalist, venture capitalist, and professor, and now seeking new opportunities.

Key Insights

Seek Adult Supervision for Business Management

One of the key takeaways from Bob Metcalfe's experience is the importance of seeking adult supervision for running a company. This advice, given to him by Steve Jobs, highlights the value of having experienced and responsible individuals overseeing the management and decision-making processes, especially in high-growth scenarios. Seeking mentorship and guidance can help in making more informed and strategic choices for the sustainable growth of the business.

Value Self-Awareness and Avoid Corruption by Success

Another important takeaway is the emphasis on self-awareness and staying grounded despite achieving significant success. Bob Metcalfe's insights on the potential pitfalls of success and the risk of being corrupted by wealth serve as a reminder to prioritize integrity and ethical conduct in business endeavors. Drawing from his experiences and referencing Bill Gates, he highlights the need to maintain humility and ethical values even in the face of financial success.

Learn and Prioritize Sales Skills

A crucial piece of advice shared by the speaker is the significance of learning and prioritizing sales skills in career development. The speaker's regret of not learning sales earlier and citing specific instances where lacking sales skills had negative consequences underscores the importance of this expertise. Additionally, the recommendation to pursue sales skill development through courses and books reflects the practical approach to addressing this critical aspect of professional growth.

Manage Financial Success Wisely

From Bob Metcalfe's journey, the importance of managing personal financial success wisely is evident. His personal experiences, such as celebrating success by withdrawing cash from the ATM, investing in assets, and setting up trust funds for his children, provide practical insights into the responsible handling of wealth. This takeaway emphasizes the significance of long-term financial planning, including investments and philanthropic initiatives, to ensure sustainable wealth management.

Embrace Diverse Career Paths and Exploration

Bob Metcalfe's diverse career path, from founder to journalist, venture capitalist, and professor, serves as an inspiration for embracing exploration and varied opportunities. His approach of trying various options until finding the right fit showcases the value of being open to non-linear career trajectories and remaining adaptable to new challenges. This takeaway encourages individuals to pursue diverse experiences and remain open to unconventional paths for personal and professional growth.

Questions & Answers

How did Bob Metcalfe make most of his money?

Bob Metcalfe made most of his money by selling Ethernet, not inventing it.

What advice did Steve Jobs give to Bob Metcalfe?

Steve Jobs mentored him and advised him to seek adult supervision for running his company.

What were some of the positive outcomes discussed by the speaker regarding their departure and the board's decision?

The speaker discussed positive outcomes that followed their departure and the board's decision to choose CEOs other than themselves.

What did the speaker emphasize about the potential pitfalls of success?

The speaker emphasized the importance of self-awareness and not being corrupted by money, referencing Bill Gates and their own experiences to illustrate this point.

What did Bob Metcalfe share about his personal financial improvements?

Bob Metcalfe shared his journey from creating Ethernet to the company going public, selling stock to employees, celebrating success, and investing in various assets.