The world moves fast. Thomas Tull wants founders to move faster. That's why, when he invests in a startup, he gives them this advice: "Prepare for velocity." In other words, make sure you're ready to grow quickly and pivot at a moment's notice.
Tull has taken that advice himself. His career has run on fast growth-from when he ran a chain of laundromats after college, to later founding the film studio Legendary Entertainment (which made massive hits including The Dark Knight trilogy and The Hangover series). That work, along with finding success as a tech and VC investor, made him a billionaire. After leaving Legendary in 2017, he continued his investing career-starting his company Tulco that year and the United States Innovative Technology Fund in 2022-supporting companies including Pinterest, FIGS, Oculus Rift, and Sandbox AQ. He's also part-owner of the Pittsburgh Steelers and the New York Yankees.
The way Tull sees it, running a business has always been hard-but the landscape was once more predictable. Here, Tull talks about how to navigate today's fast-moving environments, and why it all starts with a leader's attitude.
I love that advice you give founders: "Prepare for velocity." Can you unpack it?
Things happen so quickly nowdue to the confluence of global politics, technology moving at a geometric rate, and all our interconnectivity. Your company can get big very quickly, and it can fail very quickly. You're going to have to make a lot of choices with imperfect information, and you must be prepared for the velocity of today's changes, and the implications of your decision-making.
How does a founder put that into practice?
Start with your elemental value system that is, what you fundamentally believe in and want to act upon. Then you must have pliability, to be able to change and bend where applicable.
Esta historia es de la edición March 2024 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2024 de Entrepreneur magazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Chords of Success
For Saahil Goel, the deep-rooted passion for playing the guitar dates back to his high school days. Influenced by legends like Pink Floyd, Led Zeppelin, and the Pakistani band Strings, his musical journey mirrors his leadership style-balancing focus, discipline, and a collaborative spirit. Goel feels that playing guitar has enhanced his ability to balance focus and teamwork as a founder of an eCommerce shipping start-up.
IS YOUR RENT TOO DAMN HIGH?
Many small business owners struggle with their rents. Here's what to do.
HOW TO BOUNCE BACK FROM A BAD REVIEW
A one-star review can hurt your ego - and your business. But it's possible to prevent (and remedy!) this scary scenario.
HOW TO HIRE FOR THE FUTURE
Small businesses are struggling to find quality labor. So flip the conversation: Show workers how your business will set them up for opportunity.
You Can Hire Like Netflix
The streaming platform built an incredible team with a strategy called “talent density.” But you don’t need to be a tech giant to do it.
Speedy Growth Killed My Startup
We seemed to be rocking it - lots of press, major partnerships. Then we learned the harsh consequences of overlooking our customers.
Three Pivots to $100 Million
How do you find a working business model? Do it like Rowan-a brand that reinvented itself many times before finally piercing the ear-piercing market.
What Goals Actually Matter?
Some benchmarks are more important than others so what should you really care about? We asked six founders for their hardest-won lessons.
'Only the Strongest Are Going to Survive'
Brian Lee cofounded companies like LegalZoom and ShoeDazzle-and he believes a lot of conventional business wisdom is backward. Sure, it's harder to raise capital. But it's actually cheaper than ever to start a company.
HOW TRUST SAVED KFC
The former CEO of Yum! Brands explains how he turned around a struggling KFC-and the important lesson it offers for anyone in franchising.
