Travel Tech Essentialist #139: Adversity
I have had all of the disadvantages required for success. — Larry Ellison
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0. The most clicked link in the previous newsletter
The most clicked link in Travel Tech Essentialist #138 was Lenny Rachitsky’s 20 examples of how people are using GPTs today.
1. Insights from the Subscriber Survey
Thanks for all of you who completed the survey to better understand the professional landscape and informational preferences of Travel Tech Essentialist subscribers. The survey aimed to gather insights into the subscribers' companies, roles, job titles, and preferred sources for news and insights. This analysis reflects on these findings.
2. Back to basics: carry the bag
The phrase ‘carry the bag’ dates back to the days when salespeople carried their products door to door. And this is what Jason Lemkin (founder of SaaStr) thinks that VPs should be doing now:
"Make sure any VP you hire does the job themselves first. Before they hire anyone else. Period."
A new VP of Sales has to close customers themselves at first. A new VP of Marketing has to do demand gen themselves at first. A new VP of Customer Success has to go visit customers in person during their first weeks. For those looking to hire, the candidates' willingness to do the job themselves should come out clearly in interviews. Ask what they’d do the first 30 days. If the candidate’s answer does not reflect a willingness to adopt this old-school, hands-on 'carry the bag' approach, it could signal a risky hire. Read + SaaStr
3. ‘I wish upon you ample doses of pain and suffering’
Recalling his days as a dishwasher and toilet cleaner, Jensen Huang, Founder/CEO of NVIDIA, notes that to this day, no task is beneath him. Such experiences have shaped his work ethic and have instilled a profound sense of humility and resilience.
If you haven't watched this 2-minute clip of NVIDIA’s founder and CEO, Jensen Huang, speaking at Stanford, please watch it. He delivers a short masterclass on the true essence of greatness, emphasizing that it stems from character shaped by adversity, rather than sheer intellect.
Huang shared that one of his great advantages is having very low expectations, contrasting this with the high expectations typical of Stanford graduates. He noted that people with high expectations often have very low resilience, an unfortunate correlation given the crucial role of resilience in achieving success. Huang stressed that adversity builds resilience and often references ‘pain and suffering’ in NVIDIA to highlight its significance; not meant to be harsh but to acknowledge the critical role that overcoming challenges plays in shaping both individual character and the company's culture.
Greatness is not intelligence; greatness comes from character. Character isn't formed out of smart people; it's formed out of people who suffered. So, if I could wish upon you, Stanford students, I wish upon you ample doses of pain and suffering. — Jensen Huang
Adversity, failure, and rejection are part of an entrepreneur’s daily life. It's time to recognize these as superpowers too.
4. Handle Hard Better
Echoing the theme of resilience, Kara Lawson, head coach of the Duke University women's basketball team, also embraces handling adversity as a pathway to growth. In an unscripted speech to her players after a conversation she had with one of her freshmen, Lawson shared her insights on confronting tough challenges. She was unaware that someone was filming her, and her 3-minute ‘handle hard better’ talk went viral with over 1 million views. Despite an illustrious career with Olympic gold medals and WNBA championships, it's with this speech that she has impacted the most lives, striking a chord with all entrepreneurs. ESPN recently spotlighted her inspiring message in a 7-minute feature.
“We all wait in life for things to get easier…. It never gets easier. It’s going to get harder. What happens is you become someone who handles hard stuff better. So make yourself a person that handles hard well.” — Kara Lawson, head coach, Duke women basketball
5. Publicly traded OTA metrics
In the last couple of weeks, more Online Travel Agencies have published their 2023 results. Here’s an updated comparison of revenues, marketing costs and market cap.
6. The appeal of bus travel
This Robb Report article highlights the rising appeal of bus travel, with options ranging from standard to luxurious alternatives that rival the comforts of business or first-class on planes. Companies like Vonlane offer amenities such as neck pillows, blankets, eye masks, and regular snack services, far exceeding travelers’ expectations. Travelers are choosing buses not only as a last resort but also as a primary travel option. Bus ridership was up 60%-70% year on year for key holiday weekends last year, compared to a 10% rise in air travel. I'm not suggesting that the Vonlane fan club will soon rival the Swifties in numbers, but I've witnessed firsthand the wide-ranging appeal of Vonlane among my family members in Texas and Tennessee, ranging in age from 10 to 85. Anxious to get them to expand to New Orleans, by the way :-)
7. The shapes of stories
This 4 minute video of a lecture by Kurt Vonnegut outlining the simple Shapes of Stories is a masterclass in storytelling. Vonnegut uses a simple graph with the X-axis going from beginning to end and the Y-axis going from good fortune to bad fortune. Pretty much all the stories that Western civilization loves follow one of the simple shapes graphed by Kurt Vonnegut. For a deeper understanding of how these narrative structures can elevate your storytelling skills, particularly in the realm of entrepreneurship and business, read this insightful linkedIn article by Joe Lazer (but watch the video first :)
8. Combining skills to become exceptional
In Start Where You Are, Michael Wolfe (Co-founder and CPO of Gladly) argues that the essence of a startup founder's journey isn't about having an all-encompassing skill set but focusing on one's current capabilities. And to simply start where you are. One of the practical advice he offers is to use the unique combination of one’s abilities. For instance, a founder with amazing market knowledge and basic sales skills could become exceptionally effective at pitching their product.
Suppose you know your market and have learned some basics on how to demo and sell a product, the Venn diagram of those skills might make you one of the best in the world at pitching this particular product to these particular customers — Michael Wolfe
This combination of skills often makes founders the most persuasive salespeople for their products. They possess a deep understanding, passion, and practice in pitching their product, which can outweigh the advantages of traditional credentials like a Harvard MBA or experience at top consulting firms.
9. Just relax
Granted it's a modest sample of 1,000 US travelers, but it appears that embracing the art of doing nothing is back in fashion. According to a recent WSJ article, “Rest and relaxation” jumped ahead of having “a fun time” and spending “time with immediate family” as the main motivator for leisure travel. In response, all-inclusive resorts (a good option for those seeking to switch off completely) are witnessing a surge in bookings. Even travelers used to vacations previously crammed with activities are opting for trips where the biggest decision is what drink to order next.
More vacationers say they want a true break to rest and recharge. Their do-nothing vacations have no schedule. These aren’t beach trips that involve surfing or kayaking, or foodie tours requiring hours of research—and decision fatigue. — WSJ
10. The world’s best hotels deliver exceptional customer experience
Luxury hotels stand out by offering great service, not just fancy rooms. McKinsey's research shows that what really makes a hotel special is its staff and the way they treat guests. Leaders in these hotels work hard to create a team that cares about quality and goes the extra mile for guests. This means hiring people who naturally enjoy helping others, celebrating their good work, and giving them the freedom to make guests happy in their own way. To keep guests coming back, hotels also focus on making their stay memorable with personal touches and surprises. Read + McKinsey
“I’m fanatical about doormen because they are the first people guests interact with when they arrive and the last people they interact with as they depart.” — Luxury hotel General Manager
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Travel Tech Essentialist Job Board
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WeTravel | Finance Manager | Amsterdam | €70,000 - €80,000
Propellic | Director of Strategic Engagements | Remote
Expedia | Manager Data Science - Analytics | Madrid, Seattle, Austin | Range in US: $137,500 - $192,500
Booking.com | Principal Brand Strategy | Amsterdam
Amtrav | Sr. Backend Engineer | Remote, Chicago, Los Angeles, Chicago
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Mauricio Prieto
Just perfect!
Some great links in this week's newsletter. Many thanks!