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RR

Russ Roberts

08/07/19

@ Y Combinator

Understanding comparative advantage helps founders decide when to hire others for tasks that are too costly for them to do themselves, which is a common challenge.

Video

YC

EconTalk Host Russ Roberts on Key Economic Concepts for Founders

@ Y Combinator

EconTalk Host Russ Roberts on Key Economic Concepts for Founders

08/07/19

Related Takeaways

RR

Russ Roberts

08/07/19

@ Y Combinator

The idea of opportunity cost is crucial for founders; it reminds them that choosing one path means forgoing another, which is essential in decision-making.

BF

Brad Flora

07/08/22

@ Y Combinator

Founders frequently waste money on hiring, especially when they pursue high-salary candidates from large companies, believing they will significantly boost productivity.

HT

Harj Taggar

03/26/21

@ Y Combinator

Having a co-founder allows you to divide work, leading to more and better quality output, especially if they have complementary skills.

YC

Y Combinator Cast

05/20/22

@ Y Combinator

Founders often underestimate their unique skills and the specific challenges of their startup, thinking that hiring experienced executives will solve their problems.

SA

Sam Altman

05/02/17

@ Y Combinator

It's crucial to avoid 'hero mode' where founders try to do everything themselves; instead, they should hire more team members to manage workload effectively.

SA

Sam Altman

08/30/18

@ Y Combinator

A competitive advantage is essential for startups, and founders should have a clear plan for how to achieve it over time.

YC

Y Combinator Cast

06/28/24

@ Y Combinator

New founders often feel the need to hire more employees to gain status, while experienced founders prefer smaller teams to avoid the challenges of managing larger companies.

YC

Y Combinator Cast

05/20/22

@ Y Combinator

Founders sometimes hire for future problems they anticipate, but it's crucial to focus on immediate challenges instead of speculative hires.

SF

Shana Fisher

06/20/14

@ Y Combinator

It's important for co-founders to have complementary skills rather than overlapping ones to ensure a balanced team.