In today’s episode of The Startup Chat, Steli and Hiten talk about Karma.
Karma is the law of moral causation. In business, relationships are key. It is advisable to treat people the way that you want to be treated as not doing so can lead to missed opportunities and people not wanting to business with you.
In this episode, Steli and Hiten share their thoughts on Karma, give examples of how to react when you haven’t been treated fairly and much more.
Time Stamped Show Notes:
01:20 About the topic of today’s episode
02:37 Why this topic was chosen.
04:17 The second reason why this topic was chosen.
07:00 Hiten’s relationship with Karma.
07:58 What to do when karma hits.
09:05 About the golden rule.
10:10 Steli agrees with Hiten point of view on this issue.
11:01 An example of a situation that could lead to bad karma.
13:30 When to speak up against bad behavior.
14:58 Why public shaming of a person is a waste of energy.
3 Key Points:
Treat people as you want to be treated.
Karma's gonna fuck you over one way or another because you’re building a bad reputation
Whatever is going on, good or bad, it’s your karma.
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: And in today's episode of the Startup Chat, here's what I wanna talk to you about, Hiten. I wanna talk about karma.
Hiten Shah: oh.
Steli Efti: Yeah. Oh.
Hiten Shah: Okay. I ... Okay. Go ahead, go ahead. I'm listening.
Steli Efti: I was going back and forth if I really wanted to talk to you about this, because I do feel like a lot of what we've covered in past episodes, especially in the ones where we talked about personal brand and reputation, those are two that stand out to me. I think there are a lot of degrees ... You know, it boils down to the advice that we have to give to people, it's like "Just be a good fucking human and do to others as you want to be done to, and be helpful, and don't be an asshole," and all that. I think that that's kind of a lot of what we propose to people and preach and teach. And I think that maybe we're gonna talk a lot about that, but I wanna give you the example of why I wanted to talk about you about this, and see where it goes, right? Because we might go totally different with it. There's two things that happened in the last three days that made me think about karma. One, I'm a partner in a small firm, I made a little bit of an investment, started doing this this year. And there as one company that I really liked and really wanted to make an investment in, and then the eleventh hour, just before deciding to write a check, I thought "Wait a second, in know some people that might know some people that might know these guys. Let me reach out and do the back channel reference check, and see if I learn anything before I finally pull the trigger." And one of these people basically, I didn't know this, but one of these guys that I thought might know somebody that might know somebody, that might know them, no, that guy had invested in them, in one of the founders 10 years ago, in another startup. And he was like "Just call and let's talk." And when I called him, basically boiled down to saying "Yeah, this kid is a good entrepreneur, but he's really unethical, and here's the four things that he did that fucked me over as an investor, so I won't do business with this kid anymore." And that was basically, you know ... I had to tell those guys "Hey, I'm pulling out of the deal, I'm not interested." They asked why, and I said "I can't really go into too much detail. I really like you, but overall, I asked around and some of the things that I was hearing from people...