• The Knowledge Project with Shane Parrish

  • By: Farnam Street
  • Podcast

The Knowledge Project with Shane Parrish

By: Farnam Street
Listen for free

  • Summary

  • Master the best of what other people have already figured out. Skip decades of trial and error. Each episode reveals proven insights from world-class performers. No fluff. No small talk. Just actionable wisdom for your business and life. Instagram: https://instagram.com/farnamstreet LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/ Newsletter: Join over 750,000 people and upgrade your thinking in 5 minutes a week. fs.blog/newsletter
    Farnam Street
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Economics Leadership
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Episodes
  • #215 David Heacock: Managing and Marketing a $250M Business

    #215 David Heacock: Managing and Marketing a $250M Business
    Feb 18 2025
    Imagine leaving a six‐figure Wall Street salary behind to chase a single, daring idea. In this episode, David Heacock shows you how he turned a basic product into a $250M empire. At 29, he left Wall Street to bet on air filters. That bet transformed into Filterbuy, now a $250 million direct-to-consumer manufacturer serving more than 7 million customers through a ruthlessly efficient operation. Today we talk about what actually matters when building a business, balancing obsession with family life, selling on Amazon, what he’d do differently if starting over, and the freight decision he calls his biggest mistake. Whether you’re starting a business, scaling one, or simply looking for insights on hiring, managing, or making bold decisions, David shares the lessons that helped him build his empire. David Heacock is the founder and CEO of Filterbuy. Before revolutionizing the air filter industry, he traded options at Goldman Sachs from 2005-2012. If you’re driven by bold decisions and value hard-won lessons, this conversation is your playbook. Don’t miss out on the insights that could redefine your own path to success. Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠ and get your own private feed. Watch on YouTube: @tkppodcast (00:02:56) David's Journey to Goldman Sachs (00:06:07) Committing to Entrepreneurship (00:07:35) The Power of Obsession (00:10:08) The Decision to Expand Geographically (00:12:55) Challenges in Building the First Plant (00:18:58) Management Level Hiring (00:22:41) Studying Operating Systems for Companies (00:24:49) The Nuances of Hiring (00:25:53) External Accountability (00:29:37) Adapting Business Operating Systems (00:30:13) The Role of a Chief of Staff (00:31:03) Building Department-Specific Operating Models (00:32:56) Articulating the Company's Mission and Values (00:44:19) Understanding Marketing and Branding (00:47:10) The Strategy Behind Intent-Based Marketing (00:52:13) The Decision to Enter Retail (00:57:26) Success in Retail and Customer Acquisition (00:58:19) Diversifying Market Segments (00:59:13) Competitive Advantage Over Other Brands (01:01:07) The Logistics Aspect of the Business (01:04:25) Defining Direct-to-Consumer Brands (01:08:39) Technical Challenges and Overcoming Setbacks (01:11:46) Core Personal Traits for Success (01:16:37) The Power of Obsession Over Willpower (01:17:46) Facing the Hardest Moments in Business (01:26:36) The Decision to Enter the Freight Business (01:30:48) Diversifying into the HVAC Service Business (01:34:51) The Future of HVAC Service Business (01:36:01) Personal Branding and Business Growth (01:37:23) The Role of Marketing and Operations (01:38:48) Contrasting Business Models: Private Equity (01:43:00) The Importance of Mission and Vision (01:47:12) Balancing Obsession and Family Life (01:53:44) The Dangers of Lifestyle Creep and Maintaining Financial Stability Learn more about your ad choices. Visit megaphone.fm/adchoices
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    2 hrs and 3 mins
  • #214 Outliers: Timothy Eaton and The Original ‘Everything Store’

    #214 Outliers: Timothy Eaton and The Original ‘Everything Store’
    Feb 11 2025
    So far with The Knowledge Project Podcast, we've focused on interviews. But I’ve learned as much from reading biographies as from interviewing amazing people. That’s why we’re starting 'Lessons from Outliers.' Every other week, we'll study an outlier who did remarkable work. From industrialists who reimagined commerce to the irreverent personalities who challenged the foundations of their fields, we'll explore what they did and how they did it. We can learn something from everyone. We're starting Outliers with Timothy Eaton, a Canadian name that might not be familiar to many listeners today, but his innovations fundamentally changed retail and how we shop. This episode is about how he built that empire, the principles that drove its success, and the forces that eventually brought it all crashing down. Whether you're building a business, leading a team, or trying to understand how great companies rise and fall, Timothy Eaton's story offers timeless lessons about innovation, trust, and the true price of success. You'll learn why even the mightiest empires can crumble when they forget the principles that built them and why success—no matter how massive—must be earned and re-earned daily. (01:55) Introduction (05:04) The Vision (06:16) Timothy’s Early Years (09:28) The System (12:17) The Innovation Engine (14:18) The Scale Game (18:08) The Platform Play (19:32) The Leadership Philosophy (20:48) The Succession (22:21) Retail as Entertainment (23:14) The Western Expansion (25:12) Building the National Network (26:05) Creating the Corporate Family (26:43) The Pinnacle of Power (27:43) The Inherited Crown (28:33) The Comfortable Plateau (31:33) The Weight of Tradition (33:12) The Profit Paradox (34:02) The Identity Crisis (34:51) The Final Chapter This podcast is for information purposes only and draws primarily from two excellent books: ‘The Eatons: The Rise and Fall of Canada's Royal Family’ by Rod McQueen which chronicles the Eaton family history and the company’s journey from beginning to end, and ‘Timothy Eaton and the Rise of His Department Store’ by Joy L. Santiuk, which focuses on the founder’s life. If this story captured your interest, we highly recommend both books for their thorough documentation of what became a Canadian institution for over a century. Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠ and get your own private feed. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    43 mins
  • #213 Mickey Drexler: The Art of Selling with Retail's Merchant Prince

    #213 Mickey Drexler: The Art of Selling with Retail's Merchant Prince
    Feb 4 2025
    This episode will transform how you think about style, aspiration, and the art of knowing what people want before they know it themselves. From working in department stores to advising Steve Jobs on Apple’s retail strategy when it didn’t have retail at all, Drexler’s career traces the evolution of American retail itself: from local shops to mall dominance, from catalog to digital, from mass market to personalization. Whether you’re an aspiring entrepreneur, a retail enthusiast, or someone looking to build a brand that stands the test of time, Mickey shares invaluable insights on what separates truly successful brands from the rest. Mickey Drexler is the chairman of Alex Mill. Before that, he was the CEO of J. Crew and sat on the Board of Directors of Apple. He founded Old Navy and Madewell, and served as the CEO of Gap from 1983–2002. Learn why gaining real-world insights—and not just reports or data—is crucial to staying ahead of the competition. Newsletter - The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter Upgrade — If you want to hear my thoughts and reflections at the end of the episode, join our membership: ⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠ and get your own private feed. Watch on YouTube: @tkppodcast (02:16) How Mickey Drexler became Mickey Drexler (07:04) Lessons from redefining Gap (12:47) Merchant, defined (15:17) How Drexler evaluates stores (19:20) Lessons from running Gap (21:19) On Old Navy (27:26) On Steve Jobs and Working with Apple (33:00) Re-making J. Crew (37:00) Drexler's superpower (43:40) Current-day retailers who are great (45:10) How Drexler got "Madewell" (47:15) What makes something a classic look? (50:20) On success Learn more about your ad choices. Visit megaphone.fm/adchoices
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    57 mins

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