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Founders

#377 Expanding A Family Dynasty: Marcus Wallenberg Jr.

Founders

David Senra

Steve Jobs, Founders, James Dyson, Company Builders, Technology, Henry Ford, Elon Musk, Business Professional Biography, How I Built This, The History Of Entrepreneurship, Jim Clark, Entrepreneurship, Entrepreneurs, History, Founder, Business Autobiography, Jeff Bezos, Entrepreneur, Biography, Biographies Of Entrepreneurs, Biographies, Business, Business Biography

4.81.5K Ratings

🗓️ 27 January 2025

⏱️ 64 minutes

🧾️ Download transcript

Summary

Marcus Wallenberg Jr's impact on Swedish industry was so substantial that during the 1970s, Wallenberg family businesses employed about 40% of Sweden's industrial workforce and represented 40% of the total worth of the Stockholm stock market. The Wallenberg family is one of the most fascinating family dynasties you could read about. The family has survived — and continues to thrive — for 170 years. In a family full of talented entrepreneurs and investors Marcus Wallenberg Jr. stands out. This episode is what I learned from reading Furthering A Fortune: Marcus Wallenberg Swedish Banker and Industrialist by Ulf Olsson.

Transcript

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0:00.0

There's two ideas in this book that are repeated. Marcus Wallenberg Jr. prioritized investing in

0:05.0

technology and surrounding yourself with great people. That is actually something that multiple

0:09.8

generations of the Wallenbergs would repeat. And I've been telling you lately that there's a lot of

0:14.7

similarities that I noticed between people like Steve Jobs and Jeff Bezos and Jensen Wong last week.

0:19.6

And now I would add Marcus Wallenberg Jr. to that list as well. And it starts with Jeff Bezos and Jensen Wong last week. And now I would add Marcus Wallenberg Jr. to that list as well.

0:23.4

And it starts with Jeff Bezos's very first shareholder, where Jeff Bezos emphasizes the

0:28.2

importance of having the very best team.

0:30.2

He wrote, setting the bar high in our approach to hiring has been and will continue to be

0:34.5

the single most important element of Amazon's success.

0:37.9

You will hear Marcus Wallenberg Jr. say something very similar to that.

0:42.2

Jeff's focus on talent is very similar to this quote that I actually found that Steve Jobs gave

0:47.1

in an interview that very same year in 1997.

0:50.4

This is what Steve said.

0:51.7

He says, I think I've consistently figured out who the really smart people were to hang around with.

0:55.6

You must find extraordinary people.

0:58.1

The key observation is that in most things in life, the dynamic range between the average quality and the best quality is at most two to one.

1:05.9

But in the field that I was interested in, I noticed the dynamic range between what the average person could accomplish

1:11.6

and what the best person could accomplish was 50 or 100 to 1.

1:16.6

Given that, you were well advised to go after the cream of the cream.

1:20.6

You want to build a team that pursues the A plus players.

1:24.6

That is exactly what Ramp did. Ramp has the most talented technical team

1:29.4

in their industry. Becoming an engineer, Ramp is nearly impossible. In the last 12 months, they

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