#198 CEO & Co-Founder Wayfair, Niraj Shah: Homeward

Guest: Niraj Shah, CEO and co-founder of WayfairWayfair CEO Niraj Shah caught the entrepreneurship bug in his mid-20s, when he and his longtime co-founder Steve Conine sold their first company just a few years out of college. They left the acquirer and independently realized “we absolutely wanted to start something else,” Niraj recalls. “Once you’ve done that, if you enjoy that, it’s very hard to pursue something more traditional.” But the “if you enjoy that” bit really matters: Whenever he’s counseling younger people, Niraj tells them to pursue something they’re genuinely excited about. Otherwise, “it’s going to be very hard for you to do your best work.”In this episode, Niraj and Joubin discuss shopping malls, employee discounts, working in Boston, family time, Jay Chaudhry, Cornell University, pursuing what you enjoy, fostering trust, family vacations, over-hiring corporate staff, taking market share, the power of ecommerce, ownership mentality, setting priorities, and rapid hiring.Chapters:(00:51) - Wayfair’s first retail stores (05:35) - Buying from other stores (08:59) - Immigrant entrepreneurship and Niraj’s dad (12:57) - Building the flywheel (15:32) - Structuring your calendar (17:59) - Success and attention (21:47) - Niraj’s first business (25:54) - His co-founder, Steve Conine (29:58) - Wayfair’s operations and the COVID surge (33:52) - The home goods market (37:50) - Optimizing SKUs (41:21) - Specializing, focusing, and problem-solving (44:42) - Sustainable work ethic (48:05) - AI and personalization (52:42) - Who Wayfair is hiring (53:56) - What “grit” means to Niraj Links:Connect with NirajLinkedInWatch the Cornell talkConnect with JoubinTwitterLinkedInEmail: [email protected] Learn more about Kleiner PerkinsThis episode was edited by Eric Johnson from LightningPod.fm