ClassPass business hack helped founder succeed
I’ve interviewed a half-dozen entrepreneurs so far for Uncommon Drive, the new video series from USA & Main where I talk with the top creators and founders in the world. It would be rude of me to pick a favorite, but if I had to give out superlatives, I would award my most recent interviewee, ClassPass founder Payal Kadakia, “most likely to succeed.”
That statement might sound insane given that Kadakia already is a successful entrepreneur, serving as executive chairwoman of the half billion-dollar valued ClassPass. And given the caliber of other entrepreneurs I’ve interviewed, including founding father of the internet/sports franchise owner Ted Leonsis, that statement might sound nuts. But I believe if we fast-forward 30 years from today, Kadakia will have made the biggest impact.
What makes her so exceptional? Let’s start with what she has achieved in the last five years. In that time, Kadakia has raised $255 million for ClassPass, the first company to pioneer the fitness subscription model, allowing users to find and book exercise classes. The company already has reached $150 million in annualized revenue and is the world’s largest subscription fitness marketplace operating in more than 50 cities globally. Kadakia also is the founder and artistic director of the award-winning SA Dance company of New York, committed to increasing awareness of Indian dance in the mainstream.
Clearly, Kadakia already has created a record of success, but it’s her discipline and execution that most catch my eye.
There are many hallmark leadership characteristics she possesses, and I encourage you to watch our Uncommon Drive interview to find out more, but for now I’d like to focus on something we only discussed when the cameras were off. It was a random comment Kadakia mentioned, but it hit me like a punch from Mike Tyson in his prime.
In the green room, as we walked to set, I asked her about the origin of ClassPass and she told me it began with a self-imposed challenge. “I gave myself only two weeks to come up with a business idea,” Kadakia said. “I told myself if I couldn’t come up with an idea in that time period, I wasn’t ready to be a founder.”
Hook, line, sinker: She had me. In a decade of interviewing entrepreneurs I had never heard such a simple yet effective concept – setting time limitations on conceivably impossible decisions.
This idea is different from the more popular thought on setting time limitations on all tasks – it’s the next level. Think about audacious goals many people only dream about, such as launching a business, becoming debt free or mov- ing to another country. Kadakia not only set her objective, she set a tight deadline.
I began experimenting with this concept in the weeks after I interviewed Kadakia and can testify it has yielded significantly (point in example, I’m writing this from my flat in London, to which I recently moved from Washington, D.C.).
There are two benefits of time limitations on audacious goals:
❚ Deadlines help you complete tasks: Science supports this. Ever heard of Parkinson’s Law? Many interpret the time element of the law to be the most important aspect. Summarized as the amount of time that one has to perform a task being the amount of time it will take to complete the task. Therefore, it’s easy to see how deadlines not only help you to complete your tasks, but by using Parkinson’s Law and reducing your time allocation to the bare minimum, you can complete more tasks.
❚ Your satisfaction is higher the faster you make a decision: “Paradox of Choice,” by psychologist Barry Swartz, is one of my all-time favorite books. In it, he puts forth a profound theory about decision styles. He describes all people as either maximizers or satisficers. You’re a maximizer if you spend a lot of time and energy to reach a decision. By doing so, you’re often anxious about whether you are making the best choice, versus a satisficer, who makes a decision or takes action once their criteria is met. That doesn’t mean they’ll settle for mediocrity – their criteria can be very high, but as soon as they find whatever qualities they want, they’re satisfied. Satisficers therefore require much less time to make their decisions, and, according to Swartz, are much happier with their decisions over maximizers.
I don’t know if Kadakia knows about the research supporting her actions. I do know that she moves with remarkable intention and focus.
In the ’90s, everyone wanted to be like Mike.
In the early 2000s, it was Steve Jobs whom we wanted to emulate.
By 2048, the global standard bearer of excellence will be Payal Kadakia. You’ll see.
Paul C. Brunson, the host of USA TODAY’s video series “Uncommon Drive,” is a serial entrepreneur with three exits and a pioneering matchmaker . He also is building a school in Jamaica. Follow him on LinkedIn or Instagram for behind the scenes footage and insights from his interviews and travels. The views and opinions expressed in this column are the author’s and do not necessarily reflect those of USA TODAY.
I had never heard such a simple yet effective concept – setting time limitations on conceivably impossible decisions.