Interview with Entrepreneur & Podcast Notes founder Adam Fox

If you're active on Twitter, and listen to podcasts, odds are you've come across Podcast Notes (@podcastnotes) - THE place to explore the wonderful world of podcasts.

I caught up with Podcast Notes founder, Adam Fox, and had the opportunity to submit a few questions on business, life, and success. Here's what he had to say:

Where did you get your entrepreneurial spirit?

It was imprinted on me from my parents and then from my older brother who has been starting businesses since he was in college. I was actually the one who took the corporate route, but have found many ways to scratch that startup itch while progressing in my career.

Are your parents entrepreneurs?

Yes, we immigrated to the US when I was 3 and my parents started a B2B sales business from scratch with the little money they were able to smuggle out of South Africa at the time. Stereotypical American Dream stuff.

What was your key driving force to become an entrepreneur?

At first it was curiosity and some degree of competitive envy with my brother who has started multiple companies. My parents never encouraged (or discouraged) me to start a business; they knew just how harrowing it was. Beyond family, the biggest game changer book was the 4 Hour Workweek. It gave me the blueprint and awareness that you can startup a company while keeping your day job (this was many many years before hustle twitter). Lastly, podcasts. Podcasts opened up a portal to the silicon valley elites best minds and has shaped my business and personal life in countless ways for the better.

How did you come up with the idea for your business?

5 years ago I was commuting by train to NYC (1+ hour each way) and was determined to make sure those 10+ hours per week were not wasted. My Kindle was essential, but I also really dove into podcasts at that time. In particular, I had recently discoved Joe Rogan and he had Rhonda Patrick on the show where she would share insanely detailed information on diet and health. Joe made an off-handed comment about having a notepad ready to keep with all she was about to say. I thought to myself, well I could take notes better than most people (honed through years of market research as a consulting and experience in the biotech industry). So I wrote down detailed notes on the 3+ hour podcast, threw up a free wordpress site and tweeted out the link. Joe retweeted it and my mind was blown. I think it led to $50 of Amazon affiliate sales and I had my proof of concept.

What makes it stand out of the crowd?

We grind it out, day in and day out. There have been many competitors over the years, but they have never lasted long. There is no trick to creating thoughtful and well written notes on long podcasts. Over time we've reached a scale and brand credibilty to makes it hard to catch up. If you don't truly love podcasts and learning from them, you won't stand a change.

What's the schedule of one of your typical working day?

A hot shower is my only essential morning activity. With 3 young kids the mornings are basically anarchy beyond that. Nobody appreciates what a luxury a hot shower is. It wakes me up better than coffee and my mind is free to explore the day that is coming (I've yet to figure out meditation, but this is pretty good). No tech in the bedroom. So, once I'm ready for the day I'll check my phone for - Day job work emails and podcast notes - Email, Slack, Twitter. Once kids are settled with daycare/school I'm pretty busy with my day job. We have an amazing team of writers that write the notes which I assign out via an internal tool that tracks the ever-growing set of podcasts we may take notes for. If I'm lucky enough to have a sizeable break in my schedule a day or two per week I'll get in a workout in my minimalist home gym in the basement. Then it's kids/family/dinner/bedtime. I'll schedule any podcast notes calls at 8pm after the kids are in bed. Then more often than not watch tv for a bit and go to bed. I would be happier if I read more, but it's a struggle to do it consistently.

How do you generate new ideas?

My mind is pretty hard to shut off and pulls ideas from podcasts, twitter and books. My best time to think is the shower, but plenty of ideas arrive when I can't fall asleep, especially when embarking on new projects. CBD oil is helpful here on occasion.

How have your entrepreneurial motivations changed since you first started?

I'm incredibly proud of what Podcast Notes has become. I'll never get rich from it, and that is ok. I have a great job that is challenging, strategic and allows me to constantly learn. Many people start side hustles to escape their 9-5, but I'm lucky enough not to feel that desire. I'd say at first I just wanted to see if I could build something that was a real company, now I'm pretty sure the most valuable reward from podcast notes is the collection of information it holds that I can pass to my children one day and the connections it's led me to make. Mostly via Twitter, but I've spoken with incredible Podcasters, VCs, writers, founders and just good honest people. Once this COVID mess is over, I look forward to having coffee with as many of them as I can.

How long do you stick with an idea before giving up?

I'll give you the generic economist response - it depends. It depends on the idea, what other priorities I have, how much time it takes, how fun it is, how successful it is, how much convinction I have in it.

What’s your greatest entrepreneurial achievement to be proud of?

I, (with my cofounder) was able to convince a top Global Pharma company to out-license 4 of its drugs in development that had stalled, and raise over $100M (this took over 2 years). We were able to incubate the company and raise the cash all while keeping Podcast Notes afloat. While I quickly became miserable after the company launched and left after a year, it's going to be hard to ever top that. I'm proud because these drugs would have otherwise disappeared forever and instead they are currently in pivotal trials and will likely launch in the next year or two to treat two devasting rare diseases. There isn't enough talk about intrapreneurship. A lot can be done within a large company. While most great and innovate ideas do get killed for bad reasons (just like most startups fail), if you can perservere and sell the idea all the way to the top, you can start at a scale that doesn't exist for startups.

What are your shortcuts to successfully handle frustration and stress?

Listening to podcasts, Wim Hof Breathing, CBD oil at night. Not relying on my company to support my family takes a ton of stress off. Similarly, not ONLY relying on my job to support my family creates a ton of perspective and confidence.

What book has inspired you the most?

4 Hour Workweek, by Tim Ferriss. Podcast Notes is probably the third idea I've had since reading it, it's just the first that got past the early testing/validation stage.

Who is your greatest support when facing up hardships in business?

My wife,. She is always there to support me and has a brilliant business mind that I rely on all the time.

What do you consider to be your weaknesses?

Focus. I have too many ideas and would probably benefit from doing fewer things. But, that would be less fun.

What do you do on a daily basis to grow as an entrepreneur?

Nothing in particular, though running Podcast Notes basically forces me to improve/learn. Writing the Top 10 best ideas for our weekly newsletter, engaging with Hustle and Fitness Twitter makes it impossible not to absorb some of that wisdom and mindset.

Do you believe there is a winning formula for becoming a successful entrepreneur? What is yours?

I love frameworks and mental models, but I don't have any one in mind. People need experience and "specific knowledge" - naval, then it's a matter of finding a way to turn that into something people will pay for. Perserverence and creativity are essential. There are just too many little problems that require creative solutions.

What popular entrepreneurial advice do you agree/ disagree with? Why?

Quit your day job and follow your dream/passion/etc. That is a great way to find disaster. Risk is great, but don't ever risk ruin (h/t Taleb). The stories you here are all survivorship bias and very rare. There is a time to jump in 100%, but it's not until you've built and validated your business and it's earning money.

Who is the one entrepreneur to be your greatest example and inspiration?

Hard not to be inspired by Elon, as cliche as it is, but I would never want to be him. I'm glad he exists, but I think he lives a tortured existence. Naval has said we shouldn't be jealous of only part of a person. Unless you're willing to take on every good/bad part of their life. Once you appreciate this, it's a lot easier to avoid jealousy.

How do you define success?

Raising childen who are driven, capable and content.

What would you advice to people who want to go into business?

When you're starting, overdeliver and don't just "do your job." You need to accept the shitty and boring jobs because that is all you can do, but make sure to learn along the way. Take more risk when you're young, you'll be less willing to do it when you're older and have a family.

Do you think being an entrepreneur has turned you into a better person?

Yes, as a function of all the amazing things I've learned from incredible people via podcasts and Twitter. In the past you would depend on the wisest person in your small town/village. Now literally anyone can get free advice from the world's smartest minds. The trick is having the right judgement to find them and not fall down clickbait internet rabbitholes. Simply starting a company probably wouldn't do anything either way though.

What makes you feel out of your comfort zone? What are your ways to handle these situations?

Everyone struggles with change. It helps to remind myself that change and struggle as what creates growth. Comfort is fine here and there, but consistent comfort is death. I think about the common refrain from Naval/Tim Ferriss "Hard Choices, Easy Life, Easy Choices Hard Life" - Jerzy Gregorek every day. I should get a poster of it.

What sacrifices have you had to make to be a successful entrepreneur?

There were lots of very hard times and stress on my marriage when building and launching my biotech company. A lot of nights racing home hoping to get a chance to kiss my kids goodnight and missing family dinner. Thankfully that period didn't last too long and I think it was worth it. Nowadays it helps me appreciate how lucky I am to get to be with them for every dinner/bedtime. It was also probably the stress that made me susceptible to Bell's Palsy which I've still not fully recovered from.

“Attention is the new gold.” ~ J.P. O’Shaughnessy

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