| {"text": " Stock options are well known and frequently used by startups to attract and retain talented team members with the company. But sometimes one hears that employees don't really value stock options and hence they are not effective. Let us understand why that happens. If you purchase a piano and keep it in your living room, it will not start to play by itself. You need to learn the skill to draw the music out of that instrument. If you do not learn how to play it, you will never derive any true pleasure or inspiration from it. The key word here is learn. You need to learn how to play it. You can purchase a piano anytime, but you own a piano only when you have put in the effort to learn how to create music with that instrument. Stock options work the same way. Because they are so widely used by startups around the world, you tend to take them for granted. You start to believe that all you need to do is just grant them to your team members. Just place the piano in the living room and they will somehow start to play music on their own. A light will magically pass through every team member and they will suddenly start to feel like an owner of the company and will begin to act accordingly. And that must be because that article on stock options said so. So I as a founder have played my part by granting you stock options and now you the team members need to play yours. It does not work that way. It never has and it never will. If you use stock options without knowing how to really use them without learning how to draw music out of them, they will almost never work for you. They might, in a few rare cases, provide financial success to your team members if you create a business that becomes very valuable. But that does not mean you made them work for you. You did not put in any effort in making them work for you, which means you left it to chance and it worked. But that does not happen in most cases. Besides, let us first understand what it means to make stock options work for you. What does work for you really mean? Work for you does not mean that they make a lot of money for the team members. When stock options truly work for you, it means that they strengthen the sense of ownership in the hearts of the team members. That sense of ownership drives them to stare at their ceilings when they lay on their bed at night, thinking about what more they can do to succeed. That sense of ownership inspires them to keep going, keep improving and create something that others will be inspired by. If your people feel none of that, then you are missing out on a tool that is very powerful. You are not truly harnessing the power of stock options. And if despite this, you are financially successful. Imagine what you could have done. Had you used stock options in the right manner. So how do you make your stock options work for you? To make them do wonders, the conversation must not start with stock options. It must start with your values and your vision. That is what inspires people. A piece of paper that you hand out to them with the promise that this will make you rich, inspires no one. It can seduce them, perhaps. It can make them greedy. But it can never really inspire them in the true sense. If you want to use the real power of stock options, you must start from your personal values. And that must lead to a healthy non-financial vision that you are passionate about. It is that non-financial vision that inspires people to go beyond their call of duty and create something that you can be proud of. If your vision says, let's become a billion dollar company, you are essentially saying that I have no vision beyond making money. But that is usually not true. If you only think about a financial vision today, and that is not uncommon, you have probably been swayed and misguided by the external environment that wants you to believe that it is the valuation that matters. But the truth is, values and not valuation inspire people. Vision and not valuation inspires people. Do not use stock options merely as a financial tool to attract or retain people or to lure them into taking a pay cut by showing them an imaginary pot of gold. Give them something much more substantial to resonate with, something they can latch on to and believe along with you. If you have been influenced by the environment around you and you have begun to believe that your core purpose is to raise the next round of funding and create a unicorn, it is understandable. Our environment plays a huge role in shaping our thoughts. Because you are a victim of such an environment, it might also fuel your energy of greed. Now the energy of greed may work once in a while, but at its core, it is an inferior, a much weaker and a negative form of energy. And even if it does work, it might leave you richer, but it will also, in all likelihood, leave you less peaceful. You can simply transform the same energy into a much stronger form, the energy of your values and your vision. Use stock options as a proxy, as a symbol for your values and for the vision that you stand for. That is where your conversation needs to start, from your heart, not from your head. That is what inspires people. That is what will differentiate your venture from 10 others down the road. That is what will make you start up successful. Stock options are dead pieces of paper. It is your vision that infuses life into them. It is your vision that infuses energy in your people. Don't look at ESOPs as employee stock options. Look at them as emotional stock options. Put in the effort, and they will work for you. If you don't, why should they work for you? If you put in the effort, your chances of success increase dramatically. Stock options are a proxy for the values and the non-financial vision you have. And that should be the guiding principle of your stock options strategy for your startup. But before we talk about the stock options strategy, we first need to understand what a startup itself should be. So let us start there.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 10.0, "text": " Stock options are well known and frequently used by startups to attract and retain talented team members with the company.", "tokens": [50363, 10500, 3689, 389, 880, 1900, 290, 6777, 973, 416, 21685, 284, 4729, 290, 12377, 12356, 1074, 1866, 351, 262, 1664, 13, 50863], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 1, "seek": 0, "start": 10.0, "end": 17.0, "text": " But sometimes one hears that employees don't really value stock options and hence they are not effective.", "tokens": [50863, 887, 3360, 530, 23180, 326, 4409, 836, 470, 1107, 1988, 4283, 3689, 290, 12891, 484, 389, 407, 4050, 13, 51213], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 2, "seek": 0, "start": 17.0, "end": 21.0, "text": " Let us understand why that happens.", "tokens": [51213, 3914, 514, 1833, 1521, 326, 4325, 13, 51413], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 3, "seek": 0, "start": 21.0, "end": 29.0, "text": " If you purchase a piano and keep it in your living room, it will not start to play by itself.", "tokens": [51413, 1002, 345, 5001, 257, 19132, 290, 1394, 340, 287, 534, 2877, 2119, 11, 340, 481, 407, 923, 284, 711, 416, 2346, 13, 51813], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 4, "seek": 2900, "start": 29.0, "end": 35.0, "text": " You need to learn the skill to draw the music out of that instrument.", "tokens": [50363, 921, 761, 284, 2193, 262, 5032, 284, 3197, 262, 2647, 503, 286, 326, 8875, 13, 50663], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 5, "seek": 2900, "start": 35.0, "end": 42.0, "text": " If you do not learn how to play it, you will never derive any true pleasure or inspiration from it.", "tokens": [50663, 1002, 345, 466, 407, 2193, 703, 284, 711, 340, 11, 345, 481, 1239, 27099, 597, 2081, 9476, 393, 12141, 422, 340, 13, 51013], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 6, "seek": 2900, "start": 42.0, "end": 47.0, "text": " The key word here is learn. You need to learn how to play it.", "tokens": [51013, 383, 1994, 1573, 994, 318, 2193, 13, 921, 761, 284, 2193, 703, 284, 711, 340, 13, 51263], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 7, "seek": 2900, "start": 47.0, "end": 58.0, "text": " You can purchase a piano anytime, but you own a piano only when you have put in the effort to learn how to create music with that instrument.", "tokens": [51263, 921, 460, 5001, 257, 19132, 17949, 11, 475, 345, 898, 257, 19132, 691, 618, 345, 423, 1234, 287, 262, 3626, 284, 2193, 703, 284, 2251, 2647, 351, 326, 8875, 13, 51813], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 8, "seek": 5800, "start": 58.0, "end": 61.0, "text": " Stock options work the same way.", "tokens": [50363, 10500, 3689, 670, 262, 976, 835, 13, 50513], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 9, "seek": 5800, "start": 61.0, "end": 68.0, "text": " Because they are so widely used by startups around the world, you tend to take them for granted.", "tokens": [50513, 4362, 484, 389, 523, 6768, 973, 416, 21685, 1088, 262, 995, 11, 345, 4327, 284, 1011, 606, 329, 7520, 13, 50863], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 10, "seek": 5800, "start": 68.0, "end": 74.0, "text": " You start to believe that all you need to do is just grant them to your team members.", "tokens": [50863, 921, 923, 284, 1975, 326, 477, 345, 761, 284, 466, 318, 655, 7264, 606, 284, 534, 1074, 1866, 13, 51163], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 11, "seek": 5800, "start": 74.0, "end": 80.0, "text": " Just place the piano in the living room and they will somehow start to play music on their own.", "tokens": [51163, 2329, 1295, 262, 19132, 287, 262, 2877, 2119, 290, 484, 481, 7599, 923, 284, 711, 2647, 319, 511, 898, 13, 51463], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 12, "seek": 8000, "start": 80.0, "end": 89.0, "text": " A light will magically pass through every team member and they will suddenly start to feel like an owner of the company and will begin to act accordingly.", "tokens": [50363, 317, 1657, 481, 34850, 1208, 832, 790, 1074, 2888, 290, 484, 481, 6451, 923, 284, 1254, 588, 281, 4870, 286, 262, 1664, 290, 481, 2221, 284, 719, 16062, 13, 50813], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 13, "seek": 8000, "start": 89.0, "end": 94.0, "text": " And that must be because that article on stock options said so.", "tokens": [50813, 843, 326, 1276, 307, 780, 326, 2708, 319, 4283, 3689, 531, 523, 13, 51063], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 14, "seek": 8000, "start": 94.0, "end": 103.0, "text": " So I as a founder have played my part by granting you stock options and now you the team members need to play yours.", "tokens": [51063, 1406, 314, 355, 257, 9119, 423, 2826, 616, 636, 416, 21787, 345, 4283, 3689, 290, 783, 345, 262, 1074, 1866, 761, 284, 711, 12431, 13, 51513], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 15, "seek": 8000, "start": 103.0, "end": 105.0, "text": " It does not work that way.", "tokens": [51513, 632, 857, 407, 670, 326, 835, 13, 51613], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 16, "seek": 8000, "start": 105.0, "end": 109.0, "text": " It never has and it never will.", "tokens": [51613, 632, 1239, 468, 290, 340, 1239, 481, 13, 51813], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 17, "seek": 10900, "start": 110.0, "end": 121.0, "text": " If you use stock options without knowing how to really use them without learning how to draw music out of them, they will almost never work for you.", "tokens": [50413, 1002, 345, 779, 4283, 3689, 1231, 6970, 703, 284, 1107, 779, 606, 1231, 4673, 703, 284, 3197, 2647, 503, 286, 606, 11, 484, 481, 2048, 1239, 670, 329, 345, 13, 50963], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 18, "seek": 10900, "start": 121.0, "end": 129.0, "text": " They might, in a few rare cases, provide financial success to your team members if you create a business that becomes very valuable.", "tokens": [50963, 1119, 1244, 11, 287, 257, 1178, 4071, 2663, 11, 2148, 3176, 1943, 284, 534, 1074, 1866, 611, 345, 2251, 257, 1597, 326, 4329, 845, 8119, 13, 51363], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 19, "seek": 10900, "start": 129.0, "end": 133.0, "text": " But that does not mean you made them work for you.", "tokens": [51363, 887, 326, 857, 407, 1612, 345, 925, 606, 670, 329, 345, 13, 51563], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 20, "seek": 13300, "start": 133.0, "end": 140.0, "text": " You did not put in any effort in making them work for you, which means you left it to chance and it worked.", "tokens": [50363, 921, 750, 407, 1234, 287, 597, 3626, 287, 1642, 606, 670, 329, 345, 11, 543, 1724, 345, 1364, 340, 284, 2863, 290, 340, 3111, 13, 50713], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 21, "seek": 13300, "start": 140.0, "end": 143.0, "text": " But that does not happen in most cases.", "tokens": [50713, 887, 326, 857, 407, 1645, 287, 749, 2663, 13, 50863], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 22, "seek": 13300, "start": 143.0, "end": 150.0, "text": " Besides, let us first understand what it means to make stock options work for you.", "tokens": [50863, 16238, 11, 1309, 514, 717, 1833, 644, 340, 1724, 284, 787, 4283, 3689, 670, 329, 345, 13, 51213], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 23, "seek": 13300, "start": 150.0, "end": 153.0, "text": " What does work for you really mean?", "tokens": [51213, 1867, 857, 670, 329, 345, 1107, 1612, 30, 51363], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 24, "seek": 13300, "start": 153.0, "end": 159.0, "text": " Work for you does not mean that they make a lot of money for the team members.", "tokens": [51363, 5521, 329, 345, 857, 407, 1612, 326, 484, 787, 257, 1256, 286, 1637, 329, 262, 1074, 1866, 13, 51663], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 25, "seek": 15900, "start": 160.0, "end": 169.0, "text": " When stock options truly work for you, it means that they strengthen the sense of ownership in the hearts of the team members.", "tokens": [50413, 1649, 4283, 3689, 4988, 670, 329, 345, 11, 340, 1724, 326, 484, 12160, 262, 2565, 286, 9238, 287, 262, 11954, 286, 262, 1074, 1866, 13, 50863], "temperature": 0.0, "avg_logprob": -0.04640915745594462, "compression_ratio": 1.6272189349112427, "no_speech_prob": 0.0215238556265831}, {"id": 26, "seek": 15900, "start": 169.0, "end": 180.0, "text": " That sense of ownership drives them to stare at their ceilings when they lay on their bed at night, thinking about what more they can do to succeed.", "tokens": [50863, 1320, 2565, 286, 9238, 10182, 606, 284, 24170, 379, 511, 45926, 618, 484, 3830, 319, 511, 3996, 379, 1755, 11, 3612, 546, 644, 517, 484, 460, 466, 284, 6758, 13, 51413], "temperature": 0.0, "avg_logprob": -0.04640915745594462, "compression_ratio": 1.6272189349112427, "no_speech_prob": 0.0215238556265831}, {"id": 27, "seek": 18000, "start": 180.0, "end": 189.0, "text": " That sense of ownership inspires them to keep going, keep improving and create something that others will be inspired by.", "tokens": [50363, 1320, 2565, 286, 9238, 38934, 606, 284, 1394, 1016, 11, 1394, 10068, 290, 2251, 1223, 326, 1854, 481, 307, 7867, 416, 13, 50813], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 28, "seek": 18000, "start": 189.0, "end": 195.0, "text": " If your people feel none of that, then you are missing out on a tool that is very powerful.", "tokens": [50813, 1002, 534, 661, 1254, 4844, 286, 326, 11, 788, 345, 389, 4814, 503, 319, 257, 2891, 326, 318, 845, 3665, 13, 51113], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 29, "seek": 18000, "start": 195.0, "end": 199.0, "text": " You are not truly harnessing the power of stock options.", "tokens": [51113, 921, 389, 407, 4988, 19356, 278, 262, 1176, 286, 4283, 3689, 13, 51313], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 30, "seek": 18000, "start": 199.0, "end": 203.0, "text": " And if despite this, you are financially successful.", "tokens": [51313, 843, 611, 3805, 428, 11, 345, 389, 18786, 4388, 13, 51513], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 31, "seek": 18000, "start": 203.0, "end": 205.0, "text": " Imagine what you could have done.", "tokens": [51513, 18450, 644, 345, 714, 423, 1760, 13, 51613], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 32, "seek": 20500, "start": 205.0, "end": 209.0, "text": " Had you used stock options in the right manner.", "tokens": [50363, 11161, 345, 973, 4283, 3689, 287, 262, 826, 5642, 13, 50563], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 33, "seek": 20500, "start": 209.0, "end": 214.0, "text": " So how do you make your stock options work for you?", "tokens": [50563, 1406, 703, 466, 345, 787, 534, 4283, 3689, 670, 329, 345, 30, 50813], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 34, "seek": 20500, "start": 214.0, "end": 221.0, "text": " To make them do wonders, the conversation must not start with stock options.", "tokens": [50813, 1675, 787, 606, 466, 19294, 11, 262, 5273, 1276, 407, 923, 351, 4283, 3689, 13, 51163], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 35, "seek": 20500, "start": 221.0, "end": 225.0, "text": " It must start with your values and your vision.", "tokens": [51163, 632, 1276, 923, 351, 534, 3815, 290, 534, 5761, 13, 51363], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 36, "seek": 20500, "start": 225.0, "end": 228.0, "text": " That is what inspires people.", "tokens": [51363, 1320, 318, 644, 38934, 661, 13, 51513], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 37, "seek": 22800, "start": 229.0, "end": 235.0, "text": " A piece of paper that you hand out to them with the promise that this will make you rich, inspires no one.", "tokens": [50413, 317, 3704, 286, 3348, 326, 345, 1021, 503, 284, 606, 351, 262, 6991, 326, 428, 481, 787, 345, 5527, 11, 38934, 645, 530, 13, 50713], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 38, "seek": 22800, "start": 235.0, "end": 238.0, "text": " It can seduce them, perhaps. It can make them greedy.", "tokens": [50713, 632, 460, 10081, 7234, 606, 11, 3737, 13, 632, 460, 787, 606, 31828, 13, 50863], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 39, "seek": 22800, "start": 238.0, "end": 243.0, "text": " But it can never really inspire them in the true sense.", "tokens": [50863, 887, 340, 460, 1239, 1107, 18330, 606, 287, 262, 2081, 2565, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 40, "seek": 22800, "start": 243.0, "end": 250.0, "text": " If you want to use the real power of stock options, you must start from your personal values.", "tokens": [51113, 1002, 345, 765, 284, 779, 262, 1103, 1176, 286, 4283, 3689, 11, 345, 1276, 923, 422, 534, 2614, 3815, 13, 51463], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 41, "seek": 22800, "start": 250.0, "end": 257.0, "text": " And that must lead to a healthy non-financial vision that you are passionate about.", "tokens": [51463, 843, 326, 1276, 1085, 284, 257, 5448, 1729, 12, 46921, 5761, 326, 345, 389, 15347, 546, 13, 51813], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 42, "seek": 25700, "start": 258.0, "end": 267.0, "text": " It is that non-financial vision that inspires people to go beyond their call of duty and create something that you can be proud of.", "tokens": [50413, 632, 318, 326, 1729, 12, 46921, 5761, 326, 38934, 661, 284, 467, 3675, 511, 869, 286, 7077, 290, 2251, 1223, 326, 345, 460, 307, 6613, 286, 13, 50863], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 43, "seek": 25700, "start": 267.0, "end": 275.0, "text": " If your vision says, let's become a billion dollar company, you are essentially saying that I have no vision beyond making money.", "tokens": [50863, 1002, 534, 5761, 1139, 11, 1309, 338, 1716, 257, 2997, 8872, 1664, 11, 345, 389, 6986, 2282, 326, 314, 423, 645, 5761, 3675, 1642, 1637, 13, 51263], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 44, "seek": 25700, "start": 275.0, "end": 278.0, "text": " But that is usually not true.", "tokens": [51263, 887, 326, 318, 3221, 407, 2081, 13, 51413], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 45, "seek": 25700, "start": 278.0, "end": 284.0, "text": " If you only think about a financial vision today, and that is not uncommon,", "tokens": [51413, 1002, 345, 691, 892, 546, 257, 3176, 5761, 1909, 11, 290, 326, 318, 407, 19185, 11, 51713], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 46, "seek": 28400, "start": 284.0, "end": 289.0, "text": " you have probably been swayed and misguided by the external environment", "tokens": [50363, 345, 423, 2192, 587, 47632, 290, 30168, 416, 262, 7097, 2858, 50613], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 47, "seek": 28400, "start": 289.0, "end": 293.0, "text": " that wants you to believe that it is the valuation that matters.", "tokens": [50613, 326, 3382, 345, 284, 1975, 326, 340, 318, 262, 29115, 326, 6067, 13, 50813], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 48, "seek": 28400, "start": 293.0, "end": 299.0, "text": " But the truth is, values and not valuation inspire people.", "tokens": [50813, 887, 262, 3872, 318, 11, 3815, 290, 407, 29115, 18330, 661, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 49, "seek": 28400, "start": 299.0, "end": 303.0, "text": " Vision and not valuation inspires people.", "tokens": [51113, 19009, 290, 407, 29115, 38934, 661, 13, 51313], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 50, "seek": 28400, "start": 303.0, "end": 309.0, "text": " Do not use stock options merely as a financial tool to attract or retain people", "tokens": [51313, 2141, 407, 779, 4283, 3689, 6974, 355, 257, 3176, 2891, 284, 4729, 393, 12377, 661, 51613], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 51, "seek": 30900, "start": 309.0, "end": 315.0, "text": " or to lure them into taking a pay cut by showing them an imaginary pot of gold.", "tokens": [50363, 393, 284, 26166, 606, 656, 2263, 257, 1414, 2005, 416, 4478, 606, 281, 26726, 1787, 286, 3869, 13, 50663], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 52, "seek": 30900, "start": 315.0, "end": 324.0, "text": " Give them something much more substantial to resonate with, something they can latch on to and believe along with you.", "tokens": [50663, 13786, 606, 1223, 881, 517, 8904, 284, 41523, 351, 11, 1223, 484, 460, 43140, 319, 284, 290, 1975, 1863, 351, 345, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 53, "seek": 30900, "start": 324.0, "end": 331.0, "text": " If you have been influenced by the environment around you and you have begun to believe that your core purpose", "tokens": [51113, 1002, 345, 423, 587, 12824, 416, 262, 2858, 1088, 345, 290, 345, 423, 9258, 284, 1975, 326, 534, 4755, 4007, 51463], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 54, "seek": 30900, "start": 331.0, "end": 337.0, "text": " is to raise the next round of funding and create a unicorn, it is understandable.", "tokens": [51463, 318, 284, 5298, 262, 1306, 2835, 286, 4918, 290, 2251, 257, 44986, 11, 340, 318, 21977, 13, 51763], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 55, "seek": 33700, "start": 337.0, "end": 342.0, "text": " Our environment plays a huge role in shaping our thoughts.", "tokens": [50363, 3954, 2858, 5341, 257, 3236, 2597, 287, 23610, 674, 6066, 13, 50613], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 56, "seek": 33700, "start": 342.0, "end": 348.0, "text": " Because you are a victim of such an environment, it might also fuel your energy of greed.", "tokens": [50613, 4362, 345, 389, 257, 3117, 286, 884, 281, 2858, 11, 340, 1244, 635, 5252, 534, 2568, 286, 25474, 13, 50913], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 57, "seek": 33700, "start": 348.0, "end": 358.0, "text": " Now the energy of greed may work once in a while, but at its core, it is an inferior, a much weaker and a negative form of energy.", "tokens": [50913, 2735, 262, 2568, 286, 25474, 743, 670, 1752, 287, 257, 981, 11, 475, 379, 663, 4755, 11, 340, 318, 281, 18536, 11, 257, 881, 17642, 290, 257, 4633, 1296, 286, 2568, 13, 51413], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 58, "seek": 35800, "start": 359.0, "end": 368.0, "text": " And even if it does work, it might leave you richer, but it will also, in all likelihood, leave you less peaceful.", "tokens": [50413, 843, 772, 611, 340, 857, 670, 11, 340, 1244, 2666, 345, 26192, 11, 475, 340, 481, 635, 11, 287, 477, 14955, 11, 2666, 345, 1342, 12309, 13, 50863], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 59, "seek": 35800, "start": 368.0, "end": 377.0, "text": " You can simply transform the same energy into a much stronger form, the energy of your values and your vision.", "tokens": [50863, 921, 460, 2391, 6121, 262, 976, 2568, 656, 257, 881, 7387, 1296, 11, 262, 2568, 286, 534, 3815, 290, 534, 5761, 13, 51313], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 60, "seek": 35800, "start": 377.0, "end": 385.0, "text": " Use stock options as a proxy, as a symbol for your values and for the vision that you stand for.", "tokens": [51313, 5765, 4283, 3689, 355, 257, 15741, 11, 355, 257, 6194, 329, 534, 3815, 290, 329, 262, 5761, 326, 345, 1302, 329, 13, 51713], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 61, "seek": 38500, "start": 385.0, "end": 392.0, "text": " That is where your conversation needs to start, from your heart, not from your head.", "tokens": [50363, 1320, 318, 810, 534, 5273, 2476, 284, 923, 11, 422, 534, 2612, 11, 407, 422, 534, 1182, 13, 50713], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 62, "seek": 38500, "start": 392.0, "end": 400.0, "text": " That is what inspires people. That is what will differentiate your venture from 10 others down the road.", "tokens": [50713, 1320, 318, 644, 38934, 661, 13, 1320, 318, 644, 481, 28754, 534, 13189, 422, 838, 1854, 866, 262, 2975, 13, 51113], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 63, "seek": 38500, "start": 400.0, "end": 403.0, "text": " That is what will make you start up successful.", "tokens": [51113, 1320, 318, 644, 481, 787, 345, 923, 510, 4388, 13, 51263], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 64, "seek": 38500, "start": 403.0, "end": 407.0, "text": " Stock options are dead pieces of paper.", "tokens": [51263, 10500, 3689, 389, 2636, 5207, 286, 3348, 13, 51463], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 65, "seek": 38500, "start": 407.0, "end": 411.0, "text": " It is your vision that infuses life into them.", "tokens": [51463, 632, 318, 534, 5761, 326, 1167, 2664, 1204, 656, 606, 13, 51663], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 66, "seek": 41100, "start": 411.0, "end": 415.0, "text": " It is your vision that infuses energy in your people.", "tokens": [50363, 632, 318, 534, 5761, 326, 1167, 2664, 2568, 287, 534, 661, 13, 50563], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 67, "seek": 41100, "start": 415.0, "end": 419.0, "text": " Don't look at ESOPs as employee stock options.", "tokens": [50563, 2094, 470, 804, 379, 13380, 3185, 82, 355, 6538, 4283, 3689, 13, 50763], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 68, "seek": 41100, "start": 419.0, "end": 422.0, "text": " Look at them as emotional stock options.", "tokens": [50763, 6803, 379, 606, 355, 7016, 4283, 3689, 13, 50913], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 69, "seek": 41100, "start": 422.0, "end": 426.0, "text": " Put in the effort, and they will work for you.", "tokens": [50913, 5930, 287, 262, 3626, 11, 290, 484, 481, 670, 329, 345, 13, 51113], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 70, "seek": 41100, "start": 426.0, "end": 430.0, "text": " If you don't, why should they work for you?", "tokens": [51113, 1002, 345, 836, 470, 11, 1521, 815, 484, 670, 329, 345, 30, 51313], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 71, "seek": 41100, "start": 430.0, "end": 436.0, "text": " If you put in the effort, your chances of success increase dramatically.", "tokens": [51313, 1002, 345, 1234, 287, 262, 3626, 11, 534, 8395, 286, 1943, 2620, 12034, 13, 51613], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 72, "seek": 43600, "start": 437.0, "end": 443.0, "text": " Stock options are a proxy for the values and the non-financial vision you have.", "tokens": [50413, 10500, 3689, 389, 257, 15741, 329, 262, 3815, 290, 262, 1729, 12, 46921, 5761, 345, 423, 13, 50713], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 73, "seek": 43600, "start": 443.0, "end": 449.0, "text": " And that should be the guiding principle of your stock options strategy for your startup.", "tokens": [50713, 843, 326, 815, 307, 262, 26727, 7989, 286, 534, 4283, 3689, 4811, 329, 534, 13693, 13, 51013], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 74, "seek": 43600, "start": 449.0, "end": 457.0, "text": " But before we talk about the stock options strategy, we first need to understand what a startup itself should be.", "tokens": [51013, 887, 878, 356, 1561, 546, 262, 4283, 3689, 4811, 11, 356, 717, 761, 284, 1833, 644, 257, 13693, 2346, 815, 307, 13, 51413], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 75, "seek": 43600, "start": 457.0, "end": 459.0, "text": " So let us start there.", "tokens": [51413, 1406, 1309, 514, 923, 612, 13, 51513], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}], "language": "en"} |