| {"text": " If you are currently a small team, you may need to hire people in the future once you pick up pace, because then you may not be able to handle everything. To hire the right people, stock options will come in handy. But as we have discussed earlier, you need to use them in the right manner. If you are only offering them as another component of compensation, it might not inspire your team. If you haven't learned how to use them in the best situation, they may fail to work for you, and in the worst case, they may even demotivate your team, or create an unhealthy culture. If you treat them as just another letter to be granted to the employee, then it is just a dead piece of paper, with no life infused into it. And they will listen to you, watch your stock options presentation, take the letter, and forget all about it. Those stock options will fail to work for you, meaning they will fail to inspire those people. In the worst case, if you haven't thought through your values and your vision, and have held out stock options only as a ticket to getting rich quickly, you would have poisoned your culture. You would have encouraged your people to only think about money. Thinking about money constantly makes one greedy. When greed is not met, it leads to discontent, which very soon leads to anger. If you are struggling in your venture for some reason, it would feel much better if your team is aligned with your values and your vision. Most of them will understand you, stand by you, and work with you shoulder to shoulder. To get out of that situation. But if money is all they can think about, then the only thing on their mind might be, oh, I was promised that pot of gold, and now it seems to be disappearing. Give them something non-financial to latch on to, to resonate with, to be inspired by. That creates the right culture, and significantly increases your odds of success. Stock options are like rough diamonds, but it is your responsibility to polish them, to extract their shine out of them. Your values and vision do that for you. Attract people because of your passion for your values and your vision, and then offer them stock options as an added bonus. Your vision needs to be genuine, because sometimes when a founder says, I am really passionate about this space. What they actually mean is, I think a lot of money can be made here, and your people can hear that, even if you haven't said it aloud. Focusing on a non-financial vision also improves the quality of your journey. The journey lasts much longer than the destination. The journey is your customer, not the destination. Focus on customer experience, not on the product launch party. So do you really need to grant stock options? Well, if you learn how to use them well, you will have a very strong tool that will work in your favor. Once you have such a tool, you will want to grant them. If you are granting them only because you need to, because everyone else is doing it, and you do it without putting in any thought, then you are not really utilizing their power. So put in the time and energy to learn how to use stock options to your advantage, so you want to grant them.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 8.92, "text": " If you are currently a small team, you may need to hire people in the future once you", "tokens": [50363, 1002, 345, 389, 3058, 257, 1402, 1074, 11, 345, 743, 761, 284, 11078, 661, 287, 262, 2003, 1752, 345, 50809], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 1, "seek": 0, "start": 8.92, "end": 15.36, "text": " pick up pace, because then you may not be able to handle everything.", "tokens": [50809, 2298, 510, 8761, 11, 780, 788, 345, 743, 407, 307, 1498, 284, 5412, 2279, 13, 51131], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 2, "seek": 0, "start": 15.36, "end": 19.84, "text": " To hire the right people, stock options will come in handy.", "tokens": [51131, 1675, 11078, 262, 826, 661, 11, 4283, 3689, 481, 1282, 287, 15728, 13, 51355], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 3, "seek": 0, "start": 19.84, "end": 25.48, "text": " But as we have discussed earlier, you need to use them in the right manner.", "tokens": [51355, 887, 355, 356, 423, 6693, 2961, 11, 345, 761, 284, 779, 606, 287, 262, 826, 5642, 13, 51637], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 4, "seek": 2548, "start": 25.48, "end": 31.2, "text": " If you are only offering them as another component of compensation, it might not inspire", "tokens": [50363, 1002, 345, 389, 691, 6011, 606, 355, 1194, 7515, 286, 9836, 11, 340, 1244, 407, 18330, 50649], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 5, "seek": 2548, "start": 31.2, "end": 32.6, "text": " your team.", "tokens": [50649, 534, 1074, 13, 50719], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 6, "seek": 2548, "start": 32.6, "end": 37.92, "text": " If you haven't learned how to use them in the best situation, they may fail to work", "tokens": [50719, 1002, 345, 4398, 470, 4499, 703, 284, 779, 606, 287, 262, 1266, 3074, 11, 484, 743, 2038, 284, 670, 50985], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 7, "seek": 2548, "start": 37.92, "end": 44.04, "text": " for you, and in the worst case, they may even demotivate your team, or create an unhealthy", "tokens": [50985, 329, 345, 11, 290, 287, 262, 5290, 1339, 11, 484, 743, 772, 1357, 313, 452, 378, 534, 1074, 11, 393, 2251, 281, 27942, 51291], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 8, "seek": 2548, "start": 44.04, "end": 46.04, "text": " culture.", "tokens": [51291, 3968, 13, 51391], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 9, "seek": 2548, "start": 46.04, "end": 50.92, "text": " If you treat them as just another letter to be granted to the employee, then it is just", "tokens": [51391, 1002, 345, 2190, 606, 355, 655, 1194, 3850, 284, 307, 7520, 284, 262, 6538, 11, 788, 340, 318, 655, 51635], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 10, "seek": 2548, "start": 50.92, "end": 55.040000000000006, "text": " a dead piece of paper, with no life infused into it.", "tokens": [51635, 257, 2636, 3704, 286, 3348, 11, 351, 645, 1204, 37681, 656, 340, 13, 51841], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 11, "seek": 5504, "start": 55.04, "end": 60.6, "text": " And they will listen to you, watch your stock options presentation, take the letter, and", "tokens": [50363, 843, 484, 481, 6004, 284, 345, 11, 2342, 534, 4283, 3689, 10470, 11, 1011, 262, 3850, 11, 290, 50641], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 12, "seek": 5504, "start": 60.6, "end": 63.16, "text": " forget all about it.", "tokens": [50641, 6044, 477, 546, 340, 13, 50769], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 13, "seek": 5504, "start": 63.16, "end": 68.6, "text": " Those stock options will fail to work for you, meaning they will fail to inspire those people.", "tokens": [50769, 5845, 4283, 3689, 481, 2038, 284, 670, 329, 345, 11, 3616, 484, 481, 2038, 284, 18330, 883, 661, 13, 51041], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 14, "seek": 5504, "start": 68.6, "end": 73.8, "text": " In the worst case, if you haven't thought through your values and your vision, and have", "tokens": [51041, 554, 262, 5290, 1339, 11, 611, 345, 4398, 470, 1807, 832, 534, 3815, 290, 534, 5761, 11, 290, 423, 51301], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 15, "seek": 5504, "start": 73.8, "end": 79.84, "text": " held out stock options only as a ticket to getting rich quickly, you would have poisoned", "tokens": [51301, 2714, 503, 4283, 3689, 691, 355, 257, 7846, 284, 1972, 5527, 2952, 11, 345, 561, 423, 29419, 51603], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 16, "seek": 5504, "start": 79.84, "end": 81.52, "text": " your culture.", "tokens": [51603, 534, 3968, 13, 51687], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 17, "seek": 8152, "start": 81.52, "end": 85.6, "text": " You would have encouraged your people to only think about money.", "tokens": [50363, 921, 561, 423, 10085, 534, 661, 284, 691, 892, 546, 1637, 13, 50567], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 18, "seek": 8152, "start": 85.6, "end": 90.16, "text": " Thinking about money constantly makes one greedy.", "tokens": [50567, 30707, 546, 1637, 7558, 1838, 530, 31828, 13, 50795], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 19, "seek": 8152, "start": 90.16, "end": 96.88, "text": " When greed is not met, it leads to discontent, which very soon leads to anger.", "tokens": [50795, 1649, 25474, 318, 407, 1138, 11, 340, 5983, 284, 39784, 11, 543, 845, 2582, 5983, 284, 8993, 13, 51131], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 20, "seek": 8152, "start": 96.88, "end": 101.67999999999999, "text": " If you are struggling in your venture for some reason, it would feel much better if your", "tokens": [51131, 1002, 345, 389, 9648, 287, 534, 13189, 329, 617, 1738, 11, 340, 561, 1254, 881, 1365, 611, 534, 51371], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 21, "seek": 8152, "start": 101.67999999999999, "end": 105.5, "text": " team is aligned with your values and your vision.", "tokens": [51371, 1074, 318, 19874, 351, 534, 3815, 290, 534, 5761, 13, 51562], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 22, "seek": 8152, "start": 105.5, "end": 111.12, "text": " Most of them will understand you, stand by you, and work with you shoulder to shoulder.", "tokens": [51562, 4042, 286, 606, 481, 1833, 345, 11, 1302, 416, 345, 11, 290, 670, 351, 345, 8163, 284, 8163, 13, 51843], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 23, "seek": 11112, "start": 111.12, "end": 113.48, "text": " To get out of that situation.", "tokens": [50363, 1675, 651, 503, 286, 326, 3074, 13, 50481], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 24, "seek": 11112, "start": 113.48, "end": 118.44, "text": " But if money is all they can think about, then the only thing on their mind might be,", "tokens": [50481, 887, 611, 1637, 318, 477, 484, 460, 892, 546, 11, 788, 262, 691, 1517, 319, 511, 2000, 1244, 307, 11, 50729], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 25, "seek": 11112, "start": 118.44, "end": 125.12, "text": " oh, I was promised that pot of gold, and now it seems to be disappearing.", "tokens": [50729, 11752, 11, 314, 373, 8072, 326, 1787, 286, 3869, 11, 290, 783, 340, 2331, 284, 307, 28867, 13, 51063], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 26, "seek": 11112, "start": 125.12, "end": 132.20000000000002, "text": " Give them something non-financial to latch on to, to resonate with, to be inspired by.", "tokens": [51063, 13786, 606, 1223, 1729, 12, 46921, 284, 43140, 319, 284, 11, 284, 41523, 351, 11, 284, 307, 7867, 416, 13, 51417], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 27, "seek": 11112, "start": 132.20000000000002, "end": 139.08, "text": " That creates the right culture, and significantly increases your odds of success.", "tokens": [51417, 1320, 8075, 262, 826, 3968, 11, 290, 5566, 5732, 534, 10402, 286, 1943, 13, 51761], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 28, "seek": 13908, "start": 139.08, "end": 145.12, "text": " Stock options are like rough diamonds, but it is your responsibility to polish them,", "tokens": [50363, 10500, 3689, 389, 588, 5210, 30984, 11, 475, 340, 318, 534, 5798, 284, 25245, 606, 11, 50665], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 29, "seek": 13908, "start": 145.12, "end": 148.16000000000003, "text": " to extract their shine out of them.", "tokens": [50665, 284, 7925, 511, 18340, 503, 286, 606, 13, 50817], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 30, "seek": 13908, "start": 148.16000000000003, "end": 151.44, "text": " Your values and vision do that for you.", "tokens": [50817, 3406, 3815, 290, 5761, 466, 326, 329, 345, 13, 50981], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 31, "seek": 13908, "start": 151.44, "end": 155.84, "text": " Attract people because of your passion for your values and your vision, and then offer", "tokens": [50981, 3460, 974, 661, 780, 286, 534, 7506, 329, 534, 3815, 290, 534, 5761, 11, 290, 788, 2897, 51201], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 32, "seek": 13908, "start": 155.84, "end": 159.20000000000002, "text": " them stock options as an added bonus.", "tokens": [51201, 606, 4283, 3689, 355, 281, 2087, 7202, 13, 51369], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 33, "seek": 13908, "start": 159.20000000000002, "end": 165.36, "text": " Your vision needs to be genuine, because sometimes when a founder says, I am really passionate", "tokens": [51369, 3406, 5761, 2476, 284, 307, 8768, 11, 780, 3360, 618, 257, 9119, 1139, 11, 314, 716, 1107, 15347, 51677], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 34, "seek": 13908, "start": 165.36, "end": 167.04000000000002, "text": " about this space.", "tokens": [51677, 546, 428, 2272, 13, 51761], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 35, "seek": 16704, "start": 167.04, "end": 171.84, "text": " What they actually mean is, I think a lot of money can be made here, and your people", "tokens": [50363, 1867, 484, 1682, 1612, 318, 11, 314, 892, 257, 1256, 286, 1637, 460, 307, 925, 994, 11, 290, 534, 661, 50603], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 36, "seek": 16704, "start": 171.84, "end": 177.04, "text": " can hear that, even if you haven't said it aloud.", "tokens": [50603, 460, 3285, 326, 11, 772, 611, 345, 4398, 470, 531, 340, 32227, 13, 50863], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 37, "seek": 16704, "start": 177.04, "end": 182.2, "text": " Focusing on a non-financial vision also improves the quality of your journey.", "tokens": [50863, 376, 45743, 319, 257, 1729, 12, 46921, 5761, 635, 19575, 262, 3081, 286, 534, 7002, 13, 51121], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 38, "seek": 16704, "start": 182.2, "end": 185.64, "text": " The journey lasts much longer than the destination.", "tokens": [51121, 383, 7002, 20374, 881, 2392, 621, 262, 10965, 13, 51293], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 39, "seek": 16704, "start": 185.64, "end": 189.48, "text": " The journey is your customer, not the destination.", "tokens": [51293, 383, 7002, 318, 534, 6491, 11, 407, 262, 10965, 13, 51485], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 40, "seek": 16704, "start": 189.48, "end": 194.76, "text": " Focus on customer experience, not on the product launch party.", "tokens": [51485, 17061, 319, 6491, 1998, 11, 407, 319, 262, 1720, 4219, 2151, 13, 51749], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 41, "seek": 19476, "start": 194.76, "end": 197.56, "text": " So do you really need to grant stock options?", "tokens": [50363, 1406, 466, 345, 1107, 761, 284, 7264, 4283, 3689, 30, 50503], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 42, "seek": 19476, "start": 197.56, "end": 202.79999999999998, "text": " Well, if you learn how to use them well, you will have a very strong tool that will work", "tokens": [50503, 3894, 11, 611, 345, 2193, 703, 284, 779, 606, 880, 11, 345, 481, 423, 257, 845, 1913, 2891, 326, 481, 670, 50765], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 43, "seek": 19476, "start": 202.79999999999998, "end": 204.2, "text": " in your favor.", "tokens": [50765, 287, 534, 2661, 13, 50835], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 44, "seek": 19476, "start": 204.2, "end": 209.0, "text": " Once you have such a tool, you will want to grant them.", "tokens": [50835, 4874, 345, 423, 884, 257, 2891, 11, 345, 481, 765, 284, 7264, 606, 13, 51075], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 45, "seek": 19476, "start": 209.0, "end": 214.28, "text": " If you are granting them only because you need to, because everyone else is doing it,", "tokens": [51075, 1002, 345, 389, 21787, 606, 691, 780, 345, 761, 284, 11, 780, 2506, 2073, 318, 1804, 340, 11, 51339], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 46, "seek": 19476, "start": 214.28, "end": 220.39999999999998, "text": " and you do it without putting in any thought, then you are not really utilizing their power.", "tokens": [51339, 290, 345, 466, 340, 1231, 5137, 287, 597, 1807, 11, 788, 345, 389, 407, 1107, 25137, 511, 1176, 13, 51645], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 47, "seek": 22040, "start": 220.4, "end": 225.92000000000002, "text": " So put in the time and energy to learn how to use stock options to your advantage, so", "tokens": [50363, 1406, 1234, 287, 262, 640, 290, 2568, 284, 2193, 703, 284, 779, 4283, 3689, 284, 534, 4621, 11, 523, 50639], "temperature": 0.0, "avg_logprob": 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