- Thomas M.
- Friday, June 16, 2023
The Financial Literacy book review series #FinLit recommends thought-provoking books about money, investing, and personal finance. This post is about Wonder Boy: Tony Hsieh, Zappos, and the Myth of Happiness in Silicon Valley by Angel Au-Yeung and David Jeans.
Tony Hsieh (December 12, 1973 – November 27, 2020) was a brilliant, inquisitive person who founded a number of businesses from a young age. As a child, he managed to find an advertiser for his self-published zine and turned a healthy profit selling mail-order buttons. Although he was not always a great public speaker, he made sure the people around him felt welcome and included. He was, and still is, a strong example of how far a person can go with a good idea and the willpower to make it happen. The emphasis on employee and customer happiness at his companies is still being copied in corporate environments today. Hsieh's book Delivering Happiness is still a valuable guide to finding happiness for yourself and others. What makes this book so fascinating is how it depicts Tony’s virtues as well as his vices, including his slow descent toward a tragic death.
The lasting success of Zappos is a testament to the foundation Tony and his team put in place. However, after selling ownership of the company to Amazon, he became gradually unmoored in his personal life. He leaned less on the trusted teammates who kept him in check and more on an ever-growing bubble of supporters and tag-alongs. He also fell into substance abuse (including alcoholism) to the point that singer-songwriter Jewel wrote a letter pleading for him to get sober. Without summarizing the whole book, let me say there are multiple red flags for readers about the dangers of believing your own hype. Honest criticism and uncomfortable conversations are more important than perpetual validation and forced celebration.
Entrepreneurship is a wonderful thing. Starting a business off of an idea, building a professional community around a shared purpose, and putting in lots of hard work to solve problems and realize a vision is essential to thriving markets, competition, and livelihoods. But success can be its own downfall, and Wonder Boy thrives at capturing the thrilling ride up the mountain of challenges and competition, as well as the teetering heights from which anyone can plummet.
If you or someone you know is suffering from substance abuse or mental health issues, consider reaching out to SAMSHA (Substance Abuse and Mental Health Services Association):
SAMHSA’s National Helpline, 1-800-662-HELP (4357) (also known as the Treatment Referral Routing Service), or TTY: 1-800-487-4889 is a confidential, free, 24-hour-a-day, 365-day-a-year, information service, in English and Spanish, for individuals and family members facing mental and/or substance use disorders. This service provides referrals to local treatment facilities, support groups, and community-based organizations.
Also visit the online treatment locator, or send your zip code via text message: 435748 (HELP4U) to find help near you. Read more about the HELP4U text messaging service.
Thomas M. is a Certified Financial Education Instructor℠ (CFEI®) and has previously blogged about Financial Lessons That Can Backfire, Talking To Kids About Money, and Online Financial Literacy Library Resources.