Brian Chesky on the three stages of building a company.

When you start a company, you go through three stages. The first stage is you build the product. That stage ends when you get to basically product market [music] fit. Then stage two starts. And stage two is now you build the company that grows the product. That's when you get to hire people and you scramble. This is typically when you're raising a lot of money. And stage three is you become more professional, a little more administrative, and

you hire an executive team. If you succeed to do all of that, you succeed to go back to step one, which is to create a new product. And that's what we started getting to by the end of Homes. We had built the product, scaled the product, hired an executive team. It was [music] running really well, and now we were ready to start all over again.