Some of Reid Hoffman's admirers in Silicon Valley call him "Yoda," but he's better-known as co-founder and executive chairman of LinkedIn. He was also one of the first investors in Facebook.
He shares some of the wisdom that helped him become a billionaire in his new book, "The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career."
Hoffman, 44, told "CBS This Morning" co-hosts Charlie Rose and Erica Hill the things he likes to invest in "are things that essentially define what I call 'human ecosystems,' which is how millions of people come together in a system. It's a network, a platform, a marketplace. And it's a combination of psychology and sociology. It's what motivates individuals in order to think about, 'This matters to me,' whether it's entertaining or for work, like LinkedIn. And the, how does the whole group come together and (become) useful to everybody in the network? And identifying those. That's the investment."
He also said, "One of the things I realized after some number of years of doing LinkedIn was that the world has changed in a way that we all need to be the entrepreneurs of ourselves, the CEO of ourselves. That's because of globalization, that's because of acceleration. That's because of competition, change by technology and industries. So the question is how do you adapt to the modern world? And the key people who adapt are entrepreneurs. So, we all need to be the entrepreneurs of ourselves."
As for social networking, Hoffman begs to differ with anyone who says it "has now been played. You have Facebook, LinkedIn, Twitter. I think that the notion of a social web is actually still at its very beginning stages, and the notion of how we form these human ecosystems, these societies together, I think we've just begun to see the interesting apps by which people either navigate sharing with their friends or managing careers. And I think there's decades of innovation left."
For more from Hoffman on positioning yourself to succeed in the workplace and when investing, and more of his vision of social media's future, click on the video in the player above.