Authors Sumit Grrg
Five billionaires share their top lessons on startups, life and entrepreneurship (1/10)
I interviewed 5 billionaires this week— GREG ISENBERG (@gregisenberg) January 23, 2021
I asked them to share their lessons learned on startups, life and entrepreneurship:
Here's what they told me:
10 competitive advantages that will trump talent (2/10)
To outperform, you need serious competitive advantages.— Sahil Bloom (@SahilBloom) March 20, 2021
But contrary to what you have been told, most of them don't require talent.
10 competitive advantages that you can start developing today:
Some harsh truths you probably don’t want to hear (3/10)
I\u2019ve gotten a lot of bad advice in my career and I see even more of it here on Twitter.— Nick Huber (@sweatystartup) January 3, 2021
Time for a stiff drink and some truth you probably dont want to hear.
10 significant lies you’re told about the world (4/10)
THREAD: 10 significant lies you're told about the world.— Julian Shapiro (@Julian) January 9, 2021
On startups, writing, and your career:
It's an MBA of its own.
Here's what I learned about startups, entrepreneurship, investing and more:
Your customers are loyal to you right up until the second that someone else offers them a better service.
Listen to customers, but don't just listen
to customers also invent on their behalf.
Here's Jeff Bezos on coming up with the Amazon Kindle:
We set ourselves the incredibly audacious goal of improving upon the physical book.
So don't be afraid to set big goals.
And remember that if you don't execute well, it will be done by someone else.
Many of the problems you'll face will have no textbook solutions, and so you should happily invent new approaches.
Phil Knight is the co-founder of Nike.
I found this advice in the last few pages of Phil's memoir about creating Nike.
It's some of the best I've ever received:
Think long and hard about how you want to spend your time.
And with whom you want to spend it for the next forty years.
Don't settle for a job or a profession or even a career.
Seek a calling, even if you don’t know what that means.
If you’re following your calling, the fatigue will be easier to bear, the disappointments will be fuel, the highs will be like nothing you’ve ever felt.
Here's a warning:
The best of you, the iconoclasts, the innovators, the rebels, you will always have a bull’s-eye on your back.
The better you get, the bigger the bull’s-eye.
It’s a law of nature.
1. Gates' Law
2. Parkinson’s Law
3. The Paradox of Choice
4. Hanlon's Razor
On startups, business, finance, investing, career, life and whatnot.
Here's a quick guide/refresher:
We overestimate what we can do in a year and underestimate what we can do in ten years.
It's the classic instant gratification versus long term mindset.
A ten year timeline will set you free.
Work expands to fill the time available for its completion.
"How can you achieve your 10 year plan in the next 6 months?" — Peter Thiel
Forgive me for putting it right after Gates' Law. But why not?
The Paradox of Choice.
More choices make decisions hard.
Your friends can't decide what to eat? Don't pass the parcel. Ask them to pick between two options. Same for Netflix. And so on. Saves time!
Eliminate indecision by reduction.
"Never attribute to malice that which is adequately explained by stupidity."
Not everyone's out there to get you.
There can be honest mistakes.
So if you're an artist or an entrepreneur looking to get some insight into the mind of this genius, read this right now.
1997: Focus relentlessly on your customers and long-term growth.
1998: Here are the 3 criteria Bezos wants managers to consider when hiring (to set the bar high):
1. Will you admire this person?
2. Will they raise the average level of effectiveness of the group?
3. Along what dimension might this person be a superstar?
1999: How to think long-term? Think: it's good enough today, but it will get so much better.
2000: "In the short run, the market is a voting machine but in the long run, it is a weighing machine.” - Benjamin Graham
We aren’t 10% smarter when the share goes 10% up, nor 10% dumber when it goes down. We want to be weighed, & we're always working to build a heavier company.