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:
...And a happy one. ☀️
Pair with action; knowledge without embodiment is useless
1. Atomic Habits, @JamesClear
“Every action you take is a vote for the type of person you wish to become.
No single instance will transform your beliefs, but as the votes build up, so does the evidence of your identity.”
2. The Daily Stoic, @RyanHoliday
“Never be so tied to your former acquaintances and friends that you are pulled down to their level.
You must choose to be loved by these friends and remain the same person or become a better person at the cost of those friends”
3. Navalmanack, @naval
“Seek wealth, not money or status.
Wealth is having assets that earn while you sleep.
Money is how we transfer time and wealth.
You will never get wealthy renting out your time.”
4. Turning Pro, @SPressfield
“Fear is the primary color of the amateur.
Fear of failure. Fear of success. Fear of looking foolish. Fear of underachieving.
The amateur fears that if he turns pro and lives out his calling, he will have to live up to who he really is.”
change so asked her to summarise the book for me. I found it very impactful for behavior change and building new habits so sharing here
@dmuthuk @unseenvalue @nishkumar1977 @connectgurmeet @ishmohit1 if you find it useful, kindly like or RT so that it reaches the wider audience.
1. A large portion of our daily actions are influenced by our automatic habits, habits that have been formed through repetition over the course of our entire life. There are healthy and productive habits that serve us and negative ones that work against us.
2. We are what we repeatedly do and the quality of our lives often depends on the quality of our habits.
Lesson 1: Tiny changes lead to big improvements
“Atomic habits” is all about showing how small and seemingly unimportant changes and adjustments can lead to a massive
3. transformation. If you make a tiny 1% improvement to something on a daily basis in the course of just one year, you end up being 37 times better...37 times better health, 37 times better finances or relationships, even a fraction of that will significantly transform your life
But I've learned 10x more by reading books.
10 business books that will change your life:
Getting to Yes by Roger Fisher
• You can negotiate anything you want.
• The best negotiation tactic is to first offer the other side something they want.
Drive by Daniel Pink
• Money alone isn't enough to motivate us.
• We are most motivated when we can also achieve control and freedom.
The Almanack of Naval Ravikant by Eric Jorgenson
• The most effective way to get rich is to learn how to build and sell a product.
• The only real test of intelligence is if you get what you want out of life.
Atomic Habits by James Clear
• Habits compound to produce huge results.
• The best way to build habits is to make them easy, attractive and rewarding.
1. Frost & Prechter's "The EW principle" - it's the Bible
2. The complete EW writings of Hamilton Bolton
3. Visual guide to EW trading by Wayne Gorman & Jeffrey Kennedy
4. EW principle applied to the FX markets by Robert Balan
5. EW trading by Jeffrey Kennedy
6. RN Elliott's masterworks
7. Mastering the EW principle by Constance Brown
From a practical perspective, the ones by Gorman/Kennedy & Balan are the gold standard. I have read each book many times n yet there is alws smth new each time.
"THE PSYCHOLOGY OF MONEY"
– Thread –
1. Our current relationships with money are based on our past experiences & We should avoid living in that illusion.
2. One can be wealthy without superior intelligence of financial education. You just need right behavioral skills.
3. Both luck & risk are an integral part of finance.
You can make good decisions that lead to poor financial outcomes vice-versa.
4. Saying “enough” is realizing that an appetite for more will push you to the point of regret.
5. Financial success is less of a science & more of a soft skill.
6. Buying impressive items to gain admiration & respect from others is a fool’s pursuit~ These things can not be bought.
7. Don’t move your goalpost to suit your current needs.
Once you have more money & power. It's easy to get lost in ambition so stick to your goal.
8. There are certain things which are never worth taking a risk like Character, Family, Friends & Freedom, Happiness.
Recommending all of them 👇🏼
Billion Dollar Whale is a fascinating story about how one mastermind was able to rob billions of dollars from Malaysian Sovereign Fund and use that money to finance everything from parties with Paris Hilton to the movie Wolf of Wall Street.
Thrilling and Insightful 💰
Joys of Compounding by @Gautam__Baid teaches you various aspects of the magic that is compounding.
From finance to more importantly how compounding lessons in life play an important role.
This one has both lessons in life and investing packed into one.
Highly recommended 🌱
In The Plex give you an inside view on how one of the greatest companies in the world - Google, works.
Steven Levy is one of my favourite authors 🔍
If you're a fan of history and geopolitics then this one is for you.
The Rise and Fall of Nations by Ruchir Sharma has to be one of the best books written on global political landscape and the rules that govern them today. 🌇
It is Choice, not Chance, that determines your destiny.
The decisions that you make on a daily basis are the building blocks of your reality.
Good Habits Are The Key To Success
If you want to emerge successful, you need to create habits that enforce ethics, discipline and persistence in your life.
Success is achieved through positive, constructive habits.
Failure is the result of negative, destructive habits.
When you get tempted to engage in destructive habits, ask yourself if the thing you want to do is contributing to your success.
If not, replace it with something constructive.
Patiently Pursue Your Goal
Everyone wants overnight success, but that's just not how the compound effect works.
The truth is, we have to be patient.
Maintain your vision, work towards your target and with patience, you shall ultimately achieve your goals.
MY TAKEAWAYS FROM ATOMIC HABITS by @JamesClear
A spectacular book that focuses on building HABITS following SYSTEMS to achieve RESULTS - Instead of the traditional GOAL BASED approach.
It's a highly engaging read with plenty of practical examples .
Your OUTCOMES are a lagging measure of your HABITS . Although difficult to appreciate on a daily basis , they MATTER IMMENSELY.
Change your habit ,to change the outcome.
It doesn't matter WHERE you are currently,
CHANGE YOUR HABIT TO CHANGE THE TRAJECTORY OF YOUR LIFE!👇
You do not RISE to the level of your GOALS .You FALL to the level of your SYSTEMS .
Why so ?
Both WINNERS & LOSERS have a Goal . What then sets them apart ?
It's having a SYSTEM in place.
Systems are forever & they result in continuous SELF IMPROVEMENT .
Reaching a goal may give rise to emptiness or targetting another goal.
But that isn't the case for systems.
Hence GOALS - OVER RATED SYSTEMS - UNDER RATED
2 small examples on my system based approach for self improvement.
Your identity emerges out of your habits. Every action is a vote for the type of person you wish to become.
Despite knowing better we find that
changing our habits is challenging because :
1) We try to change the wrong thing
2) We try to change our habits in the wrong way.
I first read this book in 2009 after losing 80% of my monies on Penny stocks as a student when the 2008 drawdown happened.
Thought it was too simple !
Now in 2021, I think this is one of the best books to absorb & implement.
Investing means different things to different people - Be it health/ career/external assets with an intent to reap benefits in future.
So then is everyone an Investor ?
When people do different things with even same investment products we give it a different name.
Investing is a PERSONAL Plan .
It's NOT a product . NOT a procedure.
One needs to have a clear picture of one's financials BEFORE making an investment plan.
Investment products comprise of items with distinct characteristics DESIGNED to satisfy a particular need.
Nothing is permanent except CHANGE.
Same applies for market cycles.
Different Asset Classes help us in that.
By smart movement one can increase the velocity of one's money.
It is NOT about timing the markets.
It's ABOUT the trends in an asset class.
Many folks acquire Speculative habits mistakenly thinking they are Investing. ☠️
L.T Investing is central for optimum returns.
Markets will be volatile.
But in long run shall only go ⬆️
Some notes on Cash Flow & Capital Gains Model , Speculation & Law of The Farm
1. The Art of War, by Sun Tzu
2. Meditations, by Marcus Aurelius
3. The Autobiography of Benjamin Franklin
4. The Art of Money Getting, by P. T. Barnum
Read for 1-2 hours a day and you'll be in the top 1% of society
Start reading 100 mental models
With the help of books, cards, maps, quotes, audiobook,... it will internalize mental models in your head in a way that you will use them automatically
+ It also includes the books mentioned above for free
But nowadays, let alone buying a #book, it takes a lot of effort to even finish what we had started because of our hectic schedules.
To solve this, @elearnmarkets brings you best #finance book summaries, all in one place!
🔖One Up On Wall Street by Peter Lynch
This book provides a holistic knowledge of investing in stocks. The author discusses how to use what you already know to make money in the market. It serves as an extensive guide for investors. Read more:
🔖Think and Trade Like a Champion by @markminervini
The book will show you how to increase your returns while keeping your risk to an absolute minimum. Mark reveals his personal trading rules that made him super successful stock trader.
🔖Trading in the zone by Mark Douglas
Douglas uncovers the underlying reasons for lack of consistency & helps traders overcome ingrained mental habits that cost them money. He exposes the myths of the market, to look beyond random outcomes.
🔖Rich Dad Poor Dad by @theRealKiyosaki
Robert Kiyosaki developed his unique economic perspective from two very different influences. He speaks about the monetary problems experienced by his poor dad and the life experiences of his rich dad.
”Wisdom cannot be imparted. Wisdom that a wise man attempts to impart always sounds like foolishness to someone else.”
There’s a lot you can learn from the internet, but you’re not learning if you’re only consuming.
Create something. Learn by doing.
➤ The Alchemist
”When you want something, all the universe conspires in helping you to achieve it.”
When you want something enough, it will always be on your mind.
Suddenly you'll see way more opportunities than you did before.
Figure out what you want and watch doors open.
➤ The Sorrows of Young Werther
”All the knowledge I posses everyone else can acquire, but my heart is exclusively my own.”
Learning a skill is the first step, but positioning is what makes the difference between competition and monopoly.
Find the niche that suits you most.
➤ Kafka on the Shore
”What you need to do is move from reason that observes to reason that acts.”
Watching others realise their dreams will make you informed at best and envious at worst.
Start your journey from consumer to creator (w/ @The1stReporter) and don't look back.