Almost all “jobs” are hierarchal. Each person answers to the person with a higher rank. This is a terrible way to organize people. First, hierarchies reinforce the principal / agent problem - a critical issue in business. Second, hierarchal relationships don’t compound over time because of the leader / follower dynamic. You need an equal partnership where both people bring value to compound trust and align incentives. Work in partnerships, not hierarchies.
Read MoreWhen was the last time you focused on a single activity for sixty minutes straight? Success in any endeavor depends on a singular focus in the same direction. The best entrepreneurs in the world can bring a singular focus to projects that take decades. Steve Jobs wanted to put a computer in your pocket. Jeff Bezos wanted to use the internet to sell books. Elon Musk is going to Mars. What are you going to do?
Read MoreThere is no easy way to build wealth. If there were, everyone would already be rich. As Charlie Munger says: “It’s not supposed to be easy. Anyone who finds it easy is stupid.” There are no shortcuts. Every “get rich quick” scheme gets the person selling the scheme rich, not you. Stop cutting corners and start focusing on creating value instead. Start compounding small amounts of money and skill and watch it grow for decades.
Read MoreIf you are young, inexperienced, and have no idea where to start your wealth creation journey, then great. You have the best chance of getting rich.
Read MoreWealth is not an end in itself. What money buys is the freedom of your time to design a lifestyle you love. We are all here for such a short time - years pass in the blink of an eye. Don’t spend your life chasing more wealth than you need for the sake of making money. Get paid, then cash out.
Read MoreSome people think that creative constraints reduce their creativity. The opposite is true: constraints make you more creative, not less. So if you’re wondering how to get through a creative project, don’t bust things wide open. Add constraints instead.
Read MoreCreativity isn’t an exact science. The best work doesn’t happen on command and when you try and push to make it happen, the work often falls flat. That’s why you should always try and sell your creativity by the execution, not by the hour. When you charge by the hour, it eliminates the magic AND you’re often giving the exponential upside of the project to someone else. Own your upside and keep the magic alive.
Read MoreIf you want to get wealthy, you have to create value AND expose yourself to the upside of the value you create. Most people who work a 9-5 job create value in their position. But they’re usually not paid proportionally to the value they create. If they were, the employer wouldn’t make any money off the employee and the work they do. The key to wealth is simple: create value, then capture it.
Read MoreMost people feel bad when they procrastinate. It’s seen as a problem to “fix” with the latest productivity hack, software update, or “focus” mode. But procrastination is not a problem to solve. It’s a signal that tells you what’s important to YOU (not to someone else). And it’s a signal you should listen to.
Read More“No one knows anything.” That’s what famed screenwriter William Goldman (Butch Cassidy and the Sundance Kid, All The Presidents Men) says about Hollywood. And it’s pretty much true. No matter what market you’re in, if you’re looking for a hard yes or no about the viability of a creative project, no one can give it to you. Ultimately, the free market is the final arbitrary of “truth.” If you want good feedback, ask the free market.
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