Lessons From Self Made Billionaires - Deepstash

A DEEP DIVE INTO

# Lessons From Self Made Billionaires

We bring you lessons from self-made billionaires to point you in the right direction

81 key ideas from

3 books

4 articles

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Skills

Overview

Key Ideas

FAQ

What you'll learn

The value of hard work and persistence

How to stay focused on long-term goals

How to learn from failures and setbacks

How to develop a growth mindset

Ideas from books, podcasts, videos & articles

How to be a Billionaire

Shoe Dog

Elon Musk

Influential people you will learn from

Martin S. Fridson

Phil Knight

Ashlee Vance

3 Top Key Ideas (81 total)

### Using Decision Trees

• Understand the different outcomes that could happen (both positive and negative)
• Calculate the expected return or loss of each outcome
• Attach a probability to each outcome
• Understanding the magnitude of the return or loss
• Multiply the probability by the magnitude (probability of winning * value of win) — (probability of losing * cost of the loss)
• Add up and subtract all of the expected returns and losses
• To get started you don’t need to know the exact probabilities. Just following the process will give you unique insights you wouldn’t have had otherwise.

### Use Decision Trees

Elon Musk uses decision trees to make big decisions (a tool that uses a tree-like graph or model of decisions and their possible consequences, outcomes, and resources). They are particularly useful for avoiding stupid risks and big bets that aren’t likely to succeed.

Most became a billionaire by making unlikely big bets, as their expected return statistically was much higher than safer bets.

### Build Deep, Long-Term Relationships

One of the best ways to get information is not from just being better at searching Google, it’s from learning how to build a network and get the information you need through that network.

This network should include people’s lessons learned and hacks, topics that are too sensitive to talk about because they make someone look bad, and tacit knowledge (knowledge that people have but aren’t able to articulate).

Want to learn more? Unlock this collection and all 81 key ideas.

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General

What is Deepstash?

Deepstash is a platform where users read and curate bite-sized insights and ideas from anywhere online, may that be books, articles, podcasts, or videos. You can learn good habits, useful skills and build your knowledge, on your own time. Deepstash makes your personal growth manageable!

Why are ideas important?

Ideas are important because they form the foundation for progress and innovation. The idea format used by Deepstash is important because it condenses complex concepts and profound thoughts into simple, digestible sentences that are easy to understand and remember. This format makes ideas more accessible and easier to apply in daily life, helping people to make positive changes and achieve their goals.

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