Lessons From Self Made Billionaires - Deepstash
Lessons From Self Made Billionaires Collection

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

It takes just

10 mins to read

Start collection & level up your skills.

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

How to be a Billionaire

Shoe Dog

Shoe Dog

Elon Musk

Elon Musk

Influential people you will learn from

Martin S. Fridson

Martin S. Fridson

Phil Knight

Phil Knight

Ashlee Vance

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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