“Failure is an option here. If things are not failing, you are not innovating enough.”

ELON MUSK

Vincent Robin (@vincent_robin) - Profile Photo

@vincent_robin

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Self Improvement

cnbc.com

MORE IDEAS FROM THE ARTICLE

“When I look back on whatever my past has been and the successes, my greatest rewards have been the people and the relationships that I’ve had. The money has been an accident. I mean, it’s a good accident, but I happened to be playing a game that I love.”

“Number one: Sales cures all. There has never been a company in the history of companies that has ever succeeded without sales. Anybody who has ever told you, ‘Don’t worry about sales, you can grow it and worry about sales later,’ they are lying to you. They will fail, you will fail. You have to be able to sell and do you know who the biggest salesperson in your company has to be? You.”

“I can understand wanting to have millions of dollars, there’s a certain freedom, meaningful freedom that comes with that. But once you get much beyond that, I have to tell you, it’s the same hamburger.”

“Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value. If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

“What I love doing is creating things I can be proud of, and if you create things that you can be proud of, the byproduct of that can be that you become a millionaire or you become a billionaire, because people like what you’ve created.”

“We don’t build services to make money; we make money to build better services.”

“I thought back on my running career at Oregon. I’d competed with, and against, men far better, faster, more physically gifted. Many were future Olympians. And yet I’d trained myself to forget this unhappy fact. People reflexively assume that competition is always a good thing, that it always brings out the best in people, but that’s only true of people who can forget the competition. The art of competing, I’d learned from track, was the art of forgetting, and I now reminded myself of that fact. You must forget your limits. You must forget your doubts, your pain, your past.”

“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”

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Frugality

Frugality means resisting the temptation to spend more than you earn.

  • 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.
Money: a store of productive time

We're commonly told that money is a "store of value," meaning a storehouse of past effort to use for future purchases. Really, money is a store of (productive) time.

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