deepstash
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Business has become too data driven
The real focus
Really focussing on the core business is the most important requirement for startup success. Becoming an expert at fundraising should not be necessary.
Companies rarely fail because they didn't raise money - they fail because they didn't build something people wanted.
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Tactics are an optimization
Tactics should not be ignored. However, a business isn't going to fail because it had poor tactics. A business with a great product will do fine with common tactics.
A successful business will have both great products and tactics. But it's 80/20, where the fundamentals of building something great is 80% and the tactics and metrics that drive another 20%.
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"Just do it” - not a solution for procrastination
If we repeatedly find ourselves avoiding certain tasks, an underlying problem needs to be addressed.
Once we identify the real cause, we can search for the appropr...
Most common reasons that lead us to procrastinate:
1. We feel like we’re not making progress.
2. We’re not sure where to start.
3. We’re afraid of failing.
4. We dislike the task itself
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Key Ideas
Getting Fired
Getting fired throws you out of your comfort zone, and makes you review your assumptions, which is the start of great progress.
Setbacks such as getting fired can turn your life around, and p...
Fear Is An Illusion
Our Fear is almost never as bad as it feels.
If you are constantly learning, networking and building yourself into a better person, then setbacks are only crucial milestones in your progress and are nothing to be afraid of.
Don't Take It Personally
Getting fired might seem like life's cruel joke on you, but the world is not your enemy.
Let go of the guilt and shame that comes naturally when a setback is received. One doorway has closed only for better doorways to open in your life.
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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 ...
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).
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