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Warren Buffett Says Your Success in Life Is Defined by 1 Word

The Most Important Test For Success

The Most Important Test For Success
  • Warren Buffet, Chairman and CEO of Berkshire Hathaway, is a well-known investor and a vocal champion of personal development.

  • He talks a lot about personal success and has a litmus test to measure your success in life, which is, in fact, the ultimate test.

  • He says the real measure of success in life is when the people whom you want to love you actually do love you.

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Warren Buffett Says Your Success in Life Is Defined by 1 Word

Warren Buffett Says Your Success in Life Is Defined by 1 Word

https://www.inc.com/marcel-schwantes/warren-buffett-successful-life-test.html

inc.com

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Key Ideas

The Most Important Test For Success

  • Warren Buffet, Chairman and CEO of Berkshire Hathaway, is a well-known investor and a vocal champion of personal development.

  • He talks a lot about personal success and has a litmus test to measure your success in life, which is, in fact, the ultimate test.

  • He says the real measure of success in life is when the people whom you want to love you actually do love you.

Love As A Powerful Force

Love is the most powerful force in the universe and the more love you give away, the more love you get.

Love, kindness, empathy and trust are, believe it or not, the pillars of success. When your customers, employees, clients and stakeholders are blessed with your sincere love and care, everything else falls into place.

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Remote Employees
Remote Employees

It’s hard to figure out for managers what kind of people make the best, most productive remote employees.

Optimism is the quality to look for, while the trait to avoid is people-pleasin...

Optimists

Self-motivation is a great quality for remote workers, as they are at home, only accessible through email or through video conferencing to the manager.

High levels of enthusiasm, a positive approach and choice of words provide clues to the manager if someone has an optimistic frame of mind.

People Pleasers

If a manager is getting to hear only what is pleasant to hear, at all times, it can be a cause for concern. Remote employees must be willing to say things that aren’t going right, and most of the time, there are many such things. If they can disagree with you, it’s a good sign.

Also, if an employee is going out of the way to be liked by colleagues, and wastes a lot of time and mental energy on it, he/she is probably a people pleaser.

Podcasts
Podcasts

A 2018 study noted there are an estimated 73 million podcast listeners in the USA. By 2022, the number is estimated to grow to 132 million.

Podcasting can be traced back to...

Podcasts History
  • In the summer of 2004, Adam Curry decided to program and develop the first podcatcher application using Apple scripts. The program was able to read through the RSS and download the audio. It would use the iTunes API to add the files to the playlist.
  • George W. Bush became the first President of America to create a podcast when the RSS 2.0 feed was uploaded on the White House website.
  • As more people became aware of the meaning of podcasting, the numbers continued to grow. In 2015, there were 100,000,000 searches from people across the globe.
  • One year after the founding of the first podcast directory, Apple joined the ranks by setting up its directory to iTunes. Steve Jobs referenced podcasts to becoming the future of audio.
  • The entry of Apple into the market increased the accessibility of podcasts all over the world.
Podcasts: The Introduction of Smart Devices

The name podcasts were the combination of 'iPod' and 'broadcast.' The name is the result of the process of getting music into your iPod.

At first, you had to download music or audio to your computer, then move it to your iPod. The iPod needed an internet connection to function. But technology today is not the same. The development in iPhones and 4G network strength makes it easier to stream and listen to podcasts.

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Never Lose Money
  • Rule No 1: Never lose money.
  • Rule No 2: Never forget rule No. 1.

If you work from a loss, it's much harder to get back to where you started, not to mention ea...

High Value at a Low Price
  • Price = what you pay.
  • Value = what you get.

You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use.

You gain money when you look for opportunities to get more value at a lower price: For example, buying quality merchandise when it is marked down.

Form Healthy Money Habits

Most of your behavior is habitual. You can change your habits and the earlier you start, the better.

Saving is a habit. Learn the habits of saving properly early. Pay attention to your money habits. Strengthen those habits that help your finances, and break the habits that hurt your finances.

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About Consciousness
About Consciousness

Consciousness is everything you experience - taste, pain, love, feeling. Where these experiences come from is a mystery.

Many modern analytic philosophers of mind either d...

Searching For Physical Footprints

What is it about brain matter that gives rise to consciousness? In particular, the neuronal correlates of consciousness (NCC) - the minimal neuronal mechanisms jointly sufficient for any conscious experience.

Consider this question: What must happen in your brain for you to experience a toothache?

Neuronal Correlates of Consciousness (NCC)

The whole brain can be considered an NCC because it generates experience continually.

  • When parts of the cerebellum, the "little brain" underneath the back of the brain, are lost to a stroke or otherwise, patients may lose the ability to play the piano, for example.  But they never lose any aspect of their consciousness. This is because the cerebellum is almost wholly a feed-forward circuit. There are no complex feedback loops.
  • The spinal cord and the cerebellum are not enough to create consciousness. Available evidence suggests neocortical tissue in generating feelings.
  • The next stages of processing are the broad set of cortical regions, collectively known as the posterior hot zone, that gives rise to conscious perception. In clinical sources of causal evidence, stimulating the posterior hot zone can trigger a diversity of distinct sensations and feelings.
  • It appears that almost all conscious experiences have their origin in the posterior cortex. But it does not explain the crucial difference between the posterior regions and much of the prefrontal cortex, which does not directly contribute to subjective content.

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Human nature is more than biology
Human nature is more than biology

The level of happiness is part of our genetic makeup - we have a set level and cannot rise above or fall below it.

Some scientists envision the day that we can manipulate our happiness ge...

Quantifying happiness

Happiness has always been difficult to quantify because it is subjective, depending on if you have a short- or a long-term outlook on life. Recently, researchers have started to distinguish between two types of happiness: 

  • Hedonic happiness that provides a mental high;
  • Eudaimonic happiness, a sense of well-being which involves a life well-lived.
The staples of happiness

People will always be happy when they see their children prosper when they feel loved, secure, and well-fed.

But, this formula for happiness is so obvious that most people dismiss it. They would rather look for a secret ingredient. The answer is that there is no secret.

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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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Network Effects

Network effects are the unseen forces that are guiding our destiny and exerting a powerful intervention on our lives, creating energy that escorts us down a path that is not always fully our intent...

Zipf's Law

Zipf's law is a mathematical probability that states that in a given set, the most frequently used data value (or word) is used twice as often as the next most common value. This is true in various statistical sets like income distribution in companies, internet traffic, phone calls received, and language.

One of the implications of this law is there are unconscious network forces and mathematical patterns governing our lives, with human beings just being nodes exchanging information.

Dinner Party Mathematics

When six to eight people are conversing at a dinner party, it is easy to focus on one conversation, but if the number is higher (say 15), then two-way conversations are more likely.

When groups get larger, the change is exponential, not linear, affecting one's social experience.

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Talent Spotting

Digital leaders don’t have to do everything themselves, but they must be able to spot the areas of their organization that need improving. Moreover, they need to be able to hire an...

Adaptability

Sudden changes in the industry can disrupt the status quo, potentially derailing the success of your organization. In these situations a leader must remain flexible and adaptable, ready to make the quick decisions that can keep the company on track with minimal negative impact.

Risk-Taking

Putting speed and innovation ahead of tried-and-tested business practices often makes leaders cautious. However, in a fast-changing world, the only strategy that is guaranteed to fail is not taking risks.

For a start-up, the risks can be even greater but innovation is impossible without risk. And if you can’t take risks, you may not be cut out to be a digital leader.

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When Studies Are Untrustworthy
When Studies Are Untrustworthy

Many layers of uncertainty along with thinking errors of scientists (blind spots) make the research or evidence untrustworthy about 42 percent of the time, according to a study.

“Absence of evidence is not evidence of absence.”

“Absence of evidence is not evidence of absence.”

Advice For Reading Scientific Studies

When we read scientific studies, it helps to keep in mind the following:

  1. Scientists are prone to error just like everyone else.
  2. Single source claims are dubious.
  3. There is a lot we don’t know.
  4. We should not be biased towards a particular outcome.
  5. Independent tests of the findings can be done if possible.
  6. Proof of something does not mean it is true, and a lack of proof does not mean it is false.

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22% of Americans work from home

.... while nearly 50% are involved with remote or virtual team work.

This continuing shift calls for a new range of behaviors and skills.

Communication challenges for remote teams
  • Body language. Even when we share the same space, the tone of a text or of an email is left wide open to interpretation and can generate anxiety.
  • The delay between our messages can often postpone or hide emotional reactions to our comments. Lacking an immediate response, we can become distracted, second-guess ourselves, or even grow frustrated with our teams.
3 types of distance in remote teams
  • Physical (place and time)
  • Operational (team size, bandwidth and skill levels)
  • Affinity (values, trust, and interdependency).

The best way for managers to drive team performance is by focusing on reducing affinity distance.

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