How to Get Rich without Getting Lucky
Make a product out of what you naturally and uniquely do well. Package yourself in a product.
Understand Power of Compound Interest (CI)
- CI in Capital,
- CI in Business Relationships
When you find the right thing to do and the right people to work with, you must deeply invest in that and stick with it. That’s how you can make big bucks.
How can you escape 9 to 5?
- Choose a career where inputs and outputs are very disconnected.
- Focus on the outputs and outcomes. For example: Programming or Sales.
You must have atleast one of these skills:
- Ability to build a product,
- Ability to sell a product
Develop your sales skills
There are total 6 ways of Persuasion (Influence)
- Social Proof
What is Specific Knowledge?
Specific knowledge is unique traits from your DNA and your upbringing and your response to it
Must-have Skills for being a successful entrepreneur
- Persuasion skills
- Basic maths - Arithmetic, Probability, Statistics and Accounting
Our Main Problem
We want to do a lot of things in life and lose focus.
3 Decision making heuristics
If you can’t decide - The answer in No. Say yes, only if you are pretty certain. Internalize in your gut. (Long term decisions)
If you have 2 choices - Take the path that is more difficult and painful in the short term. (Hard choices - Easy Life, Easy choices - Hard life) (Path A or B).
If you’re having interpersonal conflicts - Choose decision that leaves you more equanimous (Cultivate peace of mind).
Value your time. Do not waste your time.
How do you deal with failure?
It’s important to fail. It makes us move and change. Small amounts of controlled failure is what you want.
Reading Recommendations by Naval
- Micro-economics text books.
- Influence by Robert Cialdini
- Scott Adams’s blog
- Skin in the game by Nassim Nicholas Taleb