BC PERSONAL GROWTH

Romeen Sheth
@RomeenSheth 5 years, 1 month ago 938 views

There are 2 paths to success:

1. Be Top 1% in the world at 1 thing
2. Be Top 25% in the world at 3 things

Top 25% is achievable by most people.

The problem is most people focus on being Top 1%.

Work on combining “3 pretty goods” and stay at it.

It’ll pay off big.

More from Romeen Sheth

0/ [THREAD] Over the last 4 years, I’ve interviewed 100+ of the most successful Investors, Founders and Executives in the world.

Here are the 20 "must have" lessons that most stuck out to me.

Lessons on life, career advice, entrepreneurship and startups 👇👇👇

1/ Having a billion dollars is great, having a billion seconds is priceless.

Interesting thought experiment: If you had the opportunity to switch places with Warren Buffet, would you do it?

You would be a billionaire, but you would also be 90.

Time > Money.

2/ Always strive to simultaneously be overrated and underrated.

Contrary to popular belief, being overrated is good. It opens doors and gives you credibility.

But don’t let this go to your head. Stay hungry, humble and hardworking.

3/ Surround yourself with open minded people vs. close minded people

Open Minded People:
- Ask genuine questions
- Insatiably curious
- Listen attentively

Close Minded People
- Make statements instead of ask questions
- Focus on being right
- Speak more

4/ Get comfortable with being uncomfortable

If you get advice from enough people, the advice will cancel out. You can find 2 smart people to take opposite sides of the argument on virtually every topic.

Focus on developing your instincts and trusting your own intuition.

Romeen Sheth
@RomeenSheth

0/ If you’re an SMB operator and want to increase the value of your business, focus on 2 things above all else.

1. EBITDA: how much $ do you make
2. Risk: how reliable is the $ you make

Enough has been written about #1. Here are 5 things you can do to tackle #2:

[THREAD]

1/ All 5 of these tactics are a function of the same guiding principle:

Spend more time working ON the business, not IN the business.

Your job as CEO is to consistently:

- Identify opportunity
- Execute once
- Set process
- Delegate
- Fire yourself

With that said…

2/ Establish your focus

Most SMBs survive in the early days through 1-2 key customers.

If you do a good job, they'll give you more business.

That's the trap.

If it's not in your core focus, resist the urge.

If you don't you'll become a consulting firm for 1 customer.

3/ Eliminate Key Man Risk

SMBs are overly reliant on a small handful of individuals to run the operation.

Implication: Most knowledge about the business sits in the heads of a few people.

Take the time to develop strong Tier 2 management - this creates redundancy in the org

4/ Institute Operating Process

Strong Tier 2 management isn't good enough. You need knowledge to live in docs and systems, not just in brains.

Every dept should have a stand alone playbook.

An easy test: "how quickly can somebody that knows nothing about the dept. plug in?"

Romeen Sheth
@RomeenSheth

I interviewed 100 legendary investors, founders and executives.

Collectively, they have created over $1 trillion of value for the world.

Here are 20 practical career lessons they shared with me 👇👇👇

Always strive to simultaneously be overrated and underrated.

Contrary to popular belief, being overrated is good. It opens doors and gives you credibility.

But don’t let this go to your head. Stay hungry, humble and hardworking.

Most people overinvest in expiring skills & underinvest in permanent skills.

Expiring skills are tactical; their relevance diminishes with time and technology

Permanent skills are evergreen and create disproportionate impact

E.g. communication, judgement, trust, empathy

Get comfortable with being uncomfortable

If you get advice from enough people, the advice will cancel out.

You can find 2 smart people to take opposite sides of the argument on virtually every topic.

Focus on developing your instincts and trusting your own intuition.

Surround yourself with open minded people vs. close minded people

Open Minded People:
- Ask genuine questions
- Insatiably curious
- Listen attentively

Close Minded People
- Make statements instead of ask questions
- Focus on being right
- Speak more

Romeen Sheth
@RomeenSheth

Early career years are painful.

You feel like an idiot 98% of the time - lost, confused and insecure.

I wish I had a playbook on principles for my first job.

So I put one together.

Here are 9 threads packed with lessons about building a career I wish I knew sooner:

1. First and most important - have a clear mind.

Without clarity of thought, nothing else matters.

Here are the most common types of distortions I’ve observed over the years.

Self awareness has helped me catch myself before falling into a trap.

The world's most valuable skill:

Clarity of thought.

The problem? There's no school for this.

It takes time, patience and a lot of early career fumbling.

Here are 10 cognitive distortions I faced early in my career and an insight for you to break through each one \U0001f447\U0001f447\U0001f447
— Romeen Sheth (@RomeenSheth) September 22, 2021

2. Enter the side door

Most people enter the “front door” in their careers.

The problem is - when you do what most people do, you get the results most people get.

If you want a n-of-1 career, don’t take the 1-of-n path.

The ultimate hack to 10x your career:

Enter the Side Door.

Let's break it down \U0001f447\U0001f447\U0001f447
— Romeen Sheth (@RomeenSheth) November 2, 2021

3. Adversity is inevitable

Any journey that’s worthwhile is filled with adversity.

If it was so easy...everybody would do it.

Here’s the way I’ve worked through dealing with the road blocks that are part of every entrepreneur’s journey.

15 timeless principles on how to deal with adversity \U0001f447
— Romeen Sheth (@RomeenSheth) November 16, 2021

4. Learn from the world's best

I love talking to world class people - CEOs, Founders, Execs, Athletes.

There's a lot of commonality in world class success.

Unpacking how these people got to where they are is always inspiring.

I interviewed 100 legendary investors, founders and executives.

Collectively, they have created over $1 trillion of value for the world.

Here are 20 practical career lessons they shared with me \U0001f447\U0001f447\U0001f447
— Romeen Sheth (@RomeenSheth) September 24, 2021

Romeen Sheth
@RomeenSheth

There’s a lot of bad advice out there on how to pitch your startup.

Last year, I invested $1M+ and heard 200 companies pitch.

Every great pitch I've heard nails 5 ingredients.

In this thread, we'll go through each to help maximize your chances when fundraising

Let's dig in👇

1/ Every pitch should have 5 ingredients:

- Problem: Is this an issue
- Solution: Do you have the fix
- Market: Is this a big enough issue
- Business: Can you make money
- Team: Are you the people to do it

The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

2/ PROBLEM

The problem statement is an explanation of why a set of circumstances is painful for a set of users.

There’s one word in that sentence that is most important: painful.

If your problem is not painful enough, it's a vitamin.

The best startups are pain killers.

3/ SOLUTION

The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction.

Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.

4/ MARKET

In tech, only businesses that have outsized potential get funded.

To have outsized potential, you have to either be in a:

(a) small, but rapidly growing market or
(b) large existing market that can be resegmented

If not, the business is not venture backable.

More from Personal growth

48 Laws Of Power Bot
@48_quotes

Never expose the sweat and labor behind your poise.

Some think such exposure will demonstrate their diligence and honesty, but it actually just makes them look weaker — as if anyone who practiced and worked at it could do what they had done.

48 Laws Of Power Bot
@48_quotes

[Great courtiers] are magnets of pleasure — people want to be around them because they know how to please, yet they neither fawn nor humiliate themselves.

48 Laws Of Power Bot
@48_quotes

A Viper crushed beneath your foot but left alive, will rear up and bite you with a double dose of venom.

An enemy that is left around is like a half-dead viper that you nurse back to health.

Time makes the venom grow stronger.

48 Laws Of Power Bot
@48_quotes

Learn to destroy your enemies by opening holes in their reputations.

Then stand aside and let public opinion hang them.

Sahil Bloom
@SahilBloom

Razors are rules that simplify decisions.

THREAD: 20+ powerful razors (to help you cut through life’s noise):

The Steve Jobs Quality Razor

When building, take pride in carrying the quality all the way through.

Would you be proud for your work to be seen from every angle and perspective?

If not, keep working.

The ELI5 Razor

Complexity and jargon are often used to mask a lack of true understanding.

If you can’t explain it to a 5-year-old, you don’t really understand it.

If someone uses a lot of complexity and jargon to explain something to you, they probably don’t understand it.

Munger’s Rule of Opinions

“I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.” - Charlie Munger

Opinions aren’t free. You have to work to earn the right to have them.

The Bezos Regret Minimization Framework

The goal is to minimize the number of regrets in life.

When faced with a difficult decision:
(1) Project yourself into the future
(2) Look back on the decision
(3) Ask "Will I regret not doing this?"
(4) Take action

The @JeffBezos Regret Minimization Framework is a simple yet powerful mental model for making important decisions and unlocking growth in your career, startup, business, relationships, or life.

A short thread on how it works and how it can change your life... pic.twitter.com/krtr2CarxW
— Sahil Bloom (@SahilBloom) February 24, 2021

Wracając do sedna dzisiejszego zamieszania z artykułem autosportu / motorsportu. Kubica mówi w nim, że podejmie swoją decyzję w ciągu kilku dni. Rozważa opcję z Williamsem lub posadę kierowcy symulatora w Ferrari. Więc za kilka dni dowiemy się co go czeka za rok. #F1PL

Autosport / motorsport zmienił nagłówek swoje tekstu, bo pierwotnie sugerował on że Kubica jest numerem jeden na liście Williamsa na tytuł mówiący tylko tym, że nadal jest na liście kandydatów. Zrobili to po interwencji zespołu. Same wypowiedzi Kubicy z wywiadu się nie zmieniły.

Trudno powiedzieć czy autor się pośpieszył i wyciągnął inne wnioski niż powinien, a może wie coś więcej, ale nie mógł tego otwarcie napisać. Słowa Kubicy brzmią jednak jednoznacznie: decyzję podejmie w ciągu kilku dni.

Greta Musk
@GretaMusk

🚔 HUGE #Tesla SERVICE PROBLEMS THREAD🚔

You might remember my 3 prior threads on how
TESLA. TREATS. ITS. CUSTOMERS. LIKE. TRASH.

Here's the 4th installment.
@tomkeinan @jonsey_lisa @jwmooc @tchanpoker @bryanthediamond @EconomicManBlog
$TSLA $TSLAQ 1/22

Welcome to Greta's 4th edition of #Tesla customers getting used and abused. Because that's the Elon Musk way.
@coffeebreakls @KocgibiHarun @omaragha @JayGhahari
$TSLA $TSLAQ 2/22

"The best service is no service." - Elon Musk a.k.a. #SpaceKaren
@briansaziz @FarSha998899 @thinktankfour @Billoday1
#Tesla $TSLA $TSLAQ 3/22

These #Tesla customers represent just the very tip of the iceberg. They are ones who have Twitter, have decided to complain about their #TeslaServiceIssues publicly, and were found by yours truly.
@yanismydj @hajelatweets @AlanHeldman @francislongo5 $TSLA $TSLAQ 4/22

Dear #Tesla customers: In California, if your vehicle has been out of service for >30 days total, it's a lemon. You can get punitive damages and attorney's fees. Don't sit around and take Elon's abuse. @13arm13arm @cecimar12 @richardson_skip @shootinglee $TSLA $TSLAQ 5/22

Patrick Chovanec
@prchovanec

I'm going to do two history threads on Ethiopia, one on its ancient history, one on its modern story (1800 to today). 🇪🇹

I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):

The famous \u201cLucy\u201d, an early ancestor of modern humans (Australopithecus) that lived 3.2 million years ago, and was discovered in 1974 in Ethiopia, displayed in the national museum in Addis Ababa \U0001f1ea\U0001f1f9 pic.twitter.com/N3oWqk1SW2
— Patrick Chovanec (@prchovanec) November 9, 2018

The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹

Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹