Status Updates From The Unfair Advantage: How Y...

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-"Whys" are so important (related to lower self - living a certain lifestyle, increase status/recognition; and higher self - wanting to have a positive impact on society or the planet).

239-240: Conclusion - summary
-Believing in Luck and hard work: using these mindsets as tools
-Luck mindset: grateful for what we have, sense of contentment/acceptance for what we have in life (not being a victim).
-Hard work mindset: we have the power to change the course of our lives for the better by setting goals and putting in the effort & hours to get there. Dream of a better future, then realize those dreams

231: "Make sure the market size is in the billions of dollars if you want VCs to be interested."

227: Funding
-Government grants, crowdfunding, social impact funds
-Private angel investors ("Rich individuals, they're often successful startup founders themselves. They are usually the first outside investors, meaning not friends or family. Easier to approach & pitch than VCs. They have to like your vision and you, the market, and sometimes even the social impact")

215: Idea validation phase
"You need them to love your product, not just like it. They need to be your evangelists, spreading the news by word of mouth. If they don't, you're probably going to fail. Word of mouth is like striking gold, because word of mouth is free, and, if you have enough of it, you'll have viral growth."

181: "Beware of confusing society's symbols of success (private jets, designer clothes, fancy restaurants, exotic holidays) and actual success (happiness, fulfillment, self-actualization, growth, learning, adding value to others, having positive impact, having the freedom to spend quality time with the people you love)."

that's something you will have the power to achieve. Make your criteria for success process-based rather than outcome-based. You can't control the outcome, luck always plays a role, but you can control your own actions and processes to do the right thing in alignment with your values and goals."

180-181: "You need to define success for yourself. If you do not, the media, friends, family, colleagues, social media, will define it for you. You will see what looks like success and you'll chase it. Then, the goalposts will keep moving and you'll never feel happy. If you can define success for yourself (less focused on external - like net worth), but more on internal higher-level needs (helping others),

142: Knowledge, Network & Signaling
Universities may have entrepreneurial societies, or their own investment fund

An elite university= a large status booster & immediate credibility - shorthand for "I'm smart, diligent and talented"

136: "Turn bad luck into good luck. Take it as a learning opportunity and way to do better next time.

You might find a new path, or better goal - how lucky you got that nudge!
Focus on what you're grateful for, instead of what you don't have. Have a mindset of gratitude."

136: "Expect to be Lucky
Self-fulfilling prophecies are real. That's why Martin is more likely to notice the money. You'll be more likely to notice opportunities if you try to, and expect to notice them. This is part of optimism, which is very powerful.
Be grateful for past luck and even expect to be lucky more often."

135: Mindset Story - Coffee Shop
Brenda (pessimist) & Martin (optimist/feels lucky)
Brenda didn't find the money on the ground & had a worse time
Martin (more extroverted) found the money and made connections with the planted businesspeople

122: Location can imply Status because of the privilege associated with certain areas (usually areas that are expensive).

Example: James Caan - Mayfair tiny office story

121: Having the right type of people around you and joining entrepreneurial groups is incredibly valuable.
One of the biggest 'hacks'/shortcuts to personal growth and development is via those we spend our time with."

121: "It's said you become the average of the five people you spend the most time with, so being surrounded by innovative and entrepreneurial people, who are ambitious and hardworking, is likely to have a positive effect on your own ambitions, attitudes and productivity.
Silicon Valley = more ambitious & confident than anywhere else in the world when it comes to startups."

70-- says to "avoid silly personality tests on social media, and focus on ones backed by research"

the introspection is the important part

69-- suggested Myers-Briggs assessment to "better understand your personality"

68: "Your why must come from you alone. If it's driven by other people's expectations, or a need for approval from others, suffering will be the outcome even if you succeed."

64: "It is critical to know yourself, because that self-awareness will make your path in life so much clearer. Becoming more in touch with your motivations, personality, and mindset allows you to understand and develop your unfair advantages."