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#2
Keep your money by investing in assets that go into your pocket, and repeat.

Income statement (income & expense) & Balance sheet (asset & liability)
= cash flow that tells how a person handles their money

Middle class acquire liabilities they think are assets. When their income grows, expense grows.
- bigger home, bigger expense
- income (for companies), taxes (for government), mortgage (for banks)

#E

Perfection is not when there is no more to add, but no more to take away.

- Identify the few critical tasks that contribute most (80/20) to income.
- Schedule them with very short and clear deadlines (Parkinson's Law).
= Only 2 mission-critical tasks per day. NO DISTRACTION from start to end for each task.

Batch to reduce setup cost.
Check emails at 12pm, 4pm.
Empower others to act without interrupting you.

Doing unrealistic thing is easier than doing realistic thing. Therefore, don't overestimate competitions.There is just less competition for bigger goals.

Love <> Indifference, Happiness <> Boredom.
Excitement is the more practical synonym for happiness.

Specify what you want to have, be, and do, as detailed as possible and make them actionable NOW. + Dreamlining Sheet

#6

When confused about how many features you need in MVP, simplify.
MVP to "begin" the learning process and to test fundamental business hypotheses.

MVP can be a video, concierge MVP.

A ready-made road map AFTER tons of MVP iterations. Once having it, you might get acquired too.

Public marketing launch once the product has proved itself with real customers.

Commit to MVP iterations. Don't give up.

#4
Task VS Relationship Conflicts

Be a Disagreeable Giver.
Frame a dispute as debate, "Can we debate?"

Have a good fight on How, not Why.

Help them see the limits of their understanding by asking them to unpack the mechanisms -> Ask basic, fundamental questions.

#
Most people will choose unhappiness over uncertainty.

Conquering Fear = Defining Fear.
- assess 0-10 & temporary/permanent impact/risk

Most of the time you can survive with the worst case you imagine. It would be probably better than you think.

#
Prevent Work for Work's sake.

Possession&Time: Too much & too often of them becomes what you don't want.

Focus on being productive instead of busy.

If it's important to you, do it now. Timing is never right.

Far more lucrative and fun to leverage your strength than fixing weakness.

Relative income is a real metric, esp in hour, not year.

Be equally aggressive in removing distress and finding eustress.

#intro
Author's life lol how he quit ordinary paths and failed so many times but also succeeded and found a way for cheat codes

#5

Leaps of faith: Acting as if these assumptions are true.
Confirm that your LOF questions are based in reality.

Success theater
: growing through fund-raising from investors or lots of paid advertising do NOT develop a value-creating product

You cannot understand your business problem unless you go and see for yourself firsthand, not on your whiteboard.

#1

More money will not solve your problem.

Your life is controlled by fear and greed. If you don’t first handle them, and you get rich, you’ll only be a "highly paid slave".

Money is an illusion, like the carrot for the donkey. People believe money is real. Stop chasing it, your paychecks.

Work to learn, even for free. Stop working for money. And use your brain.
You can later make money work for you.

#intro

The poor dad was the more highly educated dad.
Broke is temporary. Poor is eternal.
Thoughts shape your lives.
Exercise your brain to be stronger. It will make money. Avoid mental laziness.

Learn to "manage risk"
House is a liability, and if your house is your largest investment, you’re in trouble.

You don't have to be a multi-millionaire to achieve the following lifestyle:

DEAL framework to be a NEW RICH
- Definition: Life style design
- Elimination: selective ignorance & low-information diet -> Time
- Automation: Income
- Liberation: Location

Employees shall apply as DEL A.

#1
the shorter your sleep, the shorter your life span.

If we still have to keep sleeping one-thirds of our lives despite all the disadvantages we get in survival opportunities (work, eat, socialize) throughout the evolution, it means it's compensating with tremendous benefits it provides.

In fact, there's no single biological function that doesn't benefit from a good night's sleep.

P.S. I like his writing style.

Build-Measure-Learn feedback loop -> minimize the total time through the loop

But reverse-order thinking:

Figure out what to learn -> what to measure -> what to build

#4 Experiment

Identify the elements of the plan that are assumptions rather than facts

1. Value hypothesis
: whether a product really delivers value to customers once they are using it
- avoid survey. They don't assess themselves objectively
2. Growth hypothesis
: how new customers will discover a product & how will it spread?

Measure what the customers actually did with MVP, not your task completion progress

#3

Just learning is an excuse -> Validated Learning

Work = value OR waste
: value to learn what customers want. Else, waste.

Systematically collect real data from customers and figure out the right things to build

Don't waste resources to make ourselves "look" successful

Can this product be built? (X)
Should this product be built?
Can we build a sustainable business around this set of products & services?

#2
Startup = a human institution designed to create a new product or service under conditions of extreme uncertainty
-> Anyone creating a new product/business under conditions of extreme uncertainty is an entrepreneur, regardless of org size

Company's only sustainable path = continuous innovation (requires experiments)

It's a job of leadership to create conditions that enable employees to run experimentation.

#1

"Just do it" attitude doesn't work. Still gotta manage, but in an entrepreneurial way.

Minimize the waste of resources: time, passion, skills

The goal of a startup = "figure out" the right thing to build.

Driving a car vs rocket launch -> drive a startup. React quickly and make constant adjustments while knowing the destination: world-changing business.

Vision -> Strategy (pivot) -> Product (optimization)

# intro

Lean Startup = a new approach to "creating" "continuous" "innovation"

It’s the boring stuff that matters the most. Startup success is not a consequence of good genes or being in the right place at the right time.

# 5 principles
1. Entrepreneurs are everywhere.
2. Entrepreneurship is management.
3. Validated learning
4. Build-Measure-Learn
5. Innovation accounting.

#3-2
Best forecasters in tournaments were those who update their views frequently.
How much rethinking is necessary? Just a few more, but it's unusual.

Few evidences are enough for conclusions but not for revising them.

Change opinions, when facts change. Odds are based on facts.

To be right in a long run, you have to be wrong A LOT in short runs.

When forming an opinion, look for conditions to prove it false.

Different entrepreneurs: Built-to-sell model vs $100 model
: separate from owner's identity
= Freedom is what you define

In some cases: With limited hours to spend on the business, she had to make them count.

45-minute every morning pre-internet-access: make business move forward, not just maintain it

Business health check: monitor with 1-2 key metrics monthly or bi-weekly

Take your skills, activities, and passions to a higher level to create better returns

# hub-and-spoke model = HQ & franchise branches
: The goal for each outpost is to support the work of the home base, not usually the outpost itself.

# partnership or joint venture
: 1+1=3+
+ 1-page agreement

# outsourcing
- can only hire contractors

# affiliate program: high commission -> higher-quality partners

Scaling: horizontal vs vertical. But optional.

Tweaks
# Increase in traffic (attention), conversion (A/B testing with Google Optimizer) with a focus on where users come from, avg sales price (upsell, cross-sell, sales after sale)
# Sell more to existing customers

Service to product, product to service.

a price increase filters some customers away while making up for the loss with higher overall income

No money, no business.

make sure that your recurring activities are as directly tied to making money as possible

Spend the least possible and make the most possible.
- Spend only on things that have a direct relationship to sales

Pricing
- based on the benefits, not based on your efforts.
- a LIMITED range of prices (eg. flight tickets)
= not asking if they want it. which one they want to buy
- recurring

#3-1
Being wrong is the only way to know we’ve learned something

Detach
1. Your present from your past
2. Your opinions from your identity
= your present and opinions shouldn't be tied to anything

Even positive changes causes negative emotions; derailed / disconnected

the world changes. knowledge evolves. rethink.

define yourself by values , not opinions
-> flexibility to update the best ways to advance them

Hustling = Talk + Work = Connect + Create

Make sth worth talking about -> Spread it

Strategic Giving: Freely give, freely receive

Yes, then Hell yeah. If so-so, turn it down.

# One-Page Promotion Plan (daily, weekly, monthly) -> hustling marketing

#2
metacognitive = think about our thinking
-> recognize cognitive blind spots in knowledges & opinions
-> fill or correct them

Confident humility (sweet spot of confidence)
= confident in your ability to achieve a goal in the future while maintaining the humility to question whether you have the right tools in the present

benefit of the doubt = a cue to improve the tools
-> work harder, smarter, better learner

Launch with a series of regular communications with prospects and existing customers
- Timeliness creates "now"

Goal of a good launch: to preserve your relationship with other prospects and increase your influence.

Post-launch: short break -> next lunch prep for more sales, more customers, more influence.
+ Serve people, who weren't interested, with something else later.

# 39-Step Product Launch Checklist

Scientist mode: search for the truth (why we're wrong, not why I'm right). Experiment (test the alternative hypotheses).

Smarter -> easier to recognize patterns -> easier for confirmation & desirability bias

Learning for belief evolution