Sharing the best of my 20-hour read-weeks / grrg.eth

Joined January 2021
I've read all of Jeff Bezos's 23 years of Amazon shareholder letters twice now. It's an MBA of its own. Here's what I learned about startups, entrepreneurship, investing and more:
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I bought the 10% $ETH dip less than two weeks ago and I'm already up 50% on my investment.
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THREAD: Elon Musk wants to make life multiplanetary. I believe it's one of the most audacious goals in the history of audacious goals. Here are the five biggest lessons I've learned from him, be it startups or life:
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Do or die. "My mentality is that of a samurai. I would rather commit seppuku than fail.” Seppuku, or hara-kiri, is when a samurai passes a sword through their belly as an honourable alternative to disgrace.
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Do not make the best product in a niche. Make the best product. "The Model S by Tesla was not just the best electric car; it was best car, period, and the car people desired."
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If you're slow, you're missing out on profits and opportunities. "Musk would place this urgency that he expected the revenue in 10 years to be $10 million a day and that every day we were slower to achieve our goals was a day of missing out on that money.”
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When someone says something can't be done. Figure out whether it can't be done by them or it's actually physically impossible to do that thing. "Take it down to the physics."
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Have a ton of skin in the game. Musk has always been willing to suffer a lot of personal cost. “My proceeds from PayPal were $180M. I put $100M into SpaceX, $70M into Tesla, and $10M into Solar City." "I had to borrow money for rent.”
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“I would like to die on Mars." Larry Page once said, “Good ideas are always crazy until they’re not.” "Elon makes a pretty compelling case for having a multiplanetary society, just because, you know, otherwise we might all die. I think it's a very doable project."
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"When people congratulate me on a good quarter I say, “Thank you.” But what I’m really thinking is that quarter was baked 3 years ago." "You need to be thinking two or three years in advance." (Jeff Bezos, $AMZN)
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Build the phone you want to use. Apple knew the iPod was going to be successful because they could see how badly they each wanted one personally. With the iPhone, they were excited about building a phone that they would personally want to use. It's the best motivator.
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Make progress by eliminating things. Jony Ive, who was the Chief Design Officer at Apple explains, "To be truly simple, you have to go really deep. You have to deeply understand the essence of a product in order to be able to get rid of the parts that are not essential."
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The lifeboat. 1/2 If you could take only a few employees on a lifeboat to your next company, whom would you bring?” Once a year, Jobs took his top 100 employees on a retreat. In the end, he would ask them, "What are the ten things we should be doing next?"
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2/2 People would fight to get their suggestions on the list. And Jobs would write them down, and then slowly cross them off until they were left with a list of ten. Then he would slash the bottom seven and announce, “We can only do three.”
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Do a few things well. Deciding what not to do is as important as deciding what to do. It's as true for companies, as it’s for products. "We all have a short period of time on this earth. We probably only have the opportunity to do a few things really great and do them well."
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Make art. “I hate it when people call themselves “entrepreneurs” when what they’re really trying to do is launch a startup and then sell or go public, so they can cash in and move on." Products, not profits, should be the motivation.
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If you don’t cannibalize yourself, someone else will. The iPhone was partially created to prevent other smartphones from taking over the iPod market.
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Great artists steal. In 1979, Apple shamelessly borrowed a couple of major features from Xerox, made major improvements, and used them on their next-gen computer. In the process, they also proved that good execution is almost as important as good ideas.
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The greatest salesman. Jobs' pitch to justify 99 cents for a song on iTunes: Downloading a pirated song from the internet took about 15 minutes rather than a minute on iTunes. So by spending an hour of your time to save 4 dollars, you’re working for under the minimum wage."
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