My Impressions: Street Smarts

I’m not sure why, but I’ve always been a super fan of Jim Rogers.  As for other legendary investors, I never felt a connection…  Not sure why this is.  But it doesn’t really matter, I guess. 

So, this book is the first book I got from the library.  It felt like I was spending too much money on books…  So, I finally decided to go to the library!   The awesome thing is, there is this new software called OverDrive that works with libraries in the Pittsburgh region.  I can borrow an audio book “online”…  I don’t even have to go out to borrow books.  

Street Smarts: Adventures on the Road and in the Markets

Going through an audio book is a lot slower than reading (maybe 2x slower).  Sometimes if the voiceover is monotone, it adds risk to the drive…  But, what can I say.  It’s more productive than not listening during “mandatory drive time.”  I calculated my weekly commute is about 6 hours -> about the same time to finish an average audio book.  This can help me achieve my annual goal of reading 1 book a week without even reading…  Feels kind of like cheating…

Anyway, about this book.  I thought I’ve read a lot on business/investing/stocks already.  However, the perspectives in this book are very humbling.  My eyes opened a bit more, my perspectives broadened a bit more.  I enjoyed the read

In this book, Jim Rogers is BOLD.  He calls people out (by name) and make bold statements regarding their incompetence.  We are generally taught to keep or polarizing thoughts to ourselves…  And no matter what, don’t leave negative comments in writing…  Don’t send out e-mails if you aren’t ready for the world to see…  High respect on how yuge Jimmy’s balls are.   

Then finally on a side note…  The sky is falling…

http://www.businessinsider.com/jim-rogers-worst-crash-lifetime-coming-2017-6

My Impressions: Traction

Entrepreneur friend recommended to me a while back. 

19 channels listed right off the top.  Then channels itself isn’t so interesting.  I’m sure if you spend some time googling and brainstorming, you can figure them out.  Things such as targeting blogs, SEM/SEO, e-mail marketing, content marketing, business development, trade shows…etc. 

Traction: How Any Startup Can Achieve Explosive Customer Growth

What is really interesting is the methodology to find these channels and the commentary and insights of what to focus on.  I feel like I violated all of these.  But had I read this book before I started the tea venture, I’m not sure I could’ve avoided it.  The experience would be more of a déjà vu than being able to avoid the mistake.  Which kind of sucks.  Two of these points stand out.  1. Test and fail fast, 2. Don’t scale. 

Testing and Failing Fast

Because of the advancement of technology and all the fancy quant stuff going on, it seems like the way strategy execution isn’t as rigid as 20 years ago.  In fact, adaptability probably matters more than stubbornly executing a strategy.  Years ago, you mapped out a plan, and executed carefully.  Seems like now a day, as long as you constantly adapt and adjust, you’ll eventually find where the traction is and then just follow the money. 

Even now I’m still torn between the two schools of thoughts.  Do you have a “core” and a “strategy”?  Or you just say yes to everybody and find so where the most people say yes to?  The other way to look at it, do you want to be stubborn or not have a backbone to standup for what you believe in?

Currently, I am leaning towards a character in a manga (Kurogane) I really like.  The translation basically goes something like, “Humans should not be so egotistical to think how they can win.  Instead, just win first.” 

Don’t Scale

This probably goes against a lot of business/MBA/entrepreneur training.  When I start modelling out a business idea, there is always some sort of end game in mind.  If this process can be sustainable and scalable.  But the idea here from Paul Graham’s essay is basically don’t worry about that yet.  MJ DeMarco (author) also mentions something similar – don’t try to pull a Tim Ferris 4-hour-work-week.  It got many people fired. 

First and foremost, INSOURCE.  There are a few reasons for this.  Through insourcing, you learn a lot.  A lot of situations become real and not work anymore.  Through insourcing, you build a certain moat (or competitive advantage).  Jack Ma gave a speech once on how technology can be copied so easily these days.  How do you stay ahead?  Jack Ma’s response was, “You can copy my products, but you cannot copy my blood sweat and tears.”  Through pushing tough roads, you become tougher.  You’ve figured out how to walk certain tough paths that others haven’t.  You know how to manage your own (and your team’s) emotions.  You’re already a survivor. 

Outsourcing and scaling should be viable and you shouldn’t dismiss this idea right off the top.  But at the beginning, focus on being worthy of needing to scale.  I think.