Lucky of Smart?

Lucky or Smart? 
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1. Lucky or smart? 
    > The number one killer for startups is when they lose the humility to distinguish between "being smart" and "being lucky"
    > Business Luck is different from Everyday Luck because BL can be created by 
        >> doing something fundamentally innovative 
        >> doing something morally compelling 
        >> doing something philosophically positive
    > To ensure lucky things happen is to ensure LOTS of things happen. You can do that by these 2 steps: 
        >> Create an environment where smart people will gather -> convey the company's carefully crafted, authentic vision (and mission) with passion and charisma
        >> Be smart enough to stay out of their way -> Give them a clear action plan and enough latitude for creativity to flourish
    > "Good entrepreneurs are smart enough to realize they are getting lucky."
    > Holy grail of business is making money while doing something you believe in. 

2. Entrepreneurs are Born, not raised
    > "4 out of 5 restaurant businesses fail not because it's a tough craft, but because those 4 shouldn't be in the business at all."
    > Test: When you look up at a cloud, what do you see? 
        a. great painting -> artist
        b. how can i describe it to someone -> writer/teacher
        c. silly. insignificant. -> military
        d. innovate w/ clouds -> innovator
        e. how is a cloud formed -> management/scientist 

3. Entrepreneurs are B students, Managers are A students 
    > Entrepreneurs are the jack of all trades 
    > Managers are linear thinkers, entrepreneurs require lateral thinking 
    > As a B student, realize that you NEED A students to work for you 
        >> Attract, organize and motivate the A students
        >> but first accept and embrace that you are a B 
    > The sooner A and B accept each other, the more productive everyone will be 

4. Great is the enemy of good
    > A good decision made quickly is better than a great decision made slowly 
    > Startups are successful if they don't die off. You have to make sure you survive to see every tomorrow. 
    > B students are survivors, B's are good; A's are successes, A students are perfectionists. 
    > !!! If your idea is big enough and crazy enough, all you have to do is survive. If you survive, you will succeed. 

5. Start-up attracts sociopaths 
    > Ordinary people don't work for startups. They go get an ordinary job. So get ready to work with AND LIKE odd people. 
    > Odd people like ordinary people that like them. You can't fake it though, they're smart
    > When A students start to quarrel, you're in trouble. Solve it fast, solve it smart.
    > Serious trouble, serious treats along the way

6. Practice blind faith.
    > You need devotion SO CRAZY, that it inspires and attracts others. 
    > Entrepreneurs don't have normal relationships typically associated with human race
    > You NEED blind faith. A staggering number of people will tell you your idea is crazy. It pays not to be smart. 
    > EVERY startup has been in a near-death situation. What keeps them going is the religious devotion of the passionate entrepreneurs behind them. 
        >> You have to work with investors, customers and workers to revive them from life support
    > Other people share your vision too, you just have to find them. HOW???

7. Learn to Love the word "No"
    > People love safety. New ideas are risks. And for good reason. 
        >> Nobody has been fired for a bug in the software they got from MICROSOFT. But if it was some other startup that failed, you'd be in trouble. 
    > But the sales process just begins with the "No". Work from there. Do not just accept the rejection at face value. 
    > Better than them ignoring your calls altogether. It means they're listening. 
    > !!! No human being likes saying "No" to the other. When he does, he is at his weakest. Take the advantage, start selling.

8. Prepare to be powerless
    > while the bad thoughts may enter your head, NEVER keep them while working. Remember, they're the big shots, they did something right to get there. 
    > Send enough mails, calls, and emails, and they WILL eventually return your calls. BUT when they do, do not expect them to say sorry for their tardiness!!!
        >> AND they will talk to you in a monotone that will imply this is their most annoying moment of the day - WHICH IT PROBABLY IS. 
        >> But even the most heartless bastard will also talk to you for 60 seconds. THIS IS YOUR CHANCE. 
            >>> If you can tailor your content, use the right pitch and all, you'll spend the next 15 minutes discussing how your company can help his company. 
        >> And then they leave you in LIMBO. Because of the mismatch in priorities. 
            >> Get used to it. DO NOT PANIC. They have other things going on in life. 
            >> They have power, you don't. 

9. The best defense is gracious offense. 
    > Your ability to be gracious will be tested VERY often. It will be tempting to be defensive. 
    > But remember this golden rule: After every interaction, the person should at the very least like you, REGARDLESS OF THE OUTCOME
    > In business it never pays to be indignant. 
    > You won't be able to do it all the time. But the more you do it, the more successful you can become in sha allah 

10. Don't believe your own press. In fact, don't read.
    > The media sensationalizes and reports what they think people will like, not what is actually happening. 
    > if you start believing them, you will become unfocused, unrealistic and SCARED
    > If you read and read and read, you will be unfocused and have FOMO
    > You won't have time for creative thought if you just keep reading. 
    > Err on the side of less: Keep Wall Street Journal and New York Times, and several reputable weekly and monthly only

11. Always be selling your stocks
    > You have one job, create a market for stock in their startup
    > Anything else is the primary job of the A students you hired. Intelligent delegation
    > The people who are most likely to buy your stocks are VENTURE CAPITALISTS
        >> They put their eggs in different baskets, while you put all yours in one. 
        >> The best venture capital firms have a good mix of A students and B students 
            >>> Good balance of sound investment and also understand entrepreneurs and help them during the more fluid process of executing a business plan
        >> TLDR: VERY busy people 
    > Create an auction to get them interested 
    > Learn how to sell
        >> Sell your business plan 
        >> GET GOOD AT PREDICTING THE FUTURE. Give them a view of what it WILL be, rather than a snapshot now. Then work like hell to make sure your prediction comes true
        >> Best AND worst thing is very little data there. Your word against theirs. 
        >> After you sell one, sell a bigger, bolder and higher-priced version to the next set of investors 
        >> TLDR: It all depends on how the entrepreneur THINKS it can BE. 
        //ASIDE: Some business are different and can fund their expansion with loans/profits 

12. Know what you don't know
    > And admit it sometimes when you need to, instead of selling them more BS 
    > If the customer like your service, he will tell 2 friends. If he doesn't, he'll tell 10. 

CONCLUSION
    > You don't know the variables that affect your own business, how will you understand someone else's
    > Your ego is the most dangerous AND the most useful weapon
        >> gives you the confidence to sail the rough waves 
        >> OR does now let you know what you don't know, and makes you believe your own press