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When to say yes, when to say no - Empowering MBA Day 52-55
I didn’t write for 4 days.
The reason is simple: opportunity cost.
“Saying yes to one thing means saying no to everything else.”
Startup 2 (personal monopoly agency for Dutch real estate agents) is gaining traction.
“When the odds are in your favour, bet heavily” - Charlie Munger
That’s what I’m doing.
I realized this labour of love, this baby, deserved/needed my attention, love and commitment to survive, let alone thrive.
Contrary to its stillborn brother (startup 1) writing a daily journal (never mind engaging on LinkedIn) is less valuable than other activities.
I’ll continue to write - like Marcus Aurelius did - but only when it makes sense.
Many wise people throughout history decided their actions based on opportunity cost. I’m merely emulating them.
In 4 days I grew a lot. I’ll share as many insights below as time allows.
- Reflect often: How can I be most useful? Does what I do align most with my skills and curiosities? Does what I do contribute to my goal or my ability to reach it?
- Ask before sleep: How did I invest my time today? Which activity do I still hope to be doing 10 years from now? Maximize that, minimize others.
- Ask pre-activity: Does this contribute to my ability to serve or improve my ability to do so? If not, eliminate this distraction.
- Even HQ input/books are mental masturbation if consumed without a clear purpose. Always prioritize relevance.
- In any game, pursue becoming the “most knowledgeable.” It pays and depends on effort far more than talent, resources or circumstances. Study and self-experimentation are required; no book or course can get you there. If unwilling, play a different game.
- To become the “most knowledgeable,” follow Buffett:
- Start in the least competitive niche that suits me
- Start with person/company A
- Pass whatever seems too hard. Scrutinize “fat pitches.” When I finish Z, return to A, with an expanded circle of competence.
(Applies to investing and entrepreneurship.)
- I think and move quickly. Today’s writing is outdated tomorrow. It’s why my landing pages suck.
- Self-realization: I’m a lousy builder but an excellent strategist/decision-maker.
What can I do forever? Read, contemplate/decide (resource allocation) & talk with visionaries/craftsmen.
Maximize those activities, minimize the rest. Get paid for judgment, not execution. That’s my edge. - This year I have 2 goals I deeply care about. A cash-flowing startup achieves both. Startup 2 is gaining momentum. Time to double-down.
Day 55 (almost) finished. 485 to go.
Love,
Jim
P.S. One more insight: most people value $ over time (and health, energy, oxygen).
Why?
My assumption: its increase/decrease & usage is measurable and visible. The others’ “payment” is less immediate and thus taken for granted.
Smart people invert: when absent, which hurts most?
$ or time (health/energy/oxygen)?
Takeaway: maximize time with smart people. Minimize time with others.
I'm building 18 startups in 18 months.
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