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Naval Ravikant - Why Competition is for Losers [with Peter Thiel, Gary Vee & Eric Jorgenson]
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It's packed with 23 Nuggets from top Influential Doers and Entrepreneurs (in their own words), 🎆 visuals (to make it super easy to understand), and my own 💭 reflections.
There is this common belief that we have to compete and beat the competition to be the best at something. While this may be true in zero-sum games such as any sport or social status games, in the business context you don't have to compete with others to be the best! In fact, you will be the most successful if you don't compete (and it is more easy and profitable).
As the speakers argue, you scape competition by being authentic! "Package" yourself in a product. And if there is market fit, you will be a monopoly without any competition!!
Enjoy!
------------
THE ANTI-NEWSLETTER
I'm creating the "Anti-Newsletter" -- A Publication with only timeless information (the opposite of news). Why? The "Lindy Effect" states that the longer an idea has been around, the longer it will still be around. Thus the older the idea, the more objective/true it actually is!
What's it about? Every Friday I pick and send a (5 min) nugget from an influential doer/practitioner (in his own words) who have took the time to share timeless principles (through books / interviews) on how to get better (Character), how to get richer (Wealth) and how to improve your judgment (General Wisdom).
Plus, I craft a visual to make the nugget more clear and memorable! And sometimes I deliver a personal reflection afterwards.
As a bonus, I share the most insightful content I found over the week (tweets, articles, videos…).
“It’s kind of fun to sit there and outthink people who are way smarter than you are because you’ve trained yourself to be more objective and more multidisciplinary. Furthermore, there is a lot of money in it, as I can testify from my own personal experience.”
- Charlie Munger (from his book Poor Charlie’s Almanack)
----------
👉 Naval Ravikant
📲 How to Get Rich (podcast)
👉 Peter Thiel
📚 Books (includes affiliate links - No Extra charge!)
📖 Zero to One
👥 Social
----- Source -----
* [min 37]
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ End Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎
"Authenticity naturally gets you away from competition. If you build and market something that is essentially an extension of yourself, you don't have any competition." - Naval Ravikant (in an instagram reel)
- How do you escape competition?
Productize Yourself!
• Productize -- The Product has to have some kind of leverage built-in. (the 4 kinds: Labor, Capital, Code and Media)
• Yourself -- It implies 2 main things:
** Specific Knowledge -- Is found by pursuing your genuine curiosity and passion. It should feel like play to you, but work for others. It can be taught, but only through apprenticeships, not in schools.
** Accountability: Take risks under your own name. At least in the business context, the benefits of being accountable far exceed the downside risk. Even if you fail, people will usually forgive your shortcomings if the effort was honest and high integrity based. If you are willing to be accountable, you have an edge over most people. Because as humans we are wired to overweight the downside risk, which makes total sense from an evolutionary stand point!
- How do you get rewarded?
If there is a fit between the product and the market, you will get rewarded. And because within the product is packaged an "extension of yourself", you are the only one who can deliver it. You essentially become a natural monopoly. And even if you don't generate too much in revenues (because your market turns out to be a small niche) it doesn't matter, because a defining characteristic of a monopoly is a high profit margin. So you can still make money!
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎✎✎✎✎✎
#Naval #Ravikant #Periscope
*****
DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you!
*****
There is this common belief that we have to compete and beat the competition to be the best at something. While this may be true in zero-sum games such as any sport or social status games, in the business context you don't have to compete with others to be the best! In fact, you will be the most successful if you don't compete (and it is more easy and profitable).
As the speakers argue, you scape competition by being authentic! "Package" yourself in a product. And if there is market fit, you will be a monopoly without any competition!!
Enjoy!
------------
THE ANTI-NEWSLETTER
I'm creating the "Anti-Newsletter" -- A Publication with only timeless information (the opposite of news). Why? The "Lindy Effect" states that the longer an idea has been around, the longer it will still be around. Thus the older the idea, the more objective/true it actually is!
What's it about? Every Friday I pick and send a (5 min) nugget from an influential doer/practitioner (in his own words) who have took the time to share timeless principles (through books / interviews) on how to get better (Character), how to get richer (Wealth) and how to improve your judgment (General Wisdom).
Plus, I craft a visual to make the nugget more clear and memorable! And sometimes I deliver a personal reflection afterwards.
As a bonus, I share the most insightful content I found over the week (tweets, articles, videos…).
“It’s kind of fun to sit there and outthink people who are way smarter than you are because you’ve trained yourself to be more objective and more multidisciplinary. Furthermore, there is a lot of money in it, as I can testify from my own personal experience.”
- Charlie Munger (from his book Poor Charlie’s Almanack)
----------
👉 Naval Ravikant
📲 How to Get Rich (podcast)
👉 Peter Thiel
📚 Books (includes affiliate links - No Extra charge!)
📖 Zero to One
👥 Social
----- Source -----
* [min 37]
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ End Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎
"Authenticity naturally gets you away from competition. If you build and market something that is essentially an extension of yourself, you don't have any competition." - Naval Ravikant (in an instagram reel)
- How do you escape competition?
Productize Yourself!
• Productize -- The Product has to have some kind of leverage built-in. (the 4 kinds: Labor, Capital, Code and Media)
• Yourself -- It implies 2 main things:
** Specific Knowledge -- Is found by pursuing your genuine curiosity and passion. It should feel like play to you, but work for others. It can be taught, but only through apprenticeships, not in schools.
** Accountability: Take risks under your own name. At least in the business context, the benefits of being accountable far exceed the downside risk. Even if you fail, people will usually forgive your shortcomings if the effort was honest and high integrity based. If you are willing to be accountable, you have an edge over most people. Because as humans we are wired to overweight the downside risk, which makes total sense from an evolutionary stand point!
- How do you get rewarded?
If there is a fit between the product and the market, you will get rewarded. And because within the product is packaged an "extension of yourself", you are the only one who can deliver it. You essentially become a natural monopoly. And even if you don't generate too much in revenues (because your market turns out to be a small niche) it doesn't matter, because a defining characteristic of a monopoly is a high profit margin. So you can still make money!
✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎✎✎✎✎✎
#Naval #Ravikant #Periscope
*****
DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you!
*****
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