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Ksalazar

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Networking is powerful source and neccessary for business this is something Ive overlooked that I am now working on building. This company put together the right people and learned the fundamentals to their business niche and is now executioning on it. I love hearing stories like this truly does inspire me and makes me want to go outside talk to people and learn more about my field of business.
 
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D

Deleted5250X

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https://openlattice.com/

This company is an example of big thinking. It’s a platform with the scale of every Government Organization in the world, from the local to the national.

It allows different sectors of government to easily share data and then do Data Analysis across that data to solve key problems.

Sharing of data itself is nothing new, but this is a custom solution built for core societal institutions. And they are experts in this one big area.
 

sparechange

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Thinking big, you know whats crazy?

Someone in the world right now is spending 100m+ on a yacht right now and it doesn't even hurt the bank account
 
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Deleted5250X

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The Tricky—but Potentially Lucrative—Task of Streaming Videogames

Many companies are competing to develop streaming video games. No one has figured it out yet. There’s a big technological problem to solve. The computing is done in the cloud and needs to be streamed to the end user quickly without losing data. There are multiple levels to this solution. From the Server Hardware to the network infrastructure to the end user hardware. I would go after the network infrastructure piece.

Artificiall Intellegince
Which Country Is Winning the AI Race—the U.S. or China?

Current advancements in Artificial Intellegince is based on recognizing patterns in large sets of data. China being a less private society has larger data sets in certain areas. But AI based on Chinese data sets doesn’t translate to the US.

The article mentions that large sets of medical data is harder to get in the US because of the safeguards in place.

We could aggregate large amounts of medical data and then license it to AI companies that want to use it for algorithm development. It’s a tricky field to navigate with large barriers to entry. The largest hurdles would be navigating the regulation.
 
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Bekit

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I'm brand new to the idea of thinking big. For me, breaking 6 figures will be big. But as Oliver Wendell Holmes said, "One's mind, once stretched by a new idea, never regains its original dimensions." So I'm actively stretching. Today I watched a video interview between Jay Abraham and Subir Chowdhury that was pretty brain-expanding.

This video starts off kind of slow, but it contains nuggets like these...

...how a simple change in approach helped Caterpillar to finally break the $20 Billion threshold where they had stayed stagnant for years
...consulting advice that infuriated a Korean automobile manufacturer (and why he turned around 180 degrees six months later)
...Three universal human needs (basics, fulfillment, and excitement) and why every product needs to meet all three
...Blind cereal taste testing with Kellogg's top executives, and why an executive freaked out about it
...Building a process and the using the right tools when you're playing at the billion dollar level
...Why a caring mindset can make the difference between getting a 10x return and a 100x return (and four difficult actions to take to obtain that differentiating factor).

This was like getting strategic business coaching from guys who would typically only ever coach executives who are in the billion-dollar-and-up category. Subir told one fascinating story after another for two hours. Just had to share... hopefully others will also benefit!
 
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GuestUser4aMPs1

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@Kak THANK YOU for this post.
It couldn't have come at a better time.

My biggest takeaway, to put it succinctly, is this...

SET GOALS THAT WILL CHANGE YOU.

I used to be under the impression that BIG goals were a bunch of rah-rah nonsense.

Not so.

In fact, there's a VERY practical reason to Think BIG and Set BIG Goals.
A lot of it has to do with the negative effects of its inverse (setting realistic goals).
To illustrate this point, here's some background information.

I've spent the last year or so...
-> Setting goals that are marginally better than my current situation.
-> Aiming lower than what I'm truly capable of achieving.
-> Attaining my Goals and not being fulfilled.

Why is that?

It's because I haven't changed as a person.
These goals were set based on my current capacity. Not what my future self is capable of.

In other words, I didn't set up "the game" to be hard enough.

...and what happens when a game isn't challenging enough?

It gets boring. You get lazy, complacent, and forget how to think big.

That's exactly what happened. When you have realistic attainable goals, you'll approach them as if they're realistic and attainable. I've approached my goals lazily, as if it would be easy and I had all the time in the world to achieve them.

Guess what achieving my goals this year gave me?
An incrementally better version of my shitty self.

@Kak your private jet story struck a chord with me -- Truth is, you could have aimed for getting a more affordable jet. But because you've set the goal to get exactly the one you wanted, You WILL get it. It's only a matter of time and action. Who's to say what you're capable of in the future?

"If you have the faith to move mountains, so you will move them..."

That same good book also knew what I'm talking about well:
"Do not conform to the world, but be transformed by the renewal of the mind."
(Not "...get incrementally better by the renewal of the mind.")

My Goals are changing. I think and act differently just by believing it's attainable.
Will be sure to share future accomplishments related to them here.
 

Kak

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Thinking big, you know whats crazy?

Someone in the world right now is spending 100m+ on a yacht right now and it doesn't even hurt the bank account

Probably not, but I get the point.

Yes. They make these items for someone... How can they afford it? Notwithstanding royals... Somewhere along the line was production (even if it's grandpa's money). Someone was a producer.
 
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JonnyC

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This is a really interesting review of the research currently available on Schumpterian or innovative entrepreneurship vs self-employment. About a 1-2 hour read depending on how fast you read.

https://www.tandfonline.com/doi/full/10.1080/13662716.2016.1216397

Oftentimes, the benefits of entrepreneurship to society are linked to so-called ‘Schumpeterian entrepreneurs’ – referring to Schumpeter’s early theory on ‘creative destruction’. In his understanding, vibrant economies are characterized by a constant birth and death of firms. This process is initiated by entrepreneurs who turn new ideas into marketable products and services. These innovative entrepreneurs can be distinguished by their ability and willingness to search for and create new economic opportunities.

It's got almost 200 citations so you can dig deeper into different topics, but here's a few highlights I liked.

It turns out that "self-employed" small businesses don't have great economic impacts, despite what a lot of people say. Emphasis mine.

Astonishingly, the correlation between a country’s proportion of self-employed and GDP per capita is negative. Only when employing stricter measures of (more successful) entrepreneurship, like incorporated entrepreneurs, innovative and high growth entrepreneurs, or venture capital (VC) backed or even billionaire entrepreneurs, does this negative correlation turn positive.

Moreover, only after including these additional groups does the ‘occupation of entrepreneurship’ become appealing to individuals in terms of its financial returns.
My interpretation: the risk adjusted returns and economic benefits of entrepreneurship are only higher than a normal day job if you swing for the fences.

By and large, researchers are now realizing that the desired benefits from entrepreneurship are mostly generated by a small number of innovative, high-growth ventures, whereas the vast majority of new ventures only experiencing moderate growth in terms of employment and turnover, if they survive at all. Indeed, the share of high-growth enterprises represents only two to six percent of the enterprise population for most countries, with a particularly low share for most European countries. Most entrepreneurs don’t employ personnel, are home-based, and earn low incomes.

The paper also covers the usual sources of innovative ideas:

In the following, we discuss the sources and areas where opportunities for innovative entrepreneurship are identified and exploited. In this regard, we focus on the role of inventors, innovative and demanding users, employees, and academics for innovative entrepreneurship. These are specific groups of individuals that have more frequent contact with knowledge- and research-based opportunities and are thus also more likely to engage in innovative entrepreneurship.

It turns out that by innovating and proving it with a patent, you get easier access to VC:

Various papers show that patents, prototypes, trademarks, and combinations thereof increase the likelihood and amount of VC funding.

It's interesting that the research shows that not many people benefit from smaller minded entrepreneurship. I think it pays to think bigger and by doing so, you can attract the right people and resources while having a bigger impact and personal returns.
 

NuclearPuma

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When did Zuckerberg realize he had a billion dollar idea in Facebook?

You can't know what ideas are capable of becoming "big" until they hit the market.

Like Duck Dynasty.... duck sounds? Really? If you said you were going to build a duck call empire most people would dismiss it immediately.

Part of thinking big is seeing and focusing on potential that no one else sees, instead of focusing on the challenges.

How many multi million, or even billion dollar ideas have been passed over for lack of potential? Probabaly a lot, it's not big until someone makes it big.

My point is, an idea shouldn't be completely dismissed because it doesn't seem big enough. Making duck calls, or pillows, or dish sponges are not "big" ideas, until they are.
 
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banjoa

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When did Zuckerberg realize he had a billion dollar idea in Facebook?

You can't know what ideas are capable of becoming "big" until they hit the market.

Like Duck Dynasty.... duck sounds? Really? If you said you were going to build a duck call empire most people would dismiss it immediately.

Part of thinking big is seeing and focusing on potential that no one else sees, instead of focusing on the challenges.

How many multi million, or even billion dollar ideas have been passed over for lack of potential? Probabaly a lot, it's not big until someone makes it big.

My point is, an idea shouldn't be completely dismissed because it's doesn't seem big enough. Making duck calls, or pillows, or dish sponges are not "big" ideas, until they are.

This is what I’m struggling with.

How do you know an idea is big enough?

Looking at some of the biggest businesses around, there was no way in the world many of them knew they had something big.

So how do you really distinguish the big ideas from the little ones?

Yeah, sure they are some ideas you know right off the bat they are big but most usually fail.

Then there’s the issue of product/founder fit. It’s not just practical for so many people. Maybe this is a limiting belief on my part but how many people can really pull off big ideas?

I like the thinking though. And the thread has changed a lot in me.

You thank you @Kak
 
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Kak

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At 100 years old, the world's oldest billionaire still goes to the office every day

A GEM quote from this wise billionaire... "When I was younger, I was more bad-tempered, so I was more (of) a hard leader," said Teo. "But my father taught me one thing, in Chinese, it's 'yi de fu ren' — that means you want people to obey you, not because of your authority, not because of your power, or because you are fierce, but more because of your integrity, your quality, that people actually respect you and listen to you."
 

amp0193

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that means you want people to obey you, not because of your authority, not because of your power, or because you are fierce, but more because of your integrity, your quality, that people actually respect you and listen to you."

If you force people to obey you, they will only do so when you are watching them. And will spend the rest of the time undermining you.

Your integrity and core values become the guiding light and your employees internal compass.


After facing many moral/ethical dilemmas in the last few months, and choosing to take a hard line at the cost of short-term money... it's helped make our core values clear, and I know my employees respect me and the job more because of it.
 

B. Cole

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If you force people to obey you, they will only do so when you are watching them. And will spend the rest of the time undermining you.

Your integrity and core values become the guiding light and your employees internal compass.


After facing many moral/ethical dilemmas in the last few months, and choosing to take a hard line at the cost of short-term money... it's helped make our core values clear, and I know my employees respect me and the job more because of it.

Personal power vs. Positional power. You can see it work in organizations where a person who isn’t the leader tends to influence the environment and general opinion of the group more than the person with the lead position. I’ve got several cases in my day job, it’s always a difficult situation when the leader sucks and everybody leans on the influencer instead of their appointed leader.
 
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Kak

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@Kak your original post and the subsequent posts have been invaluable to me, I've been able to take an idea that had always seemed too lofty and put it in terms that it is achievable.

I don't need $50 million in the bank to start it.

As long as I break it into manageable chunks, and take massive action every day, it will get done.

I need to comment on this post because it really caught the spirit of this thread.

Great post REP+
 

NMdad

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But it shows what it possible once people believe in you
We don't need anyone else's permission. We need to believe in ourselves first. And part of self-belief are mindsets like "I can figure this out" and "I can do this--I just haven't figured it out...yet"
 

Bekit

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Seth Godin's blog post today has a great list of 23 things - all legitimate real-world problems that would fit nicely into the "think bigger" category. I don't agree with every item on the list (e.g. #15), but it's a great thought exercise and idea starter.

(Read Seth's whole post for context): Hilbert’s list

1. High efficiency, sustainable method for growing sufficient food, including market-shifting replacements for animals as food
2. High efficiency, renewable energy sources and useful batteries (cost, weight, efficiency)
3. Effective approaches to human trafficking
4. Carbon sequestration at scale
5. Breakthrough form for democracy in a digital age
6. Scalable, profitable, sustainable methods for small-scale creators of intellectual property
7. Replacement for the University
8. Useful methods for enhancing, scaling or replacing primary education, particularly literacy
9. Beneficial man/machine interface (post Xerox Parc)
10. Cost efficient housing at scale
11. Useful response to urban congestion
12. Gene therapies for obesity, cancer and chronic degenerative diseases
13. Dramatic leaps of AI interactions with humans
14. Alternatives to paid labor for most humans
15. Successful interactions with intelligent species off Earth
16. Self-cloning of organs for replacement
17. Cultural and nation-state conflict resolution and de-escalation
18. Dramatically new artistic methods for expression
19. Useful enhancements to intellect and mind for individuals
20. Shift in approach to end-of-life suffering and solutions for pain
21. Enhanced peer-to-peer communication technologies approaching the feeling of telepathy
22. Transmutation of matter to different elements and structures
23. Off-planet outposts
 
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theforamyst

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If you think bigger wouldn't that make it harder to execute on it?
Are there some common pitfalls when trying to execute on big ideas?

One could say: Why make it harder on yourself?
Why not have a less big idea but have a better chance of executing on it?

Love this thread btw, just trying to come up w/ some critical notes. :)
 

Scot

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If you think bigger wouldn't that make it harder to execute on it?

No not really.

The point that @Kak is trying to make is that its the same process and same journey whether its a big or small idea. So, why not go big?

In some instances, it can even be easier to tackle a big idea.
 

Jello

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No not really.

The point that @Kak is trying to make is that its the same process and same journey whether its a big or small idea. So, why not go big?

In some instances, it can even be easier to tackle a big idea.
As long as you break it into manageable chunks, and take massive action every day, it will get done.
 
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theforamyst

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The point that @Kak is trying to make is that its the same process and same journey whether its a big or small idea.
Why is that? Can you give some examples? I'm struggling to get this. What chapters or concepts from TMF are most relevant here?
 

SMH

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Why is that? Can you give some examples? I'm struggling to get this. What chapters or concepts from TMF are most relevant here?
Commandment of scale and entry.

Big ventures are not as crowded as the smaller ones. You can afford to delegate task work.

Have you read the whole thread? I think the spirit is captured very well.
 

AgainstAllOdds

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Why is that? Can you give some examples? I'm struggling to get this. What chapters or concepts from TMF are most relevant here?

Think of opening your own restaurant vs taking on an SBA loan to buy a $1M business that generates $250,000 per year.

Your Own Restaurant
  • Thinking small
  • Downside: bankruptcy
  • Probability of success: 0-10% -- most restaurants fail
  • Investment: Entire savings to get it started
  • Expected Outcome: Trading your time for money, never taking out a penny, and eventually failing
Acquiring a Business:
  • Thinking bigger
  • Downside: bankruptcy
  • Probability of success: 50-90%
  • Investment: Entire savings as down payment
  • Expected Outcome: Successful business that brings in $250,000 per year - $80,000 in interest payments = $170,000 in cash or equity that's paid toward the loan

Both of these businesses would require a similar amount of hours dedicated per week. Both would require similar skillsets of leading, managing, operating, etc. However, the second scenario has a lot higher payout per effort because you're thinking bigger.
 
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PizzaOnTheRoof

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At 100 years old, the world's oldest billionaire still goes to the office every day

A GEM quote from this wise billionaire... "When I was younger, I was more bad-tempered, so I was more (of) a hard leader," said Teo. "But my father taught me one thing, in Chinese, it's 'yi de fu ren' — that means you want people to obey you, not because of your authority, not because of your power, or because you are fierce, but more because of your integrity, your quality, that people actually respect you and listen to you."

If you force people to obey you, they will only do so when you are watching them. And will spend the rest of the time undermining you.

Your integrity and core values become the guiding light and your employees internal compass.


After facing many moral/ethical dilemmas in the last few months, and choosing to take a hard line at the cost of short-term money... it's helped make our core values clear, and I know my employees respect me and the job more because of it.
It’s the difference between having to work for someone vs wanting to work for someone.
 

AgainstAllOdds

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Why is that? Can you give some examples? I'm struggling to get this. What chapters or concepts from TMF are most relevant here?

I read your introduction post on this forum, so maybe it's better to give an example off of that:

I wanted to start a pizzeria bc that's pretty simple I thought but even that my mother talked me out of it. Maybe there are some parents that don't want their kid on the fastlane?

I'm still having some plans to develop a biz both online as offline. Offline I think local biz food sector is still good and has still room for opportunities especially w/ modern tech like online ordering.

You have multiple options.

Thinking small:
  • Open a pizzeria. Operate it. Hope people walk in and that you can get online orders.
Thinking big:
  • Buy a commercial kitchen. Master online food order marketing in your local market. "Open 100 pizzerias" online that target different niches yet are all made in the same kitchen and use the same ingredients. Grow into other markets.
  • Invest in an automatic pizza making robot and install it in a self driving car. Perfect the technology. Wait for self-driving legalization. Raise funding. Franchise the model to everyone that wants to get in.
  • Open a pizzeria where the demand is highest, you can charge the largest premium, and you can grow the fastest. For example: a Chicago-style deep dish chain in Asia.
There's a lot of examples. Just have to think bigger. Adjust your mindset. Go for the higher payout.
 

GPM

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One could say: Why make it harder on yourself?
Why not have a less big idea but have a better chance of executing on it?

I believe that the complete opposite is true. Making it hard on yourself would be going after the small fish, where everyone else is fighting for business.

Imagine if you wanted to sell your widget to a local store. You and 50 other companies want to sell this same widget to that store. Then you find out that the distributor for the widget is the same one that distributes to all 50 companies. So it turns out that everyone gets their product from the same place, and then they all try to fight for shelf space at the same locations.

Thinking big would be finding out what goes into those widgets, and then supplying the manufacturer and distributor with those materials. That way when those 50 companies are all out fighting for product space, it does not matter who wins and at what price point, they all end up using your materials.

By going that way, you win no matter what happens. You also are maybe competing against 1 or 2 other companies who supply those materials. Which battle would you rather fight?

I have to add a step 2 to this. After you sell the materials to this customer, you now have a track record of success and can sell materials to all of their buddies who need things. Keep growing it from there until you become a name in the industry. Then people will go to YOU for advice and what they need, instead of you chasing them down.
 
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Brad S

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I believe that the complete opposite is true. Making it hard on yourself would be going after the small fish, where everyone else is fighting for business.

Imagine if you wanted to sell your widget to a local store. You and 50 other companies want to sell this same widget to that store. Then you find out that the distributor for the widget is the same one that distributes to all 50 companies. So it turns out that everyone gets their product from the same place, and then they all try to fight for shelf space at the same locations.

Thinking big would be finding out what goes into those widgets, and then supplying the manufacturer and distributor with those materials. That way when those 50 companies are all out fighting for product space, it does not matter who wins and at what price point, they all end up using your materials.

By going that way, you win no matter what happens. You also are maybe competing against 1 or 2 other companies who supply those materials. Which battle would you rather fight?

I have to add a step 2 to this. After you sell the materials to this customer, you now have a track record of success and can sell materials to all of their buddies who need things. Keep growing it from there until you become a name in the industry. Then people will go to YOU for advice and what they need, instead of you chasing them down.
Think big is a bad motivational cliche at this point.

It's a tell 99% of the time for a conman.

Think big, think small it doesn't matter.

You could argue either side as you and the person you quoted just did.

Both would sound equally true, why one is better than the other.

You know what small plans and big plans have in common?

They both have minuscule chances of success.

The scenario as you just described it is about as likely to play out like that (pre planned no less) as wining the lottery.

Since we can't predict the future or control most factors...

Like the old saying goes :

When you make a plan God laughs.

You will need massive serendipity for your plan to succeed.









Sent from my SM-G950U using Tapatalk
 

CareCPA

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Think big is a bad motivational cliche at this point.

It's a tell 99% of the time for a conman.

Think big, think small it doesn't matter.

You could argue either side as you and the person you quoted just did.

Both would sound equally true, why one is better than the other.

You know what small plans and big plans have in common?

They both have minuscule chances of success.

The scenario as you just described it is about as likely to play out like that (pre planned no less) as wining the lottery.

Since we can't predict the future or control most factors...

Like the old saying goes :

When you make a plan God laughs.

You will need massive serendipity for your plan to succeed.

Sent from my SM-G950U using Tapatalk

But if you succeed, what's the outcome?

Let's pretend I'm selling tax preparation services. Assume my close rate is 10% (it's not, trust me ;) )
I can pitch 100 individuals, and get 10 returns, and maybe get $150 a return. So all that time and I make $1,500.

Let's assume it takes 10 times longer to pitch to a business (it doesn't). So I pitch 10 businesses, and win one. But that business is a large local employer, and has operations in several states, and I can charge $10,000 for that return.

Same amount of time, same amount of effort, much bigger payoff.

In reality, it doesn't take 10 times longer to pitch to a bigger client, and that's the whole point. Say I pitched to 100 businesses of the same size, and won my 10%. Now I have $100k in revenue. Do you know what I could do as a service business with that kind of revenue?
Hire a person to do all the work, keep a large chunk, and still free up my time to pitch to more businesses.

But now I've won another 10 businesses. I can afford another staff to complete the returns, and I can hire a sales person, so I don't even have to keep creating proposals.

Rinse and repeat. Hire people to work in the business, while you craft strategy, or sip pina coladas, or whatever you want.

And that's the difference between thinking big and thinking small.
 

GPM

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Think big is a bad motivational cliche at this point.

It's a tell 99% of the time for a conman.

Think big, think small it doesn't matter.

You could argue either side as you and the person you quoted just did.

Both would sound equally true, why one is better than the other.

You know what small plans and big plans have in common?

They both have minuscule chances of success.

The scenario as you just described it is about as likely to play out like that (pre planned no less) as wining the lottery.

Since we can't predict the future or control most factors...

Like the old saying goes :

When you make a plan God laughs.

You will need massive serendipity for your plan to succeed.









Sent from my SM-G950U using Tapatalk


Tell me Brad, what makes you an authority on this topic and what are you suggesting we do? Just curious. Think medium perhaps?
 

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