I followed the science; all I found was money.
Read Rat-Race Escape!
- Jul 23, 2007
It's so true that when you enter the right mindset committing to one idea of the constant influx of ideas requires serious discipline. That's been the hardest thing for me so far, but I think I'm finally developing the patience to be committed to one product.New on my YouTube channel...
The keys to "printing money" and my "unofficial" test of heavy advertisers!
That's been the hardest thing for me so far, but I think I'm finally developing the patience to be committed to one product
When I think of this I think of how I play poker. You wouldn't spread out your bets over a bunch of hands just for diversification. You find your one hand, assess the risks and go all in.
Real entrepreneurs assess risk, predict outcomes and simultaneously take into account relevant casual variables. Somebody who dives into different opportunities has not done that.
If you were to express opportunities in terms of net present values and probabilities of success you wouldn't spend any time on anything other than the one that has high expected value and high probability of outcome.
Somebody who doesn't do that is somebody who does not know how to predict outcomes or represent things mathematically. In other words,
I think 90% of the battle in being a success is knowing how to think correctly both quantitatively and qualitatively simultaneously. Which sadly our education system does poorly in doing.
I know this is the correct way of thinking about it because if you weigh it with the opposite: Spread your efforts into different ideas! this makes more sense.
Excellent points, MJ.
Examples of a productocracy:
- Value skew
- Act, assess, adjust (3A model from unscripted )
- 1 + 1 = 3
- Value competition (goes more in depth, next video)
- Distinctive value (productocracy)
- Companies that spend heavily (~$1 million) on marketing are NOT productocracies.
- The Millionaire Fastlane
- UBER (imo)
- Poland Spring
- Nature Valley Granola
When word got out that the product would be discontinued, fans of the chalk considered this the "chalk apocalypse." They started hoarding it. The ones who had a stash became chalk dealers once it became unavailable on the market.
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