Question Every Hand.

books Jul 31, 2020

Maria Konnikova holds a Ph.D. in psychology. She writes about her research on how quickly people make up their minds and how unwilling they are to change them. She’s a New York Times best-selling author and also a world-champion poker player. For her latest book, The Biggest Bluff, she trained with and then competed against some of the best poker players in the world. They taught her to question every hand. She learned to unpack every strategy and pushed herself out of her illusions–beyond her comfort zone–and she won. Konnikova’s research is so fascinating because it flies in the face of what we should do, when it comes to assumptions and failures, and what we actually tend to do. While being wrong should make us question our assumptions, it routinely has the opposite effect.

Dr. Konnikova’s rsearch shows, when we’re presented with signs that we’ve made a mistake, we very often (and quickly) choose to discard the evidence and...

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The Cycle of Growth

books Jun 30, 2020

During periods of growth, it is common to create certain complexities inside your business that, left unchecked, will stifle or even strangle growth. Consider this one of the great paradoxes of running a business. The more successful you are and the higher you reach for the stars, the more likely you are to get tripped up by the very things that brought you success.

I’ve seen this with nearly every brilliant chef, turned restaurant owner. They create something truly unique and rave-worthy. Customers start telling all their friends and family about this amazing new place they found and they encourage everyone to go try the restaurant.

Before you know it, the restaurant is over-crowded, the kitchen is bogged down with capacity constraints, long waits ensue, so corners are cut in an attempt to run on time and please the expanding customer base. The menu becomes a little less exciting and a lot less ambitious. The raving fans are no longer impressed. They stop coming, stop...

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Uninterrupted Time.

books May 28, 2020

In a recent course on passive income streams, while teaching the concept of leveraging one’s time, I quoted the author of Rework, Jason Fried, who also happens to be the co-founder of Basecamp.

Fried said, “40-hour weeks are made of 8-hour days. And 8 hours is actually a long time. It takes about 8 hours to fly direct from Chicago to London. Ever been on a transatlantic flight like that? It’s a long flight! You think it’s almost over, but you check the time and there’s still 3 hours left. Every day your workday is like flying from Chicago to London. But why does the flight feel longer than your time in the office? It’s because the flight is uninterrupted, continuous time. It feels long because it is long!”

Let this sobering fact sink in: every work week, you take the equivalent of five eight-hour flights to London. These days don’t seem so long because your time and attention are constantly interrupted.

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Go Where the Deep Water Is

books Mar 30, 2020

As of November, Nike no longer sells directly on Amazon. Nike is not alone. Birkenstock, Louis Vuitton, North Face, Patagonia, Asics, Ralph Lauren, Rolex and Vans do not sell directly on Amazon either. Nestlé Nespresso dominates a huge direct-to-consumer channel and paid Starbucks $7 billion to take over the sale of coffee and capsules for Nespresso machines. The new Disney+ streaming service cut out the middleman and kicked Netflix in the shins on the way out the door.

These smart firms want to own the data and chart their own course into higher lifetime customer value, margin and sustainability in a world where 85-90% of retail purchases are still done in physical stores. Sure, Amazon dominates the online retail world, capturing more than 50% of all online sales, but don’t forget that 85-90% of all retail purchases are still completed in physical stores.

These firms know, in order to survive the Amazon apocalypse, they must shed inefficiencies and middlemen, deliver...

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