Management

How to get rich by Naval: a summary of the podcast and tweet storm ★

Last week I discovered the Naval podcast’s episode on how to get rich and wrote a summary of it. The episode is 3,5 hours long, so if you’re short on time, read this summary to get core ideas and tenets of this conversation.

There’s also a transcript of the episode on Naval’s website. But to me it also seems to be too long to absorb.

On wealth and money

Wealth is about independence and freedom. Wealth is creating abundance. It’s a positive-sum game.

Status is a ranking hierarchy. It’s a zero-sum game. Status games are about putting someone down. Don’t play them.

Money is social credits. It’s how we transfer wealth.

Everyone can be wealthy. It’s literally a question of education and desire.

Creating wealth should be consistent. Create opportunities, businesses, investments. Wealth is about having more options, more businesses and more things you can do and compound in the long-term.

Wealth is bounded with a skillset, it has nothing to do with luck. Build your character and make it become your destiny. That’s what people call “luck”.

Calm mind, fit body, a house full of love. Those things can’t be bought. You have to cultivate them and work on them. Your health, mental health, your relationships.

On building wealth

Extreme people get extreme results. You can’t be normal and expect normal returns.

You won’t get rich by putting in more hours of work or working for someone. It’s not the way to build wealth. Inputs equal outputs.

When you work for someone you’re not creating anything new for society, you’re replaceable.

Ways to get wealthy are to buy equity or to start a business.

The higher level of creativity in your profession the more likely it will have disconnected inputs and outputs, and more leverage.

The most dangerous things are heroine and monthly salary. They’re similarly very addictive. Live below your means.

Play stupid games, get stupid prizes.

To get rich give society what it wants but yet don’t know how to get that at scale. But don’t build one thing, build many: hundreds, thousands, etc.

Entrepreneurship is about distributing what rich people used to have to everybody. It’s an act of creating smth new from scratch, predicting society will want it, and then figuring out how to scale it and deliver it to everybody in a profitable way and self-sustaining.

Escape competition with authenticity. When you’re competing with someone that’s because you’re copying them. You’re trying to do the same.

Don’t copy, don’t imitate. Do your own thing. No one can compete with you on being you. The more authentic you’re the less competition you’re gonna have.

Play long-term games with long-term people. In this case we’re baking a pie together. In short-term game we’re cutting the pie.

Pick an industry for the long-term work to compound the results. Get traction and don’t let go.

Every time you reset, you will have to start from scratch. Hopping from one sphere to another is not a good idea.

The purpose of having wealth (money) is that money allows you not to be in a particular place at a particular time to do things you don’t want to do. Money solves all your money problem.

You really have to be right once. As an entrepreneur you fire many shots, but you really need to get right once.

Eventually you get what you deserve. Immediate doesn’t work. You have put it hours and time before you see a significant results. Keep doing and keep doing and don’t track hours, time and energy you’ve put in. It can easily be 10−20 years. Five years is an exception. There are no get rich quick schemes.

Your outcome formula might look like this: distinctiveness of your specific knowledge x how much leverage you can apply to that knowledge x how often your judgement is correct x how singularly accountable you are for the outcome x how much society values what you’re doing x how long you can keep doing it and improving through reading and learning. [Sketch it out as a math equation]

Don’t lean on the data too much. You’re better off picking the one biggest thing. Ask yourself what is it I am good at according to the observation and according to people that I trust and that market values? Those two variables are good enough to get you going. And if you’re good at it you’ll keep it up. And if you’re good at it you’ll develop the judgement. And if you’re good at it people will give you resources. All other pieces will fall in place. Market place is inevitable if you do what you love doing and the market wants it.

On relations with people

Pick smart, energetic and those who have a high integrity partners. Both in personal life and at work.
True motivation is intrinsic. You can’t talk people into something if they don’t have it in them.

Signals are what people do despite what they say. And subtle signals are the most important. People are ugly consistent.

Find irrationally ethic people. Be a rational optimist and partner with this kind of people. Shoot holes and things as long as they come with solutions.

Self-esteem is a reputation you have within yourself. High self-esteem is about loving up to high moral standards for yourself, not for someone else.

On learning

Not everything can be taught, but everything can be learned.

Arm yourself with specific knowledge. It’s about pursuing your innate talents, passion and curiosity. It’s not about going to school.

Learn to sell and to build. Combine of that is a huge superpower. This combination is unstoppable.

Building is about staying out of the noise. When you’re starting out, choose building. But later down the line it’s getting exhausting, because building requires a lot of focus. But sales skill is scaling better over time.

I don’t know smart people who don’t read. They read all the time. Develop love for reading. For many of you it can feel like a chore. So here’s a trick: read what you love until you love to read. It’s that simple.

Read original, foundational books in the field you’re interested in. Nail basics of math, physics, and science. After that you won’t be afraid of any other books. It’s like laying a foundation for a skyscraper. It must be solid.

Today it’s not the means of learning is what scarce. Internet has an abundance of knowledge and information. It’s the desire that is scarce. And we lose it through life. As children we have innate curiosity, we ask lots of questions. But schools replace it with compliance. You need creativity to learn and find novelty. The foundation of learning is math and logic. They are the path to understanding a scientific method. It’s the way to separate truth from false.

Be careful reading other people’s opinions. Even be more careful about reading facts. Many so called facts are just opinions with a veneer around them. What you are looking for are principles and algorithms, not facts.

Go through a book slowly. As Bruce Lee said, “I don’t fear a man who knows thousand kicks and thousand punches. I fear the man who’s practiced one punch a thousand times.” It’s an understanding that comes through repetition, usage, logic and foundation is what really makes you a smart thinker.

Five most important things to learn in life are: reading, writing, arithmetic, persuasion (talking), computer programming. If you’re good at those things you’re set for life.

Business is not a skill. It’s too broad. And the worse way to learn doing business is to go to a business school. All you get there are anecdotes which they call case studies. The truth is that you never can understand them until you’re in the position of those who’ve had that experience. The foundations will serve you so much better.

Reading is the best way to learn fast. Not listening or watching. With podcasts and videos it’s hard to rewind, revisit, turn into a summary, or even quote.

You’re going to learn on the job by opening a retail shop down the street.

Putting a thousand of hours doing one this is a misinterpretation of learning. Repeating things won’t teach you that much. Whereas putting is a thousand iterations makes the difference. Learning curve is across iterations. Trying new things, strategies, packages, branding, fonts, design, positioning—all that are iterations.

There are no get rich quick schemes. If someone promises and sells you a way to get rich quick they’re making money of you. It’s their quick way to get rich quick, not yours.

You don’t want to learn how to be fit from a fat person. You don’t want to learn how to be happy from a depressed person. You don’t want to learn how to be rich from a person who makes their money by telling other people how to be rich. These people should go make their money elsewhere.

On work

Your work should feel like play to you and look like work to others.

Just do the thing you want to do. Have an action bias. Think big.

Focus on the thing you’re really into. Follow your own obsession. Build things naturally, don’t try to do them too deliberately, for money.

Double down on things you’re natural at. Combine them with other your skills.

Starting over and doing something new is painful. Because you’re wandering an uncertain territory and high odds that you will fail. So it’s a good skill to be comfortable with frequent small failures.

Entrepreneurs are people who bleed a little every day. They’re losing money, they’re constantly under the stress, all the responsibility is upon them. But when they win they win big. On average they’ll make more.

My hourly rate was 5,000 $.

If you can outsource or don’t do things that cost less than your hourly rate, don’t do them. Hire other people, delegate and outsource it.

Paul Graham: you should be working in your product, finding a market for, exercising, and eating healthy food. That’s it.

You should set an absurdly high hourly rate so it would be worth sacrificing your time to other people.
Work as hard as you can. Pick the right thing to work on, hire the right people for that job, then work hard.

Decide what you should be working on
Surround with the best people possible to work with
Work as hard as you can in the end

Sprint, rest, reassess, and then you try again. It’s more like a lion hunting, not a marathon. Maybe a marathon of sprints.

Inspiration is perishable. Do it right away while it’s burning.

Have impatience with actions and have patience with results.

Solve problems as soon as possible.

On meetings

No meetings on the calendar: ruthlessly and constantly decline meetings. If someone wants a meeting, see if they can do it on a phone call, or an email, or a text message.

Do walking or standing meetings, also they should be short and certain.

Busy calendar and busy mind will destroy your ability to build something valuable in this world. You need a free time and free mind.

On accountability

Accountability is a risky, double edged thing. It allows you to get credit when things go well, and bear the brunt of the failure when things go badly. People who’re stamping their names on things aren’t foolish, they’re just confident.

Society says to us, “Don't stick your neck out is what.” We’re still socially hard-wired to not fail in public under our own names. But people who have an ability to do that gain a lot of power.

Clear accountability is important. It gives incentives to act and allows to avoid situation we all experience at school on a group projects when few people did most of the work and other members of the group were simply sitting there and doing nothing. Besides, accountability gives you equity, it’s the way to acquire a piece of the business.

High accountability means you’re less likely to be replaced by AI or more competent people. It also gives you equity. But equity also is a risk based instrument. It means you’re paid the last.

On leverage

To get rich you need leverage. It comes in capital, labor, media or code. To get those things you need credibility and you have to do that under your name as much as possible.

Oldest form of leverage is labor. We assume the more people is beneath you the better. But labor is the worst form of leverage you can use. Managing other people is messy, it requires a tremendous leadership skills. You want a minimum amount of people working with you.

Capital is the second type of leverage. It requires more intelligence to use and get results as the way we use capital is constantly changing. We dislike capital as we don’t really know how to be about it. It seems unfair to us. It scales very well if you learn how to manage it, but the hard part about it is to obtain it in the first place.

Apps that has no marginal cost of replication is a new form of leverage. It got started with a printing press. Now you can multiply your efforts without help of other humans and without needing money from other humans. This podcast is a form of leverage. Long ago I had to sit a lecture room and reach 20−50 people max. Today thousands of people can listen to what I say and it would me cost nothing.

Combining different leverages is where the magic hides. That’s you see tech startups skyrocketing.

The great thing about code or media leverages is that they are permissionless. You can start using them without asking anyone for a permission. Coding, writing books, recording podcasts, tweeting, youtubing are equalizing. Products created with this new kinds of leverage are equally available to everybody and they’re great at scaling as there’s no marginal cost for adding another user.

The largest budgets get the highest quality.

Productize yourself. Turn your specific knowledge into a product. Turn yourself into a product. This newsletter is called after me so I am productizing myself with this emails. Ask yourself is it authentic to who I am? Is it myself that I am projecting? Am I productizing it? Am I scaling it with labour, with capital, with media?
Making money isn’t a skill, it’s who you are stamped out a million times.

Making should be a function of your identity and what you like to do. Find three hobbies: one that makes you money, one that makes you fit, and one that makes you smarter. My hobbies would be reading, working with startups, and yoga.

On advice

You have to reject most of advice. But to do that you have to read and listen enough to learn what to reject and what to accept. You have to develop your own opinion and vision. If something doesn’t feel true to you set it down, put it aside.

Purpose of advice is different. Those are maxims to remind yourself what it really means to be in the situations you describe in the advice. Write advice for yourself. They are mental hooks. For example I tweeted someday: “If you don’t want to work with someone for life, don’t work with them for a day”. As soon as I know that I don’t see myself working with that person 10 years from now I start excavating myself from that relationship or just not to invest too much time and attention into them. Advice is a compact ways to recall your own knowledge.

QA section

  • Accountability means letting people criticize you.
  • We should eventually be working for ourselves. Manage more capital, media, and community, not a labor.
  • Evil do better at a smaller organizations than at larger ones.
  • Find time to invest in yourself. Learn something people didn’t figure out how to teach it yet.
  • The hardest thing for any founder is to find people who will work with them who have a founder mentality. This is a fancy way of saying they care enough.
  • You can get a lot out of any position you just have to put a lot into it first.
  • Judgement, accountability, specific knowledge, leverage — five components of success.
  • Early on find things you have any interest and take an accountability to offer help and a solution. If you solve a hard problem taking an accountability, people will line up behind you, the leverage will come.
  • Judgement and accountability matter much more today than the amount of hours put in.
  • Accountability is a double edged sword. If you get things right people will admire and follow you. If you get things wrong people will blame you and would love to see your head on a spike (metaphorically).

Questions to ask yourself

Here’s a list of questions to ask yourself after listening to the episode:

  1. What is my specific knowledge? What is innate talent? What should I double down on doing?
  2. Who am I? What’s natural for me to do? What is the thing I am the best at?
  3. What is the thing I want to build naturally?
  4. What does it mean to be me?
  5. What am I capable of doing? What will I do for my wife, my kids, my parents? How far will I go?

Frisbee, bonfire and birdwatching: how we arranged a three-day studio camp in the forest for $⁠500 ★

In the middle of September we had our second studio camp. The first one took place in May, back then we kept it simple: took a walk around the old city center of Tyumen, visited the Japanese garden and had a picnic in Zatyumensky Park. This time we gathered the whole team together, rented a country house and spent three days together in the forest.

Misha, our CTO, and I are up to something

What camp is about

Camp is a corporate party but with a different spin. Instead of getting drunk and taking part in stupid contests we reinvented the way we hang out with teammates.

Camp is more like gatherings with good friends on a barbecue day when you talk about work, life, hobbies, share your favorite jokes and memes, watch movies together and play board games afterwards.

Camp is about everything that you usually don’t do with your teammates at work. Especially if you’re a fully remote or hybrid team.

When we did the first camp we weren’t sure if everything would go smoothly, so we set several rules and constraints:

  1. The camp is a project and it has to be managed like any other project.
  2. You have to prepare for the camp in advance. The bigger your team is, the earlier you should start preparing. There are only five of us, and yet we started planning our camp a month before the event.
  3. The camp lasts three days. This way you’ll avoid the feeling of tightness and get just enough time out of work with your teammates. More can be overwhelming and tiresome.
  4. The camp takes place on weekends so that everyone can make time or come from another city.
  5. Participation in the camp is not obligatory. Anyone can refuse and use this time for their own good.
  6. The camp has a schedule, but it is ultimate. You can flex it as you go like a scope on any other project.
Our team at the first Studio Camp in May. From the left to the right: Arthur and Nastya, our writers, me and Misha, our CTO.

How we came up with this camp idea

This year our studio turned six years old, and we realized that we had never come together in one place. So we decided to fix it.

We work remotely and live in different cities: Tyumen, Ufa, Saratov. All those cities are very distant from each other, so it is logistically difficult to get us together too often. It was important for us to get to know each other and take a break from work. But we wanted to spend time with ease, without a banquet and the CEO of the company making toasts.

We didn’t want to do it the way big companies do it. We wanted to do it our way.

For us, the camp is also a rare opportunity to discuss working moments and strategy in person, talk about dos and don’ts, listen to each other, share ideas, and raise important questions.

How we used Basecamp to prepare for the camp

We decided to spend the second camp outside the city. It was much harder to organize it than the first one when we simply had a picnic in the park and a short tour around the historical city center. We had a lot of things to deal with.

First, we created a new project in our Basecamp, outlined tasks and deadlines, and distributed responsibilities among the team. Everyone was in charge of something: Nastya and Misha came up with the camp schedule and a list of things to bring with us, Anna made a list of products and the camp menu, I managed the production of the studio merch, booking a house and shopping for groceries.

It took us a month to prepare for the camp. But what I like about it is that there was no rush. We kept our pace. As they say, “Slow and steady wins the race.”

The preparation began with a short pitch of mine in our Basecamp
Those are our lists of tasks: the first is for things like menu and camp schedule, and the second is for the studio merch
We designed the studio merch

For this camp we decided to make our own merch. We collected examples of hoodies we liked, and every team member came up with a phrase or a motto for embroidery.

With that, we came to Gyunel, the founder of KIKA clothes brand, and a good old client of ours. Gyunel helped us choose the fabric and design a fit of the hoodies. We agreed that it would be black hoodies of thick 100% cotton with matte threads embroidery.

We addressed our order to Gyunel a month before the camp and did the right thing: the fabric we wanted for the merch was not available at the time, so Gyunel had to order a new batch from Moscow just for us. While the fabric was on its way to Tyumen, Gyunel designed a pattern for our hoodies, and we did the prepress files for the embroidery.

In the end, we came up with a detailed doc describing all details of the fit, fabric, details and embroidery layouts. It’s a public Basecamp doc, but it’s all in Russian. You can read it using Deepl or Yandex Translate. I recommend using Yandex as it’s better designed for translating from Russian.

The merch was finished right on the eve of the camp. Perfect timing!

Four hoodies made of 100% cotton with a large embroidery cost us just about $⁠230, about $⁠56 per item.

Our hoodies right before we received them
Vasily, a tomcat of our writer Nastya, seemed to approve our merch as suitable for basking
We a rented a house in the forest

I was responsible for the search for booking a country house. We were looking for a house that fitted the following criteria:

  • With an independent heating system. September in Tyumen is usually warm, but the nights and mornings are chilly. So we rejected the idea of sleeping in a glamping house, without a heating system and a shower.
  • There is something to do. We immediately discarded daily rent houses as we would have to entertain ourselves. We wanted a place that would offer options for rest and fun.
  • There’s an equipped BBQ spot. We didn’t want to carry a bunch of utensils like a grill with us for just two days, so we were looking for a place where we would have everything we needed for a bonfire and a grill for roasting meat.

I narrowed the choice down to three options, and we discussed them asynchronously in the studio Basecamp. As a result, we chose a house named after Leo Tolstoy in Kuliga Park. The place looked great, beside there was a rope park, sports grounds, and a small restaurant so we could dine there if we were short on food.

Renting a house for two nights cost us $⁠200 which is a great price for the weekend. Just for comparison, renting a private house in the outskirts of the city would cost us twice as much, about $⁠360−400.

To make a final choice I created a separate post in the camp project, listed options there, and invited the rest of the team to comment on
We had a spacious house: two bedrooms, a sleeping place on the second level and a living room combined with a kitchen
Our house was named after Leo Tolstoy, we had his portrait at the entrance and a few books on the shelf in the living room.
We made a menu and went for groceries

Our designer Anna was responsible for the camp menu. The task was to come up with something simple that would not be time-consuming. In addition, there was no stove in the house, so we had to adjust the menu on the go.

Anna shaped out the meals and then specified what dishes and snacks we would have. Others dropped their preferences in the comments on Basecamp, and Anna gathered them all in a final Google Docs.

We made a list of groceries from the menu. On the eve of the camp I went for groceries to a huge hypermarket called Lenta, which is like Walmart in the US. It cost us $⁠100 to get enough food for four people for the whole weekend.

Here’s a final doc with the camp menu for three days
We made a schedule and a list of things to bring with us

Nastya and Misha were responsible for the camp schedule and sports equipment. They make an approximate list of to-dos with timeframes, rather in order to gather together ideas of what we could do during the day than to actually follow this plan. It helped us to be at ease and not to think what to do—we opened the list and chose the activity we felt like doing at the moment.

Take a look at our schedule:

The camp schedule was also outlined in Basecamp

A couple of days before the trip, we made a checklist of things and clothes to take with you and downloaded movies in case wi-fi would be out of order. We bothered like hell to make everyone feel at home. We thought through everything in advance, so that we could relax and not worry about things on the spot. And it was totally worth it!

Our list of things

How did it go? Awesome!

We got lucky with the weather—all three days were sunny and warm, +20−22°C.

On the first day we moved into the house, had coffee with waffle rolls with a boiled condensed milk—an immutable attribute of the camp—had a walk in the forest and played frisbee.

For dinner we had a barbecue and then watched “Treasure Island”, a legendary Soviet cartoon. Some scenes from that cartoon became viral and turned into memes, spreading way beyond the Russian speaking community.

Anna is throwing frisbee to Misha, that was fun!
We picked the right dates for the camp. Indian summer was in full swing!

We started the second day with birdwatching. We happened to see a woodpecker, a nuthatch, tits, magpies and a finch. Birds are awesome!

After lunch we played badminton, played a card game called “Strangers: Office Edition” and designed for teammates. We shared our work experience in other companies, discussed our approach to design and our focus for the next three months.

The first thing in the morning, Nastya and Anya went to look at the birds with binoculars
Me, Misha and Anna planning what to do on the second day
Nastya, Misha and Anya decided to play badminton

On the third day we returned to the city. The key goal of the day was to prepare for the launch of our new product. We gathered in our favorite coffee shop, polished some things in the backend here and there and launched our first paid service called “Okoshki”, a service for small makers who work alone and deliver services by appointment.

In Russian “okoshki” literally means windows but it’s the word people use when they have a free time slot to receive a client. A maker often says, “I have okoshko for 5 pm. Does it work for you?”

Nastya and Anya are working on Okoshki
The view on the Lovers' Bridge from the highest spot of the city

Impressions of the camp from our team

Most of all, I liked that there were many activities at the camp. It’s harder to do in the city as it’s harder to make time and it can be windy. During the camp we got lucky, the weather was perfect, and it was an ideal moment to play such games like frisbee and badminton. Well, it’s always nice to just eat in the open air.

Misha Vorobyev, CTO

We have a great team, the second camp was very cool and comfortable — even for me, as I am an introvert. Although we are all united mainly by work, we had a lot of fun at birdwatching, watching “Treasure Island”, and playing badminton.

Nastya Fyodorova, writer

The coolest thing at the camp for me is the forest and the great company of my coworkers. It was great to sit at the bonfire in the evening, take a walk in the forest in the morning, listen to the birds singing, look at them through binoculars and determine what kind of bird it is.

It was the first time I went to another city to visit my colleagues. I’m a cautious person, and for me the camp was a way out of my comfort zone. But everyone was so nice I forgot about everything.

Anna Borisova, designer

Camp is the best internal project of our studio. Managing rest and fun is the hardest thing to do and we nailed it! Time passed unnoticed, and the intensity of events was so high that I got the feeling that the camp lasted not three days, but at least a week. We will definitely do it over again, but now somewhere else!

Evgeny Lepekhin, editor

How much does it cost to organize a camp?

The first camp cost us almost nothing. The only expenses we had were the purchase of the game “Strangers” and dinner at a Mexican restaurant on the last day.

The budget of the second camp was about $⁠500, but we went a little beyond it and spent $⁠570. The camp could have been even cheaper if we didn’t make the studio merch.

Here is a list of our total expenses:

  • House rent for a weekend — $⁠200
  • Merch for the team of four — $⁠230
  • Grocery shopping — $⁠100
  • Transport — $⁠40

Thanks for reading! Hope you enjoyed this post.

If you have any questions, feel free to ask → evgeny@lepekhin.me

Our studio’s website → https://lepekhin.studio/en

If you love the story and would like to share it or mention on your blog, newsletter or social media, please do it. I’d appreciate that!

Protect your people

Working in studios designers face three challenges:

  1. Toxic environment: time tracking, project managers constantly hanging over your shoulder, endless meetings, and other.
  2. Lack of direct communication with a client. Managers are often a hindrance, not a solution of the problems. Designers act blindly.
  3. Useless and unimportant work. People are thrown on projects and products no one cares about. That’s devastating.

If you’re a leader, a manager, or a CEO, avoid these three things in your team. Protect your people’s time, respect their focus, and feed the motivation.

How to suck at anything

Twitter is full of threads with “universal solutions on how to succeed in anything”. Well, let me share some reverse advice looking at this question from the other side.

  1. Give a shit what others think of you. Their opinion is all you have to care about when starting a new project.
  2. Multitask whenever possible. Do as many projects as you can at the same time. Time is limited, so try to increase your impact by doing more things.
  3. Scroll your social feed at least two hours a day to stay tuned to the useless shit unknown people brought to you.
  4. Check your inbox every five minutes. It’s important to be in touch ASAP. Don’t miss a thing!
  5. Focus on the outcome rather than the process. Everyone knows that results matter the most in life!
  6. Stay up late for extra work. Nights are the best time for creativity, all geniuses sacrificed their sleep for success.
  7. Eat as much as you want and at any time of the day. The food is just a fuel for the body, so stop worrying about junk food and all that. We’re all gonna die anyway.

If you know more ways to fuck up your life, share the wisdom in the comments.

Know your focus ★

For the past three years I’ve worked with and for various product and SaaS teams. They were from different industries. But all of them had one common problem—bad focus.

I can’t count how many times I’ve seen small teams and products initially aimed at a certain audience transformed in the minds of their founders into humongous, rigid structures. Simply because founders lost their focus.

I can’t count how many times I’ve heard these words: “We need to get attention of everyone on our product. Our product should be universal. Our goal is to corner the market and beat those big guys!”

Really? I believe your starting plan was to create a better user experience for a certain segment of the market, rather than corner it. But appetite comes with eating. This rising appetite blinds people and makes them lose the way.

Knowing your focus and saying no to other things is the most important lesson I’ve ever learned.

The lack of focus erodes ability to flex and accomplish your initial goals. In 99% of the cases the focus shifts to money, and here’s why.

Startups are hungry and it’s a good thing. Business should stay hungry. Hunger keeps the mind clear and the focus precise. However, you have to control your hunger and not let it become a starvation. Have a bite once in a while. Starving businesses lose their focus easily.

It’s not long before they start eating anything that comes their way, just to beat this sick feeling at the pit of a stomach. Side projects, little opportunities to make some money on the side, new feature that your customers want to see, a darn dark theme, or a mobile app. That’s how it always starts. The end is never that fun though.

You probably wouldn’t like the idea of feeding your body with crap like chips and coke. To stay healthy, efficient and strong you have to eat proteins, slow carbons, greens, and drink a lot of water, not soda. The same goes for business. You should be cautious about what you’re feeding your product with. The businesses feed with ideas, hypothesis and guesses you take. Take one and go with it. Don’t squander.

Control your hunger and know your focus. Otherwise you’ll end up creating a product that has no market, no demand, and no unfair advantage. All of that is simply because of a bad focus.

Most meetings are pointless

Before making an appointment, I ask myself a few questions. Is it possible to do what I’m going to do without a meeting? Is it possible to solve this without another Zoom call? How else can I accomplish this task?

In half of the cases, I figure out that a meeting can be replaced with a letter, a scheduled message, a screencast, a voice message, or an old-fashioned phone call.

Situations when meetings are not necessary:

  • to get an unambiguous “yes” or “no” answer
  • to update the status of ongoing tasks
  • to request information
  • to ask for or give feedback on a design layout
  • to make edits and suggestions to a draft
  • to make onboarding for a new admin panel of a website

✅ Situations when meetings are necessary:

  • to hold the initial meeting of the project
  • to present a logo, a website, or other deliverables from the contract
  • to resolve a personal conflict among parties of the project
  • to share knowledge and experience: one-on-one meetings, team training
  • to discuss issues that require a lot of clarification: briefing, cost estimate, agreement

This principle helps to understand whether a meeting is needed or not. If my email does more harm than good, a meeting will be a better option. For example, if there is increasing friction in the project, you should not dispute via email. Discuss disagreements face to face, this way it will be much easier for you to calm the interlocutor and resolve the conflict.

Though if the text allows you to solve the problem without putting the project and the relationship with a client at risk, you may cancel a meeting and find another way to get the job done. For example, it is more productive to comment on a new design layout in Figma and then hold a call on demand to discuss the feedback you gave rather than stare at the layout you’ve never seen before.

The main secret to making more time is to reduce the number of meetings. Half of the meetings people have are fucking pointless and unnecessary.

Always be the last to speak

Good leaders are always the last to speak on a meeting. They let the other team members share ideas and feel appreciated for their opinions, and only then they make a decision.

Bad leaders never care for a another opinion. They’re too busy enjoying their power of a leadership. Team members with this type of leaders simply become indifferent to the decisions their leader makes. They end up feeling burned out and useless.

For leaders it’s important to see the whole picture, not just fragments of it. If a leader speaks first he or she doesn’t let team members have their say. Such a leader will never learn what real picture looks like!

Therefore, always be the last to speak.

Failures are our best teachers ★

Yesterday I woke up at 5 a.m. and couldn’t sleep. Trying to fall asleep again, I caught myself ruminating the following words in my head: “Failures are our best teachers”. Suddenly the whole story started to unfold in my mind, so I jumped up, took my laptop and started typing it until I lost my train of thought.

Half an hour later, I had a draft about the benefits that failures and mistakes bring us. Thus was born this post and Twitter thread for Timestripe.

Failures are the best teachers. Here are eight reasons why:

  1. Mistakes increase importance of wins. Failures teach us so much more than any success could ever teach. If it weren’t for our failures we wouldn’t value our wins and achievements, because there wouldn’t be anything to measure or compare them by.
  2. Continuous success blinds us with illusions. Successful projects and positive outcomes are necessary, but they don’t teach us much. Instead, they make us get along with the idea that if it worked this time it will always work in the future. But it won’t. That’s a cognitive bias we get trapped into. Failures, on the other hand, teach us that if something didn’t work it didn’t work only here and now in this very conditions, in this context, on this project. It doesn’t mean it’s impossible or it won’t work some other time in some other place.
  3. Failures teach us patience. Having failed doesn’t mean we should stop trying. Failing at something teaches us to be patient and persistent about our approach. We learn to make projects and achieve results with a small steps strategy, not by making one perfect decision.
  4. Failing shows it’s OK to be wrong. It’s not the end of the world. Everyone makes mistakes. Even the great minds did. Why should we be perfect? There’s no need for that, no one expects that from us. We’re only expected to fulfill the commitments we’ve made. Nothing else.
  5. Mistakes encourage us to enhance our process. Failures help us discover the hidden power of limitations: time, money, and our physical capabilities. Any project has a limited amount of money and a deadline. Nor can we be productive six-eight hours in a row. Limitations help us find a solution within our available sources.
  6. Failures teach us to value the way, not the goals. Failures and limitations teach us to be flexible and not to put all our money and time on one great idea that will do all the work. Instead, we become more committed to consistency and methodicality rather than an occasional success. They matter more in the long run.
  7. Having failed doesn’t equal being bad at something. In the end, failures don’t define us as bad workers and contractors, or as being bad at our craft. They only mean that we chose the wrong way to solve the problem, and now we’re going to find another one until we find the right solution.
  8. To learn and improve you should be ready to fail. Writing this thread I recalled a good dialogue from “Game of thrones” that happened between Jon Snow and sir Davos Seaworth after Jon’s resurrection:

Jon: I did what I thought was right. And I got murdered for it. And now I’m back. Why?

Sir Davos: I don’t know. Maybe we’ll never know. What does it matter? You go on. You fight for as long as you can. You clean up as much of the shit as you can.

Jon: I don’t know how to do that. I thought I did, but… I failed.

Sir Davos: Good. Now go fail again.

If you’ve failed recently, don’t panic. Don’t stop dreaming, and don’t stop moving forward. Just go fail again.


This post was initially published as a thread on Twitter and in Timestripe Journal. Subscribe to Timestripe to receive new posts right into your inbox.

The most important step in your life ★

We tend to plan everything, foresee all possible options, calculate all risks, to think about ways to retreat in advance. Most often in vain. This strategy is ineffective, 'cause most of our fears never come true. But there will always be something we couldn’t anticipate.

Our brain constantly wants certainty, otherwise, it begins to think we are in danger. But visualizing the future in detail is too costly for the brain. And when our expectations don’t match reality, it’s also painful for the psyche. Instead of trying to predict our future, we should focus on the next step. It’s a gentler approach, with no pressure and stress.

The most important step in your life is the next step. Not the one from five years ago, not the one you’ll take a year from now. Just the next step of yours.

If you have a big goal or task in front of you and you have no idea where to start, or how to approach it, try not to think of it as a big goal. Instead, think of what your next step might be and take it. This little trick will help you overcome the numbness and begin to act.