Ideas from Peter Thiel’s GA Discussion

In this 1 minute PAREable, discover more thoughts on great ideas and great companies during a discussion session with Peter Thiel in General Assembly.

Actionable Don’t:

  • Don’t use buzzwords or trends. Because all trends are over-rated. If you use trends as factors for your company, it tells people that there are no differentiating factors. Your company is just one of many of its kind.
  • Don’t glorify failure. Because when you fail, you never really learn much from it. There might be six independent reasons that caused the failure and if you can identify one, you still missed the other five causes.

Thinkable:

  • How to get to the differentiating unique element?
  • Business point of view, how to get to the unique element is to ask, what great company is no one starting?
  • Intellectual point of view, how to get to the unique element is to ask, tell me someting that is true that very few people agree with you on.
  • All happy companies are different, and all unhappy companies are alike in that they failed to escape the essential same-ness that is competition.
  • It’s not enough to be the first mover, the aim is also to be the last mover in terms of you have to maintain a sustainable advantage for quite some time.
  • Two team dynamics that are important. How they came together and the pre-history between the individual. What was their previous working environment that shaped their entrepreneurship believes and the lessons they learned.
  • For vice related industry businesses, you have to explore how they’re able to make money within the current grey area in order to evaluate its validity.
  • Goal for a startup is to create a successful company, not to “disrupt” an existing industry leader.
  • Negotiation for startup to raise funds, the valuation discussion has been focused on premium of the past, when it should be discount of the future.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, watch this discussion.

Peter Thiel’s Discussion with General Assembly.

Until the next PAREable..

Ideas from Nir Eyal’s Hooked

In this 1 minute PAREable, find out how to get people addicted to your product, in a good way.

Thinkable:

  • Habits are activities you perform without thinking. It emerge because your brain want to save time and chooses what has worked for you the last time.
  • Change is hard because of your pre-existing habits.
  • Easiest way to adopt a new habit is to repeat an action frequently. If can’t be repeated, then it has to be extremely useful to be adopted.
  • Most successful products are habit-forming.
  • Because habits are hard to ditch, the customers will likely use the product for longer time and increase their lifetime value. They will also talk about it and doing your advertising for you.
  • Habits are also a competitive advantage. Because it is hard for the competitor to sway customer’s habit unless the competitor provides quantum leap in advances.
  • The way to make habit-forming product is to repeat the four stages of Hook Model: the trigger, the action, the reward and the investment.
  • The external trigger, or call to action, must offer a simple choice of action to take.
  • The internal trigger is developed by connecting your product to a desired solution to one of user’s problem.
  • Increase users’ ability to use the product or increase users’ motivation.
  • General motivation consists of, seeking pleasure and avoiding pain, seeking hope and avoiding fear, seeking social acceptance and avoiding rejection.
  • The product needs to produce results that are in line with expectation in order to sustain motivation.
  • Variable reward for actions is crucial because of the anticipation.
  • User investments will lead to more usage later on because value of self involvement, tendency for behavior to be consistent and adjusting world view from our behavior.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Nir Eyal’s Hooked.

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Ideas from Peter Thiel’s Zero to One

In this 1 minute PAREable, learn how to think about the future and how to achieve the future.

Actionable Do:

  • Think about the future as a definitive vision. A vision that you want to focus on and attain.
  • When thinking about the future, it’s important to think about the progress which stands between now and the future.
  • Finding ideas that most people don’t know about or agree with is key to being successful.
  • First aim to be a profitable monopoly at a specific and narrow defined target market, then expand to other market.
  • The initial team members are critical. Must find the right mix of skills, vision and personal connection with each other. This makes it easier to foster a strong company culture.
  • Do have a balanced owner interests to avoid future misalignments and company suffer as a result.

Thinkable:

  • Two types of progress that bridge the now and the future: horizontal progress (one to n) and vertical progress(zero to one).
  • Vertical progress is hard because it does not exist yet. It requires you to see the present differently. It also requires you to find a truth that most people don’t see or agree with.
  • A startup has only one specific future vision that will lead to success. One must parse decisions to make in specific conditions.
  • Perfect competition is good for consumers, but it does not drive progress.
  • Real progress, the zero to one type of vertical progress, usually results in monopolies. Because that means you’re producing something much better than everyone else.
  • Sales and distribution is vital because your product will never sell themselves. Optimized your sales effort per distribution point to include various sales strategies.
  • Founders tend to be strange people. But the vision they have is indispensable because the decisions are made to realize that original vision.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Peter Thiel’s Zero to One.

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Ideas From Clayton Christensen’s The Innovator’s Dilemma

In this 1 minute PAREable, discover how companies can do everything right and still lose their market leadership.

Actionable Do:

  • Have two innovation incubation models for an established firm.
  • Observe how customers are actually using the product.
  • Have discovery driven planning that is adaptable to various factors of change.
  • Be creative at finding the right customers/market who can directly benefit from your innovation than a large, less targeted market.
  • Expect trial and error, so a new organization can fail early and without great expense.

Actionable Don’t:

  • Don’t develop products and services based on what customers say they would like.
  • Don’t innovate in a singular quality, i.e., performance oversupply. What does innovation look like in functionality, reliability, convenience, and price?

Thinkable:

  • Established and entrant firms bring different types of innovations to market.
  • Established firms bring sustaining innovations to maintain market positions and profit margins.
  • However, they still lose market dominance because of their focus on sustaining profits while ignoring new markets brought by disruptive technologies.
  • Knowing what the customers want through surveys, focus groups, and interviews is good at incremental improvement, not effective at creating the next thing.
  • Tunnel vision chasing of profit margin should be moderated with long term expectations.
  • The difficulty of predicting emerging markets means an established company can’t justify the investment. Thus, they usually miss out on disruptive technologies and the emerging market that comes with it.
  • Sometimes, firms are just too inflexible with its RPV (Resources/Processes/Values) framework to adapt to changing conditions.
  • Theoretical models for innovation rarely work in the real world.
  • Disruptive innovations are usually variations on existing technologies that open up a new customer base.
  • The best way for an established company to take advantage of a disruptive technology is to create or acquire an organization that is small enough with flexible processes.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out his book.

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Ideas From Stephen Covey’s The Seven Habits Of Highly Effective People

In this 1 minute PAREable, discover ideas on how to achieve true success with a balance of personal and professional effectiveness.

Actionable Do:

  • Effectively integrating into the world means aligning personal paradigms with universal principles.
  • “Sharpen the Saw” to stay effective. Stay physically fit by exercising. Stay mentally healthy by learning new things. Stay socially and emotionally engaged by developing positive relationships. Maintain spiritual health by confronting and reflecting own values.
  • Be proactive and take control of your own fate.
  • Begin with the end in mind and set long term goals with an understanding of personal mission statement.
  • Visualize the outcome of every step toward your goal so it would be easier to translate into concrete actions.
  • “Put First Things First” by prioritizing things that bring you toward your goals and are consistent with your values or norms.
  • Practice the Win-Win mentality. It will create good relationships, mutual trust, and long term benefits.
  • Forming stable relationship means listening empathetically to others and understanding their personal paradigms so you can contribute and invest in their goals.
  • Empathetic listening of others to really understand them. Active listening by repeating back their own words, mirroring their emotions and helping to structure their thought processes.
  • Synergize with others by cooperating openly, and respectfully. Collectives will have achieved a result that was impossible by an individual.

Actionable Don’t:

  • Don’t say yes to everything.
  • Don’t view the world in a Win-Lose competitive perspective.

Thinkable:

  • To change, you have to address your character, not your behavior.
  • Our paradigms are our subjective perception of the world which shapes our habits.
  • If you want to be able to influence others, first seek to understand, only then can you be understood.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out his book.

Until the next PAREable..

Ideas From Ken Robinson’s Find Your Element

In this 1 minute PAREable, discover ideas on how not to kill creativity.

Actionable Do:

  • Expose yourself to as many new opportunities as possible to discover aptitudes you may not have realized.
  • Strive to have a growth mindset. It will allow you to develop and improve your abilities.
  • Find your passions, things that you do without noticing the passing of time.
  • Forge your own path and understanding of your happiness instead of blindly seeking wealth, immediate gratification or other people’s definition of happiness.

Actionable Don’t:

  • Don’t plan your life when you’re so young because life is unpredictable.
  • Don’t assume you are bad at something because you performed poorly in that subject in school. Standardized tests only measure one kind of human intelligence while schools only cater to a few learning styles.

Thinkable:

  • Every person is special and different because of their genetic makeup (every human who ever existed in history has their own genes) and their environment (everyone has their unique mix of family, friends, time, and location of their upbringing).
  • If you accept that you can’t predict or control the future, you will discover many new opportunities.
  • Experiencing positive emotions (from your passion) has been proven to reduce stress, reduce chronic pain and addictions, and improve sleep and concentration, among many other positive benefits.
  • Finding a group of people who share your passion can be very beneficial, or even necessary, for both you and other members of the group at realizing your goals.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Ken Robinson’s Find Your Element.

Here is his witty TED Talk.

Until the next PAREable..