ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ @david_perell "The Writing Guy" | Host of the North Star Podcast: perell.com/podcast | Writing at perell.com/ | Teaching at writeofpassage.school/ Feb. 02, 2020 1 min read

My favorite entrepreneurs follow the same strategy:

1) Hire unique people who have ideas.

2) Trust them to execute on their vision — as long as the cost of failure is low and the benefits of success are high.

3) Cut the failures and double-down on what works.

Rinse, repeat.

When the cost of failure is high, plan first and act second.

When the cost of failure is low, act first and plan second.

When you’re creating content and launching online business experiments, the cost of failure is usually low.

Bet on action-first entrepreneurs.

As Nassim Taleb (@nntaleb) says, look for opportunities with big upside and low downside.

Then, create optionality.

"Optionality frees us from the straightjacket of direction, predictions, plans, and narratives."

 https://www.edge.org/conversation/nassim_nicholas_taleb-understanding-is-a-poor-substitute-for-convexity-antifragility 


You can follow @david_perell.



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