"In the short run, the market is a voting machine but in the long run it is a weighing machine."
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
Results speak. Value speaks. Systems speak. As competition increases, and barriers to entry lower, copycats will emerge. Businesses will become commodities. What you built your entire business around might be replaced by a low-cost or completely free alternative.
Specialization and The Cult of Niche have caused us to become overspecialized, myopic, and oblivious to the creative potential of combining disciplines. Warren Buffet’s #1 recommended book (aside from the Intelligent Investor) is Outsiders– a data-backed study of the 8 most effective CEOs in history. We know almost none of them by name yet they made a massive impact. They were all outsiders. They all focused on building robust businesses and leveraging capital.
They were all from outside the industry they were working in. They weren’t caught up in the norms and social pressures of their vertical and category. They were free to combine strategies and ideas from other industries in ways people hadn’t thought of before.
In contrast, most businesses behave the same way everyone else does. Mediocre mimicry. They do exactly what everyone else is doing and get the same results. They don't aim high enough. They don't focus on fundamentals. They don't set goals that are high enough. They don't build systems. They become commoditized. They grow stale and start to contract.
How To Build A Lasting Legacy.
- Focus on value above all else.
- Multiply your time beyond your wildest dreams.
- Don't solve the same problem twice.
- Use products as a force multiplier for your vision.
- Keep trust at the front of your mind.
- Introduce new products constantly.
- Enter new categories constantly.
- Unleash the power of the Everything Store.
- Hire incredible people. An army of one is vulnerable.
- Study new disciplines and fields.
- Don't be afraid to break the rules.
This riff was partly inspired by a video from Sam Ovens back in 2018.