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Kindle Notes & Highlights
by
M.J. DeMarco
Read between
January 3 - July 14, 2022
“Where do you see yourself in five years?”
crimped
don’t want to just survive, I want to live, like really
I’m not gonna wait until some godforsaken age to retire and then finally live.”
What benefit do you get knowing every baseball statistic since 1970?”
A huge payday? Respect? A hot wife? Vacation time? Seriously, I want to know.”
befuddled
huffed.
pipedream.
retorted,
It’s about living a life that I won’t regret when I’m seventy years old.
Culture and tradition ain’t gonna write my story; I’m gonna write it.” Jeff gestured at him and continued,
It’s sad because you don’t even realize you’re already dead—you just aren’t buried.”
patrons,
“Ever since I started thinking like an entrepreneur, I get a business idea practically every
CENTS analysis
grimaced.
Anytime you arm yourself with new pens for a new story,S2 the stagnate relationships in your life will resist.
They don’t support your growth or success, they encourage the status quo.
misery loves company.
big dreams will have big doubters.
Hanging out with losers will likely keep you a loser.
Dead weight, people who belittle your dreams or don’t support you, should be left behind. Hanging on to dead weight can cause you to regress into old ways.
Dead weight surfaces when you make your dreams known or when your dreams ...
This highlight has been truncated due to consecutive passage length restrictions.
To impact millions, you must reach millions. And have something they want. The key to asymmetrical-returnsS21
total addressable market, or TAM.
thimble.
The larger the watering hole, the more fish can be caught.
The ocean (your customers are in the world)
If geography or proximity was no issue, how many people would find value in your specialized-unit?
Your total addressable market (TAM) is the total audience who has an interest in your product or service. Your total unreachable market (TUM) is people who might have an interest in your product, but don’t have access to it due to logistics or geography.
the larger the TAM, the more potential for asymmetric returns.
How easy is it to replicate your solution once created?
Does this potential business align with your decisional framework established in your 1/5/10 Planasy?S12 Do you have an exit strategy that can help you hit your Escape Number?S15 And who would be a potential suitor for that exit?
entrepreneurs are problemologistsP30
Act Assess Adjust
parlance,
Match Your Potential Skills With the Largest Potential Outcome
limousine
Asymmetrical returns are impossible unless you match your near-term potential skills with the largest potential outcome.
expected-value (EV), it is a statistical concept that quantifies the nominal value you can expect from any action, especially if repeated many times.
knowledge and talents you can reasonably learn with discipline and practice. Specifically, the business you should start isn't the easiest one— it’s the one that you feel gives you the most considerable reward for your effort, even if you execute averagely.
start smaller and turn zero probability into a probability. That's perfectly OK. Overall, we're matching your potential skills,
what you can learn,
Do so, and success won't be a matter of luck, but of probability and expected value.
Match your skills, or potential skills, with the largest potential outcome to maximize asymmetric returns and expected value.
vacantly;
The Desert of Desertion
defend your dream or have it die in the sand.
Nothing great ever comes from “one try.”
