Have low expectations, and no have masterplans, and change your expectations when the facts change.
Get rich slow, and the same principle applies to businesses as well.
Next:
- 5-2a0 Know what to measure
- 5-2a1 You get what you measure
- 5-2b Errors of omission are dangerous because you make them by default
Related:
- 1-1a5b4.4 Real-time calibration (i.e., recalibration) lets you adapt to the changing landscape
- 2-1a0c1a ‘Influence of stress’ - ‘In the thick of battle, you will not rise to the level of your expectations, but fall to the level of your training’
- 2-1a7a2 Assets with actual substance or weight have the best prospects over the long term
- 3-1a0 Use categories, but don’t be categorized
- 3-1d6c Amara’s law modified - we underestimate the importance of consistency in the short-run, but overestimate in the long-run
- 5-1b1d1 Not investing is also a form of investing
- 7-1a3 You’ll act when you target growth
- 7-1a4a1 Wealth created ≠ the P&L of a business. Remember - you get what you measure.
- 9-2a It’s easy to convince if people don’t know you enough for what you are not
- 10-1b Culture is set of ideas which affect behavior including unconscious ones like skills, expectations, and emotional preferences.
- 13-1a3a2e6 Money prices of the past influence current expectations, but today’s demand also influences the present price—and the influence of the latter can dwarf that of the former
- 13-1a3a2e8 The capital value—the “price of the good as a whole”—of any good at any time is based on expectations of future rental prices
- RUL3 - Any system should be measured by how much it can help with whatever its output.