Loss aversion

We don’t like losing. It can be in a relationship, wealth or competition. What could be the reason:

  • Our innate survival instinct?
  • Ego
  • Consistency

We always like to continue winning or getting profit from our investments. It sounds irrational but we are more hurt losing something than gaining 2X the same.

At the same time our ego takes over and we continue striving for anything to stay consistent. It can be staying in a relationship even being treated like trash or knowing it is headed nowhere. After all, we have invested so much emotionally and we want to stay consistent.

Mercenary

Social media is a double-edged sword. In one side it connects the world closer for good while on another it is for mercenaries.

Mercenaries on social media are a set of people who are very prejudiced and biased. They are also agenda driven. In the past, we have seen many deaths because of these people. They spread fake news, provocate a specific group or take a potshot at an individual or an organization. Mercenaries like mob justice and immediate attention.

It is too easy to take a side, respond out of impulse on social media. Being rational and logical, knowing the entire picture helps.

We are in election season and mercenaries are loud out.

Blessings

It is important to not forget everyone who helped you in shaping your present.

  • Parents rank on the top followed.
  • A few friends come next: the ones who helped and been honest with feedback’s.
  • Your first boss who trusted you and gave you the opportunity to start a career or open your own company. He/She took all the risk with money, honor by giving you the opportunity.
  • Life long mentor

Never forget them. They will always be there for you and act like a mirror of this society.

Mismatch

Running a startup is like running a Linux Kernel. Early employees are important threads. Some founders go out to raise and then build an army of employees. They along with their investors for the hope of shipping product quickly.

Sadly it never works, one reason being expectation mismatch. Founder expects new hires to be as passionate as them because they are among the best paid in the industry. The employees join the company because of the noise and fundraising PR.

Inversion

I want to know where I would die so I can never go there.
— Charlie Munger

I was reading this blog about Charlie Munger and I loved it. His principle of living life in the inversion is fascinating.

I am trying to add a similar principle to myself. Instead of seeing or striving for success, it is better to look and avoid a recipe for failure. In short, eliminating all the risk for failures, success will be the byproduct.

In the end, success and failures are not in our hand, we have to enjoy the journey and make the best of it.

I am hoping one day I will totally stick by this saying of Epictetus.

Some things are in our control and others not. Things in our control are opinion, pursuit, desire, aversion, and, in a word, whatever are our own actions. Things not in our control are body, property, reputation, command, and, in one word, whatever are not our own actions.

Attitude

A few years back I was told attitude never changes. I was struggling with myself at work and personal life. Reading an article on attitude a few days back, bought back the memory.

We are living in this cosmos which exists on the premise of evolution and change. How can we not change our Attitude?

I keep reading tweets of folks like “Attitude is everything.” All these folks miss adding, to inculcate great attitude one requires:

  • believers
  • mentors
  • honest friends

Our human mind is a monkey mind and when we say things via prefrontal cortex, logic and rationality take back seat.

We are the makers of our destiny, as long as we are trying we can achieve anything. It includes changing our attitude and being more optimist about self.

On Jeff Bezos

Continuing to the section from the book title: Steve Jobs Jeff Bezos: Building 2 Valuable Brands in America. These are some learnings author shares from Jeff Bezos.

  • Act, Even If It Means Taking Risks
  • Think Long Term
  • Be Stubborn, Flexible, and Realistic
  • Know Your Limitations
  • Adjust Business Plans Before Expanding
  • Your Customer’s Voice Matters Most
  • Let Your Competitors Ride with You
  • Don’t waste time Reinventing the wheel
  • Eliminate bottlenecks
  • Be obsessed with customers, not competitors
  • People matters
  • Set the bar high
  • Empower your team
  • Pay to Quit
  • Don’t predict the Future, Invent it
  • Use Memos, kill pointers in meetings
  • Don’t give up information unless necessary
  • Adapt to new technology

On Steve Jobs

I was reading the book title: Steve Jobs Jeff Bezos: Building 2 Valuable Brands in America. I liked the author’s writing style, simple and to the point.

These are summary of authors observation from the life of Steve Jobs. I am sure most of us have read all these in one of the other books or blogs published.When One Door Closes, Another One Opens

  • Traveling Is One of the Best Forms of Education
  • Explore Your Spirituality
  • Start Early
  • Passion and True Love Comes First
  • Trust Your Instinct
  • Stay Focused
  • Sell a Dream not a Product
  • Own Your Mistakes
  • Know Yourself
  • Overcome Your Failures
  • Stand for What You Believe In
  • Always Persevere
  • Have Full Confidence
  • Value People, Not Money
  • Surround Yourself with Great Brilliance
  • You Become the Company You Create
  • Focus On the Goal
  • Learn to Love Change
  • Never Succumb to Social Conformity
  • Simplify
  • Put Products Before Profits
  • Listen to Your Customer
  • Stay Hungry, Stay Foolish
  • Pursue Greatness Over Money
  • Share Your Wisdom

Desire to progress

Humanity is hooked on to desire to progress. New revolution and technological advancements are the byproducts of our desire to progress.

Our desire to progress is equally powerful as our fight and flight mode actions. We envision a better version of self.

Advertisement:
Many products and brands use this in their favor. They won’t tell you about the chemical they are selling but advertise you deserve it.

Product:
Myspace was a market leader and then Facebook happened.
Altavista was in the market leader before Google took over.

If we are building some product for a particular market, it will be great to map a desire to progress map for your customers. How will your product help them in becoming better?

Incentives

Incentives act like serotonin. It makes us feel happy. It is not limited to an age group or humans.

BF Skinner performed variable rewards experiment on pigeons. These days mobile application providers are using the same on us.

Incentives are not limited to money but can come from appreciation and actions.

  • A doctor operates an open heart surgery when a stent in an artery is enough.
  • E-commerce providers run SALE every month.
  • Our organization has a hall of fame for top performers.
  • Github repository has stars.
  • Different kind of app notifications on social media apps.

It is all about making us feel better and making us do better. It has good as well as an evil side. So practice with precaution.