smartcuts book report
TRANSCRIPT
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As retold by…
Katie Sears
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Technological change is exponential
Meaning people are getting richer and achieving their
dreams faster
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And there’s a pattern:
Innovators break convention to find better routes, like computer hackers
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They also useLATERAL THINKINGWhere problems are attacked sideways and basic assumptions are questioned
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The difference between
a SHORTCUT and a
SMARTCUT is that shortcuts get you rapid, short-term gains while smartcuts are sustainable successes that create value.
They are
‘shortcuts with integrity’
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HACKING THE
LADDER
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‘The average president spent just seven years as an elected official before
reaching the White House. Five were never elected to any office before
becoming president.’
They did this by hacking the ladder. They ‘parlayed’ or
moved forward after each small win, to reach a
different ladder.
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Ladder switching, or pivoting, makes ‘overnight success’ possible(See: Zoe Saldana, Nintendo, James Patterson, and the iPhone)
Companies that pivot perform much better than others who stay
on the same course.
Note: paying your dues does not matter!
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TRAINING WITH
MASTERS
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How did J-Biebs get so famous so fast??
Two music industry mentors pulled him to the top of the ladder
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Train with successful people to achieve success faster.
For example…
But not just any mentor…the student and the master have to come together on their own and form personal relationships.
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NOT TO WORRY!
Don’t live near your mentor?Mentor died a long time ago?
Becoming a ‘first class noticer’ can help you model your mentor and pick up the same skills from afar
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RAPID FEEDBAC
K
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Failing in business doesn’t make us better or smarter…
BUT, succeeding makes us more likely to continue to
succeed
‘Failure makes you wiser’ isn’t actually true
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Interestingly… surgeons who
saw their colleagues fail
did better in the future, while
those who saw a colleague
perform successfully saw
no effect on their future
success.
Awesome!
This is because when we fail, we blame it on external conditions and when we succeed we says its because internally we are
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Bad Feedback?- high-pressure- Focuses attention on ourselves- A barrage of feedback
Failure=Feedback Good
feedback?- Depersonalized- Turns experiences into experiments
(low pressure, low stakes)- Focuses on task, not person- Early and often!
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PLATFORMS
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Hackers, like David Heinemeier Hansson, find and build layers of abstraction in business and life that allow them to
multiply their effort.
With platforms you can search for the least wasteful way to learn something. DHH calls this ‘selective slacking’
(Aka PLATFORMS)
A+
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IN AN AGE OF PLATFORMS, CREATIVE PROBLEM SOLVING IS MORE IMPORTANT THAN COMPUTATIONAL SKILL. WE SHOULD RETHINK OUR EDUCATION SYSTEM BASED ON THE PLETHORA OF NEW PLATFORMS.
Like Finland!!
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WAVES
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There are 2 ways to catch a
wave:1. Exhausting hard workOR 2. Pattern recognition (placing yourself at the right place at the right time, seeking opportunity instead of waiting for it)
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Deliberate pattern spotting can compensate for experience. A wave like…
can take an amateur farther faster than an expert can swim.
Online music communities
EDM Electronic mail
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THE 20% DOCTRINE
Companies should always have a toe
in the water, constantly
tinkering with potential trends.
Budget time for swimming!
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First Movers- 47% fail- Don’t have the advantage- Miss the best technological and market
opportunities - Acquire the ‘wrong’ resources
It is better to be a fast follower or an early leader
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SUPERCONNECTORS
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“The act of making mass connections by tapping into
hubs with many spokes”
These superconnectors actively use their networks to help individuals reach many people at once
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Aaron Patzer of Mint says ‘when we give and teach, we build up fan bases that become more likely to support us.
Superconnectors are GIVERS: it is the smartcut for creating serendipity
=
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MOMENTUM
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If you keep moving, you’ll be happy!!
Why are billionaires so depressed?Lack of progress!
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Investors are so sure that momentum is a powerful
predictor of success, they will place huge bets on companies that
are rapidly growing, even if the company is losing money
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SIMPLICTY
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Creativity comes easier without constraints For example: Tell me something funny (overwhelming)ORTell me a knock-knock jokeKnock-knock. Who’s there? Ach. Achoo? Bless you!
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This is why important peoplelike (Obama and Steve Jobs)
wear the same colored suits or turtlenecks.
They minimize distractions and maximize good decision making!
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10XTHINKI
NG(The art of the extremely big swing)
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“In order to get really big improvements, you usually have to start over in one or more ways. You have to break basic assumptions.”
-Astro TellerThis includes…creating the first privately-made spaceship
building self-driving cars
creating infant incubators for $20
making augmented reality glasses
To do these things, one must think radically different, use creativity, and come up with smartcuts
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10X better is easier than 10% better
10% 10%Better at sales and mktg,
have to convince people to change their behavior for a marginal increase in value
Produce huge amounts of new value, the money will find you.
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Le End