Mindset Sunday – Breaking Down Naval

Liran joins me once again, but this week we are going to deconstruct some of the content from the amazing mind of Naval Ravikant. He has a the Naval Podcast where he turned his tweet storms into actionable chunks, delivered in audio format.

A bit of a background

“Not money or status”

  • Do not seek status. Seek assets over just money.
  • Properties are liabilities, not assets. It is not producing cash flow.

“Making money is not luck” 

  • It is a skill set you need to develop.
  • Four kinds of luck:
    • Blind luck: when things just happen
    • There is a second kind of luck that comes through persistence and motion, where you keep running around and stirring up a lot of things. Luck finds you.
    • The third way is when you become very good in spotting luck. You become sensitive to luck.
    • The fourth is when you build a unique mindset, a unique mindset that luck finds you.
  • An example of blind luck: lottery winners. They win millions and then lose it.
  • NFL players becoming bankrupt after they end their career and go into retirement.
  • People need financial education.
  • What kind of person do I need to become to get to Stage 4?
    • When you finish school you create a bunch of opportunities.
    • You get yourself to Stage 3, or the third kind of luck.
    • Put yourself out there. Put yourself in a position to create opportunity.

“Play long term games with long term people”

  • Pick an industry where you can play long term games with long term people.
  • All the benefits come from compound interested. Whether it is good will, relationships or money.
    • Play a long term game.
    • You build trust. Sometimes people betray others.
    • If you want to be successful you need to choose people you can trust and you need to play the game with those people for a long long time so that you build long time compound interest.
    • High trust makes it easier to play the game and makes it easier for you to collect the rewards at the end of the cycle.
  • If you keep switching and you keep hopping industries,  you always end up starting from scratch and you will not know who to trust plus you have not built any compounded interests.
    • They are not going to trust you.
    • Consider your age.
  • Age is going to catch up. 
  • When meeting people, is this somebody I want to play long term games with?

“Pick partners with intelligence, energy and integrity”

  • 3-part checklist: intelligence,energy and integrity. 
    • Intelligence or smart people end up in the right place.
    • You need someone with high energy because the world is full of smart, lazy people.
    • And we know people who have high energy but are running in the wrong direction.
    • Everyone is smart at different things. 
    • Look at people’s motivation.
  • High integrity is important because you have the smart and high energy crook who will eventually cheat you.
  • These three are non-negotiable.
  • Where do you find them and at what point in the business?
    • Do not jump to bed immediately. Take time to know people.
    • Go slow and date before you get married.
    • Get people and angry and see how they react.

“Leverage”

  • Give me a lever and a place to stand and I will move the earth. Give me a fulcrum, and I shall move the world. Give me a firm spot on which to stand, and I shall move the earth. – Archimedes
    • This is fundamental.
    • Society over values labor as a form of leverage.
    • We automatically assume that more people means better. Wrong.
  • Labor based leverage is the worst for of leverage.
  • The second type of leverage is: capital.
    • It is a tricky form of leverage to use.
    • It is a dormant type of leverage.
    • We all dislike capital because it is unfair.
    • Capital can be converted to different things.
    • It scales very very well.
    • Hard part: how do you get it?
      • You need specific knowledge and accountability first.
    • The most important form of leverage: idea of products that do not have marginal costs for replication:
      • printing press
      • internet
      • broadcast media, podcasts
      • Social media
      • You can multiply your leverage, without costs and other people.
      • THIS IS WHERE FORTUNES ARE MADE…
        • Code based leverage, you can mine these leverage.
        • This is where you see technology explode out of nowhere.
  • Sit down and focus on the flow state. Tune out distractions.
    • Do not be stressed out.
    • It is about trust! No ego, just trust.

“Escaping competition through authenticity”

  • It is a search and recognition.
    • When we search something we try to be something we are not.
    • Our friends and families are better at telling is who we are.
    • Looking back at our past actions is a good indicator of who we are.
  • You have to be careful when you end up on these status games that you end up competing over things that are not worth competing over.
  • Sometimes you get trapped in the wrong game because you are competing, and the best way to escape competition– to get away from spectral competition, is to be authentic to yourself.
  • If you are fundamentally building and marketing something which is an extension of who you are, no one can compete with you on that.

Connect with our guest:

To get help, or if you have any question then get in touch with us: danny@sellersessions.com

If you are looking for help or more information check out: https://sellersessions.com/case-studies/

Our Sponsors:

SellerSessions LIVE — Tickets SOLD OUT!

Send Danny an email to get on the wait list: Danny@SellerSessions.com

About SellerSessions 2020

  • Our venue this year: The David Game Keynote Theatre, with tiered seating.
  • This year we are supporting a charity and a portion of the proceeds will be given to  Tomy’s pioneering studies for prevention of babies born asleep: https://www.tommys.org/
  • We will give away 5 FREE tickets for single-parent Amazon sellers. If you know anyone please get in touch to get the details.
  • Confirmed speakers and more to come:
    • Brandon Young
    • Dr Yev Marusenko
    • Destaney Wishon
    • Zack Franklin
    • Nadine Schöpper
    • Liran Hirschkorn
    • Ivelin Demirov 
    • Dr Ellis Whitehead
    • Paul Harvey 
    • And yours truly, Danny McMillan. I will be hosting the show and speaking on a topic.

📈 Need help with your Amazon PPC?

Check out what we do here: ✔️ SellerSessions.com/Agency/

Take a look at some of our client case studies:
✔️ SellerSessions.com/Case-Studies/

❌No Set up Fees
❌No Long Term Contracts

Unlike some agencies, we do not take:
❌ Percentage of your profit
❌ Percentage of your Revenue
❌ Percentage of your Ad Spend

Get in touch for a free account audit…

Connect with SellerSessions and DATABrill:

Share This
%d bloggers like this: