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Labor and Capital Are Old Leverage
Wealth requires leverage. Labor and capital are older forms of leverage that everyone is fighting over. • Our brains aren't evolved to comprehend new forms of leverage 0:00 • Society overvalues labor leverage 1:08 • You want the minimum amount of labor that allows you to use the other forms of leverage 1:56 • Capital has been the dominant form of leverage in the last century 2:40 • You need specific knowledge and accountability to obtain capital 4:52 Transcript: http://nav.al/labor-capital
Take Accountability to Earn Equity
If you have high accountability, you're less replaceable and you can get a piece of the business. • Accountability is how you're going to get equity 0:00 • Taking accountability is like taking equity in all your work 0:29 • The downside of accountability is not that large 2:11 • Accountability is reputational skin in the game 4:30 Transcript: http://nav.al/accountability-equity
Embrace Accountability to Get Leverage
Embrace accountability. Society will reward you with leverage. • You have to have accountability to get leverage 0:00 • Take business risks under your own name 0:54 • A well-functioning team has clear accountability for each position 2:09 • People who can fail in public have a lot of power 3:47 Transcript: http://nav.al/accountability-leverage
There's No Actual Skill Called Business
There's no actual skill called business. Avoid business schools and magazines. • There's no actual skill called business 0:00 • Doing is faster than watching 0:55 • The number of “doing” iterations drives the learning curve 2:49 • If you're willing to bleed a little every day, you may win big later 3:53 Transcript: http://nav.al/skill-business
The Foundations Are Math and Logic
If you understand mathematics and logic, you have the basis for understanding everything else. • The ultimate foundations are math and logic: 0:00 • It’s better to read a great book slowly than to fly through a hundred books quickly: 1:22 • Learn persuasion and programming: 2:08 Transcript: http://nav.al/math-logic
Read What You Love Until You Love to Read
You should be able to pick up any book in the library and read it. • Read what you love until you love to read: 0:00 • Read the original scientific books in a field: 1:44 • Don't fear any book: 2:43 • The means of learning are abundant, the desire to learn is scarce: 3:54 Transcript: http://nav.al/love-read
Learn to Sell, Learn to Build
Learn to sell. Learn to build. If you can do both, you will be unstoppable. • Learn to sell, learn to build 0:00 • The Silicon Valley model is a builder and seller 1:07 • If you can do both you will be unstoppable 1:52 • I'd rather teach an engineer marketing than a marketer engineering 2:48 • Building is better when you're starting out, sales scales better over time 4:33 Transcript: http://nav.al/build-sell
Specific Knowledge Is Highly Creative or Technical
Specific knowledge tends to be creative or technical. It's on the bleeding edge of technology, art and communication. • Specific knowledge can be taught through apprenticeships 0:00 • Specific knowledge is often highly creative or technical 0:45 • Specific knowledge is specific to the individual and situation 2:02 • You can't be too deliberate about assembling specific knowledge 3:01 • Build specific knowledge where you are a natural 4:44 Transcript: http://nav.al/creative-technical
Arm Yourself With Specific Knowledge
Arm yourself with specific knowledge. It can't be trained but it can be found by pursuing your genuine curiosity. • Arm yourself with specific knowledge 0:00 • Specific knowledge can't be trained 1:47 • Specific knowledge is found by pursuing your curiosity 2:34 • Building specific knowledge will feel like play to you 3:53 Transcript: http://nav.al/specific-knowledge
Partner With Rational Optimists
Don't partner with cynics and pessimists. Their beliefs are self-fulfilling. • Don't partner with pessimists 0:00 • Partner with rational optimists 1:20 • We're descended from pessimists 2:28 • BOCTAOE 4:13 Transcript: http://nav.al/rational-optimists
Pick Partners With Intelligence, Energy and Integrity
Picking partners with high intelligence, energy and integrity is the three-part checklist that you can't compromise on. • Pick business partners with high intelligence, energy and integrity 0:00 • Motivation of the people you work with has to come intrinsically 1:18 • Integrity is what someone does, despite what they say they do 2:18 Transcript: http://nav.al/intelligence-energy-integrity
Play Long-term Games With Long-term People
Pick an industry where you can play long-term games with long-term people. All returns in life come from compound interest over many turns of the game. • Play long-term games with long-term people 0:00 • When you switch industries, you're starting over from scratch 2:21 • Long-term players make each other rich 4:02 • Returns come from compound interest in iterated games 4:49 Transcript: http://nav.al/long-term
The Internet Has Massively Broadened Career Possibilities
The Internet has massively broadened the possible space of careers, by allowing you to scale any niche obsession. • The Internet has massively broadened the possible space of careers 0:00 • The Internet allows you to scale any niche obsession 1:22 • Escape competition through authenticity 3:33 Transcript: http://nav.al/possible-careers
Give Society What It Doesn't Know How to Get
Society will pay you for creating what it wants, but doesn’t know how to get, and delivering it at scale. • Give society what it wants, but doesn't know how to get—at scale 0:00 • Figure out what product you can provide and then figure out how to scale it 0:57 Transcript: http://nav.al/product-scale
Live Below Your Means for Freedom
People living far below their means enjoy a freedom that people busy upgrading their lifestyles just can't fathom. • People living below their means have freedom 0:00 • The most dangerous things are heroin and a monthly salary 0:38 • Ideally, you'll make your money in discrete lumps 1:17 Transcript: http://nav.al/salary-freedom