Business Accelerator Quotes

When you press the pause button on a machine, it stops. But when you press the pause button on human beings they start,” argues my friend and teacher Dov Seidman, CEO of LRN, which advises global businesses on ethics and leadership. “You start to reflect, you start to rethink your assumptions, you start to reimagine what is possible and, most importantly, you start to reconnect with

Few problems are less recognized, but more important than, the accelerating disappearance of the earth's biological resources. In pushing other species to extinction, humanity is busy sawing off the limb on which it is perched.

One expects philosophy to promote, and even to accelerate, the practical and technical business of culture by alleviating it, making it easier. {9}

Suddenly, ahead of us, a group of men ran out of the forest and pulled a thick rope across the road. There was no time to look at them properly, but they didn’t look friendly. I still don’t know why, but my reflex reaction was to foot the accelerator and drive straight through – never a good idea on a dirt track, except perhaps for rally drivers. I’m not sure who was more surprised, me or them, but I found myself looking in the rear-view mirror and seeing men lying on the road, I suppose pulled down by the force of the rope.

Companies that are made up of clusters of leaders will actually accelerate their growth by speeding up their rate of innovation as their competition pulls back, build better teams by investing in people while their rivals shrink training budgets, and pick up top talent as their industry peers lay people off. And so fast companies get that unsettling times are actually gifts for them and periods to get so far ahead of the competition that they can never catch up.

Networking is an investment in your business. It takes time and when done correctly can yield great results for years to come.

A capitalist economy cannot be maintained, however, if it oscillates between threats of an imminent collapse of asset values and employment and threats of accelerating inflation and rampant speculation, especially if the threats are sometimes realized. If the market mechanism is to function well, we must arrange to constrain the uncertainty due to business cycles so that the expectations that guide investment can reflect a vision of tranquil progress.

Successful prospecting depends on selecting methods that you can effectively navigate. If something makes you uncomfortable, please don't do it.

In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in — or more precisely not in — the country’s businesses and banks. This inventory — it should perhaps be called the bezzle — amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks. … Just as the boom accelerated the rate of growth, so the crash enormously advanced the rate of discovery. Within a few days, something close to a universal trust turned into something akin to universal suspicion. Audits were ordered. Strained or preoccupied behavior was noticed. Most important, the collapse in stock values made irredeemable the position of the employee who had embezzled to play the market. He now confessed.

Where workers do lose their jobs due to automation, it’s not because they themselves are replaced by some piece of software. It’s often because the firms they work for fail. And the firms they work for fail because their management or shareholders are unwilling or unable to keep up with the new possibilities of technology. That failure often extends to failing to invest in the training that their employees need to implement the latest technologies.

There were usually not nearly as many sick people inside the hospital as Yossarian saw outside the hospital, and there were generally fewer people inside the hospital who were seriously sick. There was a much lower death rate inside the hospital than outside the hospital, and a much healthier death rate. Few people died unnecessarily. People knew a lot more about dying inside the hospital and made a much neater job of it. They couldn’t dominate Death inside the hospital, but they certainly made her behave. They had taught her manners. They couldn’t keep Death out, but while she was there she had to act like a lady. People gave up the ghost with delicacy and taste inside the hospital. There was none of that crude, ugly ostentation about dying that was so common outside of the hospital. They did not blow-up in mid-air like Kraft or the dead man in Yossarian’s tent, or freeze to death in the blazing summertime the way Snowden had frozen to death after spilling his secret to Yossarian in the back of the plane. “I’m cold,” Snowden had whimpered. “I’m cold.” “There, there,” Yossarian had tried to comfort him. “There, there.” They didn’t take it on the lam weirdly inside a cloud the way Clevinger had done. They didn’t explode into blood and clotted matter. They didn’t drown or get struck by lightning, mangled by machinery or crushed in landslides. They didn’t get shot to death in hold-ups, strangled to death in rapes, stabbed to death in saloons, blugeoned to death with axes by parents or children, or die summarily by some other act of God. Nobody choked to death. People bled to death like gentlemen in an operating room or expired without comment in an oxygen tent. There was none of that tricky now-you-see-me-now-you-don’t business so much in vogue outside the hospital, none of that now-I-am-and-now-I-ain’t. There were no famines or floods. Children didn’t suffocate in cradles or iceboxes or fall under trucks. No one was beaten to death. People didn’t stick their heads into ovens with the gas on, jump in front of subway trains or come plummeting like dead weights out of hotel windows with a whoosh!, accelerating at the rate of thirty-two feet per second to land with a hideous plop! on the sidewalk and die disgustingly there in public like an alpaca sack full of hairy strawberry ice cream, bleeding, pink toes awry.

to make old things work better, to make new things possible, and to do old things in fundamentally new ways. For instance, the invention of the Uber taxi service did all three: it didn’t just create a new competitive taxi fleet; it created a fundamentally new and better way to summon a taxi, to gather data on riders’ needs and desires, to pay for a taxi, and to rate the behavior of the driver and the passenger. These sorts of transformations are now happening in every business, thanks to the energy release of the supernova.

The business motivation behind creating a partnership is to dramatically accelerate revenue at a fraction of the cost.

In general, if an organization needs to do something that uses computation, and that task is too expensive today, it probably won’t be too expensive in a couple of years.

There is nothing called ‘underprivileged’ anymore,” said Yildiz. “All you need is a working brain, some short training, and then put your idea into a fantastic business from any part of the world!

That is why, I explained to Bojia, as a columnist, “I am either in the heating business or the lighting business.” Every column or blog has to either turn on a lightbulb in your reader’s head—illuminate an issue in a way that will inspire them to look at it anew—or stoke an emotion in your reader’s heart that prompts them to feel or act more intensely or differently about an issue. The ideal column does both. But

As a small business owner, you must sell or you will go out of business. Therefore, you must prospect (it's an integral part of the process). You have to bring people to your business, not just wait for them to show up.

Few problems are less recognized, but more important than, the accelerating disappearance of the earth’s biological resources. In pushing other species to extinction, humanity is busy sawing off the limb on which it is perched.

I laughed. “No, trust me, it’s a good thing. You’re cute and funny and talented too, and any girl would be lucky to date you.” “I sense a but coming,” he said wryly. “But—” “But she’s busy,” a smooth voice interrupted. “From tonight through the foreseeable future.” I turned, my pulse accelerating when I saw Alex standing less than five feet away. His gaze zeroed in on where I was still touching Jack’s arm. I pulled away, but it was too late. I could practically taste the danger pulsing in the air. Gone was the man who’d bared his soul onstage; in his place was the ruthless CEO who wouldn’t hesitate to crush his enemies into dust. “You’re the guy who performed tonight and is always waiting for Ava outside WYP.” Jack narrowed his eyes. “Who are you again?” “Someone who will rip your entrails out and strangle you with them if you don’t take your hands off her,” Alex said in a deceptively calm voice.

these foundational business concepts mental models, and together, they create a solid framework you can rely on to make good decisions. Mental models are concepts that represent your understanding of “how things work.” Think of driving a car: what do you expect when you press down on the right-side pedal? If the car slows down, you’ll be surprised—that pedal is supposed to be the accelerator. That’s a mental model—an idea about how something works in the real world.

If a competitor can outexecute a startup once the idea is known, the startup is doomed anyway. The reason to build a new team to pursue an idea is that you believe you can accelerate through the Build-Measure-Learn feedback loop faster than anyone else can.

If your product is shaving cream, you can use the headline, “The five things you’d better know about shaving and how many different ways it affects your body.” Plus, you can include tips on how to shave, the best ways to shave, and what every kid should know when it’s time to shave. Cover topics such as the structure of various shaving creams and the impact that shaving has on your skin. You could even give the history of shaving. When did it start? How did it start? Who started it? Get this: if you offer all this advice and plug that Web site every where you’re already promoting your product, the site becomes an information source that folks are going to send other folks to in order to get this information. So information-based marketing accelerates your reach and increases word-of-mouth

Historically, noted James Manyika, one of the authors of the McKinsey report, companies kept their eyes on competitors “who looked like them, were in their sector and in their geography.” Not anymore. Google started as a search engine and is now also becoming a car company and a home energy management system. Apple is a computer manufacturer that is now the biggest music seller and is also going into the car business, but in the meantime, with Apple Pay, it’s also becoming a bank. Amazon, a retailer, came out of nowhere to steal a march on both IBM and HP in cloud computing. Ten years ago neither company would have listed Amazon as a competitor. But Amazon needed more cloud computing power to run its own business and then decided that cloud computing was a business! And now Amazon is also a Hollywood studio.

Entrepreneurs are everywhere. You don’t have to work in a garage to be in a startup. The concept of entrepreneurship includes anyone who works within my definition of a startup: a human institution designed to create new products and services under conditions of extreme uncertainty. That means entrepreneurs are everywhere and the Lean Startup approach can work in any size company, even a very large enterprise, in any sector or industry. 2. Entrepreneurship is management. A startup is an institution, not just a product, and so it requires a new kind of management specifically geared to its context of extreme uncertainty. In fact, as I will argue later, I believe “entrepreneur” should be considered a job title in all modern companies that depend on innovation for their future growth. 3. Validated learning. Startups exist not just to make stuff, make money, or even serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically by running frequent experiments that allow entrepreneurs to test each element of their vision. 4. Build-Measure-Learn. The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop. 5. Innovation accounting. To improve entrepreneurial outcomes and hold innovators accountable, we need to focus on the boring stuff: how to measure progress, how to set up milestones, and how to prioritize work. This requires a new kind of accounting designed for startups—and the people who hold them accountable.

What if you want to get across a busy intersection, but you can’t stop? What if you can’t even slow down? Because that’s where you’re at right now. Right now, humanity has to keep accelerating simply to support itself. But from left and right, massive hulks threaten to knock into you. Pandemics, climate change, bigotry, inequality, wars, water scarcity, sea level rise, and some that you do not enough to see yet. You have to dodge them, but you cannot stop, and you cannot slow down.

They [the dying in hospitals] did not blow up in mid-air like Kraft or the dead man in Yossarian's tent, or freeze to death in the blazing summertime the way Snowden had frozen to death after spilling his secret to Yossarian in the back of the plane. […] They didn't take it out on the lam weirdly inside a cloud the way Clevinger had done. They didn't explode into blood and clotted matter. They didn't drown or get struck by lightning, mangled by machinery or crushed in landslides. They didn't get shot to death in hold-ups, strangled to death in rapes, stabbed to death in saloons, bludgeoned to death with axes by parents or children, or die summarily by some other act of God. Nobody choked to death. People bled to death like gentlemen in an operating room or expired without comment in an oxygen tent. There was none of that tricky now-you-see-me-now-you-don't business so much in vogue outside the hospital, none of that now-I-am-and-now-I-ain't. There were no famines or floods. Children didn't suffocate in cradles or iceboxes or fall under trucks. No one was beaten to death. People didn't stick their heads into ovens with the gas on, jump in front of subway trains or come plummeting like dead weights out of hotel windows with a whoosh! accelerating at the rate of thirty-two feet per second to land with hideous plop! on the sidewalk and die disgustingly there in public like an alpaca sack full of hair strawberry ice cream, bleeding, pink toes awry

The Law of Accelerating Returns,” Ray Kurzweil did the math and found that we’re going to experience twenty thousand years of technological change over the next one hundred years. Essentially, we’re going from the birth of agriculture to the birth of the internet twice in the next century. This means paradigm-shifting, game-changing, nothing-is-ever-the-same-again breakthroughs—such as affordable aerial ridesharing—will not be an occasional affair. They’ll be happening all the time. It

Malls in the late forties and early fifties were risky. Suburban customers still believed in making major purchases in the central business districts of cities and towns, where they expected to find the greatest selection of merchandise and the most competitive prices. After the tax laws of 1954, this changed. Shopping mall developers were among the biggest beneficiaries of accelerated depreciation, and they most often located projects where the older strips met the new interchanges of major projects. With the new tax write-offs, over 98 percent of malls made money for their investors.

if consumer demand should increase for the goods or services of any private business, the private firm is delighted; it woos and welcomes the new business and expands its operations eagerly to fill the new orders. Government, in contrast, generally meets this situation by sourly urging or even ordering consumers to “buy” less, and allows shortages to develop, along with deterioration in the quality of its service. Thus, the increased consumer use of government streets in the cities is met by aggravated traffic congestion and by continuing denunciations and threats against people who drive their own cars. The New York City administration, for example, is continually threatening to outlaw the use of private cars in Manhattan, where congestion has been most troublesome. It is only government, of course, that would ever think of bludgeoning consumers in this way; it is only government that has the audacity to “solve” traffic congestion by forcing private cars (or trucks or taxis or whatever) off the road. According to this principle, of course, the “ideal” solution to traffic congestion is simply to outlaw all vehicles! But this sort of attitude toward the consumer is not confined to traffic on the streets. New York City, for example, has suffered periodically from a water “shortage.” Here is a situation where, for many years, the city government has had a compulsory monopoly of the supply of water to its citizens. Failing to supply enough water, and failing to price that water in such a way as to clear the market, to equate supply and demand (which private enterprise does automatically), New York’s response to water shortages has always been to blame not itself, but the consumer, whose sin has been to use “too much” water. The city administration could only react by outlawing the sprinkling of lawns, restricting use of water, and demanding that people drink less water. In this way, government transfers its own failings to the scapegoat user, who is threatened and bludgeoned instead of being served well and efficiently. There has been similar response by government to the ever-accelerating crime problem in New York City. Instead of providing efficient police protection, the city’s reaction has been to force the innocent citizen to stay out of crime-prone areas. Thus, after Central Park in Manhattan became a notorious center for muggings and other crime in the night hours, New York City’s “solution” to the problem was to impose a curfew, banning use of the park in those hours. In short, if an innocent citizen wants to stay in Central Park at night, it is he who is arrested for disobeying the curfew; it is, of course, easier to arrest him than to rid the park of crime. In short, while the long-held motto of private enterprise is that “the customer is always right,” the implicit maxim of government operation is that the customer is always to be blamed.

Family historians are history's speed freaks. Other historians usually begin their stories from a point in the past, advancing gradually forward, covering a few decades, perhaps half a century at most... Family historians, by contrast, work backwards, accelerating wildly across the generations, cutting a swathe through time, like the Grim Reaper himself. In the course of an hour's research, surfing the Web at home or scanning the records in a local Family History Centre, they watch individuals die, marry and be born in series, a dizzying sequence of families falling away and rising up, eras going and coming, wars fizzling out and flaring, cities turning back to fields. The past looks like a hectic, crowded business.

Bezos had seemingly made up his mind that he was no longer going to indulge in financial maneuvering as a way to escape the rather large hole Amazon had dug for itself, and it wasn’t just through borrowing Sinegal’s business plan. At a two-day management and board offsite later that year, Amazon invited business thinker Jim Collins to present the findings from his soon-to-be-published book Good to Great. Collins had studied the company and led a series of intense discussions at the offsite. “You’ve got to decide what you’re great at,” he told the Amazon executives. Drawing on Collins’s concept of a flywheel, or self-reinforcing loop, Bezos and his lieutenants sketched their own virtuous cycle, which they believed powered their business. It went something like this: Lower prices led to more customer visits. More customers increased the volume of sales and attracted more commission-paying third-party sellers to the site. That allowed Amazon to get more out of fixed costs like the fulfillment centers and the servers needed to run the website. This greater efficiency then enabled it to lower prices further. Feed any part of this flywheel, they reasoned, and it should accelerate the loop. Amazon executives were elated; according to several members of the S Team at the time, they felt that, after five years, they finally understood their own business. But when Warren Jenson asked Bezos if he should put the flywheel in his presentations to analysts, Bezos asked him not to. For now, he considered it the secret sauce.

The same thing, notes Brynjolfsson, happened 120 years ago, in the Second Industrial Revolution, when electrification—the supernova of its day—was introduced. Old factories did not just have to be electrified to achieve the productivity boosts; they had to be redesigned, along with all business processes. It took thirty years for one generation of managers and workers to retire and for a new generation to emerge to get the full productivity benefits of that new power source. A December 2015 study by the McKinsey Global Institute on American industry found a “considerable gap between the most digitized sectors and the rest of the economy over time and [found] that despite a massive rush of adoption, most sectors have barely closed that gap over the past decade … Because the less digitized sectors are some of the largest in terms of GDP contribution and employment, we [found] that the US economy as a whole is only reaching 18 percent of its digital potential … The United States will need to adapt its institutions and training pathways to help workers acquire relevant skills and navigate this period of transition and churn.” The supernova is a new power source, and it will take some time for society to reconfigure itself to absorb its full potential. As that happens, I believe that Brynjolfsson will be proved right and we will start to see the benefits—a broad range of new discoveries around health, learning, urban planning, transportation, innovation, and commerce—that will drive growth. That debate is for economists, though, and beyond the scope of this book, but I will be eager to see how it plays out. What is absolutely clear right now is that while the supernova may not have made our economies measurably more productive yet, it is clearly making all forms of technology, and therefore individuals, companies, ideas, machines, and groups, more powerful—more able to shape the world around them in unprecedented ways with less effort than ever before. If you want to be a maker, a starter-upper, an inventor, or an innovator, this is your time. By leveraging the supernova you can do so much more now with so little. As Tom Goodwin, senior vice president of strategy and innovation at Havas Media, observed in a March 3, 2015, essay on TechCrunch.com: “Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.

I was sixteen back then, and I was going to a party with my girlfriend and Earl. Earl was driving, and his new squeeze was in the passenger seat. I was in the back, holding hands with mine. That was such a big thing at that age, clasping the hand of someone you loved. A heady declaration, the closing of a circuit, the joining of two souls. When you get older you don't seem to do it so much. Your hands are generally busy with other things, and every relationship goes through an accelerated evolution. Everyone you meet has an apartment, and either self-confidence or a desperate lack of it: Either tends to make you rush through the hand-holding stage. Sure, you may do it later, but it's not the same. It's like eating your appetizer after your dessert. When you're a grown-up, the only time you get to trace slowly through that delicious progression is when you're having an affair, which I guess is why so many people have affairs. A trip back in time, to when everything had weight, through the medium of unfaithfulness.

He thought about his mother and what she must have thought about at night in Harlem, not looking out the window to see the few stars shining in the sky, sitting in front of the TV or washing dishes in the kitchen with laughter coming from the TV, black people and white people laughing, telling jokes that she might have thought were funny, although probably she didn’t even pay much attention to what was being said, busy washing the dishes she had just used and the pot she had just used and the fork and spoon she had just used, peaceful in a way that seemed to go beyond simple peacefulness, thought Fate, or maybe not, maybe her peacefulness was just peacefulness and a hint of weariness, peacefulness and banked embers, peacefulness and tranquillity and sleepiness, which is ultimately (sleepiness, that is) the wellspring and also the last refuge of peacefulness. But then peacefulness isn’t just peacefulness, thought Fate. Or what we think of as peacefulness is wrong and peacefulness or the realms of peacefulness are really no more than a gauge of movement, an accelerator or a brake, depending.

A good metric is a ratio or a rate. Accountants and financial analysts have several ratios they look at to understand, at a glance, the fundamental health of a company. You need some, too. There are several reasons ratios tend to be the best metrics: • Ratios are easier to act on. Think about driving a car. Distance traveled is informational. But speed—distance per hour—is something you can act on, because it tells you about your current state, and whether you need to go faster or slower to get to your destination on time. • Ratios are inherently comparative. If you compare a daily metric to the same metric over a month, you’ll see whether you’re looking at a sudden spike or a long-term trend. In a car, speed is one metric, but speed right now over average speed this hour shows you a lot about whether you’re accelerating or slowing down. • Ratios are also good for comparing factors that are somehow opposed, or for which there’s an inherent tension. In a car, this might be distance covered divided by traffic tickets. The faster you drive, the more distance you cover—but the more tickets you get. This ratio might suggest whether or not you should be breaking the speed limit.

The only word these corporations know is more,” wrote Chris Hedges, former correspondent for the Christian Science Monitor, National Public Radio, and the New York Times. They are disemboweling every last social service program funded by the taxpayers, from education to Social Security, because they want that money themselves. Let the sick die. Let the poor go hungry. Let families be tossed in the street. Let the unemployed rot. Let children in the inner city or rural wastelands learn nothing and live in misery and fear. Let the students finish school with no jobs and no prospects of jobs. Let the prison system, the largest in the industrial world, expand to swallow up all potential dissenters. Let torture continue. Let teachers, police, firefighters, postal employees and social workers join the ranks of the unemployed. Let the roads, bridges, dams, levees, power grids, rail lines, subways, bus services, schools and libraries crumble or close. Let the rising temperatures of the planet, the freak weather patterns, the hurricanes, the droughts, the flooding, the tornadoes, the melting polar ice caps, the poisoned water systems, the polluted air increase until the species dies. There are no excuses left. Either you join the revolt taking place on Wall Street and in the financial districts of other cities across the country or you stand on the wrong side of history. Either you obstruct, in the only form left to us, which is civil disobedience, the plundering by the criminal class on Wall Street and accelerated destruction of the ecosystem that sustains the human species, or become the passive enabler of a monstrous evil. Either you taste, feel and smell the intoxication of freedom and revolt or sink into the miasma of despair and apathy. Either you are a rebel or a slave. To be declared innocent in a country where the rule of law means nothing, where we have undergone a corporate coup, where the poor and working men and women are reduced to joblessness and hunger, where war, financial speculation and internal surveillance are the only real business of the state, where even habeas corpus no longer exists, where you, as a citizen, are nothing more than a commodity to corporate systems of power, one to be used and discarded, is to be complicit in this radical evil. To stand on the sidelines and say “I am innocent” is to bear the mark of Cain; it is to do nothing to reach out and help the weak, the oppressed and the suffering, to save the planet. To be innocent in times like these is to be a criminal.

Libertarianism used to have a robust left wing as well. Both disliked government. Both were driven by a fantastically nostalgic conviction that a country of three hundred million people at the turn of the twenty-first century could and should revert to something like its nineteenth-century self. Both had a familiar American magical-thinking fetish for gold—to return to gold as the foundation of U.S. currency because, they think, only gold is real. However, as the post-Reagan Republican mother ship maintained extreme and accelerating antigovernment fervor—acquiring escape velocity during the 2000s, leaving Earth orbit in the 2010s—libertarianism became a right-wing movement. (Also helpful was the fact that extreme economic libertarians included extremely rich people like the Koch brothers who could finance its spread.) Most Republicans are very selective, cherry-picking libertarians: let business do whatever it wants, but don’t spoil poor people with government handouts; let individuals have gun arsenals but not abortions or recreational drugs or marriage with whomever they wish; and don’t mention Ayn Rand’s atheism. It’s a political movement whose most widely read and influential texts are fiction. “I grew up reading Ayn Rand,” Speaker of the House Paul Ryan has said, “and it taught me quite a bit about who I am and what my value systems are, and what my beliefs are.

There’s a big difference, in other words, between having a mentor guide our practice and having a mentor guide our journey. OUR TYPICAL PARADIGM FOR mentorship is that of a young, enterprising worker sitting across from an elderly executive at an oak desk, engaging in Q& A about how to succeed at specific challenges. On the other hand, a smartcut-savvy mentee approaches things a bit differently. She develops personal relationships with her mentors, asks their advice on other aspects of life, not just the formal challenge at hand. And she cares about her mentors’ lives too. Business owner Charlie Kim, founder of Next Jump and one of my own mentors, calls this vulnerability. It’s the key, he says, to developing a deep and organic relationship that leads to journey-focused mentorship and not just a focus on practice. Both the teacher and the student must be able to open up about their fears, and that builds trust, which in turn accelerates learning. That trust opens us up to actually heeding the difficult advice we might otherwise ignore. “It drives you to do more,” Kim says. The best mentors help students to realize that the things that really matter are not the big and obvious. The more vulnerability is shown in the relationship, the more critical details become available for a student to pick up on, and assimilate. And, crucially, a mentor with whom we have that kind of relationship will be more likely to tell us “no” when we need it—and we’ll be more likely to listen.

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

Sexual Excitation System (SES). This is the accelerator of your sexual response. It receives information about sexually relevant stimuli in the environment—things you see, hear, smell, touch, taste, or imagine—and sends signals from the brain to the genitals to tell them, “Turn on!” SES is constantly scanning your context (including your own thoughts and feelings) for things that are sexually relevant. It is always at work, far below the level of consciousness. You aren’t aware that it’s there until you find yourself turned on and pursuing sexual pleasure. Sexual Inhibition System (SIS). This is your sexual brake. “Inhibition” here doesn’t mean “shyness” but rather neurological “off” signals. Research has found that there are actually two brakes, reflecting the different functions of an inhibitory system. One brake works in much the same way as the accelerator. It notices all the potential threats in the environment—everything you see, hear, smell, touch, taste, or imagine—and sends signals saying, “Turn off!” It’s like the foot brake in a car, responding to stimuli in the moment. Just as the accelerator scans the environment for turn-ons, the brake scans for anything your brain interprets as a good reason not to be aroused right now—risk of STI transmission, unwanted pregnancy, social consequences, etc. And all day long it sends a steady stream of “Turn off!” messages. This brake is responsible for preventing us from getting inappropriately aroused in the middle of a business meeting or at dinner with our family. It’s also the system that throws the Off switch if, say, in the middle of some nookie, your grandmother walks in the room. The second brake is a little different. It’s more like the hand brake in a car, a chronic, low-level “No thank you” signal. If you try to drive with the hand brake on, you might be able to get where you want to go, but it’ll take longer and use a lot more gas. Where the foot brake is associated with “fear of performance consequences,” the hand brake is associated with “fear of performance failure,” like worry about not having an orgasm.

Elvis was pretty slick. Nonetheless, I knew that he was cheating. His four-of-a-kind would beat my full house. I had two choices. I could fold my hand and lose all the money I’d contributed to the pot, or I could match Elvis’s bet and continue to play. If a gambler thought he was in an honest game, he would probably match the bet thinking his full house was a sure winner. The con artist would bet large amounts of money on the remaining cards, knowing he had a winning hand. I narrowed my eyes and pursed my lips, as if struggling to decide whether to wager five hundred pesos or fold my hand and call it quits. I knew there were five men between me and the door and watched them from the corner of my eye. Even if I folded and accepted my losses, I knew they would not let me leave without taking all my cash. They had strength in numbers and would strong arm me if they could. The men stared, intently watching my next move. I set down my beer and took five one hundred peso notes from my wallet. The men at the bar relaxed. My adrenaline surged, pumping through my brain, sharpening my focus as I prepared for action. I moved as if to place my bet on the table, but instead my hand bumped my beer bottle, spilling it onto Elvis’ lap. Elvis reacted instinctively to the cold beer, pushing back from the table and rising to his feet. I jumped up from my chair making a loud show of apologizing, and in the ensuing pandemonium I snatched all the money off the table and bolted for the door! My tactics took everyone by complete surprise. I had a small head start, but the Filipinos recovered quickly and scrambled to cut off my escape. I dashed to the door and barely made it to the exit ahead of the Filipinos. The thugs were nearly upon me when I suddenly wheeled round and kicked the nearest man square in the chest. My kick cracked ribs and launched the shocked Filipino through the air into the other men, tumbling them to the ground. For the moment, my assailants were a jumble of tangled bodies on the floor. I darted out the door and raced down the busy sidewalk, dodging pedestrians. I looked back and saw the furious Filipinos swarming out of the bar. Running full tilt, I grabbed onto the rail of a passing Jeepney and swung myself into the vehicle. The wide-eyed passengers shrunk back, trying to keep their distance from the crazy American. I yelled to the driver, “Step on the gas!” and thrust a hundred peso note into his hand. I looked back and saw all six of Johnny’s henchmen piling onto one tricycle. The jeepney driver realized we were being pursued and stomped the gas pedal to the floor. The jeepney surged into traffic and accelerated away from the tricycle. The tricycle was only designed for one driver and two passengers. With six bodies hanging on, the overloaded motorcycle was slow and unstable. The motorcycle driver held the throttle wide open and the tricycle rocked side to side, almost tipping over, as the frustrated riders yelled curses and flailed their arms futilely. My jeepney continued to speed through the city, pulling away from our pursuers. Finally, I could no longer see the tricycle behind us. When I was sure I had escaped, I thanked the driver and got off at the next stop. I hired a tricycle of my own and carefully made my way back to my neighborhood, keeping careful watch for Johnny and his friends. I knew that Johnny was in a frustrated rage. Not only had I foiled his plans, I had also made off with a thousand pesos of his cash. Even though I had great fun and came out of my escapade in good shape, my escape was risky and could’ve had a very different outcome. I feel a disclaimer is appropriate for those people who think it is fun to con street hustlers, “Kids. Don’t try this at home.

Product development has become a faster, more flexible process, where radically better products don’t stand on the shoulders of giants, but on the shoulders of lots of iterations. The basis for success then, and for continual product excellence, is speed. Unfortunately, like Jonathan’s failed gate-based product development framework, most management processes in place at companies today are designed with something else in mind. They were devised over a century ago, at a time when mistakes were expensive and only the top executives had comprehensive information, and their primary objectives are lowering risk and ensuring that decisions are made only by the few executives with lots of information. In this traditional command-and-control structure, data flows up to the executives from all over the organization, and decisions subsequently flow down. This approach is designed to slow things down, and it accomplishes the task very well. Meaning that at the very moment when businesses must permanently accelerate, their architecture is working against them.

We agree. Certainly the rate of change of nearly everything over the past few decades has accelerated greatly. The kinds of work and the nature of the problems that designers work on have shifted as a result. We find it useful to look further back than the past few decades to understand what has led up to the situation today and why this recent increase in the frequency of change is so important for what business and design do together in the future.

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Balfour Beatty The economic crisis really galvanised us as a business. I think it accelerated a lot of things that were in train anyway and gave them a real impetus. We’re more aware of the need to be more revolutionary than evolutionary. We always knew we would need to expand into emerging markets, but since the crisis we are much more definite about how to do this. We have been much clearer about finding the right people and devising the right management structure, and how joint ventures and strategic alliances should be organised. It is all very deliberate and open – it is no longer a distant plan, it is under way. Richard Gartside Eisenhardt and Brown argue that the ability to reshape a business is critical in turbulent markets. It is not the same as traditional

There were other important reasons for the growth of American individualism at the expense of community in the second half of the twentieth century besides the nature of capitalism. The first arose as an unintended consequence of a number of liberal reforms of the 1960s and 1970s. Slum clearance uprooted and destroyed many of the social networks that existed in poor neighborhoods, replacing them with an anonymous and increasingly dangerous existence in high-rise public housing units. “Good government” drives eliminated the political machines that at one time governed most large American cities. The old, ethnically based machines were often highly corrupt, but they served as a source of local empowerment and community for their clients. In subsequent years, the most important political action would take place not in the local community but at higher and higher levels of state and federal government. A second factor had to do with the expansion of the welfare state from the New Deal on, which tended to make federal, state, and local governments responsible for many social welfare functions that had previously been under the purview of civil society. The original argument for the expansion of state responsibilities to include social security, welfare, unemployment insurance, training, and the like was that the organic communities of preindustrial society that had previously provided these services were no longer capable of doing so as a result of industrialization, urbanization, decline of extended families, and related phenomena. But it proved to be the case that the growth of the welfare state accelerated the decline of those very communal institutions that it was designed to supplement. Welfare dependency in the United States is only the most prominent example: Aid to Familles with Dependent Children, the depression-era legislation that was designed to help widows and single mothers over the transition as they reestablished their lives and families, became the mechanism that permitted entire inner-city populations to raise children without the benefit of fathers. The rise of the welfare state cannot be more than a partial explanation for the decline of community, however. Many European societies have much more extensive welfare states than the United States; while nuclear families have broken down there as well, there is a much lower level of extreme social pathology. A more serious threat to community has come, it would seem, from the vast expansion in the number and scope of rights to which Americans believe they are entitled, and the “rights culture” this produces. Rights-based individualism is deeply embedded in American political theory and constitutional law. One might argue, in fact, that the fundamental tendency of American institutions is to promote an ever-increasing degree of individualism. We have seen repeatedly that communities tend to be intolerant of outsiders in proportion to their internal cohesiveness, because the very strength of the principles that bind members together exclude those that do not share them. Many of the strong communal structures in the United States at midcentury discriminated in a variety of ways: country clubs that served as networking sites for business executives did not allow Jews, blacks, or women to join; church-run schools that taught strong moral values did not permit children of other denominations to enroll; charitable organizations provided services for only certain groups of people and tried to impose intrusive rules of behavior on their clients. The exclusiveness of these communities conflicted with the principle of equal rights, and the state increasingly took the side of those excluded against these communal organizations.

SAFARI tents remain zipped, hotel pools are empty, game guides idle among lions and elephants. Tour operators across Africa are reporting the biggest drop in business in living memory. A specialist travel agency, SafariBookings.com, says a survey of 500 operators in September showed a fall in bookings of between 20% and 70%. Since then the trend has accelerated, especially in Botswana, Kenya, South Africa and Tanzania. Several American and European agents have stopped offering African tours for the time being. The reason is the outbreak of the Ebola virus in west Africa, which has killed more than 5,000 people. The epidemic is taking place far from the big safari destinations in eastern and southern Africa—as far or farther than the

Coworking spaces are created for the community and with the community in mind. It is not just a real estate business in which a physical space is rented: the role of the facilitator (or host, concierge, community leader, or any other title you want to use) is to enhance the connections and interactions of the coworkers to bring them value and to actively accelerate serendipity. It is a network, not just a place. It is not enough to put a bunch of people together in a room: you must work hard to create the right interactions that form a sense of community.

In this traditional command-and-control structure, data flows up to the executives from all over the organization, and decisions subsequently flow down. This approach is designed to slow things down, and it accomplishes the task very well. Meaning that at the very moment when businesses must permanently accelerate, their architecture is working against them.

Think about what you sell in terms of how it eases or prevents pain for your client.

Active prospecting let's people know that they matter; that you've sought them out.

When you network you develop a list of resources that you can share with others. This increases your value to those prospects and clients you deal with.

Successful selling begins with listening. Your job when you are in front of the prospect is to ask questions and then listen to the answers. Take copious notes about what they tell you; what they say and what they don't say.

Unfortunately, like Jonathan’s failed gate-based product development framework, most management processes in place at companies today are designed with something else in mind. They were devised over a century ago, at a time when mistakes were expensive and only the top executives had comprehensive information, and their primary objectives are lowering risk and ensuring that decisions are made only by the few executives with lots of information. In this traditional command-and-control structure, data flows up to the executives from all over the organization, and decisions subsequently flow down. This approach is designed to slow things down, and it accomplishes the task very well. Meaning that at the very moment when businesses must permanently accelerate, their architecture is working against them.

One reason for this debacle, according to Dan Colussy, who drove Iridium’s buyout in 2000, was the company’s refusal to update business assumptions. “The Iridium business plan was locked in place twelve years before the system became operational,” he recalls. That’s a long time, long enough that it was almost impossible to predict where the state of the art in digital communications would be by the time the satellite system was at last in place. We thus label this an Iridium Moment—using linear tools and the trends of the past to predict an accelerating future.

Simply. Accelerate your Results

change our focus so that the company was our product. The GGOB became an accelerated learning process we used to bring about a cultural and behavioral change and take down the walls that our command-and-control system had created.

Build-Measure-Learn. The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop.

The definition of an entrepreneur is someone who takes risks to earn a profit. I would take that a step further to say that an entrepreneur takes risks to realize a dream.

A famous parable recounts how a successful and wealthy investment banker tries to encourage a humble Mexican man fishing on a pier to boost his output so he can make more money, grow his business, and eventually become a millionaire. The fisherman asks, “What for?” To which the banker says, “So you can retire, relax, and just fish”—which

Had R. H. Macy assumed he was not made for business after the first five stores he created failed, he would never have founded the wildly successful Macy’s stores.

CEOs believe that the most important skill needed to navigate today’s complex business world is creativity.

Jewish intellectual prominence is striking. As we have said, Ashkenazi Jews are vastly overrepresented in science. Their numbers among prominent scientists are roughly ten times greater than you’d expect from their share of the population in the United States and Europe. Over the past two generations they have won more than a quarter of all Nobel science prizes, although they make up less than one-six-hundredth of the world’s population. Although they represent less than 3 percent of the U.S. population, they won 27 percent of the U.S. Nobel Prizes in science during that period3 and 25 percent of the A. M. Turing Awards (given annually by the Association for Computing Machinery).4 Ashkenazi Jews account for half of twentieth-century world chess champions. American Jews are also overrepresented in other areas, such as business (where they account for about a fifth of CEOs5) and academia (where they make up about 22 percent of Ivy League students6). Although

Instead of developing a business plan, find ways to accelerate your learning and validate customers demand. The best way to do this is to build a prototype (with minimal features) and sell it to some early adopters. Then change the product repeatedly – daily if necessary – and keep supplying your customers with the new and improved versions. Listen to their feedback and use those ideas to make a better version and then get more feedback on that. Keep iterating until you get a fully featured product which your customers love.

In the next few years, those who are first and best in achieving digital trust will become the new superhighways for a unified, single economy firing across a globally connected world. Using the resources and strategies delivered in this book, you can catch up with those who already have figured it out, and then accelerate past them. The first step is to acquire a new way of thinking about trust itself.

the ability to move from idea and invention to technologies and innovation and finally into the marketplace. This is not something that necessarily happens fast—energy is not software. After all, the lithium battery was invented in the middle 1970s but took more than three decades before beginning to power cars on the road. The modern solar photovoltaics and wind industries began in the early 1970s but did not begin to attain scale until after 2010. Yet the pace of innovation is accelerating, as is the focus, owing in part to the climate agenda and government support, in part to decisions by investors, in the part to the collaboration of different kinds of companies and innovators, and in part to the convergence of technologies and capabilities—from digital to new materials to artificial intelligence and machine learning to business models and more.

If the key to inclusion means seeing someone for who they are even if they come in a color or gender that you’re not used to, then it follows that hiring people on the basis of color or gender will actually defeat your inclusion program. You won’t see the person, you will just see the package. This seems obvious enough, but it’s actually trickier to understand than it would seem, because if you are hiring your own race or gender then you can see them just fine. If a woman hires a woman, there will probably be no problem later. If a man does it, then he runs a strong chance that he’ll only see that she’s a woman and not who she really is. Because most advisors on inclusion come from the groups being included, they often miss this point. And this is why hiring women and minorities into senior positions usually accelerates your inclusion efforts.

Albert Einstein was once asked this question: “If you only had an hour to solve a problem and your life depended upon getting the correct answer, how would you spend your time?” Einstein replied: “I’d spend the first fifty-five minutes making sure I was answering the right question.” It is a wonderful response. Why? Because in today’s accelerating world, future business leaders must spend more time making sure they are asking—and answering—the right question.

The world of tomorrow will not be created out of thin air either. It will come from the convergence of a wide variety of accelerating technologies.

For a well-defined, standard, and stable process involving hand-offs between people and systems, it is preferable to use a smart workflow platform. Such platforms offer pre-developed modules. These are ready-to-use automation programs customized by industry and by business function (e.g., onboarding of clients in retail banking). In addition, they are modular. For example, a module might include a form for client data collection, and another module might support an approval workflow. In addition, these modules can be linked to external systems and databases using connectors, such as application programming interfaces (APIs), which enable resilient data connectivity. Hence, with smart workflows, there is no need to develop bespoke internal and external data bridges. This integration creates a system with high resiliency and integrity. In addition, the standardization by industry and function of these platforms, combined with the low-code functionality, helps to accelerate the implementation.

We decided that while we would not be able to give a founder CEO all the skills she needed, we would be able to provide the kind of mentorship that would accelerate the learning process. As a result, we decided that all of our general partners would need to be effective mentors for a founder striving to be a CEO.

Understand that you no longer sell products or solutions. You sell outcomes in the form of performance acceleration and improved business outcomes.

We were at 0G in 1940, when the first telephone networks began to roll out. This was the deceptive phase. It took forty years to crawl our way to 1G, which showed up via the first mobile phones in the 1980s, marking the transition from deceptive to disruptive. By the 90s, around the time the internet emerged, 2G came along for the ride. But the ride didn’t last long. A decade later, 3G ushered in a new era of acceleration as bandwidth costs began to plummet—at a staggeringly consistent 35 percent per year. Smartphones, mobile banking, and e-commerce unleashed 4G networks in 2010. But starting in 2019, 5G will begin to hotwire the whole deal, delivering speeds a hundred times faster at near-zero prices.

Where did you take your certification exam?” doesn’t allow for the possibility that they didn’t take a certification exam. Multiple questions in one. Questions should only ask one thing. For example, “Are you notified of failures by your customers and the NOC?” doesn’t tell you which part of the question your respondent was answering for. Customers? the NOC? Both? Or if no, neither? Unclear language. Survey questions should use language that your respondents are familiar with, and should clarify and provide examples when necessary. A potential weakness of many survey questions used in business is that only a single question is used to collect data.

Nike: “To bring inspiration and innovation to every athlete* in the world.” *If you have a body, you are an athlete. Unilever: “Make sustainable living commonplace.” Tesla: “To accelerate the world’s transition to sustainable transport.” Whole Foods: “To nourish people and the planet.” Zappos: “Delivering Happiness.” ING Financial Group: “Empowering people to stay a step ahead in life and in business.” U.S. Humane Society: “Celebrating animals, confronting cruelty.” NPR: “To create a more informed public—one challenged and invigorated by a deeper understanding and appreciation of events, ideas and cultures.” TED: “Spread Ideas.

Accelerated Mobile Pages, or AMP.

quality or qualities that would be necessary for business success in the twenty-first century. It finally concluded that the most important quality required for success would be "flexibility.” It would be the ability to rapidly react and respond to the accelerating rate of change in all areas. The development of this attitude of flexibility, accepting that "the answers have changed,” would give an individual or organization a tremendous advantage over more rigid and inflexible competitors.

what was state of the art three years ago is just not good enough for today’s business environment.

An MVP is a prototype of a product with just enough features to enable validated learning about the product and its business model.

Many will jump to the importance of networking, but I have found that while doing more networking without putting in the effort to make sure you’re doing it right can make you very busy, with no guaranteed momentum.

Until recently, a mindless cult of acceleration led by numerous business “gurus” in the United States urged companies to “Be first! Be agile! Shoot now, aim later!” This simplistic advice led to the launch of many low-quality, poorly tested products; angry customers; unhappy investors; a loss of strategic focus; and a high turnover of CEOs. It ignored the problems of synchronization and de-synchronization. It was a superficial way of dealing with the deep fundamental of time.

Here’s a short list of things that strong strategic thinkers do habitually. → Systems thinking: Construct—and constantly tinker with—mental models about how their business works to solve problems and spot new opportunities. → Scanning and pattern recognition: Perpetually scan for new data points and insights from a wide range of sources—including those beyond their industry. → Challenge own assumptions: Invite other people to challenge their thinking as well as their underlying thought processes. → Balance future and present orientation: Consider the future and the present needs of their business at the same time, without conflict.

The only constant is change, and the pace of change is accelerating

Bezos had absorbed the lessons of the business bible Good to Great, whose author, Jim Collins, counseled companies to acquire other firms only when they had fully mastered their virtuous circles, and then “as an accelerator of flywheel momentum, not a creator of it.

once a technology becomes digital—that is, once it can be programmed in the ones and zeroes of computer code—it hops on the back of Moore’s Law and begins accelerating exponentially.

Nothing accelerates technological development like money. More bucks, more Buck Rogers. More cash means more people experimenting, failing, and, eventually, driving breakthroughs. And this brings us to our next force: an unprecedented rise in the availability of capital.

The decision process in large public or private organizations is often driven by strategic goals or value of investments to its stakeholders while making the organization stronger and sustainable.

Improve internal processes, thereby reducing costs and increasing competitiveness. Streamline the delivery of existing solutions within an existing business model to reduce costs or improve customer service. Transform a business completely, resulting in new products and business models.

It took me a couple of years after I woke up in that cold sweat to figure out what flag I was going to plant, and then how to do something with it. Using the process in Step 1, I found the things that I wanted to be known for and the work that I was passionate about. And then I started telling my story all the time to anyone who would actually listen. For me, this story was around Lean UX because of who I was at the time. I created a pitch based on design for designers, by designers, to change the way that they were working. And I honed that voice and that tone and that dialogue by telling the story over and over and over again using blog posts and articles and eventually in-person talks. The first talk I ever gave as a part of my new professional trajectory was on August 12, 2010. I told the story about how we solved the problem of integrating UX into Agile at TheLadders. And then the timeline started to accelerate from there. A month later, on September 24, I gave my first talk about Lean UX and it was in Paris. I was communicating about this topic publicly, and people were saying, “Hey, come give us a talk about it.” And I was writing about the topic in any publication that would actually listen to this kind of thing. I kept speaking and writing and making presentations, and as I got my ideas out into the world and put them into play in any way I could, on March 7, 2011, I finally hit the jackpot. This was three years after I had my 35th-birthday epiphany and the pressure was on—I knew I had just two years left before I was going to become obsolete, an also-ran. I hit the jackpot when I managed to get an article published in Smashing magazine. At the time, Smashing had a million readers online, and so the scale of my conversation was growing and growing because I was becoming known as the guy who had some answers to this question. That was a massive break for me because the article provided me with a global audience for the first time. Obviously, anything you publish on the internet is global and distributed, but the bottom line is that, if the platform you choose or that chooses you has a built-in audience, you stand a much bigger chance. Smashing magazine had an audience. The article, titled “Lean UX: Getting Out of the Deliverables Business” became very successful, and that’s where I planted my flag—providing solutions to the Agile and design problem with a real-world tested solution nicely packaged and labeled as Lean UX.

Hoping to overcome their habitual incrementalism, many companies have set up purpose-built innovation “incubators” and “accelerators.” By one estimate, there are now 580 idea labs around the world, up from 300 just two years ago. Despite their popularity, there’s little evidence these creative outposts deliver significant returns. A few creative souls living large in their accelerator digs are no substitute for a deeply embedded capacity to continually reinvent the core business.

When the Web emerged, companies, led by Yahoo, started to organize it for consumers. Yahoo began as a directory of directories. Anytime someone put up a new website, Yahoo would add it to its directory, and then it started breaking websites down into groups—finance, news, sports, business, entertainment, et cetera. “And then search came along,” said Cutting, “and Web search engines, like AltaVista, started cropping up.

Paul Graham is the founder of Y Combinator, one of the most successful and sought-after startup accelerators in the tech world. Graham has invested in several blockbuster companies, including AirBNB and Dropbox, both of which are valued in the billions at the time of this writing. After investing in hundreds of companies and considering thousands more, Paul Graham has perfected the art of identifying promising startups. His methods may surprise you. In an interview, Graham highlighted two key strategies: Favoring people over product Favoring determination over intelligence What’s most essential for a successful startup? Graham: The founders. We’ve learned in the six years of doing Y Combinator to look at the founders—not the business ideas—because the earlier you invest, the more you’re investing in the people. When Bill Gates was starting Microsoft, the idea that he had then involved a small-time microcomputer called the Altair. That didn’t seem very promising, so you had to see that this 19-year-old kid was going places. What do you look for? Graham: Determination. When we started, we thought we were looking for smart people, but it turned out that intelligence was not as important as we expected. If you imagine someone with 100 percent determination and 100 percent intelligence, you can discard a lot of intelligence before they stop succeeding. But if you start discarding determination, you very quickly get an ineffectual and perpetual grad student.[74] Your intelligence doesn’t matter as much as you think it does. If you’re reading this book, you’re probably more than capable. Your ideas don’t matter much, either. What matters most—by far, is your perseverance. Stop worrying about your mental aptitude. Stop worrying about the viability of the project you’re considering. Stop worrying about all the other big decisions keeping you up at night. Instead, focus on relentlessly grinding away at your passion until something incredible happens. Your potential output is governed by your mindset, not your mind itself.

In his sobering book Sabbath, the minister and author Wayne Muller observes how often people say to him, “I am so busy.” “We say this to one another with no small degree of pride,” Muller writes, “as if our exhaustion were a trophy, our ability to withstand stress a mark of real character … To be unavailable to our friends and family, to be unable to find time for the sunset (or even to know when the sun has set at all), to whiz through our obligations without time for a single, mindful breath, this has become a model of a successful life.

When you are a reporter, your focus is on digging up facts to explain the visible and the complex and to unearth and expose the impenetrable and the hidden—wherever that takes you. You are there to inform, without fear or favor. Straight news often has enormous influence, but it’s always in direct proportion to how much it informs, exposes, and explains. Opinion writing is different. When you are a columnist, or a blogger in Bojia’s case, your purpose is to influence or provoke a reaction and not just to inform—to argue for a certain perspective so compellingly that you persuade your readers to think or feel differently or more strongly or afresh about an issue. That is why, I explained to Bojia, as a columnist, “I am either in the heating business or the lighting business.” Every column or blog has to either turn on a lightbulb in your reader’s head—illuminate an issue in a way that will inspire them to look at it anew—or stoke an emotion in your reader’s heart that prompts them to feel or act more intensely or differently about an issue. The ideal column does both.

It happened in 2006 when the company’s COO and soon-to-be CEO, Randall Stephenson, quietly struck a deal with Steve Jobs for AT&T to be the exclusive service provider in the United States for this new thing called the iPhone. Stephenson knew that this deal would stretch the capacity of AT&T’s networks, but he didn’t know the half of it. The iPhone came on so fast, and the need for capacity exploded so massively with the apps revolution, that AT&T found itself facing a monumental challenge. It had to enlarge its capacity, practically overnight, using the same basic line and wireless infrastructure it had in place. Otherwise, everyone who bought an iPhone was going to start experiencing dropped calls. AT&T’s reputation was on the line—and Jobs would not have been a happy camper if his beautiful phone kept dropping calls. To handle the problem, Stephenson turned to his chief of strategy, John Donovan, and Donovan enlisted Krish Prabhu, now president of AT&T Labs. Donovan picks up the story: “It’s 2006, and Apple is negotiating the service contracts for the iPhone. No one had even seen one. We decided to bet on Steve Jobs. When the phone first came out [in 2007] it had only Apple apps, and it was on a 2G network. So it had a very small straw, but it worked because people only wanted to do a few apps that came with the phone.” But then Jobs decided to open up the iPhone, as the venture capitalist John Doerr had suggested, to app developers everywhere. Hello, AT&T! Can you hear me now? “In 2008 and 2009, as the app store came on stream, the demand for data and voice just exploded—and we had the exclusive contract” to provide the bandwidth, said Donovan, “and no one anticipated the scale. Demand exploded a hundred thousand percent [over the next several years]. Imagine the Bay Bridge getting a hundred thousand percent more traffic. So we had a problem. We had a small straw that went from feeding a mouse to feeding an elephant and from a novelty device to a necessity” for everyone on the planet. Stephenson insisted AT&T offer unlimited data, text, and voice. The Europeans went the other way with more restrictive offerings. Bad move. They were left as roadkill by the stampede for unlimited data, text, and voice. Stephenson was right, but AT&T just had one problem—how to deliver on that promise of unlimited capacity without vastly expanding its infrastructure overnight, which was physically impossible. “Randall’s view was ‘never get in the way of demand,’” said Donovan. Accept it, embrace it, but figure out how to satisfy it fast before the brand gets killed by dropped calls. No one in the public knew this was going on, but it was a bet-the-business moment for AT&T, and Jobs was watching every step from Apple headquarters.

I asked him what he did. He said his name was John Lord and that he was in the software business. “What kind of software?” I asked. He said that his company’s goal was to make “lawyers obsolete” wherever possible by creating software applications that enable individuals to do more and more legal work without the aid of an attorney. Indeed, Neota Logic, his company, says that its goal is to massively improve access to advice and justice for “the 40+% of Americans who can’t afford an attorney when they need one”—in order to produce wills and basic legal documents and even to handle crucial life events such as home foreclosure, domestic abuse, or child protection. Neota Logic is part of a new strain of software called “expert systems” that aims to identify a large chunk of business that clients need, and that lawyers charge for, but that actually can be done by software: think TurboTax for the legal profession. The company’s website quoted one commentator complaining that Neota Logic’s technology cannot “read between the lines … [or] hold hands and wipe away tears.” To which Neota Logic responded: “You will surely see a press release when we can.” Lord later explained to me that “I have always had a special respect for trial lawyers and hope it will be a long time before algorithms replace them and juries.” Alas, he added, that is “not beyond the realm of possibility of course, but not yet Neota’s mission.” Suddenly I was glad my daughters were not planning to be lawyers.

When you press the pause button on a machine, it stops. But when you press the pause button on human beings they start,” argues my friend and teacher Dov Seidman, CEO of LRN, which advises global businesses on ethics and leadership. “You start to reflect, you start to rethink your assumptions, you start to reimagine what is possible and, most importantly, you start to reconnect with your most deeply held beliefs. Once you’ve done that, you can begin to reimagine a better path.” But

In my two memos to Bojia I explained that there is no set formula for writing a column, no class you attend, and that everyone does it differently to some degree. But there were some general guidelines I could offer. When you are a reporter, your focus is on digging up facts to explain the visible and the complex and to unearth and expose the impenetrable and the hidden—wherever that takes you. You are there to inform, without fear or favor. Straight news often has enormous influence, but it’s always in direct proportion to how much it informs, exposes, and explains. Opinion writing is different. When you are a columnist, or a blogger in Bojia’s case, your purpose is to influence or provoke a reaction and not just to inform—to argue for a certain perspective so compellingly that you persuade your readers to think or feel differently or more strongly or afresh about an issue. That is why, I explained to Bojia, as a columnist, “I am either in the heating business or the lighting business.” Every column or blog has to either turn on a lightbulb in your reader’s head—illuminate an issue in a way that will inspire them to look at it anew—or stoke an emotion in your reader’s heart that prompts them to feel or act more intensely or differently about an issue. The ideal column does both. But how do you go about generating heat or light? Where do opinions come from? I am sure every opinion writer would offer a different answer. My short one is that a column idea can spring from anywhere: a newspaper headline that strikes you as odd, a simple gesture by a stranger, the moving speech of a leader, the naïve question of a child, the cruelty of a school shooter, the wrenching tale of a refugee.

It is the equivalent of a “phase change” in chemistry from a solid to a liquid. What is the feature of something solid? It is full of friction. What is the feature of a liquid? It feels friction-free. When you simultaneously take the friction and complexity out of more and more things and provide interactive one-touch solutions, all kinds of human-to-human and business-to-consumer and business-to-business interactions move from solids to liquids, from slow to fast, from their complexity being a burden and full of friction to their complexity becoming invisible and frictionless. And so whatever you want to move, compute, analyze, or communicate can be done with less effort. As

Naval’s Laws The below is Naval’s response to the question “Are there any quotes you live by or think of often?” These are gold. Take the time necessary to digest them. “These aren’t all quotes from others. Many are maxims that I’ve carved for myself.” Be present above all else. Desire is suffering (Buddha). Anger is a hot coal that you hold in your hand while waiting to throw it at someone else (Buddhist saying). If you can’t see yourself working with someone for life, don’t work with them for a day. Reading (learning) is the ultimate meta-skill and can be traded for anything else. All the real benefits in life come from compound interest. Earn with your mind, not your time. 99% of all effort is wasted. Total honesty at all times. It’s almost always possible to be honest and positive. Praise specifically, criticize generally (Warren Buffett). Truth is that which has predictive power. Watch every thought. (Always ask, “Why am I having this thought?”) All greatness comes from suffering. Love is given, not received. Enlightenment is the space between your thoughts (Eckhart Tolle). Mathematics is the language of nature. Every moment has to be complete in and of itself. A Few of Naval’s Tweets that are Too Good to Leave Out “What you choose to work on, and who you choose to work with, are far more important than how hard you work.” “Free education is abundant, all over the Internet. It’s the desire to learn that’s scarce.” “If you eat, invest, and think according to what the ‘news’ advocates, you’ll end up nutritionally, financially, and morally bankrupt.” “We waste our time with short-term thinking and busywork. Warren Buffett spends a year deciding and a day acting. That act lasts decades.” “The guns aren’t new. The violence isn’t new. The connected cameras are new, and that changes everything.” “You get paid for being right first, and to be first, you can’t wait for consensus.” “My one repeated learning in life: ‘There are no adults.’ Everyone’s making it up as they go along. Figure it out yourself, and do it.” “A busy mind accelerates the passage of subjective time.