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Little Bets by Peter Sims

Key Takeaways

  1. Most successful entrepreneurs do not begin with a brilliant idea, they discover them (Google, Amazon)

  2. The experimental, iterative, little bets framework allows you to approach problems in a non-linear and creative fashion

  3. When we can’t know the consequences, little bets can give you valuable insight with little risk

  4. Successful people tend to think of learning as most people think of failure

  5. Entrepreneurs don’t try to avoid errors or surprises; they seek to learn from them.

  6. The most successful teams are analytic, rigorous and pragmatic but do not follow a formula that can be followed

  7. The little bets approach focuses more on how much you can lose rather than what your upside is

  8. Great successes welcome failure as they learn from them and persevere through many failures because know they will learn a lot, especially when first formulating ideas. Of course, failing not the key but rather systematically learning from the failures

  9. Growth mindset over fixed vital (if work hard can learn and improve). Pixar an ideal example as they are afraid of complacency, extremely open and always looking to learn

  10. “Healthy insecurity” a common feeling for secure and successful people

  11. Perfectionism can be healthy or unhealthy depending on if you’re seeking excellence for self or for others’ approval

  12. Prototyping, getting something out no matter how bad you think it is, is a great learning opportunity

  13. Working with constraints often very helpful and often begins by breaking a large project down into small and manageable pieces

  14. Asking the right questions, the most important thing today. Must go deep, wide and be focused to discover what the right questions are

  15. Creativity is simply connecting things

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