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Little Bets by Peter Sims

Key Takeaways

  1. Chris Rock has become insanely successful by not being afraid to take thousands of little bets with little to no consequence and learning from them. Slowly but surely refining his routine

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

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

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

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

  6. Entrepreneurs don’t try to avoid errors or surprises, they seek to learn from them. Uses the cook vs. chef analogy that the last Wait but Why? article used

  7. Stanford’s design school (D school) focuses on creative thinking which arrives at a solution via tinkering versus having a goal and specific steps to reach it

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

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

  10. 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

  11. 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

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

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

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

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