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- FASTer - Issue #167
FASTer - Issue #167
High Standards: A window to your subconsciousness ?
I love asking people what they have unreasonably high standards for. The answers are always very revealing. And if they don’t have an answer—well, that’s also revealing.
So, what do you have “unreasonably”high standards for?
— Tamara Winter (@_TamaraWinter)
2:37 PM • Jul 16, 2024
When it comes to what I have "unreasonably" high standards for, I'd say it's my mental headspace and emotional well-being. I've come to realize that at some level, you are your standards—you become what you tolerate.
Therefore, I try my best to only give headspace to things within my control. For those that are not within my control and whose outcomes I can't change, I make a conscious effort not to let them impact my mood and health negatively.
For instance, if I encounter situations or people that bring unnecessary stress or negativity into my life, I set clear boundaries. This doesn't mean I avoid challenges or difficult conversations, but rather I choose where to invest my energy and attention. By doing so, I've found that I'm more productive, happier, and more at peace with myself.
Focusing on what I can control has allowed me to maintain a sense of balance and resilience, no matter the external circumstances. It’s a practice that has profoundly improved my overall well-being and has become a cornerstone of my personal philosophy.
Some of the answers in this tweet thread are about, conciseness, attention to detail, books, being the Steve Jobs of dish washer loading. What is your take?
Outcomes
The 10…For your 20s, 30s, 40s.
Here are ten outcomes to plan and hope for in each decade of your life to lead a more fulfilling life:
In Your 20s:
Education and Learning: Complete higher education or vocational training to build a strong foundation for your career.
Career Development: Gain relevant work experience, build professional networks, and establish yourself in your chosen field.
Financial Literacy: Learn about budgeting, saving, and investing to build a strong financial base.
Health and Fitness: Establish a healthy lifestyle with regular exercise and a balanced diet.
Personal Relationships: Build meaningful relationships and expand your social circle.
Independence: Move out of your parents' house, live independently, and manage your own household.
Travel and Exploration: Travel to different places to broaden your perspective and experiences.
Passion Projects: Pursue hobbies and interests that bring you joy and fulfillment.
Self-Discovery: Take time to understand yourself, your values, and your long-term goals.
Community Involvement: Get involved in community service or volunteer work to give back to society.
In Your 30s:
Career Advancement: Aim for promotions, leadership roles, or even starting your own business.
Financial Stability: Work towards financial goals like buying a home, investing for the future, and building a retirement fund.
Work-Life Balance: Strive for a balance between your professional and personal life to avoid burnout.
Family Life: If desired, consider starting or expanding your family.
Continued Learning: Pursue further education, certifications, or skills training to stay relevant in your field.
Health Maintenance: Continue to prioritize physical and mental health, including regular check-ups and stress management.
Long-Term Relationships: Strengthen and deepen relationships with family, friends, and partners.
Community Leadership: Take on leadership roles in your community or professional organizations.
Travel and Cultural Experiences: Continue exploring new cultures and experiences.
Legacy Building: Start thinking about the impact you want to have and the legacy you want to leave.
In Your 40s:
Career Mastery: Achieve expertise and recognition in your field, mentoring others and sharing your knowledge.
Financial Security: Ensure a solid financial foundation with diversified investments and a clear retirement plan.
Health Vigilance: Pay close attention to health, including preventive care and maintaining a healthy lifestyle.
Family Support: Support your children’s growth and development and care for aging parents.
Personal Growth: Pursue personal growth opportunities, such as new hobbies, learning new skills, or travel.
Giving Back: Increase your involvement in philanthropic activities and giving back to the community.
Relationship Building: Nurture and sustain deep, meaningful relationships with friends and family.
Work-Life Integration: Achieve a harmonious integration of work and personal life that supports overall well-being.
Mindfulness and Reflection: Practice mindfulness, reflection, and gratitude to appreciate life’s journey.
Legacy Planning: Make plans for your legacy, including estate planning, writing memoirs, or setting up trusts. Sharing is the best way forward.
One New Thing (That you should know)
In 2018, Samsung had a historic "Fat-Finger" error where it accidentally gave every employee $9 million worth of shares in the company. The total amount distributed was $100billion more than 30x their market cap. Within 37minutes, 16 employees sold and the stock tanked 11%. Even the mighty stumble. We are all human, we all make mistakes, do not beat your self down on them. Take lessons and put process and controls in place.
Boring Stuff That Scales
You do not have to be a rocket scientist or an inventor of ground breaking technology to build commercial success. I have always been amazed by a story from the 70s about one mans ingenuity to becoming a millionaire.
One of the most bizarre ideas that made someone a millionaire is the story of the "Pet Rock." In the 1970s, Gary Dahl, an advertising executive, came up with the idea of selling ordinary rocks as pets. He marketed them as the perfect pets because they didn’t need to be fed, walked, bathed, or groomed. They wouldn’t die, become sick, or disobey.
How It Worked:
Packaging: Each Pet Rock was sold in a custom cardboard box complete with air holes and a straw nest, mimicking the packaging of a real pet.
Instruction Manual: The Pet Rock came with a humorous instruction manual on how to care for the rock, which included tips on how to make it roll over or sit.
Marketing: Dahl marketed the Pet Rock as a novelty gift, capitalizing on the absurdity of the idea.
The Success:
Timing: Launched in 1975, the Pet Rock was a fad that took off, especially during the holiday season.
Cost and Price: The rocks themselves were bought for pennies, and each Pet Rock was sold for $3.95, resulting in a huge profit margin.
Popularity: In just six months, Dahl sold over 1.5 million Pet Rocks, making him a millionaire.
Why It Worked:
Novelty: The absurdity and novelty of the idea captured the public’s imagination.
Humor: The humorous marketing and presentation appealed to people’s sense of fun and irony.
Gift Idea: It became a popular gag gift, especially during the holiday season.
Despite its short-lived popularity, the Pet Rock remains a legendary example of how a bizarre and seemingly pointless idea can turn into a profitable business. So what is your next move?
What You Should Be Watching
In recent years, the concept of work has undergone a radical transformation. The traditional 9-to-5 office job is no longer the default path for many young adults and entrepreneurs. Instead, a growing trend towards global mobility and remote work is reshaping how we work, why we work, and where we work from.
The Digital Nomad Movement
Digital nomadism is gaining traction as technology enables people to work from anywhere in the world. With reliable internet access and a laptop, professionals can now perform their duties from a beach in Bali, a café in Paris, or a cabin in the Rockies. This lifestyle offers a unique blend of work and travel, allowing individuals to explore new cultures while maintaining their careers.
Flexibility and Freedom
One of the primary draws of the nomadic lifestyle is the flexibility it offers. No longer tied to a single location, remote workers can choose environments that enhance their productivity and well-being. This freedom allows for a more balanced approach to work and life, where personal interests and professional obligations can coexist harmoniously.
Shaping Our Lives
The shift to remote work is also changing our motivations and approaches to work. Many are now prioritizing experiences and personal fulfillment over traditional markers of success. This trend encourages a more holistic view of life, where work is seen as a means to live more fully rather than the sole focus.
Tools and Technologies
Advancements in communication and collaboration tools have made remote work more accessible and efficient. Platforms like Zoom, Slack, and Trello enable seamless collaboration across time zones, making it possible to maintain team cohesion and productivity, even when members are scattered around the globe.
Challenges and Considerations
While the nomadic lifestyle offers numerous benefits, it also comes with challenges. Managing work-life balance can be difficult when there are no clear boundaries between the two. Additionally, legal and tax implications of working from different countries can be complex. It's essential for aspiring digital nomads to research and plan carefully to navigate these issues successfully.
The Future of Work
As more companies embrace remote work policies and the gig economy continues to grow, the trend towards global mobility is likely to accelerate. This shift presents an opportunity to rethink how we define success and fulfillment in our professional lives. By embracing flexibility and prioritizing personal well-being, young adults and entrepreneurs can create a work-life balance that allows them to be fully present in both their careers and personal lives.
The Opportunity
Build from any where for any one. We are in a profound time in our lives where we have the ability to monetize our skills from any where. The key imperative to have a skill to monetize. Whilst the first step is the hardest, the successive ones become easier once you understand the opportunity, your own constraints and start investing the time and resources to capitalize on this. The future of work can be the future you can align your self with to be successful and monetize your outcomes.
Monetize your time
Whilst we always talk about scale and scaled outcomes in relation to monetizing our time. We must talk about cool ideas that don’t scale. Some times that is ok too, to build your first success, then try to work on others and on scaled outcomes. Tasting success is key to believing in your outcomes. Taste it, then scale it. Here is an idea that got me thinking more about it, this week.
Behind every cool product idea is a cool business idea.
"Real" pools here in Dallas literally cost $120k.
There's a market for cheap, farmhouse-style stuff like this for $2k - $5k.
Materials cost under $1k. One pic in a local mom FB Group & you'd have 5 orders. Get after it!
— Chris Koerner (@mhp_guy)
9:02 PM • Jul 21, 2024
One Last Thing
Don’t bet the house on AI Just yet…not together at least.
So far, humans and AI complete the average task better when they aren’t working together, per an MIT analysis of 74 experiments in which humans and AI perform tasks separately and collaboratively.
If you take one insights today to build a transformative outcome. Let it be this.
Bonus! Thought of the week
Harnessing Traditional vs Non-Traditional Markets based on data
200 million+: YouTube views on the 90-second trailer for "Grand Theft Auto VI," slated for release in 2025. For context, consider this: a trailer for Barbie, 2023’s biggest blockbuster, garnered only 85 million views. And here's another eye-opener: In 2023, Americans spent over $57 billion on video games, compared to $6.43 for every dollar spent at the movie theater.
So, if you were building something today, where would you build it? How would you build it? Who would you build it for?
Data is everywhere, but insights are what will set you apart. As an entrepreneur, when you set out to solve problems, it’s crucial to consider the directionality of data. Track data meticulously before making decisions. Understanding trends and consumer behavior will guide you to create solutions that not only address current demands but also anticipate future needs.
1. The Power of Small Data
While big data often grabs headlines, small data can be equally powerful. Small data consists of specific, highly relevant data points that provide actionable insights. By focusing on small, targeted datasets, you can uncover niche opportunities and tailor your solutions more precisely to meet the needs of your audience.
2. How to Look for Insights
Finding insights involves more than just collecting data. It's about asking the right questions and analyzing the data with a critical eye. Look for patterns, anomalies, and trends that can inform your strategy. Use qualitative data like customer feedback and interviews in conjunction with quantitative data to get a fuller picture.
3. How to Use Insights
Once you have your insights, it's time to put them into action. Use them to refine your product or service, improve customer experience, and guide your marketing strategies. Insights can help you identify what your customers truly want, enabling you to innovate and stay ahead of the competition. Always be ready to adapt based on what the data reveals, ensuring your solutions remain relevant and effective.
Embrace the power of data, both big and small, to guide your entrepreneurial journey and drive success.