Here is your weekly dose of WYODC Times, a list of what I’m pondering and exploring. Please feel free to forward this along to friends.
Catch Kenneth in:
What I’m Watching:
I’m currently watching Physical 100.
It’s a Korean game show that has an extreme fitness theme. (Think Squid Game, but the challenges are all tough physical tests.)
I’m watching this series to motivate myself to get back into shape.
After all, there’s no better inspiration than watching a dozen athletes fight in the arena to see who has better fitness.
This series is also one of the most-watched game shows- you should also check it out.
What I’m Reading:
Recently, I’ve been reading Naval Ravikant’s book.
A big part of what I do is to teach people how to build wealth (through WYODC Principles).
Naval is one of the most trending thought leaders on Twitter on the topic of Wealth-Building & Wealth-Creation.
His tweets were so popular that they’ve been compiled into a book.
While I teach Wealth-Building from a lens of growth marketing, Naval distills his wisdom from the lens of technopreneurship and venture capital.
It’s fascinating to learn the similarities and differences between both of us.
One of the things I’m trying to better understand is the rising implication of technology in our world.
As AI and Analytics increasingly take over our world, I need to learn and strategize to stay ahead of the threats and changes.
This is where this book becomes incredibly handy.
It makes a fine addition to my Franken-Mind Library.
What I’m Thinking:
Earlier this week, I was doing a Keynote titled “What I Learned in 14 Years of Business.”
You can watch the full video of the Keynote in the link above, but here’s a summary of what I’ve shared.
In my 14 years of experience as an entrepreneur, I’ve witnessed the differences between businesses that succeed and businesses that get rekt…
Here are the 4 major differences.
- Superiority in Mastery.
- Superiority in Networks
- Superiority in Capital
- Superiority in Luck.
Now, if you were to look at the data, research has shown that most startup founders fail in their 20s and 30s.
Rather, the age range of founders who see the highest probabilities of success is those who are in their 40s and 50s.
That’s right – your Bill Gates, Mark Zuckerberg, and Elon Musk… they’re all one-trick ponies.
Given that they are incredibly talented, they also had more connections and capital than the average Joe.
And, of course, they’re incredibly lucky.
However, if you were to compare them with the average twenty-five year old, most fresh graduates might only have one out of the four if they have any at all.
This is why I’d advise all my younger mentees to avoid entrepreneurship if they’re in their twenties and just starting out.
More often than not, they’d be lacking severely in all four departments.
In fact, I was sharing with Jonah (one of my Holy Grail Mentees) that he should get a degree and work at a job while he dipped his toes in entrepreneurship.
Do not listen to the gurus and burn the boats…
If you’re ambitious, focused and smart, you’ll quickly gather mastery (in the form of experience), connections and capital as you’re working in a job (whether it is a SME or for a corporation).
And then having higher levels of any two components out of the three (Mastery, Networks, and capital) would allow you to make more swings.
Luck is proportional to the number of opportunities you can take.
Kobe Bryant said you miss 100% of the shots you don’t take.
The converse truth of this statement is that if you stay on the court long enough to make shots, you’ll get luckier and hit higher scores.
Most people fail because they are overly reliant on luck.
The truth is that luck is an accelerant and comes as a byproduct of effort.
You can’t expect to hit the ground running and to stay in the game with mere luck.
This email gives you the hard truths necessary to ground yourself as an entrepreneur.
If you find this section helpful, watch the whole Keynote here.
It’s definitely worth your time.