Success Must Recover the Costs of Failure

"[L]egendary economist Joseph] Schumpeter recognized that commerce’s successes must not only cover their own expenses and reward their investors but also, in essence, recover the costs of unsuccessful ventures."

- Steve Forbes, "Profits: Here’s Why—Contrary To Popular Myth—Profits Are Crucial To Bettering Humanity," 10/28/19

When to Use a System

"Instead of reacting to an error with, 'I need to be more careful,' we can respond with, 'I can build a better system.'

"If it matters enough to be careful, it matters enough to build a system around it."

- Seth Godin, "Quality and effort"

The Definition of Rationality

“Rationality is not what has conscious verbalistic explanatory factors; it is only what aids survival, avoids ruin.

“Rationality is risk management, period.”

- NN Taleb, "How to be Rational about Rationality"

Change Yourself, Not Others

“To a disciple who was forever complaining about others, the Master said, ‘If it is peace you want, seek to change yourself, not other people. It is easier to protect your feet with slippers than to carpet the whole of the earth.’”

- Anthony de Mello (via Tim Ferriss)

Naval's Work Rules

Work rules:

1. Delete emails w/o responding or flinching. 
2. Don’t set up voicemail. 
3. Don’t travel purely for business. 
4. Don’t go to conferences unless speaking. 
5. Eat dinner with friends or family. 
6. Use blocks of open time to create, make good decisions, & focus on important over urgent. 

"Meetings are the death of productivity."

Specific rules for meetings:

1. No meetings before 11am. 
2. No meetings when emails or calls will do. 
3. Don’t schedule calls, text coordinate them on the fly when possible. 
4. Cram all meetings into two days a week. 
5. 1-on-1s are usually 30-minute walking meetings. 
6. Upgrade walking meetings to walking up and down hills if all parties are up for it. 

- Naval Ravikant