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All you need to know about: Get smarter (Full Summary)

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Image Source: Goodreads

Here are the Key notes and the summary of Get smarter:

  • A good tool to use is the decision maker
  • List all the positives things you can about the issue in question, then give each one one a score from 0-10 the higher the score the more important it is to you - then list the negative points and score them 0-10 = Ten means it’s a major drawback. After that add up the scores if the positive score is at least double the negative score you should do it. But if the positives don't outweigh the negatives by that two - to - one ratio don’t do it
  • Reciprocity - if you give someone something - they feel like to return the favor
  • Behind every success story is usually someone who beat the obstacles b/c he or she refused to accept the pessimist’s view.
  • A key to success is to have friends and colleagues who will remind the world of your achievements - Never, ever do it yourself.
  • People who win at business bet seldom and only when the odds are in their favor.
  • Fortune favors the bold and favors the person who participates in many endeavours.
  • Many successful people arrived at their niche in life through exposure and experimentation in areas that interested them.
  • Ninety percent of what you worry about Never Happens
  • The people you are jealous of might not be as they appear.
  • One way to succeed in life is to copy successful ideas that other promoters exploit
  • There are no patents on good business ideas.
  • Never hire a management consultant - you’re the promotee
  • Everybody has to sell something - so be good at selling
  • When the sale is made, stop giving extra info
  • There;s is a fine line between being persistent and being a pest
  • Try to know when to back off
  • Financial history keeps repeating itself - that’s why it is among the most important subjects for any aspiring investor to study.
  • Accounting - the language of business
  • If you want to prosper in the twenty-first strategy you need to know china’s market
  • Most important qualities for a leader - persistence, discipline, conviction, judgment, and the ability to share credit.
  • Discipline: It’s the ability to figure out what’s worth your time and effort, what’s not, and to cut out the latter.
  • To have conviction is to hold steady to a belief that what “everybody thinks is wrong”
  • The biggest mistake you can make is usually when you do something b/c everyone else is doing it.
  • Standing against the tide of opinion won’t do good if you’re facts are wrong
  • Qualities of great partners - loyalty, respect, enthusiasm, and team player
  • Avoid swinish people to be successfu.l
  • Take care of your health and your goal instead of worrying of death.
  • You must make enough to afford to be screwed over.
  • The path to superior success is to accept the best idea.
  • Seller always knows more than the buyer.
  • You will create more wealth starting a business than buying an existing one.
  • Collect as much intelligence as you can on the seller motivation - it can save you a lot of money.
  • Successful deal making requires an ability to assess odds, and the discipline to act only when the odds are heavily in your favor.

“Many of the best investments are made by going against popular opinion - but only after they did their homework - it can give you an advantage

  • The best opportunities come to those with patience, courage, and a cash reserve.
  • The most effective negotiating point in any deal is when you reach “the point of indifference” that is when you no longer care whether you consummate the deal
  • Hedging is a zero-sum game that has cost corporations not only enormous sums of money but, in many cases, their solvency. -  if you’re going to hedge play it smart
  • When you invest, you should always ask how much money you will lose if things don’t go as planned, and how much you stand to make if things go very well (the potential upside should outweigh the downside by a wide margin)
  • Think of investing as a defensive game. One in which you should seek to avoid losses and put up your money only when the odds are favorable - Venture capital is the exception to this rule
  • Avoid biotech investments bc the scientist and doctors who are in charge are impractical non-business type
  • It’s important to keep your employees by having a proper pay scheme in place, - Get the incentives right, and yo can create a culture of happy, motivated and honest employees  
  • Trying to minimize taxes too much is one of the greatest standards because of really dumb mistakes
  • Warren Buffett: The greatest bargains come in buying the first 20% of a public company
  • Homes are great during inflationary periods
  • People who live in fear often don’t live at all
  • Don’t complain, Don’t Explain - Just do

Business Axioms

  • Always ask the question - If the decision is wrong, is it going to be painful or fatal?
  • Always have at least two people from your side negotiating b/c it gives you time think and anally to compare perceptions.
  • In negotiations, always try to get the other party to name it’s asking price. It may often be far lower than your offer.
  • If the other party won’t name a price, start very low and go up. 
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