There are two forces changing our economy, entrepreneurship, and everything else:
1. Technology – it seems that the internet is eating everything. There isn’t an industry that isn’t affected by it. It’s not the internet of things that is coming. It’s the internet of everything. And just when we get used to the internet running our lives, along comes the Blockchain, which could disrupt everything again.
2. Personalization. Through the 90s and 2000s standardization was the trend. Today, technology has enabled personalization. From what we eat, to what we do, to how we live, everything is becoming personalized; tailored to us as individuals. Your customers’ time and attention is becoming fragmented. How do you meet that challenge to succeed?
People trump strategy. Having the right plan isn’t enough. You also have to get everybody involved behind the plan, and have them individually in the right positions.
What is technology? Knowledge, techniques, methods, and processes that help us complete an objective. A pencil is an example of technology. So are smartphones, light bulbs, and clothes. Yes, clothes.
Money is also technology.
What is money? Something that has three functions. Money operates as a medium of exchange so that we all accept it to buy goods and services, a verifiable unit of account so we know what it is worth, and a store of value in that it holds its value reasonably well.
But money also meets the definition of a technology. Technologies change. So will our ideas of money.
The Internet of Information has been revolutionizing our world since the early 90s. The Internet of Value is starting to take hold. Bitcoin is its first major “app.” But just as email did in the Internet of Information, Bitcoin will also have to contend with other technologies.
In fact, at this point it isn’t even clear what the overall platform will be. But Blockchain is looking promising. Entrepreneurs take note. New opportunities abound.
Why haven’t you started the business you want to start? Why aren’t you on the trip you always wanted to take? Why are you not doing what you want to do?
If your answer to these questions is money, or time, your not being honest with yourself. And the lies we tell ourselves are the ones that stand to hurt us the most.
If you are holding back you are simply letting yourself get in the way of your future. Why? It could only be a result of two things. Either you are not actually very interested in doing what you think you want to do, or you are fearful of something. If it is the former, find something you care enough about to make happen, and then do it. If it is the latter, what are you afraid of? What you should be scared of is not living your own life. Your way. What else is there to fear?
It all started with a text message. A friend of mine sent me a message that read: “Buy as much Bitcoin as you can afford. Until you can’t afford to buy anymore.”
I had been watching cryptocurrencies for about a year, in amusement. As a finance professor I was initially skeptical. Everybody in the financial world was. I had initially heard of Bitcoin a number of years ago, while a Ph.D. student, and didn’t think much about it until early last year.
Continue reading “It Started with a Text Message”
Do you need a new car? Do you need to live in a house by yourself? Do you need a vacation? No, no, and no. A job? Maybe not. What do you need? Only what matters. Something you love to do, a plan to make it happen, and focus.
Get rid of everything that doesn’t matter, to make what you really want a reality.
Another new year. Another set of resolutions. Here goes:
Finish not one book, but two.
There you have it. Short and sweet.
Every minute you spend doing one thing is a minute you give up something else. There is an opportunity cost for everything you do.
Everybody has 100 great ideas. Good ideas are a dime a dozen. It seems like I get a new one everyday. But, success isn’t about having a great idea.
Success is about choosing to say – No – to 99 good ideas, and choosing the one great idea that you love. Because with every extra thing you pursue, the probability of success, on anything, diminishes quickly. What gets focused on, grows.
Isn’t everything binary? Maybe. But for now, let’s just consider risk.
Risk is simply uncertainty of an outcome. It can be thought of as a choice between two options. Either you take the risk, or you don’t.
A helpful way to consider whether to take the risk is to ask:
A. What is the worst case scenario if it doesn’t go well? In a sense you are asking – What is the cost of failure?
Then, ask yourself:
B. What is the cost of not taking the risk. This is an opportunity cost. In other words – What will you give up if you don’t take the risk, assuming it would succeed?
They say that at the end of your life you will regret the things you didn’t do more than the things you did. Take a risk, and if you fail you will be disappointed. Refuse to take the risk, and you will be left with regret. I’d rather be disappointed than regretful. How about you?