In the international bestseller, Thinking, Fast and Slow, Daniel Kahneman, the renowned psychologist and winner of the Nobel Prize in Economics, takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation—each of these can be understood only by knowing how the two systems shape our judgments and decisions.
Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble. Winner of the National Academy of Sciences Best Book Award and the Los Angeles Times Book Prize and selected by The New York Times Book Review as one of the ten best books of 2011, Thinking, Fast and Slow is destined to be a classic.
What would you do if you built a tremendously successful (and profitable) internet company and sold it?
I interviewed Ryan Scott to find out what he did after he sold Netcreations, the email list management company that he co-founded. (Curious about how Netcreations was built? Listen to this this interview.)
Ryan is now an angel investor and the CEO of Causecast, an interactive community for people and brands that want to leave a positive impact on the world. Here’s some of what I learned about his post-sale journey:
“Lifestyles of the Rich and Famous”
Isn’t this the part most people dream of: throwing great parties, buying fun toys, hobnobbing with celebrities? Ryan got to enjoy it all. There was a part of him that did that to overcome some lingering insecurities from when he was a nerdy kid.
Eventually, he says, the “Rich and Famous” lifestyle wasn’t for him because most of the people it attracted were either after something or just wanted to be around that environment.
Igniting the entrepreneurial need
After being disenchanted with the easy life, Ryan refocused on what got him started: the need to build something. I think there are two kinds of entrepreneurs: The “wannabes” try to build companies so they’d never have to work again. But the “real” entrepreneurs build companies when they don’t have to work.
If you download my interview with Ryan to find clues on how to build your own success, notice how many times he says he wants to build something that lasts.
He also started investing in companies like Tesla Motors, Mahalo, and Intent.com.
If you’re reading this site, there’s a good chance you’ll either need an angel to invest in your startup or you are an angel investor. So I asked Ryan how he make his investment decisions. He said he looked for ideas that have legs and can leave an impact on the world.
He also said that he considers the personality and reputation of the entrepreneur behind the company. Will s/he crumble in a crisis? Do people think s/he is a jerk? Is this someone I want to work with? (Peter Pham has more on that.)
The power of celebrities
The aha moment that led Ryan to create his newest startup, Causecast, came when he realized that celebrities are powerful attention magnets. They make it easier to draw traffic to a web site. I always forget about the power of celebrities because I’m much more interested in business stars than movie stars, but the rest of the world doesn’t think that way. Ryan realized that there was an opportunity to work with celebrities to pull together a big community that supports causes.
New tools and economic forces have emerged to make it possible for individuals to create art, make millions of dollars and change the world without “help.” More and more opportunities are rising out of the ashes of the broken system to generate real inward success (personal happiness and health) and outward success (fulfilling work and wealth).
This book will teach you to do just that. With dozens of case studies, interviews and examples-including the author, investor and entrepreneur James Altucher’s own heartbreaking and inspiring story-Choose Yourself illuminates your personal path to building a bright, new world out of the wreckage of the old.
According to John Warrillow, the number one mistake entrepreneurs make is to build a business that relies too heavily on them. Thus, when the time comes to sell, buyers aren’t confident that the company-even if it’s profitable-can stand on its own.
To illustrate this, Warrillow introduces us to a fictional small business owner named Alex who is struggling to sell his advertising agency. Alex turns to Ted, an entrepreneur and old family friend, who encourages Alex to pursue three criteria to make his business sellable:
• Teachable: focus on products and services that you can teach employees to deliver.
• Valuable: avoid price wars by specializing in doing one thing better than anyone else.
• Repeatable: generate recurring revenue by engineering products that customers have to repurchase often.
Inspiration: Finding Balance in The New Age of Entrepreneurship : Michelle Rowley at TEDxConcordiaUPortland
Michelle is a self-taught software developer who seeks a deeper understanding of the world and the chance to change it for the better. She aspires to empower women to excel in their lives through technology, which she believes anyone can learn in a welcoming community with strong peer mentorship. With that vision, she founded and is the Executive Director of the nonprofit organization Code Scouts.
As a 2012 graduate of the Portland Incubator Experiment (Pie PDX), Michelle is now a mentor lending support to exciting Portland startups. A member of the Python Software Foundation and organizer of the Portland Python User Group, she also speaks and writes about the importance of diversity in tech and tech literacy for everyone. Her essay, “Hack the Planet!” on why tech literacy is critical, was published in American Dreamers, an inspiring anthology of future-thinking works by contemporary visionaries. In 2013 she was listed among Fast Company’s 100 Most Creative People in Business, and Entrepreneur Magazine named her one of the 7 Most Powerful Women to Watch in 2014.
In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Welcome to Today at Work with our co-founder +Ryan Ferrier. During this hangout, Ryan will chat about fighting the urge to *not work* while starting your own business. Entrepreneurship can be overwhelming at times and he will discuss what tips can keep you on track.
Ryan was part of the Powerset founding team which was eventually acquired by Microsoft. He was also COO of Serious Business, a Facebook app company, that was sold off to Zynga back in 2010. These days he helps budding entrepreneurs turn their passion into money.