My philosophy re startup speed has completely changed over the last few years.
I grew up at Uber, professionally, which held speed as the absolute, ultimate goal.
Now, I still value speed, but hold quality as the binding constraint.
agree w/this point. speed gets less important the more competitive your market is. when the market is already full of crap you really need to rise above the rest
The importance of getting your problem statement right
first time founders often conflate the macro problem with the micro problem
I see startups who say that their problem statements are;
- we would need six globes to cover our emissions
- under representation of... See more
Brave thing I heard in a board meeting this week: “I don’t know if we have a good answer to that, yet.”
Admitting you *don’t know* the answer is hugely productive. We’re trying to find, together, the important things we don’t know the answers to
Striking how rarely it is said
Advertising adds value to a product by changing our perception of it. An example I love that is not mentioned in the book: for years, few people bought “death insurance.” Then some genius changed the name to life insurance and grew the industry by many billions of dollars. After all, life insurance sounds so much better than death insurance.
14 more ideas from Buffett and Munger I don’t want to forget:
1. The one thing that has surprised me all my life is how many people with high IQs do massively stupid things.
2. Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You can't... See more