The hype of the new Tesla model 3 is understated as far as I can tell. While it is true Tesla hasn’t actually sold any of the cars – they haven’t made any yet – it is also true that there has never been a car in history (any product?) which achieved $8.86B in pre-order sales. Yes, 253,000 on order at the time of publishing.
The hype is understated for a simple reason: most people are yet to discover their annual fuel bill costs will cover a $35,000 car repayments. So it will be a curve jump transition to electric cars, not a phase in. I refer you to this earlier vitally important post I’ve written on the subject.
The interesting bit is how it impacts the industry beyond Tesla. We are about to go through a war time like reconfiguration of manufacturing facilities as the world rapidly moves to electric cars. Every auto player in the world will need to fast track and maybe even scramble to have relevant cars on the market. A shift the likes of which we’ve not seen in any industry since World War 2. It’s gonna be big.
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After a false start in the mid 2000’s podcasting is back killing radio. For anyone who spends a fair amount of time driving, exercising, travelling or just existing as a human, it is the ultimate short cut to ‘get learned’ by some of the worlds best thinkers – University on Wheels say some.
So here are some great podcasts I literally rub my ear balls in whenever I am on the move.
My top 7 Podcasts:
- EconTalk with Russ Roberts – Not as highbrow as it sounds. An incredible array of topics related to business, culture and sociology. The most insightful look into our economic lives you’ll ever listen to.
- The James Alticher show – Mostly about entrepreneurship, technology and financial independence. He interrupts the guests a bit much, but with good thoughts & questions. Has great guests on the show.
- Crap Hound with Cory Doctorow – Mostly about cyber security, IoT, income disparity, privacy & surveilance, Gov policy regarding digital rights, and other important digital issues around control and the world you’re about to live in. Eye opening view of the future. One the globes sharpest minds.
- HBR Idea cast – Podcasts of around 20 mins. Perfect for short trips. Covers topical issues in business and management. Gets to the critical issues quickly.
- The Long Now with Stuart Brand – Seminars about long terms thinking. Generally a long 1 hour plus podcasts which are from Keynote speeches from the Long Now Foundation. Has the world best thinkers on key topics regarding the long term survival of humanity. Kinda heavy I know – but the topics are more ‘human and now’ than you’d expect. Everything from why stories last to can we live on Mars to the long arc of moral progress.
- Planet Money NPR – Great stories about all things money and finance. Super interesting stories with insights you’d never expect. Totally entertaining on the usually boring topic finance. Short podcasts too around 20 mins.
- Here’s the thing with Alec Baldwin – Has a great range of guests with entertaining content regarding creative and business pursuits. Lots of laughs and relaxing.
If you like hearing me rabbit on, then you can always check out the #BBB podcast (Beers Blokes and Business) which I appear on and I recent recording I did for the newly launched Future Sandwich podcast.
Oh, and if you’re wondering why podcasting has made such a massive comeback in the past couple of years, there’s probably a myriad of reasons. But here are two that spring to mind. (1) We’ve had a couple of super ‘hit’ podcasts to put it on the agenda like ‘Serial‘ and (2) I think the increased data most people now get on their phones these days removes the download it now and listen barrier. No need to plan and download at home.
Startup blog says – let your ears do the reading.
You should totally read my book – The Great Fragmentation.
I’ve been publishing a few thoughts for the good people at Pollenizer – two recent articles are below:
History repeats: The seminal article written in 1960 by Theodore Levitt of the Harvard Business School called the Marketing Myopia is having a sequel. I wrote about it here and why startups are eating the lunch of many fortune 500’s.
Why we don’t have to invent the future: Sometimes it is enough just to participate and facilitate – I wrote about the feeder startup here.
In fact just yesterday I was doing a keynote for the financial services industry and I spoke about the GFD, ‘Great Finance Disruption’, which I believe is on the way given the recent developments in crowd funding, micro payments and crypto currencies. And I got asked a question about it.
And this was the question:
There are many banks in the audience, what advice can you give them to keep an eye on these trends in non traditional banking?
And here is my answer:
It’s not about watching from a distance, it’s about getting involved, even in a small way, maybe set up a skunk works or a division for radical finance for dissident customer groups. Instead of watching it or trying to fight it, get involved and even facilitate it. It’s very difficult indeed to shape or benefit from something when you are not participating in it.
As a startup entrepreneur I often get asked if I’m coder. I used to say no. My answer used to be something like: our job as an entrepreneurs is to organise the factors of production, not be them. But I’ve recently changed my answer to yes regarding the coding question. And no, I haven’t gone out and learned PHP or Ruby or the latest groovy language.
My code is the english language. I’ve become adept at mashing up the approximate 200,000 words we have at our disposal. On the odd occasion I use the core 26 letters in the code to make up some new words that suit me. At certain times I hack together new code short cuts or ‘sound bites’ which promote and inspire a large number of actions on a simple string of a few words. The newness of the code inspires people to act in different ways.
The code I use can stimulate actions and outputs both physical and virtual. As far as I can tell it is still the greatest software code we’ve ever developed. It is totally open source and varies in its use dependent on many things including the geography in which it is used. This language code I use most often, is still the most interesting platform I’ve worked with. Even the same code, said by a different person with a different tone can have a number of different outcomes. It can even change its meaning based on who wrote it when it is exactly the same line of code. It really is worth mastering.
I sometimes use other codes, including the investing code. This one is based on a 10 point decimal number system. This code is very lucrative when you understand its depth as it pertains to equities, venture capital, property and other income streams. It’s super good to overlay the investing code on top of the English code to get profitable outcomes.
While I’m not amazing at the Mandarin code (another language platform) used in large parts of Asia and even Australia – I sometimes drop in some hacks I’ve learned which the receiving platform responds very well to. try to find ways in which different codes can be used together and interchangebly on the same platform as I find this often gets a result others just cannot garner.
Code is all around us. In many forms, platforms, typologies and physical manifestations. If you’re human you’re a master at more forms of cade than you think. And if you’re an entrepreneur the real benefits arise when we work out how to let these codes interact as an entirely new language. A language which then becomes our own personal operating system. Which when done well can even turn into a powerful personal brand. Yes, we’re all coders.
As the new year starts we all set goals and have ambitions to make it a year to remember – as we should. But sometimes we need simple philosophical shifts too. Small shifts that can have a dramatic impact. One of mine is to ‘value myself appropriately’. As startup entrepreneurs an important part of the process is to be a bootstrapper, to maximise the limited resources we have to gain the momentum we need. This often leads us to doing it all ourselves. To be our own courier, printer, door knocker, community manager, clerk, mail room assistant…. anything and everything which is possible to do ourselves. And this is one of the greatest false economies in startup land. A simple rule to circumvent such folly is this:
Never do a task which can be outsourced at a lower hourly rate than what the open market would pay you for that hour.
While it’s easy to argue that we aren’t actually paying ourselves the market rate, it is certainly true that we should be creating the value of our market rate. And this is usually at least double the pay rate. Hence a person earning $100 per hour, should be generating at least $200 per hour for their organisation. Every hour wasted doing a menial task, has more impact than we actually think. Let’s take this simple example:
If we work 60 hours a week for 50 weeks for 2 years and end up with an equity stake valued at $3 million our hourly rate comes out at $500.
Which doesn’t leave many tasks that are worth doing ourselves. Startup blog says value yourself in 2013!
Since I left school around 20 years ago and in that time I’ve learned some things, that might just be a short cut for you. I’m not going to explain them – just state them. This list is non exhaustive and here they are:
- Taking longer to make decisions rarely improves the final result of said decision.
- Large companies primarily make decisions to protect income, startup companies primarily make decisions to grow income.
- Hard work from an average person invariably has better results than average work from a smart person.
- We remember and revere events much more than we do so for things. We should know which one to accumulate.
- People who have money problems while on low incomes have them on high incomes as well. It’s the habits that matter.
- Spare time is a poor choice to allocate anything important to (read here family, exercise, reading).
- Large companies most often reward people on cultural alignment more than actual results of tasks.
- Passion projects often take a lifetime to bare fruit. The short term favours sacrifice of belief systems.
- Great technocrats always get paid well. Great leaders and influencers always get paid more.
- Being aligned to your partners values is more important than alignment of interests. True for business and love.
- Financial independence is always a function of spending less than your income. Regardless of income size.
- Technology is recalcitrant towards the status quo and history. It forges ahead regardless.
- Informal and self education is of greater value than the formal version. It should also never end.
- Over time, prices for most everything relative to income drop. The only exclusion I know of is land.
- The most valuable things in life cannot be bought or sold, they must be earned. Respect, love, health…
- Secrets kill the soul.
- Ideas should be shared.
- Generosity is rewarded on the long run but may be invisible.
- We all have valuable skills, and these skills can leveraged in many ways once we stretch our imagination.
- The people we spend our days with has a greater impact on happiness than the work we do.
What are some of the philosophical things you’ve learned?
I bumped into friend who recently had a successful exit to a tech start up. One thing that I have really looked onto with envy is his ability to throw the old model out and start a fresh. In fact, he did it more frequently and with more haste than most people I know. if it wasn’t working he moved on to an entirely new idea, or made a quick pivot onto the sticky good parts of the concept.
Turns out this process has worked for him.
I’ve been more of a stay the course kind of guy. This comes from my general long term philosophy on when it comes both investing and how to live life. I’ve recently wondered how much this has held me back in startup land – while acknowledging it has worked very well for me financially. But what I’m starting to realise now is the difference between pivoting from an idea as opposed to pivoting the process. And that I can remain true to my ethics so long as I don’t confuse the former with the latter.
The course is the process, the pivot is the direction.