I recently had an opportunity to chat with Ryan Helms on his Hustle to Freedom podcast. It was a pretty wide-ranging conversation that included lots of background on Unlimited Brewing as well as The Startup Gold Mine. In particular, we got into how to start a business as a side hustle and de-risk it along the way. This episode should be useful to anyone interested in side hustles, beer, and problem solving.
Give it a listen and make sure to subscribe to the podcast!
Twelve Years a Slave Key Takeaways outlines the key lessons I took from Northup’s memoir of his experience being kidnapped and made a slave in the Deep South. Northup’s account is particularly enlightening because he was a well-educated, prosperous individual in New York prior to his kidnapping and is able to convey his experience in great detail. When it was published, the book was a bestseller but unfortunately became unknown after the Civil War. It resurfaced in the 1960s during the Civil Rights movement and has since become a prominent primary source for readers looking to better understand pre-Civil War America.
A Brief History of Everyone Who Ever Lived: The Human Story Retold Through Our Genes by Adam Rutherford is a well-written, entertaining book about the journey of humanity through time. Genetics is a topic frequently discussed in popular media, at least in part because it presents discrete variables (genes) which allow comparison between individuals on a common substrate (the human genome). However, as Rutherford so eloquently presents, popular genetics encourages many biological misconceptions that are oversimplifications, at best.
“Sorry, this just isn’t a good fit for us right now.”
This simple but terrifying sentence is a recurring nightmare for founders trying to close deals with corporate partners. And it’s even worse when you’ve been working on a deal for months and were banking the fortunes of your company on its success. So when you’re rejected, is it all over or is there something you can do to turn things around?
Here are some tangible next steps to take when your corporate partner says no to a deal:
Food of the Gods: The Search for the Original Tree of Knowledge by Terence McKenna is a book that’s frequently mentioned by experts in the psychedelic community, and for good reason. McKenna, a legendary writer and commentator on drug culture, was an ethnobotanist by training. In this book, he explores humanity’s ancient relationship with chemicals that alter consciousness, as well as the historical impact of drugs on Eastern and Western societies. Food of the Gods Key Takeaways will be focused on the major historical points as well as McKenna’s prescriptions but I highly recommend reading this book yourself to get the entire (complicated and entertaining) story.
Last week, Green Bay Packers quarterback Aaron Rodgers signed the largest contract in NFL history, worth up to $180 million over the next six years, with about $70 million being paid out by March 2019. As a Packers fan, it’s a relief to know that Rodgers is signed until he’s 40. At the same time, reading the specifics and comments about the contract got me thinking about what it means to be the “highest paid” person on a team, in a league, or even within a company.
Being the highest paid is, in large part, not a function of your financial needs but instead a recognition that you are the “most valuable” player on the team or in your industry. It’s also a function of what the competition is paying for similar players – it is no accident that Rodgers’ contract came mere months after Kirk Cousins’ record-setting $84 million, three year contract.
But there is a flip side to being paid the most. The highest paid person on the team – whether the quarterback, the star basketball player, or the CEO – will also be the first one blamed if things take a turn for the worse. Compensation and blame are two sides of the same coin. You can bet that if the Packers have a bad season, commentators and fans will be blaming Aaron Rodgers’ contract for the team’s lack of talent.
Everything else being equal, we’re all trying to make as much money as we can. But it’s important to recognize that the more you get paid, the more you’ll be blamed if things go badly. And this is a fair, reasonable, and ethical reaction – and an essential point of Nassim Taleb’s Skin in the Game.
Anger over executive compensation happens most often when there is a separation between compensation and an executive’s skin in the game. This anger is most obvious when the CEO of a badly performing company makes millions of dollars, despite their lackluster results. Most of us don’t have much issue with Jeff Bezos or Elon Musk being billionaires – they took enormous personal risks to build their respective companies. On the other hand, most people would have problems with a Congressperson becoming a billionaire while in office.
Of course, this rule doesn’t just apply to CEOs and quarterbacks. It’s true at all levels, whether you’re a team lead at a software company or a store manager at McDonald’s. Being compensated better automatically means you will have a greater share of the blame if your team performs badly. And that’s how it should be.
The Elephant in the Brain: Hidden Motives in Everyday Life by Kevin Simler and Robin Hanson is a book primarily about how the human brain engages in self-deception to serve our own (sometimes ugly) motives. We’ll get deeper into The Elephant in the Brain key takeaways below but in summary, our brains have evolved to hide our own motives from ourselves. This may seem odd at first – isn’t introspection considered a good thing? The answer is clearly that it has been an evolutionary advantage to not fully understand our own motives. The purpose of this book is to shine light on the true motives behind many of our behaviors and social institutions – like school, medicine, government, non-profits, and more.
People have many different reasons for reading books. Some read purely for pleasure. Others read to expand their horizons and experience different perspectives. And some read for personal growth. These reasons are of course not exhaustive and often overlap.
Reading or not, personal growth requires getting out of your comfort zone. And though I suspect many readers would claim they are reading for personal growth, the reading choices many of us make seem to simply reinforce ideas and beliefs we already have. This is a version of confirmation bias and may be the adult version of carrying around a teddy bear or security blanket. Constantly reading books and articles we already know we will agree with feels good. It’s comfortable. It’s satisfying in the way a chocolate chip cookie is satisfying.
I’m a major believer in the power of books to transform beliefs and lives so it pains me to criticize anyone’s reading habits. However, in early 2018 I noticed this tendency happening more and more in my own reading. The articles and books I was reading had fallen into a predictable pattern. I wasn’t being challenged.
We’ve consciously been thinking about this phenomenon as we select which books to cover on Made You Think. For example, I’m a strong believer in the Lindy Effect but this belief was directly challenged by The Beginning of Infinity by David Deutsch. Nat and I are both free market believers but we made sure to read and cover The Jungle by Upton Sinclair, which promotes socialism and exposes capitalism’s shortcomings. And most recently, we covered The War on Normal People by Andrew Yang, which promotes universal basic income (UBI) as the solution to many economic and social problems facing the United States.
I won’t lie to you – each of these books was a challenge to read. But the challenge was enjoyable in the way a difficult workout is enjoyable. I could feel my mind getting back into the dialogue that takes place when you read an author who challenges your closely held (or perhaps, crony) beliefs.
And you know what else happened? Some of my beliefs changed! David Deutsch’s assertion that humanity can solve any problem given sufficient knowledge and wealth is incredibly uplifting…and turns out isn’t delusional (but you’ll have to read the book to find out why). Andrew Yang’s universal basic income proposal isn’t as crazy as it sounds and is far more doable than I had previously imagined.
If the purpose of your reading is to self-affirm, then by all means, read things you know you’ll agree with. But if your goal is personal growth, then picking up books you may disagree with is crucial. Embrace the discomfort and purposely read something today that challenges your closely held beliefs.
Skin in the Game: Hidden Asymmetries in Daily Life is the long awaited fourth installment of Nassim Nicholas Taleb’s Incerto series. If you follow Taleb on Twitter or are familiar with his other work, you’ll be familiar with the central premise of this book, namely that there should be a symmetry between share of benefits and share of harm, and that there are asymmetries that exist in a variety of domains, but especially in politics and business. This is post is pretty long because there are just so many Skin in the Game key takeaways – this book is absolutely packed with insight.
It is not necessary to have read the rest of Incerto before reading Skin in the Game. If you are completely new to Taleb’s work, I would recommend starting with this book as it gives you his ideas and style in a narrative, entertaining format, as opposed to the mathematical plus narrative style of his previous books. That is because the SITG concept is more qualitative than other topics Taleb has discussed in the past. As Taleb himself says in the Introduction: “To this author, skin in the game is mostly about justice, honor, and sacrifice, things that are essential for humans.”