Little Bets

Little Bets

by Peter Sims

Read:  2018-01-19, Rating:  5/10.

You can’t put into a spreadsheet how people are going to behave around a new product. Jeff Bezos will say

David Galenson
Two types of Innovators:
Conceptual – Mozart, bold new ideas, breakthroughs early in life
Experiential innovation – experimental, iterative, trial and error, persistence, accept failures and setbacks

Entrepreneurs and MBA trained managers use two different approaches when doing something new

Experiment
Play
Immerse
Define
Reorient
Iterate

Cofounder Bill Hewlett loved to make what he called small bets to uncovered unpredictable opportunities

Calculator HP35

Seasoned entrepreneurs will tend to determine in advance what why’re willing to lose rather than to calculate expected gains.

Affordable loss principle

The subject of affordable losses highlights a key issue with the little bets approach, it inevitably involves failure.

Understand and accept failure and being imperfect is essential for success.

Carol Dweck

Fixed Mindset – believe abilities and intelligence is set in stone

Growth Mindset – believe intelligence and abilities Allan be grown through effort and view setbacks as opportunities for growth

Praising ability alone reduces persistence. Praising effort or processes to learn leads to growth Mindset. Dweck found this regardless of age.

It is not about not caring about failure.

The key is to think differently about mistakes, see it as opportunity for growth

Practicing little bets frees us from the expectation that we should know everything we need to know before we begin. Redefining problems and failures as opportunities focuses our attention on insights to be gained rather than working about false starts or the risks we are taking.

Every good writer writes “shitty first drafts”

Just get it down on paper.

Prototyping jump starts our thinking

Confront deep cultural inclinations for detailed planning and error minimization

Place an emphasis on doing to be able to think, rather than thinking in order to do.

Doing things, however imperfectly at first, opens is creatively.

Kids don’t have the self censoring part of they’re brain well developed.

Stop consciously monitoring and create

Take a proactive approach to problem finding, we are more likely to discover unique possibilities

Questions are the new answers.

Throw out the theory and experience things first hand. Fresh problems, ideas, needs, desires, are hidden beneath the service. We can’t know what questions to ask until we reach beyond what is known, through a true process of discovery.

We can make our own luck, by lowering our expectations and being open to new ones.

What you know, they’ll never know and what they know, you can learn.

The value of getting out in the world and asking many questions

Life is a creative process, it all begins with a little bet. What will yours be?

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