Seth Godin, Author & Businessman, On Being The Best
Book — The Dip: On Struggle and Success
Your industry is competitive, filled with smart people overcoming challenges every day. It’s the incredibly difficult challenges (the Big problems) that give you the opportunity to pull ahead. In a competitive world, adversity is your friend. The harder it gets, the better chance you have of shielding yourself from the competition. It’s human nature to quit when it hurts. But it’s that resilience that creates scarcity.
If you haven’t already realized it, the Dip is the secret to your success. The people who push through the Dip—who invest the time, energy, and effort—are the ones who become the best in the world. (In Public Speaking — in Sports — in Business — in Art)
Morgan Housel, Author of The Psychology of Money
The Laws Of Investing — Law #9
Big success often comes from rare events, so it’s normal to lose most of the time and still win big overall.
Anything that is huge, profitable, famous, or influential is the result of a tail event – a one-in-thousands—or even one-in-millions—event. And most of our attention goes to things that are huge, profitable, famous, or influential. When most of what we pay attention to is the result of a tail, it’s easy to underestimate how rare and powerful tails are.
But tails drive almost everything. A minority of participants will capture outsized returns because opportunity attracts competition, and the winners of that competition tend to lock in because customers, employees, and investors want to associate with winners.
A diversified portfolio will derive most of its long-term returns from a minority of companies. Those companies derive most of their value from a minority of products, and those products were the brain-child of a minority of employees, who were educated at a minority of schools, on and on.
The takeaway from tails is that you should be comfortable when a lot of what you do and see doesn’t work. If you become paralyzed when a few things don’t work, you’ll never stick around long enough to enjoy the few things that do.
Conclusion —
Both the Dip—struggles and hardship—and Tail Events—rare, powerful breakthroughs—contribute to big success. You need a LOT of things working in your favor, to be honest. But there are still key things that keep showing up:
You must be persistent — You must be focused — You must be flexible — You must, at some point, get lucky.
It is a rough road that leads to the heights of greatness. — Lucius Seneca
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Cancelo Alvarez
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