Naval Ravikant & Lex Fridman on Starting a Business on your Own - How Far can you Go Alone?
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In a Clubhouse meet, Lex Fridman asks Naval Ravikant if it is possible to start a business project on his own, without needing other people to fulfill it. Naval argues that the question is not how many people you need, but how to maximize "creative execution". Depending on one's skills and the nature of the project, you will then know if you need other people or not.
Enjoy!
👉 Naval Ravikant
📲 How to Get Rich (podcast)
► https://www.youtube.com/watch?v=1-TZqOsVCNM&t=859s&ab_channel=Naval
📚 Books
📖 The Almanack of Naval Ravikant, by Eric Jorgenson.
► Free - https://www.navalmanack.com/
► Amazon Store (affiliate Link - No Extra Charge) - https://amzn.to/3qNAKBc
⚛︎ ⚛︎ Source ⚛︎ ⚛︎
https://www.youtube.com/watch?v=LzYHG32Kf30&t=1756s
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📖 The Berkshire Hathaway Shareholder Letters
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📖 The Origin and Evolution of New Businesses, by Amar Bhide.
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✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎ Notes ✎ ✎ ✎ ✎ ✎ ✎✎ ✎ ✎✎ ✎ ✎
- The most important thing when starting a business -- The Creativity! The act of creating the right thing.
* If you Create the right thing -- you will find product-market fit
• Start-ups in early stage should be optimizing for creative execution:
• * Creativity: Know what's the right thing to Create (You need good ideas)
*** Use positive constructive criticism as a way to improve the quality of the ideas.
** Flawless Execution: Do it fast & Well -- Multiple iterations to get the product right
- The question is... What's really the right combination of people to maximize creative execution?
• Historically it has been 2 people. But it is not always the case...
• e.g./
• * Satoshi Nakamoto (Bitcoin)
• Above 3 people, maximization of creative execution gets harder.
•* The issue: While Execution increases, Creativity diminishes.
• If you are going to partner up:
• * Find someone with whom you share values and complement skills (his strengths cover you weaknesses and reverse)
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