The Tim Ferriss Show – The Return of the Drunk Dialing Q&A

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Intro
  • In this episode, Tim called some of his fans, while drinking, to answer their questions
  • What was Tim drinking? Straight tequila
How can you learn to care less about the opinions of others?
  • Particularly family members, in regards to entrepreneurship and breaking away from the way things have always been done in the family (being an engineer, lawyer, or doctor etc.)
  • “If you experience a degree of success in entrepreneurship, all sins are forgiven”
  • Check out the books Man’s Search for Meaning and The Magic of Thinking Big
  • Look for people who have done what you’re trying to do, and ask them questions – someone who’s experienced success as an entrepreneur, as a child of parents who have a very “security oriented mindset”
  • Do the “So What” exercise – as described in Tribe of Mentors by Richa Chadda
    • X was rude
      • So what?
    • I feel disrespected
      • So what?
    • I don’t like being disrespected
      • So what?
    • What if everyone stops respecting me
      • So what?
    • I’ll be alone and loathed
      • So what?
    • I don’t want to be alone
      • So what?
    • I have an irrational fear of loneliness
      • So what?
    • It’s irrational
      • So what?
    • So nothing, I’m good
  • “It doesn’t make you weak to care about what other people think, it makes you human”
  • Don’t judge yourself too harshly for caring about what others think. just care equally about what you think
    • The best way to learn to care about what you think? – Get it out of your head, and on paper
  • Entrepreneurship is not mutually exclusive with employment
    • The best way to cut your teeth as an entrepreneur, is doing so while you have a paycheck 
    • So do your entrepreneurial work on nights and weekends while you work your 9-5
    • Take what it is that you think you could do when you quit your job, and do that now while you’re still employed – mitigate your risk
    • “If you’re going to be an entrepreneur, just fucking get to it. Start now, don’t wait until you quit your job”
  • Side notes
    • Tim fasts for 3 continuous days each month, in addition to a 5-10 day fast 3-4 times a year
How does Tim pick which projects to work on, and which projects to quit?
  • Tim will ask himself these question, and journal on them
    • If I stop doing X, what might be the upside? How might it be a good or great thing?
      • X being a project he’s put a lot of energy, time, and capital into
    • What 20% of projects are consuming 80% or more of my time?
    • What 20% of projects/relationships are currently producing 80% of the phone calls/conference calls/emails AKA noise?
    • What 20% of projects, are resulting in 80% of the income?
  • It’s always easier to look at shiny new projects, than to look at your current roster and decide which projects to kill
    • “Put your current projects in front of the judge and jury for possible execution, before you even consider what to say yes to in the new category”
  • For new projects, pick ones that make the other possible projects either irrelevant or much easier
    • Tim’s potential upcoming projects:
      • Another book similar to Tribe of Mentors
      • A feature film/screenplay that Tim plans to produce
      • Producing a handful of short films
    • So…looking at these options..
      • Look at the logical progression that may make each subsequent project easier
        • What he’s thinking about doing – Writing a new Tribe of Mentors ltype book, heavily focused on film/entertainment people, whom he can then do some short films with, which will teach him all he needs to know about producing a film/screen play, which he one day hopes to do
  • “We overestimate what we can achieve in a day or month, but underestimate what we can get done in 5-10 years”
  • When in doubt, pick projects that will allow you to develop skills and relationships that transcend any single given project
  • Check out the book, The Effective Executive 
  • For more on deciding when to quit or stop working on a project, check out these Podcast Notes
  • Side note
How does Tim come up with questions for his podcast guests?
  • Tim asks questions that relate to his own personal pains and goals, and assumes they will also apply to a percentage of his listeners
  • He tries to avoid questions that his guests may have been frequently asked in other interviews
  • Good follow up questions
    • What did you learn from that?
    • How did that make you feel?
    • What’s the story behind X
    • Tell me more about X
  • Don’t get fancy – the simplest questions are often the best
    • “Sometimes the simplest question is the best” – Larry King
    • Check out these Podcast Notes from Larry King on The Tim Ferriss Show
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