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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
I feel disrespected
I don’t like being disrespected
What if everyone stops respecting me
I’ll be alone and loathed
I don’t want to be alone
I have an irrational fear of loneliness
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
Who are Tim’s 5 people that he currently hangs around (and learns from) most?
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