THE UNFAIR ADVANTAGE by Ash Ali and Hasan Kubba | Core Message

foreign [Music] ly read the unfair Advantage by Ash alley and Hasan kuba life isn't fair good timing can matter more than hard work well-connected people get better jobs and more qualified people and the rich keep getting richer you can let the unfairness of Life deter you from trying something bold or you can focus on developing your own unfair advantage when you have an unfair Advantage your odds of starting a business and working for yourself go up substantially with an unfair Advantage you go from an average entrepreneur who's likely to fail to an extraordinary entrepreneur who is likely to succeed author's Ash alley and Hassan Kuba have identified five primary advantages that allow entrepreneurs to stand out in a Marketplace and construct a competitive moat around themselves the five advantages form the acronym miles in this video I'll explain why each component of the miles framework offers a significant advantage in how you can build an unexpected Edge in each of those Advantage domains first up money money offers you more time to develop a product and a greater ability to get your product to a critical mass of people if you were building the first airplane more money in the bank would mean more trial planes and more Runway to get each plane to a liftoff speed but as with many success stories including the Wright brothers who designed the first airplane it's not the wealthiest people who succeed but the most resourceful when you don't have an unlimited amount of funds you need to creatively deploy those funds that's why Jeff Bezos says frugality drives innovation if you don't have a bunch of money in the bank create your unfair Advantage by making your money go further could you move somewhere less expensive could you create a freelancing gig that you spend just 10 hours a week on that pays your living expenses and gives you plenty of time to try business ideas heck could you even move back in with your parents to get an unfair advantage Scrappy entrepreneur who must minimize expenses and rely on creativity will beat a spoiled trust fund entrepreneur nine times out of ten even in cases where you need a substantial amount of capital to start your business your ability to pitch your business to investors and sell your vision will be your unfair advantage next up in the miles acronym intelligence and insight if you're smarter than most people you can solve problems quicker than most people an obvious advantage but a more significant and less obvious Advantage is having the ability to notice overlooked problems that need solving to paraphrase the greatest exigler the first step in solving a problem is to recognize there is one in the 1970s Steve Jobs noticed a problem with personal computers jobs firmly believe that electronic devices needed to be beautiful elegant and simple a problem that few others either didn't see or didn't care about when you discover a problem in a Marketplace before anyone else you have a significant head start on solving that problem which can lead to an unfair advantage over time develop the unfair advantage of insight by constantly being on a lookout for Consumer pain and frustration and then getting in the habit of asking questions that get to the root cause of that pain and frustration dig deep enough and long enough and you might find a lucrative product or service idea before anyone else the next Advantage is luck successful Founders seem to have perfect timing Evan Spiegel the co-founder of Snapchat was at the perfect age to see and experience the visual communication Trend and he happened to be at the right place Stanford where he met a co-founder who could code and at the right time the smartphone had just started taking quality front-facing video and allowed users to share their videos over their data plans studies show that timing accounts for almost 50 percent of a startup success or failure being at the right place at the right time and getting lucky can seem like an unfair Advantage largely out of your control and not worth focusing on but your luck is more within your control than you think peer-reviewed studies show that merely thinking you're a lucky person makes you more likely to experience Good Fortune because you're more likely to interpret events as unexpected opportunities and act on them if you believe you're lucky you're more likely to strike up a conversation with a stranger on a plane or at a networking event because you believe it might be a lucky opportunity to meet someone who could change your life you can develop an unfair advantage in the realm of luck by waking up every day reflecting on the chance encounters and perfect timing that led to the good things in your life like how you happen to have met the people you enjoy being around most at a specific time and place being grateful for the luck you've had will train your mind to search for and spot lucky opportunities in the future combine a lucky mindset with a willingness to take action meet people and put stuff out in the world and go to places where you're likely to encounter ideas on The Cutting Edge of your interests like Silicon Valley for Tech entrepreneurs and you have the perfect recipe for making lock your unfair advantage as the authors say increasing your luck is like trying to roll a double six on a pair of dice that you can roll as many times as you like the last two advantages in the miles framework are education and status getting into a prestigious school like Harvard or Stanford provides a huge advantage the same is true for getting into a prestigious company like Google or Goldman Sachs both signal High status which suggests to others that you can provide value if you're working on a financial product startup being an ex-goldman Sachs employee or a London School of Economics grad can get you more meetings with important people because more people trust your business will do well but if you can't get into a prestigious school or organization you can still develop an unfair advantage in the realm of education and Status by pursuing a self-directed learning path that leads to a unique collection of skills and experiences as the title of cal newport's book says get so good they can't ignore you by learning and stacking marketable skills such as programming and design or Engineering in sales or become an expert in two fields which will multiply your ability to add value like genetics and AI or virtual reality in psychology if there is one life heuristic that will lead to an unfair Advantage it's this make learning your number one priority select all your adventures jobs and businesses based on how much you think you can learn in the process even if that means temporarily sacrificing a more lucrative and enjoyable experience whatever you learn use it to help people and be increasingly generous building a reputation as a skilled and generous person will do more for your status over the span of several decades than a prestigious degree will ever do in the end ask yourself four questions to discover your unfair advantage first how does my unique combination of education and experience allow me to stand out in the marketplace and how might I stack new skills and expertise to create an unfair advantage how have I been lucky up to this point and where can I go physically or online to increase my exposure to new people ideas and Trends to increase my probability of getting lucky where am I noticing problems that few others are seeing and how can I be more resourceful and create the longest runway possible to test ideas and develop a profitable product that was the core message that I gathered from the unfair Advantage by Ash Ali and Hassan kuba this book demystifies The Path of a successful entrepreneur I highly recommend it if you would like a one-page PDF summary of insights that I gathered from this book just click the link below and I'll be happy to emailed to you if you already subscribed to the free productivity game email newsletter this PDF is sitting in your inbox if you like this video please share it and as always thanks for watching and have yourself a productive week

Channel: Productivity Game

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Id: FXty4TQQWoU

Length: 7min 40sec (460 seconds)

Published: Mon Dec 12 2022