Productivity

Failure Loop

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What is it about the market that ‘works’? I mean, how do companies keep creating and innovating so consistently over time? How is it that you can invest money in your 20s and receive six times your investment when you retire in your 60s? How is it that people create value?

I’ll submit that the consistency and value of the market (of companies) and of people is directly tied to failure. You see, progress is made through trial and error. If there were no mistakes there would be nothing to learn from. The simple fact that companies and products sometimes fail is what drives innovation forward. It’s why entrepreneurs, regardless of their level of intelligence, are able to create immense value, they’re iterating on failure after failure. It’s why free markets have prevailed for centuries, failure is built into the mechanism. It’s why, on a personal level, the way that failure occurs to you will play an oversized role in your personal success. Winston Churchill famously said, “Success is the ability to go from one failure to another with no loss of enthusiasm.” But it’s even better than that, failures are the milestones on the way to success, they’re what makes success possible. So next time you fail, don’t dress it up, don’t make up reasons or excuses, squeeze every bit of valuable information you can out of it. It may have actually been a huge success.

Book Takeaways – Atomic Habits

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This year I’m a part of a book club. Each month we read one book in the genre of self-improvement and meet to discuss our findings and takeaways. January’s book was Atomic Habits by James Clear. Along with the regular book club meeting, I’m going to highlight some key ideas and actionable items for you, my readers. Books may be the single best source of knowledge and wisdom available to humans. I love reading, and I love sharing ideas I’ve read so this exercise will tick a few boxes for me. Here goes. 

  1. Outcomes are a lagging measure of our habits, we get what we repeat. This is great news because it means we can work to change our habits and get different outcomes. 
  2. Goals are not correlated to results. Clear makes an impactful point that winners and losers have the same goals. Goals are helpful for providing direction but mostly worthless in obtaining a desired result. For that, we need systems/habits.
  3. Habits change identities. I consider this Clear’s most profound and important contribution to the discussion of habits. We fail to make lasting behavior changes routinely, regardless of our intention or passion, the size or specificity of our goals, or the breadth of our knowledge. Even when faced with an ultimatum, change or die, (ie, change your diet or your diabetes will kill you) people fail to change. The reason is that our actions are closely knit with our identities, and we fail to change who we are. The antidote is to start with a tiny action. Just do something good, however small. Each good action is undeniable proof that we have acted like (been) a different person, and that begins to mold our identities. The point of all this self-improvement effort is not to accomplish goals, it’s to become different people. I don’t need to lose 20 pounds, I need to become a healthy person. I don’t need to make $200k in five years, I need to become a valuable coach. The pounds and money are only byproducts.
  4. Make good actions easier and bad actions harder. In order to begin taking the small actions that will shape our identities, it’s helpful to set ourselves up for success. Humans drift toward the path of least resistance by default, so remove resistance from good actions and add resistance for bad actions. A few examples: 1) Set out your workout clothes before bed so it’s easy to wake up and get dressed for the gym. 2) Unplug the TV after each use so you have to plug it in if you want to watch something.
  5. An implementation intention is critical for habit building and behavior change in general. We tend to set goals and hope for some motivation to begin working on them. The problem is that motivation is scarce and inconsistent. An implementation intention solves that problem, it means we make a plan to implement our new habit by giving the habit a regular time and a regular place. In order to do something different, you must have a plan for it. If you intend to work out, choose a regular time (that fits into your schedule), and a regular location (whether it’s a space in your house or gym nearby). We make plans for all sorts of important things in our lives, habits call for the same attention.
  6. As a general rule, the more immediate pleasure you get from something, the more suspicious you should be of its long-term benefit. Not that we need to stop doing things that make us happy, just be aware that immediate pleasure and long-term benefits are almost never congruous.
  7. At some point, it comes down to who can handle the boredom of taking regular good action, day after day. You become healthy by eating good meals every day. You get strong by lifting the same weights over and over. You gain wealth by doing the same important function of your work time after time after time. Fall in love with the process, embrace the boredom.
  8. Success is not a goal to achieve, it’s a system of improvement, an endless process of refinement. It’s incredible what you can build if you just don’t stop.

The key to a good routine

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Change is hard. As posted recently (here), it takes some attention to adjust our default behaviors. We don’t just change because we intend to. One helpful way to attack personal change is to address our routines.

Routine is defined as ‘a sequence of actions regularly followed; a fixed program,’ per Google. A routine is kind of like a large scale habit, like several habits stacked on top of each other. We’ve all got them, some are helpful, some not so much so, and most of them we probably fell into with little or no intention. But the great thing about routines is that you can mold them.

This month, my family and I embarked on a brand new routine. Routines can be very sticky, but including the whole family has made it significantly more so. Kids, especially young kids, will notoriously derail attempts at a new routine, so I’ve given up resisting and made them part of it. The routine revolves around their school schedule, which is great because school happens regardless of how my wife and I are feeling or how well or not well we slept (one of the primary derailing factors of children). The start of the school day is a cornerstone that we’ve built our new routine around. We’ve got a series of actions we take leading up to getting the kids ready and out the door, and a set of actions we take after the kids are dropped off. It happens every weekday, and we’ve settled into the regularity of it as a family. James Clear talks about habit stacking, using one of your existing habits as a cue for a new habit. The school bell is not a habit, but it functions in a similar way, it’s a regular thing that we can build additional habits around, an anchor.

5 of the best books I read in 2019

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1. Range – David Epstein.

Range is my 2019 winner. It was the best book I read last year, and one of my favorite books related to personal development ever. By range, Epstein refers to a set of broad experiences, inputs, interests, experiments, etc. In a world that values specialization and highlights the ‘10,000-hour rule’ (which says you must dedicate 10,000 hours to something to achieve mastery), Epstein argues that hyper-focus is actually not the path to success, far more often those who have range win. Epstein encourages us to pursue hobbies and interests, to be unafraid of making a change, to never feel behind, and not because life is more fun that way, it’s actually a more effective way to live. I can’t recommend it highly enough, read Range.

2. Atomic Habits – James Clear.

There are few personal development/self-improvement books that I consider must-read, but Atomic Habits is one of them. James Clear notes that winners and losers have the same goals, what sets them apart is their systems (habits). Humans operate by default and we relentlessly fail at improving ourselves because we fail to address our default behaviors. Goals are fine, they help give direction, but only our systems can take us where we want to go. Clear guides us through how habits operate and how to make meaningful and lasting changes by changing our defaults. It’s a fascinating and fun read, and one that has had a profound impact on how I think about behavior and pursue change.

3. Factfulness – Hans Rosling.

Hans Rosling made it his life’s mission to reinform commonly help misconceptions about our world. He penned Factfulness as he battled the cancer which would eventually take his life. Through ten chapters he addresses ten fascinating topics that we routinely misunderstand (world population, poverty, bias, etc.). He emphasizes the fact that the world can sometimes be bad, while still being significantly better than it was before. By offering clarity, thoughtfulness, and objective facts, Rosling helps us to see things they way they are. It’s occasionally mind-bending, which is a good thing, and always enjoyable.

4. Born a Crime – Trevor Noah.

Born a Crime is an autobiography. Trevor Noah takes us through his wild, funny, and unlikely childhood in one of the more engaging books I’ve ever read. It’s at times hilarious (I literally laughed out loud more than once), sentimental (his relationship with his mother is remarkable), thoughtful (interacting with apartheid in South Africa), and ultimately a completely rewarding read.

5. Billion Dollar Whale – Tom Wright.

Billion Dollar Whale consistently made my jaw drop as I read it. The story is absurd, unbelievable, scandalous, incredible, and completely true! It’s about a young Malaysian fancier/businessman (Jho Low) who cons billions of dollars from the Malaysian government in a stream of devious business deals and spends it on some of the most extravagant partying the world has ever seen. The story involves Hollywood actors and actresses, world-leading finance companies, even the president of the United States. Another interesting part of this story (as if it wasn’t interesting enough) is that it hasn’t concluded yet. Jho Low is currently a wanted man hiding out, most believe, in China, but is certainly still active. In fact, his team of lawyers aggressively campaigned to ban Billion Dollar Whale from being sold, and succeeded to keep the book off British bookshelves for a year! Truly, a remarkable read.

Why Do New Year Resolutions Never Work?

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It’s January, the time of year when we aspire to be or accomplish something new. You don’t have to wait for January to decide to improve yourself, but it’s as good a time as any, and definitely the most popular time. We’re two weeks in now, the gyms are packed, we’re paying closer attention to our budgets, our pantries are full of healthier foods, you know how it goes. These are all good things, but unfortunately, studies show that about 80% of New Year’s resolutions fail by mid-February. Maybe your resolution is already floundering.

James Clear, the author of Atomic Habits, says people don’t rise to the level of their goals, they fall to the level of their systems. I think he’s exactly right. We’re good at setting goals and making resolutions, but we’re bad at making lasting changes. And it’s not because we don’t want it enough or because we make disingenuous resolutions, it’s because humans operate by default and we fail to address our default habits. Goals don’t change behavior regardless of how SMART they are or whether or not they qualify as BHAG. We need new systems, new defaults, and new habits, maybe not another resolution.

So how do we change our systems? James Clear talks about becoming 1% better each day by doing something small. It could be one pushup per day if you want to build a workout habit. It could be one call per day if you want to build a networking habit. You mold your identity by consistently doing the things the type of person you aspire to be does. Each time you do something, no matter how small, your new identity is reinforced. If I’m an athletic person, I workout. Weight loss and muscle gains simply follow. If I’m a successful salesperson, I network. Income is simply a result. My default habits would never change by simply thinking about my weight loss goal or even by putting down my income goals on paper (I, like most of us, have tried). Change requires action, no matter how small. A helpful quote I’ve come across (attributed to several different authors including Millar Fuller and Jerry Sternin) summarizes this idea nicely: “It’s easier to act your way into a new way thinking than to think your way into a new way of acting.” Alan Deutschman, in his book Change or Die, says, “It’s obvious that what we believe and what we feel influences how we act. That’s common sense. But the equation works in the other direction as well: How we act influences what we believe and what we feel. That’s one of the most counterintuitive yet powerful principles of modern psychology (p78).” He adds, “You have to do things a new way before you can think in a new way (p79).”

It’s interesting to think about the purpose of all of this. We set goals at the beginning of each year because we want to accomplish things, for sure. But I think the more significant reason we spend all of this time on goals is that we aspire to be better persons. The most basic thing we’re after is a change in our identity. I won’t stray into the mire of philosophical implications here, but I think that’s a clarifying thought. The accomplishment we’re after is a change in identity, not another New Year’s resolution. Our identity changes when our default behaviors and habits change. Act different in order to think different. Start small, start simple, do something laughably easy, and then don’t ever stop.