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The #1 litmus test for whether to do business with someone:

Do you feel mentally exhausted after talking to them?

It can be subtle sometimes.

I might even think "wow I really liked that person!" after the meeting, but notice that I feel mentally bagged...
Over 15 years, has proven itself to identify whackos, energy vampires, sociopaths, narcissists, and all sorts of fun characters.

I think it's due to cognitive dissonance.

They are saying one thing, but want something else. And your brain picks up on that and doesn't like it.
Surprisingly accurate. Try it.
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More from @awilkinson see all

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Andrew Wilkinson
@awilkinson
What’s an easier path to wealth?

PATH 1: VENTURE STARTUP

- 95% chance of $0

- Tiny personal income while building startup until IPO/scale

- Massive dilution (most founders end up owning 5-15%). $1BN market cap = $50-$150MM for founder.

OR...
PATH 2: COMPOUND EARNINGS OVER 20 YRS (BUFFETT STYLE)

- 50-80% chance of success...

- Pay yourself whatever you want out of profits over time

- If you can bootstrap a $250k/yr profit business and grow it/reinvest in new businesses at 20%/yr for 20 years = $59 MILLION.
- You own 100% of that

Which path is better?

🧐🤔🤫
Read 3 tweets
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Andrew Wilkinson
@awilkinson
1/ Most entrepreneurs start with one goal in mind:

FREEDOM.

If you truly value freedom, you should have one goal for your first company:

Something that can produce $100-$200k of personal income.

It can be boring and doesn't have to scale.
2/ You have to build a launchpad, before you build a rocket.

There is no greater security than knowing that, no matter what risks you take, you have a business churning out enough to pay for your livelihood.
3/ A recent example of a perfect "launchpad" business:

A guy I know found a very specific, niche style of timeless table that gets cloned by a gazillion furniture companies...
Read 5 tweets
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Andrew Wilkinson
@awilkinson
If you want to start a business, most people think you should learn specific skills (coding, accounting, cooking etc).

In reality, you should be studying psychology.

True business is delegation.

And in order to delegate effectively, you have to know enough to....
1. Choose the right type of people to fulfill your goal

2. Give them some high level rails (strategy, values, culture)

3. Incentivize them to hit it

80% of this is psychology, 20% is understanding the underlying skills...
Fortunately, you can learn almost everything you need to know about psychology by reading Charlie Munger (listen to his famous speech 'The Psychology of Human Misjudgement') and Robert Cialdini (read his book, 'Influence').

Mental models > skills.
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