11 key takeaways from the book "Rework" by Jason Fried & David Heinemeier Hansson.
1) Do it yourself first:
~ Never hire anyone to do a job until you've tried to do it yourself first. You'll know what a job well done looks like.
2) Throw less at the problem:
~ Think about how you do more with less, this will lead to greater efficiency and a sense of focus.
3) Ignore the real world:
~ This real world sounds like an awfully depressing place to live. It’s a place where new ideas, unfamiliar approaches and foreign concepts always lose.
4) Own your bad news:
~ when something goes wrong,
someone is going to tell the story. You'll be better off if it's you. "No comment" is not an option.
5) The myth of the overnight sensation:
~ You know those overnight success stories you’ve heard about? It’s not the whole story.
6) Make a dent in the universe:
~ To do a great work, you need to feel that you're making a difference. You want your customers to say, "This makes my life better".
7) Why grow ?
~ Grow slow & see what feels right - premature hiring is the death of many companies.
8) Say no by default:
~ You rarely regret saying no. But you often wind up regretting saying yes.
9) Mission statement impossible:
~ Standing for something isn't just about writing it down. It's about believing it & living it.
10) Making the call is making progress:
~ Whenever you can, swap "let's think about it" for "let's decide on it".
11) Make tiny decisions:
~ You believe the best way to achieve those big things is one tiny decision at a time.
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~ notice the change.
~ understand the impulses leading to such change.
~ spot the megatrend within the
change.
~ understand proxy themes within such megatrends.
~ find the countries to play such megatrends. (socially, politically & economically)
~ find respective companies within such countries.
~ select your proxy theme to play the mega theme.
~ identify such companies & brilliant fanatics from the pool of many.
~ study them extensively.
~ select a promising few with valuation comfort. (subjective)
~ allocate your initial tranche.
~ increase your allocation overtime with visible signs of improvement in your initial investment thesis.
~ play & monitor your business &
overall theme as long as they remain favourable.
In 2014, Aditya Puri traveled to
California to take a close look at the disruptions that were being
discussed. He visited Mastercard Inc. The agenda of the trip was to understand the changing landscape of the financial services sector.
During his trip, he noticed & heard few phrases "Silicon Valley
will eat your breakfast & lunch",
"Banks will be reduced to pipes",
"People won't need banks but
only banking", & so on.
He linked Fintech companies operating in payments space, faster loan approvals than old world rivals, virtual relationship
management & advisory, e-shopping & building better financial products for customers.