Here's a thread of Wojak memes that will teach first time founders how to be a successful entrepreneurs.

Thinking that you're above sales or that people will just show up at your app is a classic first time founder mistake...

You must learn to sell!

1/n
I see this one all the time in e-commerce, even from experienced entrepreneurs who are doing millions in sales.
When I first started as an entrepreneur I was obsessed with intelligence.

That was stupid and my early employees were smarter than I was in ways I couldn't see.

"Life is too short to work with people you dislike" @naval
There are complex strategies using freemium models that are long-term profitable, but save that for the second company you found.

Usually, a freemium model just means you lack the courage to ask people to pay, fearing rejection.
Free media is great if you can get it, but more often than not, it will not drive sales.

The first time I was in Tech Crunch I basically nutted, but it did nothing for my bottom line.

Raising money isn't a success, it's a burden that dilutes your later exit & income.
This one is the number 1 mistake I see first time founders make.

They get stuck in analysis paralysis.

This is the first time you found, you have no idea what you're doing.

Best way to learn is to just start.

(I didn't make this one btw)

Keep it simple everyone.

And ignore the losers on hacker news.

/thread

Accidentally didn't credit the last tweet (tried hypefury for the first time):

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More from @Molson_Hart

25 Apr
I reread Influence, one of the greatest books of all time.

It will teach you to be more persuasive and how to avoid being conned by people who know its techniques.

This is a 🧵 of its core concepts based on excerpts 1/n

👇👇👇
It's important to understand that people will do things without thinking about them consciously. Check out Thinking Fast and Slow for more information about this. My use of the 🧵 and 👇 emojis are an attempt thoughlessly trigger retweets.
This is the author, Professor Cialdini Ph.D.

Very importantly he didn't craft this book from an academic ivory tower. They way he came up with the 6 concepts of persuasion was through joining multi-level marketing programs and the like.
Read 33 tweets
24 Apr
Between 1971 and 2021 the supply of US dollars in circulation has compounded at 7% per year.

🤯
Meanwhile the gross the domestic product of the United States compounded at 6% per year over the same period.

🤯 🤯
This is just staggering to me.

The GDP is quoted in terms of USD. Who would have guessed that GDP growth could be outpaced by the monetary unit that it is quoted in. If you made every $1 bill $2, GDP would double in nominal terms.
Read 4 tweets
28 Mar
Short thread on people and trust:

The first place I started doing business in was China and I knew I was going to get screwed because it was “China”, a lane of fake products and scams. I had heard the horror stories.

I was right in I did get screwed.
A few years later I came back to the United States and I tried working with a US manufacturer for something that I was previously making in China after my Chinese supplier had screwed me.

Boy was it expensive!
And something very strange happened. I had paid a lot of money for a mold made by an American mold maker and the mold was not working as it should and I told my American supplier that.

And he said “no you’re wrong.”
Read 11 tweets
26 Mar
Fun debate going down between @SenWarren and @amazonnews

Let me try to be objective as possible about this:

- Amazon doesn't have the obligation to pay anymore tax than what is demanded upon them and they are outstanding at doing this.
- at the same time, they engage in some borderline dishonest activities when it comes to tax minimization (not evasion). For example, Amazon knew they should've been paying sales tax instead of 3rd party merchants, but they also knew that not doing so gave them a leg up against
brick and mortar retail. So they pointed their figure at the merchants and said "they should be collecting" until the Supreme Court ruled that they had to collect.

- Congress doesn't do enough about Amazon and e-commerce for a couple of reasons:
Read 5 tweets
26 Mar
Despite my reservations associated with reading books by non-practitioners, I read this, written by a Harvard business school professor. It had a few good concepts. Image
1) there are two types of innovations: a) sustaining predictable innovation eg fitting more transistors on a microprocessor for a 20% improvement
B) disruptive innovations eg quantum computing.

Big established players are good at former, bad at latter. Image
(Highlights and underlines are mostly not me. An idiot read this book before I did)

2. This is my favorite insight from the book. Big companies do not go into disruptive innovations because they are a) low margin at the outset b) low quality c) not desired by their current
Read 8 tweets
13 Feb
Can I get some constructive criticism on the following prediction of inflation?

The below graph is a popular way of showing that overall CPI has been muted (2.25% between 1991 and 2021), but certain categories of goods have seen big increases in prices.

1/n
I like to think about it in terms of the following categories:

- stuff that can be outsourced (toys, clothing)
- stuff that is made cheaper by tech (new cars, software, tvs)
- subsidized or interfered with by government (college textbooks/tuition & hospital/medical care)

2/n
If you look at the categories that have seen the biggest price increases, it's all stuff that gov't is involved in:

- housing (FHA loans)
- education (sallie mae
- healthcare (I don't know how this works admittedly).

3/n
Read 7 tweets

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