Poker, Peloton and Pulp Fiction. A game, a company and a movie. I’ve learned major life lessons from all 3.

Here’s the single biggest takeaway from each that helps me in my professional life.
2/14: Poker – Focus on the process, not the outcome

We all make decisions every day. Its not atypical for an average person to make thousands of small decisions in a 24-hour period and people in positions of authority make big decisions all the time.
3/14: Poker teaches that outcomes are a function of decisions and luck. Poor decisions that result in positive outcomes should be treated as a bad decisions and should be avoided. Good decisions that result in negative outcomes should be repeated.
4/14: In my world (VC), too many investors fixate on outcomes vs. honing their decision making skills and thought processes. Putting yourself in a position to repeatably win is more important than any individual outcome. If you’ve done that then you’ve done your job well.
5/14: “Wrap your arms around the uncertainty. Accept it. Know that the way things turn out has a lot of luck involved so don’t be so hard on yourself when things go badly and don’t be so proud of yourself when they go well. Focus on process instead.” – @AnnieDuke
6/14: Peloton – It’s just work

There have been days when I was in the middle of a long ride or run and wanted to quit. But I’ve finished every single one of my 750+ rides and runs because I know that quitting is a learned skill.
7/14: Once I realized that finishing is always possible, it changed my mindset in a profound way.

Workouts are now either rough, good or great. Every workout is a success. And every time I start I know I’m doing more than the person sitting on the couch.
8/14: And knowing I’m going to finish created another important mindset shift.

Now I focus on how much I can accomplish in a fixed period of time vs. whether I’m going to accomplish anything at all.
9/14: In my world (VC), it’s really easy to get frustrated by the volatility that comes with investing in early stage companies. Fire fighting isn’t fun. Long stretches of marginal deal flow happens. Board and company level drama is par for the course.
10/14: It becomes easier to deal with the volatility once you realize that putting the work in is all that matters. Days aren’t all great, but every day that you put the work in is a day that you’re doing more than the investor who puts today’s problems on tomorrow’s to-do list.
11/14: “The good ones work out, the great ones work” – @alextoussaint25

“It’s time to kick the tires and light the fires” – @MattWilpers

“You didn’t wake up to give up” – @emmalovewell
12/14: Pulp Fiction – Be memorable

Quentin Tarantino might be one of the most talented Writer/Director/Producers in the movie business. The “why” is easy:

His movies are among the most quotable ever written.
13/14: When you think about the film, certain lines and scenes pop into your head.

“I’m Winston Wolf. I solve problems.”

“Royale with cheese”

And of course: “The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.”
14/14: In my world (VC), storytelling isn’t just important, it’s all important. Helping Founders create “quotable and memorable moments” pays dividends. It helps them fundraise. It helps them attract and hire talent. And it helps customers know what they do.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Frank Rotman

Frank Rotman Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @fintechjunkie

10 Jul
There’s no denying that right now a lot of money is flooding into #startups. A lot!

But the money won’t always be there. What will happen once the cash stops flowing? Will there be a wave of startups forced to close shop or are there other possible outcomes? A few thoughts 👇 Image
2/13: Answering this question isn’t easy because every startup’s situation is unique. But I can share a framework that can be used to help think through the possible outcomes.

I call the framework “Climbing the Relevance Curve” and it has three simple questions at its core.
3/13: Question 1: Will anyone notice?

At the foundation of the concept of “relevance” is the notion that a startup is either relevant or irrelevant through the lens of a counterparty. You don’t get to decide this. The market does.
Read 13 tweets
2 Jul
1/17: In honor of the @RobinhoodApp S-1 I thought I’d share a conversation I had a few weeks ago with a friend who used Robinhood as his on-ramp into the trading world.

Brace yourselves. It was a fun conversation but pretty eye opening in lots of ways.
2/17: It started with two texts:

“I bought 2 $9 CLOV call options on 6/7 for a total of $170. Expiration 6/18. The value is now at $2450. The share price is up again this morning almost $5. I want to lock in profits but don't want to miss out on future profit by selling now.”
3/17: “Any suggestions on doing this. I was thinking of selling 1 contract to get back my initial investment plus 1400% profit and let the other ride until the day before expiration. Is there any other strategy you may know?”
Read 17 tweets
1 Jul
Guess what's confused me the most so far in the @RobinhoodApp S-1? 👇Picture. What the heck does it mean? There must be an embedded message! I've stared at it for an hour and can't figure it out!

#fintech community help! @JoinCommonstock help! @public help!
Oh - And this chart tells the entire story. This is easy to understand....
And this of course....
Read 5 tweets
29 Jun
1/27: We’ve seen a few $10B+ lending companies emerge from the fintech ecosystem in the past few years. We’ve also seen a few fintech lenders meltdown in the public markets.

Are lending companies VC backable? Thoughts plus a framework to answer this question👇
2/27: I have to start with a “no duh” statement that too many fintech Investors and Founders don’t do a good job of internalizing. It’s the foundation of every lending business. Effectively Lego block #1.

Simply put: Lenders sell capital
3/27: Lending companies advance capital to borrowers today in return for a stream of payments that will vary based on future market conditions, economic scenarios and borrower characteristics. The volatility of future payment streams is what makes lending challenging.
Read 27 tweets
25 Jun
1/19: This may sound funny but I actually have a favorite business model.

We all know that the goal of business is to sell a good/service at a higher price than it costs to manufacture and distribute.

My favorite business model is designed to do this extremely well. 👇🤯
2/19: The easiest way to go broke as a business is to sell dollar bills for less than a dollar. To survive, a business has to sell “widgets” at a price that generates positive contribution margin (PCM). The more PCM generated per “widget” the easier it is to overcome overhead.
3/19: Many business models rely on sourcing goods at wholesale costs and then distributing them through their own channels at a retail price. Buying in bulk at a discount and selling smaller parcels at a premium is how PCM is generated.
Read 20 tweets
22 Jun
1/12: It shouldn’t be a surprise that I love helping #startups. It’s what I do. But a little known fact is that my favorite show is American Ninja Warrior (@ninjawarrior). To me, building a #startup has parallels to ANW that great VCs and Founders should internalize. 🧵👇
2/12: It’s hard to deny that startups generate infectious energy. Founders have no political filters clouding their ideas. They have no higher-ups waiting around to smash their ideas. They don’t care about sacred cows and they don’t care if hundred-year-old brands are shattered.
3/12: What Founders care about is solving problems and being better than those that came before them. But while Founders believes that they’re destined to succeed, statistics would suggest otherwise. They’re most likely going to fail or stall somewhere on the way to greatness.
Read 12 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(