BOLD: How to Go Big, Create Wealth, and Impact the World – Peter Diamandis

Here are my comments on the book:

What can you do today to go BIG, create wealth and impact the world? Peter Diamandis, Greek–American engineer, physician, entrepreneur best known for being the founder and chairman of the X Prize Foundation, co-founder and executive chairman of Singularity University, and a co-author of two New York Times bestsellers, states that never before has there been a better time to make your BOLD move today and capitalize on the latest trends as the world is evolving at an exponential rate. He says that the world is now going through a shift that he calls the 6Ds (digitalization, deception, disruption, demonetization, dematerialization, and democratization). Here are some of the points to the book:

 

1. Watch out for the latest trends and adapt to them or be left behind. The force of mother nature has demonstrated time and time again that those who fail to adapt become extinct. In fact, according to science, we humans are the product of millions of years of evolution. We first started out as a small organism that has adapted and continually evolved with the times which is why we’re currently the most sophisticated being on the planet. Other species have become extinct and a reason for that is that they couldn’t adapt to their change in environment. But how is this possible? How did Kodak—a hundred-year-old behemoth with 140,000 employees and a 1996 value of $28 billion—fail to take advantage of the most important photographic technology since roll film and end up in bankruptcy court? Simultaneously, how did a handful of entrepreneurs working out of the proverbial Silicon Valley garage go from start-up to a billion-dollar buyout in eighteen months, with a little more than a dozen employees? Simple: Instagram was an exponential organization.” He later states, Good or bad, this same trend is evident around the world. In China, Foxconn, the Chinese electronics manufacturer that builds Apple’s iPhone, made news in 2013 when the skyrocketing demand for cell phones led to labor disputes, reports of harsh working conditions, even riots and suicides. In the aftermath of these reports, Foxconn’s president, Terry Gou, said he intended to replace one million workers with robots over the next three years. Besides replacing our blue-collar workforce, over the next three to five years, robots will invade a much wider assortment of fields. ‘Already,’ says Dan Barry, ‘we’re seeing telepresence robots transport our eyes, ears, arms, and legs to conferences and meetings. Autonomous cars, which are, after all, just robots, will [start to] chauffeur people around and deliver goods and services. Over the next decade, robots will also move into health care, replacing doctors for routine surgeries and supplementing nurses for eldercare. If I were an exponential entrepreneur looking to create tremendous value, I’d look for those jobs that are least enjoyable for humans to do. . . . Given that the global market for unskilled labor is worth many trillions of dollars, I would say this is a huge opportunity.’

 

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2. A key ingredient to making a big impact in today’s world is having a vision to your achievement. I once heard in an interview that the founders of Twitter had this huge vision for what they wanted to create and that led them to creating something revolutionary in the social networking community. One of the ways to help you with visualization is to spend time visualizing your success as a part of your morning routine. This is something that’s addressed by Hal Elrod in his book The Miracle Morning. In his book The Prime Movers, psychologist Edwin Locke identifies the core mental traits of great business leaders—Steve Jobs, Sam Walton, Jack Welch, Bill Gates, Walt Disney, and J. P. Morgan, to name only a few. While a number of variables contributed to their success, Locke found one key trait they all shared: vision. ‘It’s the ability to see ahead that truly set each of these men apart,’ says Locke. ‘The data shows that companies consistently fail when they rest on their laurels and think that what worked yesterday will work today or tomorrow. Great leaders all have the ability to see farther and the confidence to drag their organizations toward that vision. Look at Steve Jobs. He wasn’t very nice about it, but if you told Jobs something was impossible, all he would do was disagree and walk away. He had no time for impossible. He had a vision of the future and would not be swayed.

 

3. I once heard from a talk that Brendon Burchard, the highest paid high performance coach, gave on how your level of commitment is one of the determinants to whether or not you’ll achieve your goal. To achieve anything of significance in life, it takes a lot of commitment to making it happen. As we all go through life, we’ll all face some sort of struggle or barrier that’s stopping us from achieving greatness, however, stay committed to leaving your mark on the world. Commit yourself to making that difference today. “One of the most important is commitment. ‘You have to believe in what you’re doing,’ continues Latham. ‘Big goals work best when there’s an alignment between an individual’s values and the desired outcome of the goal. When everything lines up, we’re totally committed—meaning we’re paying even more attention, are even more resilient, and are way more productive as a result.’ This is another key point. When Kelly Johnson created the original skunk works, the goal wasn’t to build a new plane in record time—that was just one of many things that happened on the way to the main big goal: saving the world from Nazi peril. This is the kind of big goal everyone can get behind. It’s why the engineers agreed to work horrific hours in a foul-smelling circus tent. And most importantly, because this alignment between core values and desired outcomes jacked up performance and productivity, it became one of the fundamental reasons that plane was delivered in record time.

 

4. Fail early, fail often, fail forward. Don’t be afraid to experiment and fail. In fact, you want to fail fast so you can learn from what works and what doesn’t. However, don’t get discouraged by what hasn’t worked as everyone who has achieved greatness in life has failed numerous times. Successful people are the ones who never gave up when what they tried didn’t work out. “Trying out crazy ideas means bucking expert opinion and taking big risks. It means not being afraid to fail. Because you will fail. The road to bold is paved with failure, and this means having a strategy in place to handle risk and learn from mistakes is critical. In a talk given at re:Invent 2012, Amazon CEO Jeff Bezos explains it like this: ‘Many people misperceive what good entrepreneurs do. Good entrepreneurs don’t like risk. They seek to reduce risk. Starting a company is already risky . . . [so] you systematically eliminate risk in those early days.’ This is exactly where Kelly Johnson’s final three rules come into play. All three of these rules are ways to increase rapid iteration—which is one of the best risk-mitigation strategies ever developed. If you’re looking for a quick and dirty definition of the term, try the unofficial motto of Silicon Valley: ‘Fail early, fail often, fail forward.’ Bold ventures—especially the world-changing type we’re advocating here—require this kind of experimental approach. Yet as most experiments fail, real progress requires trying out tons of ideas, decreasing the lag time between trials, and increasing the knowledge gained from results.”

 

By Ryan Timothy Lee

 

Thank you for reading! Please share this post with someone who you think will benefit from it. If you have any book requests/recommendations, I’d love to hear them out so please let me know through an e-mail at bookstakeaway@gmail.com. Also join my Facebook group here, to receive updates on future posts.

 

My rating:
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Check out the book here:
Amazon US
Amazon Canada
Amazon UK

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