Stock traders often say that any trader remotely successful, has completely depleted his account to ZERO dollars first.
Losing out all of your money in stocks often leads to making of some of the most skillful and successful traders.
There are for two reasons: Learning any skill like trading or running a start up magnifies your self awareness by 1000%.
Its like going to an Xray machine which hands you a 3D graph of your personality.
Emotions, behaviors, attitudes and habits and other painful things which are scary to look and measure.
They say what can be measured can be improved.
It begins with understanding and improving yourself with Self Discipline, then understanding others through human psychology to make win/win deals.
that makes 1+1 = 11 work. Putting this in a narrow definition of a business/startup.
The interesting corollary is to consider these three as identities of its own. (Self Discipline, Psychology and business/startup).
Most of the people are good with understanding two of these.
Thats where you see people like Experts/Analysts/Critics/Columnists who understand the market but don’t apply it on it themselves to run the show or start a business.
Nerds/geeks/artists who understand themselves but don’t understand others psychology and emotions.
Popular jocks/connectors/manager who are good with people and themselves but aren’t risk takers to do courageous things.Notice i used the word manager not leader.
1: Self Discipline: It starts with building a world class attitude. How do you monitor yourself objectively. Lot of words we come across in theory and understand the text book definition but never really measure yourself correctly on it. Mental toughness and will power are measured by how many obstacle and hurdles we try to clear.
Striving to increase your comfort zone is not for the weak minds. Human body is filled with defense mechanism in every cell that fight to keep the things as they are EXACTLY.
Increasing the comfort zone is to overcome that natural instincts. Whats the craziest thing you have done in life? lot of people confuse crazy with sensible things.
Here is my definition of crazy. When you are going for skydiving for the first time. There will be an instructor for you for the first few times to press the button for parachute. Its because maybe your body won’t respond to the dive correctly and you will not be able to press the button. Its the tandem fall. Its a sensible thing but not crazy. Jumping by yourself without the instructor first time. Now thats Crazy!
If you are not doing things that look crazy or pushing the boundaries to you, chances are your comfort zone is not expanding hence things are remaining the same for you.
What is your mental toughness level. Do you take no for an answer regularly – almost always?
On a scale of 1 to 777 what is your mental toughness level? Ask yourself – Are the outside forces influencing you most of the time or you are influencing the outside forces more.
Are you brining people into your reality most of the time or you are part of reality of everyone else. Too deep!
Indecision: Ever heard the story of tortoise and rabbit. There was also a third participant in the race- Rat. which no one talks about. when they started the race – Rat suffered from indecision.
It wasn’t sure if it will win the race. When they blew the whistle for the race – rat was left stranded.
Just because we read about it doesn’t mean we will become good with tackling indecision. Its about confronting the uncomfortable where our true decisiveness level can be measured.
Self Discipline can be boiled down to one thing – Persistence. The less i say about it the better it is!
Persistence just like any other skill takes purpose,patience,plan and practice to build.
Can you name any 5 incidents where you were not persistent and ask yourself why and see what excuse you had!!!
The main thing to understand here is most of your self discipline scales are measured when things are going down wrong -to be accurate.
2: Psychology: Human beings are superficial on many counts. There is nothing you can do to change it. However understanding
others on a scale will go a long way. 1: Experience vs Education 2: Conscience vs Intuition 3: Left brain vs Right brain. Using the Myers-Briggs
This allows you to see where someone gets his validation from.
Validation is the information we receive about our identities or who we are as a person. We all adopt identities and beliefs about ourselves and then we seek validation to reinforce and prove those identities and beliefs to ourselves. Can you talk to someone for 2 minutes and sense what kind of validation drives the person? Love, money, popularity, health, freedom being the building blocks.
Happines + success + freedom ==> Durable fulfillment.
Defense mechanisms are our unconscious reactions. Do you know what are those 9 types and which ones are positive and negative.
How good of a negotiator you are when it comes to contracts/deals?
We do play mind games to a certain extent but its about finding a win/win formula. Being assertive and walking away from Win/Lose deals.
Reading body language, face, tonality is becoming a rare and rare skill due to the new age problems of ADD/ADHD.
We are trained to be always in front of a rectangular screen driven by external stimuli.
What can we do to bring ourself in the present moment. Creativity is all about being present in the moment.
Best way is to be using 5 of your senses – feel,smell,taste,hear,see as much as possible allows us to be in the moment.
Midlife/quarter-life crisis mostly happen due to losing touch with one or more of the senses and hence getting disconnected from life.
Sharing a meal with someone is one of the best ways to be in the present.
Influence: Dale carnegie wrote ” How to win friends and influence people” Influencing people is the number 1 of any leaders quality.
Important thing to remember here is- people follow your path not your advice.
This is where the self discipline is combined with psychology. In other words be the change you want to see in the world.
3: Startups: Startups at the core are nothing but people doing business with other people. Generally any startup/business can be categorized as providing help/value to others through
Think of it as its own person. You have understood yourself and helped yourself through Self Discipline
Others through psychology and adjusted yourself accordingly. Now its time to use the similar skill to adjust your startup in the areas it need help.
Let it be chiseling the value propositions, growing the number of users, adding a business model or getting funding.
As you know most of the success of startups is build by its brand.
Brand is nothing but logical extension of your/teams personality. Building a brand means first building your own character.
More often than not , your startup brand represents your composure, poise,sure footedness and confidence. Consideration and empathy.
Predictability and commitment. Congruence of saying what you mean and meaning what you say.
Steve job’s character is exactly the character of Apple Brand.
“Knowledge gives you power, character gives you respect” – Bruce lee.
Combining the mastery of self discipline and psychology greatly improves your odds of success.
You will be treating and applying the same principles to your business. Expanding its comfort zone, decisiveness etc
In the coming weeks we will take a deep dive further into each aspects of these topics so expect the unexpected!