 What's up guys if you haven't already make sure to subscribe to this channel leave a comment below so a lot of people have been Asking me about zero to one Peter teal's book I think it's probably one of the best business books of all time probably second to seeking wisdom with Charlie Munger and Peter Bevelin and I want to talk about two points in the book I'm not gonna go through the whole book. I really recommend you actually buy it and read it multiple times. This is probably my Six time reading it if you guys can tell let me bring it up. There's a million different Bunny ears all over the place. I have So my bookmarks But there's two really cool things. I want to talk about in this book number one. It's literally on the first page page one Whenever I interview someone for a job, I like to ask this question one important truth to very few people agree with you on This question sounds easy because it's straightforward. Actually, it's very hard to answer It's intellectually difficult because the knowledge that everyone is taught in school is by definition agreed upon and It's psychologically difficult because anyone trying to answer must say something. She knows to be unpopular Brilliant thinkers are rare, but courageous is even shorter supplied than genius Why this question is so good is right from the get go You can figure out what type of individual you're dealing with whether that is a business partner Whether that is a new client whether that is somebody you meet regardless of the situation And I really believe it's of utmost importance today than ever because we're living in society of yes people right now to see What's happening in the world? How many in-groups that we have we have these people complaining about this those people complaining about that? Everybody has their own issues, but the problem is they're all regurgitating what one person said They really don't understand the topic that they're arguing against didn't understand why they're arguing It's called a crowd effect or monkey see monkey do They're they're one of the 25 cognitive biases and it's quite dangerous even still today with Trump being president people still in denial and still bitching and complaining about him calling him all this stuff where Why like do you even understand politics? You understand what's going on? You're just a puppet your pawn in the big game anyways Why I like this question is you can apply it on a day-to-day basis You meet somebody new try to put that in the conversation ask him or her that question What do they believe in the other people don't believe in or what other people think may not be true and see their response? What you're what you're looking for is not an instant response What you're looking for is somebody who really takes our time to dial in and give you an articulate answer So I think that's the first really important thing from this book The second really important thing from this book is talking about the last mover advantage because in the startup scene Most of us are thought from a very early age or early introduction the startup scene that First mover advantage is the best or even if you look at the 22 immutable laws of marketing The number one rule is positioning and for you to become number one in positioning. It is first mover advantage However, Peter teal's contrarian thinking is it's not good to be first First makes mistakes first get first gets killed first always takes a brunt of what's going on whether that is political financial and Society he said it's always good to learn from the mistakes of the first and then do it better There's a saying a smart man learns from his mistakes a wise man learns from others so what you're doing right now ask yourself are you first in this and If the answer is yes ask yourself Are you maybe self sabotaging yourself at the end of the day because there's other people on the sidelines Who are probably studying what you're doing taking notes because you're doing all the r&d for them you're on the front lines and Maybe they can come around with a bigger budget and it happens all the time big companies big corporations that come around with like a Hundred million dollar budget that undercut all these small businesses because the small businesses did it first And they just either buy them out for pennies on the dollar or they bury them in litigation Business is dirty. Just keep that in mind. It's not all sunshine and fucking flowers. So Really taking the consideration is contrary to thinking that maybe it's much more important for you to sit on the sidelines and show yourself And the time is ready. So that's the second really important takeaway from this book is He calls it the last mover advantage and finally number three and you probably heard about this before It's on page 113 if you're interested he talks about cash is not king for people to be fully committed They should be properly compensated whenever an entrepreneur asked me to invest in his company Ask him how much he tends to pay himself a company does better the less it pays the CEO That's one of the single clearest patterns I've noticed from investing in hundreds of startups in no case should a CEO of an early stage venture back to receive more than 150,000 per year in salary It doesn't matter if you got used to making much more than that at Google or if he or she has a large mortgage or a hefty private school tuition bill Now he goes on to talk about the fact that money does not solve your problem What solves your problem is having a well-oiled machine proper talent and a proper Organization with your founders because at the end of the day money Is this money is used as a tool to fix issues now money is executed by very smart individuals So you can't give money to a broken team. It's not going to fix the problem So he states at the beginning no matter what you do spend much more time doubling down on the relationships with your founder or co-founders and Really understand. Can you guys work together? What is your long-term vision and be fair from the beginning with your equity for example when he had his Company and Elon Musk has his company and they joined together to make PayPal. They said right from the get go 5050 No hidden shit. Let's split down the middle regardless of how much your company made how much my company made so it's really important that you have transparency with your founders at the beginning and it's really important that you set the guidelines from right from beginning and using his contrarian thinking Asking these really hard questions and seeing what type of characters are you going in business with? So I just want to give you a quick primer on that. I know it's not super in-depth But I really do recommend you read this book and use it as a guideline and Take notes from it and apply it in your life If you guys have any question leave a comment below this video and peace