I've started a newsletter.
It's really simple:
Once a week, I'll send you a few recommendations.
Things I'm thinking about. Products I love. Articles I'm reading. Twitter accounts to follow.
That's it.
If you're interested in getting it, click here: …
Elon Musk fired 6,500 employees at Twitter.
A little birdie told me it's down to:
- 2 designers
- 6 iOS developers
- 20 web developers
- Around 1,400 sales and operations people
How is it possible that we are still using this website?
Two words:
Parkinson's Law.
Have you…
This is a story about how I lost $10,000,000 by doing something stupid.
Ten. Million. Dollars.
Literally up in smoke. Money bonfire.
That’s enough to retire with $250,000+ in annual income.
Here’s what happened…
What
@elonmusk
just did with Twitter ads is brilliant.
He just made every major creator on the platform a financial beneficiary.
When Twitter sells ads, the community gets a slice.
Alignment of incentives.
Same thing with paid subscriptions.
When creators get paid, Twitter…
Shit on
@elonmusk
all you want, but he has The Now Habit.
As soon as he has an idea, he takes action towards making it happen.
This is inherently chaotic, but for better or worse, it's likely a big part of why he's so successful.
Rapid action, iteration, and experimentation.
I read a book that blew my mind a little and I can’t stop telling people about it.
It explains why so many people dedicate their lives to achieving things that make them miserable.
This might sound crazy, but an unseen force is pushing you towards empty and unfulfilling goals…
On Aug 1, I woke up and didn’t want to get out of bed.
I felt…blank. Hollowed out. I’d felt this way for months.
I couldn’t enjoy anything.
I didn’t care about work.
I didn’t want to talk to anyone.
I wasn’t necessarily depressed. Objectively life was amazing...
A friend said something crazy to me the other day:
"You have 18 summers to enjoy with your kids. That's it."
By the time your kids turn 18, you have spent 70%+ of the total time you will spend with them. After that, it's a wild card (they are busy, you are old).
I started my company 16 years, 3 months, and 5 days ago.
Today, it went public.
But let's rewind for a second...
5,939 days ago, I was a barista at a small cafe called
@2percentJazz2
, in Victoria, Canada.
I made $6.50 an hour.
Two guys, Chris and Jeff, started coming into…
10 years ago, I was working 12 hour days running a single business.
10 years later, my business partner Chris and I live the life of retirees.
Yet:
We now own 20 majority owned businesses.
With over 400 employees.
And 80 minority investments.
Plus a bakery and hotel.
The year is 1996 and you own a newspaper. The internet just came out, but you don’t really get it.
Which businesses are similar in 2023 with GPT3 + AI looming?
Our brains are designed for:
- 1 to 3 tasks per day 🔥💧🦌
- A social group of less than 50 👨👩👧👦
- Most time spent silent in nature doing a task 🌲🌲🌲
- No awareness of anything happening outside of 5 square kilometers 🧭
No wonder we’re all miserable.
As a CEO, your job is actually to do nothing.
CEOs who actually perform duties within their companies are failing.
Your job is to set strategy and culture, delegate, and incentivize.
Same goes for executives. You are just more focused mini-CEOs, who report up.
Earlier this year, I had a productivity breakthrough...
I used to spend $25k-$100k building an app over 3-6 months. It was frustrating, expensive, and slow.
Then I started using NoCode tools like Webflow, Bubble, Zapier and AirTable...
Best ways to get in touch with me:
1. Text
2. Email
3. Twitter DM
4. Write a note on my car windshield in dust
5. Message in a bottle
6. Morse code using laser pointer
...
105. LinkedIn message
Remember when people used to fly for 5 hours, stay in a hotel overnight, and spend $2,000 for a 1 hour meeting instead of doing a Zoom?
It truly wasn’t a better time.
So many people think they want to retire...
But freedom is better:
The freedom to say no.
To cancel appointments.
To ignore your inbox.
To take random days off.
To put your phone away.
To wrap your day at 2pm.
To go for walks.
To play with your kids.
The ultimate.
The best way to learn is to walk around sticking forks in electrical sockets and adjusting accordingly.
This one hurt. A lot.
I'll try to keep sharing my screw ups as they happen.
Follow me at
@awilkinson
.
At Tiny, I've hired CEOs for 60+ companies and interviewed hundreds of others.
After over a decade of trial and error (and I mean BIG errors), here’s our hiring process:
The best investors do nothing 99% of the time.
They sit on their hands, sometimes for years, preparing.
Reading, thinking, analyzing.
Then, when the right opportunity comes along, they strike with conviction.
It sounds easy. It’s not.
I turned 35 today 🎈
40-50 year olds of Twitter:
What are the things you regret not doing more at my age?
What are the things you cherish most in retrospect and are glad you did at my age?
I was sad to learn that Charlie Munger died today at age 99.
What a life.
He would likely roll his eyes and argue that none of us should be too surprised, based on the actuarial tables, but we’ve lost one of the 20th century’s greatest investors and businessmen.
Chris and I…
There are four types of entrepreneurs:
1. Innovators - the person who invents the burrito 🌯
2. Remixers - the person who creates Chipotle 🌶
3. Scalers - the person who scales it to 100+ locations 🏢
4. Optimizers - the person who dials in margins and process 🔧
8. If you’re competing on features, it never stops and is an ever-increasing line item.
9. Good product with great marketing beats amazing product with no marketing.
Every day, for over a year, the only thing I listened to on my drive to work was this speech.
It changed my life.
I still use its lessons every single day.
We made an abridged video version of it, to help spread the word:
In this instance, I learned a lot.
The key takeaways are:
1. If you are in a competitive VC-funded space, it’s foolish to compete without raising money. Don't bring a knife to a gun fight.
Another example of pricing insanity:
Every day you will buy a coffee that you pee out 3 hrs later for $5.
Then a few hours later, you’ll complain about how $5/mo for Slack—the way you do your work, which makes you thousands a month—is too expensive.
2. The best product doesn’t always win, and product is not a longterm competitive advantage.
3. If a tree falls in the forest and nobody is around to hear it, it didn’t fall.
A tale of two business valuations:
Profitable Family Owned Business
- Growing 10% per year
- 20 year history
- $250,000 annual profit
Valuation: $750k to $1.5MM
20-Year-Old Kid with Startup Idea
- Doesn't exist yet
- No experience
- No profit or rev
Valuation: $4-6MM
In 2013 I got a call from
@stewart
.
His gaming startup, Glitch, had failed.
He seemed gutted. They had burned through millions and laid off their entire staff.
He had an idea he wanted us to help with.
A last ditch effort to get his investors money back...
I just got back from 10 days in New Zealand 🇳🇿
And I think I'm in love.
I fell asleep on the plane from Vancouver and woke up groggy and out of it 10 hours later.
I was confused.
It was as if the plane had diverted back to British Columbia, except everyone had a mild stroke…
There are four types of entrepreneurs:
1. People who try, give up, and get a job 🤦
2. People who get overwhelmed or comfortable, and stop growing ⚖️ (lifestyle)
3. People who grow steadily, year after year 📈 (compounders)
4. People who blitzscale 🚀(venture) ...
For every Jeff Bezos, who succeeded...
There are 1,000 Jeff BOZOS who tried and failed spectacularly.
Unfortunately, they don't write books and go on podcasts to talk about the experience.
In 2019, I set out to do something simple:
Recreate the local newspaper in digital form, by creating a simple daily newsletter focused on Victoria, Canada, my home town 📰
I hired a journalist and we started sending out a quick summary of what’s happening every day at 7AM...
Despite being a journalism school dropout, I've always loved the news.
Every morning for the past decade, I've read all the big papers (NYT, WSJ, FT) and been blown away by their investigative reporting.
Then I'd pickup our local newspaper, The Times Colonist, and feel sad...
I'm working on a fun little Gmail plug-in side project...
It's an email firewall:
1. Filters out newsletters/noisy crap emails
2. Screens first time senders (similar to Hey)
3. Delivers emails a few times a day on a set schedule vs. 24/7 (like DnD)
Who wants to beta test?
I love how VCs criticize founders who derisk by giving themselves a market salary or taking secondary, yet none of them are willing to give up their 2% management fee.
Nothing has moved the needle for my personal happiness aside from:
👨👩👦 Kids
🧘 Gratitude/meditation
😴 Sleep
🏃 Exercise
💵 Making over $100k/year (zero happiness increase after that)
Everything else is a bottomless pit of achievement, yearning, and mimetic desire.
Most product-focused CEOs think that if you build it, they will come ⚾️
In reality, if a tree falls in a forest and there's nobody around to hear it....nobody hears it 🌲🌲🌲
Marketing matters.
Got to meet Michael Dell (
@MichaelDell
) in Austin yesterday.
Fun Fact: In 2021, his business made $777,000,000 in free cashflow per month.
And he owns 52% of it.
That makes him worth around $53.4 billion dollars, and one of the wealthiest people in the world.
Despite all…
The more I speak to old people and learn about various people's lives, the one north star that seems to appear is:
Have kids.
As many as possible.
Make sure you have enough money to feed them.
Then be a good parent so they want to hang out with you when you're old.
1/ Most entrepreneurs start with one goal in mind:
FREEDOM.
If you truly value freedom, you should have one goal for your first company:
Something that can produce $100-$200k of personal income.
It can be boring and doesn't have to scale.
Real estate agents are one of the most egregious examples of misaligned incentives:
“It’s just 2.5%”
If I came to you and said “hi I’d like $25,000 for unlocking a few doors over a few weeks” you’d tell me to pound sand.
But a few % sounds like nothing so people go for it...
There are three key ways to get rich:
1. Start a Business
2. Be Born Into a Wealthy Family
3. Extreme Patience
Everyone likes the stories about
#1
and
#2
.
Nobody likes to hear about
#3
.
Too bad.
Today, I'm going to tell you a story about a guy who made billions with
#3
...
I think
@elonmusk
had no choice but to remove the CEO and CFO of Twitter.
Here's why:
Investors who have never run a company think of businesses as spreadsheets.
But businesses aren’t spreadsheets.
They are groups of people.
And people are complicated...
I think that failure is the best teacher.
But better than failing is getting to learn by reading about my failures in a tweet instead of losing $10MM yourself.
If you want to become a pro soccer player, you go play soccer every waking hour.
In the same vein, if you want to get good at business, you need to DO BUSINESS, not sit in a classroom for 4 years reading about business.
5. Running a SaaS business without deeply understanding churn, LTV, CAC etc, is like flying a plane without instrumentation—really stupid and dangerous.
6. Failure sneaks up on you slowly, then all at once.
7. R&D is EXPENSIVE. Especially when competing with venture.
The goal of an entrepreneur should be to do nothing but route opportunities to the right people on your team.
Build a system and make yourself a human router 🚏
When I get stressed at work, it’s because I’ve failed to build a system and have tasks I can’t route to someone.
I’ve spent 24 hours with the Apple Vision Pro.
I’ll start by saying this: I am the ultimate Apple fanboy.
Going back decades, no matter what Apple releases, I’ve been all in, to the point where my friends make fun of me for it.
Even when Apple ships something objectively bad,…
It took me 15 years to learn this, but here’s how to hire people:
Hire someone who has done the exact task you need completed for another company, ideally at a slightly larger scale.
Make sure they jive with your team/not a jerk.
Not someone with potential
It’s that simple.
Pretty much every entrepreneur I've talked to, no matter how simple and wonderful their business is, thinks it's the worst, most stressful dumpster fire, that could go out of business at any moment.
Everything is hard behind the scenes.
It is INSANE how much sleep dictates my take on the whole situation.
Yesterday: 5-6 hrs of poor sleep. EXTREMELY anxious, projecting disaster all day.
Today: 8 hrs. Excited to dig into work, grab the wheel, and figure this out.
Sleep defines everything.
Most people think Joe Rogan just did the deal of a lifetime with Spotify.
I think he got ripped off like a hapless farmer selling his oil rights for pennies on the dollar 🔥🛢️🔥💸💸💸
Here's why:
Can somebody please steal this business idea from me and let me invest?
Every three months I wonder:
“Why hasn’t anyone done this yet?!”
Here's the idea...
What’s an easier path to wealth?
PATH 1: VENTURE STARTUP
- 95% chance of $0
- Tiny personal income while building startup until IPO/scale
- Massive dilution (most founders end up owning 5-15%). $1BN market cap = $50-$150MM for founder.
OR...
10. Bootstrapping works best in uncompetitive spaces/niches or if you have an unfair advantage (a personal brand, unique customer acquisition channel, etc).
There's an old saying:
Measure twice, cut once.
Too many entrepreneurs misunderstand this...
They measure 8 times, then never cut.
Analysis paralysis.
Cutting without measuring is better than never cutting at at all.
Perfect is the enemy of good.
This x 10,000.
The number one mistake people make is thinking too big on their first business.
They try to start the next SpaceX when they should be starting a paving company.
Something boring that gets you the money to start the next SpaceX later.
Build the launch pad…
If you aren’t rich, every single business you start needs to be cashflow positive within two months.
If it isn’t, go get a job working for somebody who knows how to make money or a rich person with a big idea.
Sounds silly but this is why most people fail. Poor early decisions.
A huge thank you to all of the people who worked on Flow over the past decade, I owe you all, big time.
I'm so sorry it didn't work out the way we had hoped and the responsibility falls squarely on my shoulders:
Saying you want to "learn to code" to get into tech/start a startup is like saying "I want to learn how to lay bricks" when you're interested in becoming a real estate developer.
You don't need to learn to code. You need to understand how it all fits together.
Finding I’m generally happier during quarantine, especially on weekends.
No debate about how to spend the day.
No FOMO going to bed at 9 on a Friday.
Forced to cook at home, hang with family, and go on walks.
Longer flow states and less background noise anxiety...
We launched a business called Buyer...
It’s negotiation as a service.
Buying software? An office lease? A furniture order?
CC Buyer. They negotiate the best price for you.
They just saved Tiny $20k—just by asking for a discount.
I love this business!
It’s a huge competitive advantage to just speak in normal, non-douchey terms with founders.
PE firms: “We are a $1.5BN mid market 10-year fund focused growth fund specializing in B2B SMB”
Us: “We own a bunch of profitable internet businesses. We’d like to buy your company.”
“For most people, college was the last time it was normal to just randomly run into people.
As you get older, you drive to work, see the same people every day, then go home. But the best things happen when people are running into each other and sharing ideas.”
–Tony Hsieh
The best entrepreneurs I know have one thing in common: As soon as they think of a great idea, they take one step toward making it a reality.
Coming up with a name.
Designing a logo.
Sketching it out.
Something.
So many great ideas are lost to analysis paralysis.
After wearing a continuous glucose monitor for 1+ years, this is what I've learned🩸
- My mood/cravings are 100% tied to blood glucose. Low glucose = irritability. High glucose = sugar cravings.
- Sleep quality is 100% dependent on whether I have high overnight glucose...
Nice clothes make you LOOK successful, but I’ve found in reality the most successful people I know dress the worst.
They don’t care. They aren’t trying to impress anyone.
It’s the sales people who dress well. The people who need something from you.