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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

First up, there’s a tweet from a guy called Lex Friedman, who has a podcast. I think he’s a physicist. And dresses very deeply, and I think he’s the son of some sort of Russian plasma physicist. I think he comes from a very sort of brainy family. Anyway, his tweet is don’t minimise mistakes, minimise repeat mistakes, fail in new ways and learn. And we pick this one out because a lot of people, when they’re first starting out in entrepreneurship. And when you when people start out in many projects, not just in entrepreneurship, I think I’m not sure if it’s just like society in general or whether it’s school or something like that. But one lesson that you sort of take away from your early life is that you are rewarded for perfection. Right. And aspiring towards perfection. And so, for example, you know, like when you are given exams at school, you know, it’s maybe you get given a hundred questions, that’s marked out of 100. And the closer you get to 100 out of 100, that’s what your grade is. And that’s how you that’s how you graded on your performance. And, you know, if you get an eye, then you get applauded. And if you get a day, then you get shouted out. And. That as you a lot people sort of take that mindset into their adult life and into things like entrepreneurship and things like that. And it makes you very scared of mistakes like you have. I mean, you say it as well. If you if you’ve had, like, a job or you’ve been involved with sort of into team politics in some sort of larger corporate things like that, you can see the people who are desperately just trying to cover any possible mistakes and just blag their way through and just, you know, just trying to project this perfect image the whole on. Which sort of may work in the corporate politics, well, to a certain degree, in terms of bagging the occasional promotion, but after a while you’re going to get found out. And particular in entrepreneurship, this is a bad kind of angle to come at things from because entrepreneurship is at its root about solving problems. Right. Know you’re just a non-stop problem solver. Just you start with nothing and you got to build it from scratch. And you’ve got a whole series of theories and guesses and hypotheses about how the world works and how you might be able to make some money. But you only really find out what’s true and what’s false by applying it and see what happens. Experimentation. Right. And you only really learn by experimenting as much as possible and learning from them, from the results that you get from experimentation and you get the most learning from failing a you have a hypothesis about the world where you’re like, I think the world is like X, and then I’m going to test that by doing this product or making the sales call or putting this piece of marketing out to the world, creating this ad copy. And then the real world comes back and, you know, nine times out, ten slaps you in the face and says, no, that’s wrong. Try again. And. The. The fastest and quickest way to go from nothing to success is by going through that loop and making sure that your sort of your every new experiment that you do or every new thing you try builds on the last thing you do see, it’s not just a case of just lots of random stuff that you’re checking out and you’re hoping that one of the darts hits the target. It’s more of a case of like, okay. Well, I think the talks over there are almost right over there. No. Okay. Well, I know for a fact is Nobilis, I’m not what’s right over there anymore. I’m going to go over here instead. And so it’s that thing of mistakes aren’t necessarily a bad thing, as in mistakes or, you know, you should look at them more as like lessons learnt. What are your thoughts, Marcello, in terms of this kind of framework for living life or doing entrepreneurship?

Yeah, I think people tend to avoid rejection in general, like even we with a dating, you know, dating could be anything but especially, of course, with an internship, if you can if you’re going to avoid rejection.

People would try to go for a job or try to work many of their people working remotely or freelancers.

It’s some are entrepreneurial, but many others they just like the fact of, you know, the media. And yeah, and people do take that that it will block them in many cases, the rejection factor. I think in this episode where I talk about a lot about rejection because we haven’t talked about fundraising later and so on. But, yeah, it’s important to learn from your mistakes. But I think it’s also important to learn from someone else’s mistakes so you don’t do the same mistakes. So which can be translated to do your research. Yeah. So it’s. So you try to avoid you know, it takes some mistakes. Could be costly. Yeah. Money wise. Relationships wise or time wise. So so yeah. It’s important to learn. But that’s why we always encourage people to go for the Lean Start-Up approach. Just learn by doing but also fail quickly and softly.

So yeah, it’s that’s why I would say I recommend and also if you fail many times but not too much or not too deep, you will get used to it and you will see that’s a necessary tool for growth rather than as a satellite. Yeah. Shamim thing. Because if you really learn out of that and then you, you wont have any shame compared to others, because ultimately it’s your confidence. You’re always benchmarking, you know, with the people you grew up with, the people you studied with your neighbours.

Yeah, always. If if you want it or not, you’re comparing it to to to your environment or to to your roots as well. I think you should avoid that a saying. It’s fine because being competitive A’s is a potential force of growth. But you should really think on you how to get better at it. So it’s then that entrepreneurialism, mindset or or lifestyle is many times very solitary. So. So you shoot compared to yourself on how you can do better and therefore. Yeah. So don’t be ashamed and learn as good as you can.

Yeah, I think one slightly related kind of topic to this sort of like idea of sort of failure and learning is I think you’re right in terms of like treating failure softly or looking for soft failures or soft mistakes or soft learning opportunities.

Because you’re right, like the you also deep rooted psychological thing is like, you know, there’s fear and anger and all these other sort of like negative emotions that even if you also have very some rational person can still sort of like kick off and cause you a lot of mental anguish.

So trying to find ways of like following this path, but not by making sure that the sort of mental side of it is a little bit better. One approach that I found in the past that has been quite useful for that is having.

The way you measure your performance over time is quite important. And I like the way that you plan. So as an entrepreneur. You know, it’s on you. As to how you plan out what it is that you’re going to do and how you measure your performance and how you measure your business’s performance along the way. So there are really obvious things like, you know, monetary milestones and your PNL and things like that.

But when it comes to light tasks and things like that, I found that a very good framework to looking at this thing is by having process related measurements and goals rather than outcome related measurements and goals. Meaning so an outcome related goal is, for example, I want to make one million dollars.

Or this company’s gonna make one million dollars this year. That’s our goal for the year. And you either succeed or fail.

Right.

And one way in which that is kind of like can be so draining is the fact that until you hit that point, you are in a state of failure. Right. Until you reach a million dollars, you are failing. And if you don’t reach a million dollars and you reach nine hundred and ninety thousand dollars, then technically you still failed. Right. Whereas if you have process goals and process measurements, then you use the goal as a way of building your systems and tasks and then measure yourself against progress or measure yourself against your work on those tasks. For example, if it’s like, okay, we need to make a million dollars, so that needs to be 10 sales of one hundred thousand dollars. In order to get one sale, we need to do like 10 phone calls and two in-person meetings and et cetera, et cetera, et cetera, all the things that go into the sales process. And you then measure yourself on your efforts in the sales price. So it’s like, did we find enough people to book 10 sales calls? Did we have enough conversations to convert two of them into an in-person thing? Did we have all of the marketing collateral in place ready to do the thing? And by measuring yourself on things which are directly under your control, i.e. you can’t, it’s up to you whether you make that phone call sale cycle.

And, you know, just by pick up firing, you can succeed in that process that then that leads you into a far better sort of way of measuring things because it’s under your direct active control rather than being some eventual outcome of all the things that you do along the way. We got to run.

I think it’s very interesting and just it’s always useful to have a framework, you know, that it’s it’s more down to earth. And also you can measure progress in different stages. But I think that goal is important because he’s the ultimate. What do anything you want. And I disagree with. Maybe I’m wrong for sure. I mean, most likely. But I like saying silly things like I think looks like. But but then I think the goal is important. Many, many Silicon Valley gurus would say, oh, don’t worry about money. Just do what you love and money would follow. I disagree with that. I think you should set goals you want, even if they are economic. Those personal development goals should count currently. But with that said, I’m coming back to your structures and processes in place. So what I think is your goals. But don’t let the goals ruin a company or a venture you’re doing or our relationship. So, for example, if your goal is to make one million dollars per year, let’s say your company or at the personal level doesn’t matter. But the point being, if the company is not hitting that target and you are actually optimising, you have the measurement from the processes to realise that actually you are doing pretty well. And it’s kind of very efficient and probably it will scale, but not that much. So then you should not push that company towards a goal that it cannot reach. Maybe just leave that company LCD and start another company or another venture that can either complemented or or just try to exit that business or try to delegate more. And then the business was to flourish. But maybe without you. So there are options always with a goal. The end game or the goal of the North.

You think of long term goals as well. For sure. So you should move in the other direction and not push. You know, companies or products to meet your goals. Because then you may fail big as well. So, yeah, I think that’s another piece of advice or personal advice on how I see those lie. They do at least come on line short, long term dynamic strategies. Goals. Yeah. It’s important to measure with. And if you don’t get the goals because of any reason, starts something else and you can definitely run things simultaneously, there are ever growing examples of that many entrepreneurs. I mean, many companies and many of those companies very successful. So, yeah, you need to be focussed, but you can also build teams and not be you know, they’re 70 percent donor or whatever, but you got a lot of influence being 10 percent on. So but many businesses as well. And if those businesses can complement. That’s great. Or if you can liberate resources, then yes, I think you have more options as well. And what what when you have more options, you will also have more information, more resources. You would think differently. And you have a safety net as well. You’ve got more options. And if you fail, then it’s OK because you’ve got something else going on.

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