Think Like A Grand Master Entrepreneur- 2019 Driven Keynote

Valuetainment
22 Oct 201952:27
EducationalLearning
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TLDRBetchev discusses key principles for success in business and life, emphasizing the importance of having a clear vision, building the right team, using data-driven strategies, developing leadership skills, and creating systems and processes. He stresses the need to think ahead, plan your next moves strategically, and play the long game. Betchev motivates the audience to push themselves, take smart risks, and sustain momentum during challenging times on their growth journey.

Takeaways
  • ๐Ÿ˜€ Your next 15 moves matter more than your next move. Think long-term and have a vision for where you want to go.
  • ๐Ÿ‘จโ€๐Ÿ’ผ Develop the right system to make the best decisions with the highest odds of success.
  • ๐Ÿค Your lens and language determine how you see the world and opportunities. Adjust them to open new possibilities.
  • ๐Ÿš€ Increase your business's speed - functioning, processing, expansion and timing - to grow exponentially.
  • ๐Ÿ“ˆ Sustained growth comes from effective but often boring systems. Don't neglect them.
  • ๐Ÿ‹๏ธโ€โ™€๏ธ As a leader, focus on operations, biz dev, innovative campaigns and developing other leaders.
  • ๐Ÿ‘ฅ Build the right team around you to dominate any industry or situation.
  • ๐Ÿ“Š Having the right data and knowing how to use it gives you a competitive advantage.
  • ๐Ÿ—ฃ Storytelling is powerful. Learn to compellingly tell your story and message.
  • ๐Ÿง  With the right mindset, social media allows anyone to compete against larger, established players.
Q & A
  • What does the speaker compare the game of chess to in the context of planning and foresight?

    -The speaker compares the game of chess to life and business planning, illustrating how just as chess players anticipate their future moves, individuals and professionals should strategize their next steps in life and business.

  • How does the speaker categorize chess players by their ability to plan ahead?

    -The speaker categorizes chess players by their skill level and ability to plan moves ahead: average players (1-3 moves), pros (4-5 moves), masters (6-10 moves), and grandmasters (11-15 moves).

  • What lesson does the speaker draw from people's approach to chess and its application to life and business?

    -The lesson drawn is that, similar to chess, success in life and business requires foresight and strategic planning. Many fail to plan adequately, wanting immediate results without considering the necessary sequential steps.

  • What are the two main outcomes the speaker wants from the meeting mentioned in the script?

    -The two main outcomes are for individuals to determine who they want to be and how they want to make money, emphasizing the importance of positioning in the marketplace.

  • According to the speaker, what different roles or paths can individuals choose from in their professional lives?

    -Individuals can choose to be entrepreneurs, investors, inventors, co-founders, CEOs (of small businesses, startups, or Fortune 500 companies), salespeople, influencers, solopreneurs, support team members, or intrapreneurs.

  • What does the speaker say about the ease of becoming a millionaire in today's world?

    -The speaker mentions that it has never been easier to become a millionaire due to the accessibility and opportunities provided by modern technology and social media.

  • What are the two main challenges the speaker identifies that most people face in achieving success?

    -The two main challenges are the incorrect 'lens' through which people view opportunities and situations, and the 'language' or the way they communicate and articulate their goals and plans.

  • How does the speaker illustrate the importance of building the right relationships and not viewing every interaction as a transaction?

    -Through a story about a real estate agent who treated the speaker as just another customer, and another story about helping a friend in need which led to valuable business connections, emphasizing genuine connections over transactional interactions.

  • What is the speaker's perspective on the importance of decision-making processes?

    -The speaker believes that having a strong decision-making process is crucial for success, more so than hard work or luck, as it allows individuals to make the best choices with the highest odds of success.

  • What strategy does the speaker suggest for personal and professional growth?

    -The speaker suggests focusing on learning how to tell one's story, building the right team, understanding and utilizing data, and developing effective strategies to predictably scale and sustain growth.

Outlines
00:00
โ™Ÿ๏ธ Chess and Life Strategy

The narrative begins with an analogy between chess and life, emphasizing the importance of strategic planning. It outlines how different levels of chess players, from amateurs to grandmasters, correlate with their ability to plan moves ahead, drawing a parallel to peopleโ€™s foresight in life and business. It underscores the idea that many people aim for advanced milestones without considering the appropriate timing or sequence of actions, highlighting the importance of strategic positioning in achieving success.

05:01
๐Ÿค• The Cost of Litigation on Community Resources

This segment explores the unintended consequences of litigation on public resources, specifically focusing on parks. It presents a scenario where personal injury lawyers exploit accidents at parks to sue the city, leading to financial settlements. The narrative suggests that such legal actions have contributed to the closure of parks, indirectly affecting public health by increasing obesity rates among children. This example serves to illustrate broader implications of litigation on community well-being and the allocation of city resources.

10:02
๐Ÿ” Self-Reflection and Growth

The story progresses to a personal anecdote involving the speaker's interaction with Eli, a figure from his past, leading to an unexpected opportunity to help Eli's son. This act of kindness opens doors for the speaker, emphasizing the value of genuine assistance over self-serving actions. The narrative encourages adopting a broader perspective (or 'lens') in life and business, suggesting that a shift in focus from personal gain to mutual support can lead to unforeseen benefits and personal growth.

15:05
๐Ÿ“ˆ Understanding Levels of Success

This part of the narrative delves into the concept of success across different life stages, suggesting that progress and achievement are relative. It challenges the audience to reassess their benchmarks for success, arguing that one's position on the success ladder can vary greatly depending on the context and comparison group. It also touches on the discomfort of transitioning from being a top performer in one arena to starting over in another, highlighting the continuous nature of striving for success.

20:06
๐Ÿš€ The Drive for Continuous Improvement

The narrative shifts to a motivational discourse on the never-ending pursuit of success and improvement. It discusses how individuals who continuously seek growth and challenge the status quo can often find themselves isolated or misunderstood by peers who have settled. The speaker uses examples from sports and politics to illustrate how relentless pursuit of goals, regardless of already achieved success, can lead to both admiration and animosity.

25:06
๐Ÿง  The Importance of Mental Agility in Business

This segment emphasizes the critical role of adaptability, strategic thinking, and the ability to anticipate future challenges in business. It portrays the journey of an individual navigating through various stages of career development, from the grunt work of creating momentum to the strategic positioning required for sustained growth. The narrative underscores the necessity of resilience, strategic foresight, and the willingness to undertake difficult tasks to achieve long-term success.

30:06
๐Ÿ”ง The Power of Effective Systems

The focus here is on the significance of implementing robust systems within a business to facilitate sustained growth and scalability. The speaker highlights how operational efficiency, innovative campaigns, and strategic expansion contribute to a business's ability to thrive. Moreover, the segment stresses the importance of leadership development, arguing that nurturing talent within an organization is crucial for achieving exponential growth and maintaining a competitive edge in the market.

35:06
๐ŸŒŸ Leadership and Strategic Partnerships

This part explores the impact of leadership and strategic partnerships on business growth. It recounts the speakerโ€™s experiences with networking and business development, emphasizing the importance of building a strong team and leveraging connections for mutual benefit. The narrative suggests that strategic collaborations and effective leadership can propel a business forward, highlighting the importance of innovation and strategic timing in expanding a companyโ€™s reach.

40:07
๐Ÿ›ฃ๏ธ Path to Personal and Professional Growth

The conclusion of the narrative reflects on the speaker's journey of personal and professional development, underscoring the importance of discipline, continuous learning, and strategic planning. It includes a call to action for the audience to identify their next steps and emphasizes the speaker's respect for those committed to growth and improvement. The segment also acknowledges Albert's role as an example of how accepting challenges and focusing on growth can lead to remarkable achievements.

Mindmap
Keywords
๐Ÿ’กDecision making
The speaker emphasizes having a strong decision-making process as the most important skill to pass on to his children. He states that with the right decision-making system, one can achieve success in any industry or domain. He provides the example of assessing the pros and cons when deciding whether to get married.
๐Ÿ’กMomentum
The speaker talks about momentum in business, referring to gaining traction and accelerating growth. He outlines the challenging process of creating momentum, maintaining momentum, and advancing momentum. For example, creating momentum requires relentlessly pushing forward even when seeing little results initially.
๐Ÿ’กLanguage
The speaker discusses the importance of using precise language to convey what you want and to find an ideal partner. He provides the example of a man stating he wants a "top notch" woman, which is too vague, versus listing specific criteria.
๐Ÿ’กOdds
The speaker emphasizes assessing odds when making decisions. For example, when deciding to marry someone, we unconsciously consider the odds they will change or cheat in the future. He states that life is about making choices to put the odds in your favor.
๐Ÿ’กSpeed
The speaker breaks down 4 types of speed that are critical for business growth: functioning speed, processing speed, expansion speed, and timing speed. For example, he explains how Ferrari accelerated from 0-60 mph in 8 seconds to under 3 seconds over decades, stressing the importance of constantly increasing speed.
๐Ÿ’กSupport team
The speaker repeatedly emphasizes the significance of assembling the right team to achieve success in any domain. He provides examples like Steve Jobs attracting top talent by proving himself capable of building leaders.
๐Ÿ’กSustained growth
The speaker states that systems are crucial for sustaining business growth over time rather than having temporary spikes. He notes that many 50 year olds don't want to start businesses again because they couldn't sustain early growth due to lack of systems.
๐Ÿ’กPositive distractions
The speaker advocates for positively distracting employees and consumers with innovative campaigns. He provides the example of how youth sports distract children from negative activities.
๐Ÿ’กLeadership development
The speaker stresses that becoming excellent at developing leaders can lead to exponential business growth. He explains that if you train just 10-20 generals that embody your principles, you have a very dangerous company to compete against.
๐Ÿ’กManipulating language
The speaker notes that many 50 year olds subtly manipulate their language to rationalize why they don't want to try achieving business success again. This demonstrates the importance of being aware of the language we use to limit or empower ourselves.
Highlights

Proposes a new deep learning model called Tranformer for sequence modeling and transduction problems

Tranformer is the first transduction model relying entirely on self-attention to compute representations of its input and output without using sequence-aligned RNNs or convolution

Self-attention layers allow modeling dependencies without regard to their distance in input/output sequences

Tranformer outperforms recurrent neural networks like LSTMs in machine translation and English constituency parsing

The Tranformer model is much more parallelizable than RNN/CNN models since its computations do not depend on sequential operations

Tranformer achieves state-of-the-art results on the WMT 2014 English-to-German translation task

The Tranformer can be trained significantly faster than architectures based on recurrent or convolutional layers

The Tranformer represents a milestone in progress towards completely AI-driven machine translation

Key architectural decisions included relying completely on an attention mechanism and not using recursion or convolution

The Tranformer serves as a foundation for subsequent models leveraging attention and self-supervision

Demonstrates the viability of Transformer-based architectures for a variety of sequence modeling problems

Opens the path for using self-supervised pre-training and self-attention for many natural language processing tasks

Establishes attention as a superior alternative to recurrence and convolution for many applications

Enables order-of-magnitude speed-ups in training for important tasks like translation

Spurs a paradigm shift to apply self-attention models in computer vision, speech, and other domains

Transcripts
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