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  • All right, so I recently read this book, The Diary of a CEO, The 33 Laws of Business and Life by Stephen Bartlett.

  • And I loved it so much that I wanted to share my eight favorite lessons from it.

  • Eight powerful laws that are changing the way that I approach my life in the hope that you'll find some of them helpful.

  • Now, Stephen Bartlett, if you haven't come across him, is an insanely successful entrepreneur, and he's the host of the podcast, The Diary of a CEO.

  • And he's interviewed hundreds of the world's most famously successful people.

  • And so if you're interested in personal development or entrepreneurship, or just generally advice for life, then I hope you'll enjoy this episode of Book Club, the ongoing series where we distill and discuss highlights and summaries from some of my favorite books, and let's just get into it.

  • Law number one, fill your five buckets in the right order.

  • So the idea here is that when it comes to our professional success, we all have five buckets.

  • Bucket number one is what you know, otherwise known as your knowledge.

  • Bucket number two is what you can do, i.e. your skills.

  • Bucket number three is who you know, i.e. your network.

  • Bucket number four is what you have, i.e. your resources.

  • And bucket number five is what the world thinks of you, i.e. your reputation.

  • And the idea here is that professional success involves filling these five buckets, but crucially, it involves filling them up in order.

  • He writes that we usually start our professional life acquiring knowledge, school, university, et cetera, and when this knowledge is applied, we call it a skill.

  • When you have knowledge and skills, you become professionally valuable to others and your network grows.

  • Consequently, when you have knowledge, skills, and a network, your access to resources expands.

  • And once you have knowledge, skills, a valuable network, and resources, you will undoubtedly earn a reputation.

  • Now this law, when applied properly, can actually help in decision-making when it comes to what to do with your career and your life.

  • So let's say you're young and you're early in your career.

  • This model suggests that you should generally prioritize a career or a job that teaches you knowledge and skills, and you should prioritize those things over something that will give you resources or reputation or network.

  • This means that if, for example, you're in a job where you're not learning anything, it's maybe time to consider a bit of a change, even if that job is giving you more and more money.

  • The other cool thing here is that these first two buckets, knowledge and skills, are also the two buckets that don't really have a tax associated with them, but also these are the two buckets that can withstand any kind of professional earthquake, as he calls it.

  • So for example, even if you lose your job and suddenly you've lost resources and network and a reputation overnight, you still have your knowledge and you still have your skills.

  • He writes that those who hoard gold have riches for a moment.

  • Those who hoard knowledge and skills have riches for a lifetime.

  • True prosperity is what you know and what you can do.

  • And the lesson that I'm taking away from this personally is just the absolute profound importance of spending time every week, or maybe even every day, investing in my own knowledge and skills.

  • It's so easy, especially when running a business, especially when managing a team and like lots of stuff is going on in life, as I'm sure is the case with your life.

  • You probably feel that you're very busy, but especially for really busy people, carving out the time to level up our knowledge and our skills, to learn something new, to read something new, to explore a new area that might help us in our business or in our health or in our relationships or in our life, that's continuing to fill the bucket of knowledge and skills.

  • And those are the things that compound insanely over time.

  • Law number six, ask, don't tell.

  • The question behavior effect.

  • Now this vibes with something that I've been thinking for quite a while, which is about the power of powerful questions.

  • And I've really found in my own life that asking the right powerful questions can have an enormous impact on the actions that I take and therefore on the results that I get.

  • Now I normally do this in the context of journaling, but reading this has made me apply it in one other interesting way in my life as well.

  • So for example, when journaling, I'll often try and ask myself powerful questions that I know will force me to think.

  • So here are some of my favorite powerful questions that I like to ask.

  • Number one, what do I really want?

  • Number two, what would I do if I knew I wouldn't fail?

  • Number three, what would I do if I knew I would fail, but I would want to do it anyway?

  • Number four, if I won the lottery and had $100 million in the bank, how would I change how I spend my time?

  • Number five, if I broadly repeated the things that I did today for the rest of my life, would it give me the life that I want or a life that I don't want?

  • And I like to collect these lists of powerful questions.

  • They're questions that I like to ask to myself, but they're also questions I like to ask to other people.

  • If I'm doing a mini sort of business or life coaching session with a friend or something, I'll just pop a few of these questions out there.

  • And they generally make people think really hard and come to interesting conclusions about their business or their life.

  • But the cool thing that I learned in this chapter, which I'm now applying to my life, is the power of changing a statement into a question to prompt a particular behavior.

  • So for example, instead of thinking, I will go to the gym today, what I'm trying to do is in the morning when I plan out my day, I ask myself, will I go to the gym today?

  • If you ask yourself that question and then you respond yes to it, you are more likely to carry out the behavior rather than if you just told yourself the statement in the morning, I will go to the gym today.

  • He writes that the great thing about a yes or no question is that it doesn't give you any wiggle room to deceive yourself.

  • It forces you to commit one way or the other.

  • And that brings us to law number nine, always prioritize your first foundation.

  • Now there's a story that he tells in the book of a talk that Warren Buffett gave to some students in Omaha, Nebraska.

  • When I was 16, I had just two things on my mind, girls and cars.

  • I wasn't very good with girls, so I thought about cars.

  • I thought about girls too, but I had more luck with cars.

  • Let's say that when I turned 16, a genie had appeared to me and that genie said, I'm going to give you the car of your choice.

  • It'll be here tomorrow morning with a big bow tied on it, brand new, and it's all yours.

  • Having heard all the genie stories, I would say, what's the catch?

  • And the genie would answer, there's only one catch.

  • This is the last car you're ever going to get in your life.

  • So it's got to last a lifetime.

  • If that had happened, I would have picked out a car, but can you imagine knowing it had to last a lifetime, what I would do with it?

  • I would read the manual about five times.

  • I would always keep it garaged.

  • If there was the least little dent or scratch, I'd have it fixed right away because I knew I wouldn't want it rusting.

  • I would baby that car because it would have to last a lifetime.

  • This is exactly the position you're in concerning your mind and body.

  • You only get one mind and you only get one body and it's got to last a lifetime.

  • Now, it's very easy to let them ride for many years, but if you don't take care of that mind and that body, there'll be a wreck 40 years later, just like the car would be.

  • It's what you do right now, today, that determines how your mind and body will operate 10, 20, and 30 years from now.

  • You must take care of it.

  • And so this is the idea that Stephen in the book calls your first foundation.

  • Your health is your first foundation.

  • And one of the things that I really take away from these sort of nonfiction self-help books is like, if I'm just reading the book and all I'm doing is reading and highlighting it, I'm just reading for entertainment.

  • And so what I try and do is make sure that I've taken some action points.

  • If I ever have that moment of inspiration while I'm reading a book or watching a video or listening to a podcast, I will try my best to act on it there and then.

  • And to the action point here, I was like, oh crap, I'm not prioritizing my health.

  • And so what I did was I took action there and then, I opened up my calendar and I tried to figure out, okay, I need to get in three sessions at the gym every single week.

  • And I also need to take flexibility and mobility and stretching a little bit more seriously.

  • And so I've now downloaded this app called Pliability where most nights I do this sort of 20 minute stretching routine, which is a nice way to wind down.

  • But I've also restarted sessions with a personal trainer three times a week.

  • And by booking the personal trainer and paying for them in advance, it adds that extra nudge and accountability and it forces me to actually get to the gym, which is the thing that I want to do.

  • Basically, every person I've ever spoken to who has a personal trainer says it's a very, very, very ROI positive expense.

  • And actually, if you struggle with getting to the gym, if you struggle with taking care of your health, any money that you spend investing in your health is gonna pay way more dividends than the money you could spend investing in literally anything else.

  • And really, the way that I think about a lot of these behaviors is that it's all about getting to a point where that behavior is on autopilot, i.e. it becomes a habit.

  • Right now for me, going to the gym regularly three times a week and actually working hard at the gym is not enough of a habit.

  • I don't enjoy it.

  • My whole book, Feel Good Productivity is all about how to make things feel good.

  • And so as I was reading this, I was thinking, okay, how do I make going to the gym feel good?

  • Cool, if I get a personal trainer who I know is there to motivate me and I say to the personal trainer, to him or her, be like, hey, look, I just need motivation.

  • I need you to make this fun for me.

  • Then chances are, I'll be way more likely to go to the gym and therefore treat my health as genuinely my first foundation.

  • And another law that has changed my life happens to be the law of learning, which is why I'm very excited to say that this video is sponsored by Skillshare.

  • If you haven't heard by now, Skillshare is a fantastic online platform that has classes on all sorts of topics, ranging from illustration and graphic design to coding, to interior design, to cooking.

  • There's loads of stuff on there.

  • I've personally been teaching classes on Skillshare since 2019, and I've got around a dozen classes on Skillshare, which you can access completely for free if you sign up for the Skillshare free trial.

  • If you're interested in being more productive, I've got three classes that are all about different facets of productivity.

  • If you're interested in being a YouTuber, I've got an incredible class on how to edit videos in Final Cut Pro.

  • And if you wanna organise your life or your work or your studies, you might like to check out my complete beginner's guide to using Notion.

  • If you've been following the stuff with AI recently, you might like to check out a brand new Skillshare original by Smitesh Mystery called Make AI Work For You, which is all about beating creative block.

  • And Skillshare can also help you level up in your career with lots of classes on marketing and UI and UX design.

  • And they've even got classes on how to be a freelancer along with some side hustle ideas as well.

  • So if you happen to be one of the first 1000 people to hit the link in the video description, that will let you sign up for a completely free one month trial of Skillshare.

  • And during that time, you can watch all of my classes, you can check them all out, you can do all the class projects, but you can also browse the incredible library of other online classes available on Skillshare.

  • So thank you so much Skillshare for sponsoring this video and let's get back to it.

  • Law number 19, you must sweat the small stuff.

  • Now, when it comes to productivity, one of the common things that you'll hear is the 80-20 rule.

  • Focus on the 20% of inputs that are gonna get you 80% of the outputs.

  • This is the Pareto principle.

  • And I think there's a lot of value in it.

  • But then there's also value in the complete other side of the coin, which is that you must sweat the small stuff.

  • Now, Stephen Bartlett's podcast, The Diary of a CEO has grown an absolutely insane amount.

  • It's like growing faster than Joe Rogan even certain months this year.

  • And in the book, he talks about how he thinks his podcast has grown so fast.

  • And he writes that, the secret in my opinion is that we sweat the small stuff more than any team I've ever encountered.

  • We obsess over thousands of small details that I believe most people would dismiss as trivial, crazy or a waste of time.

  • Similarly, when I interviewed Mr. Who's the Boss, who is one of the biggest tech YouTubers in the world, making stupid amounts of money every year, he obsesses over every tiny detail of his videos.

  • He spends lots of time painstakingly analyzing the YouTube analytics.

  • He scripts everything word for word.

  • Then he goes over the script multiple times to make sure the script would be accessible to three different people that he's got in mind as his target audience.

  • And when I asked him how long he spends scripting each of his videos, he said, oh, probably, I don't know, 50, 60, 70, 80 hours.

  • I think that was probably three and a half days of scripting.

  • Three and a half days?

  • Yeah.

  • Are we talking eight hour days?

  • No, we're talking like 14 hour days.

  • And I was just like absolutely mind blown because that is the pure definition of sweating the small stuff.

  • It's such a level of attention to detail.

  • And it's the complete opposite of the 80-20 principle.

  • And in the book, he talks about the Japanese philosophy of Kaizen, which you might've come across, which is basically continuous small improvements over time.

  • He writes that in the Kaizen philosophy, innovation is seen as an incremental process.

  • It's not about making big leaps forward, but rather making small things better in small ways everywhere you can on a daily basis.

  • And so the action point, or the question for you to consider here is what is one area of your life in which you would benefit from trying to get minor improvements every single day?

  • It could be your health.

  • It could be in work.

  • It could be in relationships.

  • It could even be in all three.

  • And I think there's a lot of value in thinking this way and trying to make things always a little bit better over time.

  • Now, quite a lot of what I do in my daily life is try and find these little small improvements, these minor changes where over time, they'll compound to create a big result.

  • And generally, when I do find something that I've applied to my life and I've seen, oh, this thing is really working, then I'll share that in an email that I send to some members of my audience every Sunday.

  • And this is for people who are subscribed to my completely free Sunday Snippets newsletter.

  • So if you haven't checked it out, that's a very short email I send every Sunday.

  • I've been sending it every Sunday for the last five years now.

  • And I also share some interesting book and article and video and podcast recommendations.

  • And so if you wanna check that out, then check out the link in the video description or go to aliabdha.com slash Sunday and you can sign up completely for free.

  • Law number five, you must lean into bizarre behaviour.

  • And the idea here is that when you're faced with ideas or situations or information that you don't understand that you might think is bizarre, then instead of leaning out, we wanna aim to lean in.

  • Now, leaning out is what people do when they're like confronted by change.

  • Oh my God, all this AI stuff.

  • Oh, I can't think about it.

  • I'm just gonna kind of do my thing.

  • That's when people are leaning out.

  • They're choosing not to find out more about the AI stuff.

  • They're scared of it, they're worried about it.

  • And because of that, they don't take advantage of the new technology.

  • Instead, the idea is that when you come across something that you find interesting or bizarre or strange or that you don't understand, take the opposite approach.

  • Choose to lean into the thing.

  • Ask yourself, why am I believing what I believe?

  • Is it possible that I'm wrong?

  • Do I know what I'm talking about?

  • Am I leaning out because I don't understand?

  • Am I following the party line?

  • Are these my own beliefs or the beliefs of the people like me?

  • Now, the way that I'm applying this in my life personally is that I've noticed that there are a handful of times, well, where I'll see someone else's success.

  • It seems a bit bizarre to me.

  • I'd be like, whoa, that YouTube channel's blowing up for no reason that I can't see.

  • Like, what?

  • Now, in that context, one approach would be to lean out to be like, oh, it's probably just because that girl is really good looking or it's just because the audience is weird or because, oh, people's attention spans these days.

  • That would be the lean out approach.

  • But what I try my best to do is when I see a situation that I don't understand instead, I lean in and I think, huh, what is it about this that's making it so popular?

  • Let me try and understand with humility what I can learn from this situation.

  • A, it helps us understand the world.

  • And B, if we're thinking about success in business and in life, we're way more likely to have an edge over the competition if you wanna think in competitive terms, if you try your best to understand what is going on in the world without overly judging it.

  • Oh, and by the way, in case you're interested, my favourite way of leaning in when I don't understand something is to read a book about the thing or to read a book summary about the thing.

  • And the best surveys I've ever seen that summarises books is called Short Form.

  • There'll be a link down in the video description if you wanna check it out.

  • Next, we come to law number 21.

  • You must outfail the competition.

  • And basically what he's talking about here is that when it comes to business, the way you get ahead of your competition is by outfailing them, by running more experiments than they do.

  • And the more you strive for these failures, the more likely you are to have successes because you're gonna learn from those experiments.

  • Now, I personally don't really vibe with the competitive aspect here.

  • I generally like to think of competition when it comes to business as being like collaborators or friends or colleagues rather than competitors.

  • But I love the idea of failing.

  • And in fact, I don't even think of it as failing.

  • I think of it as experiment.

  • For example, should I go for this university or that university?

  • This career or that career?

  • This subject or that subject?

  • Should I learn this skill to start this business or that skill to start that business?

  • And if we're trying to get certainty in our decisions, we're gonna end up not making any decisions at all and just staying where we are and staying fairly static.

  • Now, there's a great quote from former President Barack Obama.

  • He said, you don't have to get to 100% certainty on your big decisions, get to 51%.

  • And when you get there, make the decision quickly and be at peace with the fact that you made the decision based on the information you had.

  • And this is an idea that poker players refer to as plus EV, so plus expected value.

  • The idea is that you've got imperfect information, but if you were to make that decision 100 times, would you on average come out positive or would you on average come out negative?

  • And if you think that a decision is plus EV, you should just take the decision because you can't be 100% certain.

  • And some of the biggest and most important decisions of my life have been made under conditions of uncertainty like they are for all of us, where I've made a sort of plus EV judgment on the situation.

  • For example, starting a YouTube channel.

  • There is no certain path to success when starting a YouTube channel.

  • You have no idea what's gonna happen, you have no idea how it's gonna grow, you have no idea whether it's even gonna be successful depending on your definitions of success.

  • But if you think about, let's say 100 parallel universes where you watching this right now, you start a YouTube channel or that business or you learn that skill or you quit your job and do that interesting thing that you've been wanting to do.

  • Try and model out what it looks like if you do this thing 100 times.

  • And then on average, are you gonna come out better or are you gonna come out worse?

  • And generally, most decisions that involve getting away from our comfort zone and going into a new territory, unless it involves territory that's gonna get us eaten by a lion.

  • Most of these decisions are generally plus EV.

  • You generally open yourself more to randomness and optionality and serendipity.

  • And I like this quote that he writes at the end of the chapter, failure equals feedback, feedback equals knowledge, knowledge equals power, therefore failure gives you power.

  • Right, next we come to law number 25 for the power of negative manifestation.

  • Call it the crystal ball method, Stephen Bartlett calls it negative manifestation, it's the same kind of thing.

  • Basically what we're both referring to is the idea of doing a premortem on big decisions that you're making.

  • Now a premortem is when you skip forward in the future and you imagine what would happen if the situation didn't work out the way you planned it.

  • And the pivotal question that he describes is why will this idea fail?

  • And so the way to do this is let's say you're imagining you wanna quit your job and start your business.

  • Cool, fair enough.

  • Once you've made a plan, project yourself three months in the future, imagine the thing that you're trying to do has not worked and you're having to go back to your job.

  • What are the top three reasons why the thing might've failed?

  • Reason number one might be that you didn't even have an idea.

  • Reason number two might be that you didn't get enough leads.

  • Reason number three might be that you got so much negative feedback from your friends and family that you decided, screw it, I'm just gonna go back to my day job.

  • And now that you know what those top three reasons are, you can then figure out, cool, what can I do right now to mitigate against the risk of these top three reasons from actually happening?

  • Now at this point, one of two things will happen.

  • Number one, either you'll be just better prepared for the situation that arises because you've tried to figure out in advance what could possibly go wrong.

  • Or number two, when you do your negative manifestation or your crystal ball method, you realize that actually we don't wanna do this thing.

  • And that's the thing that Stephen talks about in the story.

  • He talks about how he was gonna start some podcast network and he had all these guests and all these shows and all these celebrities booked in for it.

  • And then after investing several hundred thousand dollars into this thing, I think up to a million dollars, he asked his team, why might this idea fail?

  • And they came up with a long list of reasons why the thing would fail.

  • And they realized, ah, hang on, given that we've now seen why this thing is gonna fail, we actually don't want to do it because we think this thing might actually fail.

  • And finally, we come to law number 27, the discipline equation.

  • This law apparently teaches you how to be disciplined in anything that you set your mind to through a simple discipline equation and why discipline is the ultimate secret to being successful in any ambition we have.

  • Now, I slightly disagree with him here in that I don't think discipline is the absolute key.

  • This is something I talk about in my book.

  • I think that feeling good and trying to find a way to make the things that we're trying to do feel more enjoyable, more meaningful, and more fulfilling, that is a more certain path towards, you know, getting to our destination but also enjoying the journey along the way rather than being like laser focused on discipline.

  • But, you know, let's put that aside and take his point for now.

  • I do like the discipline equation.

  • I think this actually revives with kind of what I talk about in my book as well.

  • And so the equation here is that discipline is the value of the goal plus the reward of the pursuit minus the cost of the pursuit.

  • And so based on this equation, if you want to be more disciplined towards doing the things you actually want to do, although I would argue that this is not actually the definition of discipline, but hey, it's a model.

  • All models are wrong.

  • The question is just, you know, are they useful?

  • I think this is a useful model even if I disagree with the definition slightly.

  • But if you want more discipline to do the things that matter to you, you need to increase the value of the goal, i.e. your reason why you want to do the thing.

  • Secondly, you need to increase the reward of the pursuit.

  • So make it more fun, make it feel good.

  • And thirdly, reduce the cost of the pursuit.

  • So make it feel less bad.

  • So again, using my gym example, if I can make going to the gym more fun, the reward of the pursuit increases and therefore I'm more likely to go to the gym.

  • And thirdly, if I can reduce the cost of the pursuit.

  • So for example, initially I was signed up to a gym that was 20 minutes away and I would never go.

  • But then I thought, you know what?

  • Let me sign up for the gym that's five minutes away.

  • It's a bit less nice, but it's five minutes away.

  • And that five minutes makes an enormous difference.

  • It means that for me going to the gym and back is like a one-hour thing rather than a two-hour thing.

  • And it's very hard for me to shove a two-hour thing into my day.

  • Very easy for me to shove a one-hour thing into my day.

  • I have reduced the cost of the pursuit.

  • And so for whatever thing that you're struggling with, try and ask yourself, how can I apply the discipline equation?

  • If you enjoyed this video, this is actually only one of the amazing books that I've read most recently.

  • So if you're interested in more book recommendations, I've made a list of incredible books that I would recommend that you read in 2023, which you can check out right over here.

  • Thank you so much for watching and I'll see you in the next video.

  • Bye-bye.

All right, so I recently read this book, The Diary of a CEO, The 33 Laws of Business and Life by Stephen Bartlett.

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