Episode 19 - Little Bets: How breakthrough ideas emerge from small discoveries by Peter Sims - Book Summary Podcast
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Even though you have always been taught to avoid mistakes, the fact of the matter is that mistakes are good. This is because mistakes teach you where you went wrong and give you an opportunity to improve. If you want to succeed, you must take little bets, fail quickly, and learn fast.
In his path breaking book, “Little Bets: How breakthrough ideas emerge from small discoveries”, Peter Sims argues that truly innovative companies take little bets that help them to learn and grow. Listen to this Podcast by Edelweiss MF to learn how little bets can help you pave the road to success.
1. Success is not about having one great idea. It is about starting with one idea, discovering that it is flawed, and then quickly reshaping the idea with the new learnings.
2. There are two main imperatives to achieving success. The first is to be willing to make mistakes and the second is to have an open mind and learn from these mistakes.
3. When you become comfortable with failure and are able to view false starts and mistakes as opportunities, then you open yourself up creatively.
4. Experiments are good. They give you an opportunity to test an idea, iterate, and improve.
5. When you start something new, don’t just focus on the expected gains. Instead, focus on how much you can afford to lose.
6. Always remember that while geniuses are exceptionally rare, anyone can use little bets to unlock creative ideas.
Peter Sims’ book makes it easy to understand the importance of taking little bets that can shape your journey and put you on the path to success. You can listen to the podcast on the Edelweiss Mutual Fund website, Spotify, Google Podcasts, and Apple Podcast. We hope you enjoyed this podcast and will tune in to listen to more such podcasts on investing nuggets.