Fast learners

How do you learn fast?

Firstly, find someone who has undertaken a venture and listen to the chain of events. Consider what was known in advance (i.e. planned for) and what couldn’t not have been (i.e. needed luck). The proportions of each is a good indication of how much new learning there is

1. A high level of planning that was derailed by bad luck is always useful
2. High planning and good luck means that the speaker in sitting on a panel at an event telling you what it takes to be successful
3. Low planning and low luck is the universe behaving as it should
4. Low planning with lots of good luck is interesting because good luck pushes the venture further than intended so there is more ‘in train’ learning

If I want to succeed fast, then no. 2 is the best bet. Succeeding is separate from learning. One is a end and one is a journey. Learning doesn’t guarantee success and success doesn’t always involve learning.

But if I want to learn (i.e. expand my understanding), I like to meet 1 and 4.

Mentors and other industry veterans will have stories that fit into the 1 category.

The 4 category is far less common. I think of more creative industries (like music) where people do a single act such as a write a song and plan nothing else. The song explodes and they have to create all of the structures. In investment, this is a single stock pick that goes 10x.

What makes me interested is that a 4 generates a unique view of what is important and what is not. Starting something with all of the road ahead means that there is often a push for all the elements completed. Rapid success forces people to identify what is necessary and what is not. For instance, joining associations might be more important than you think while detailed operational plans or org structures might be a far lower priority.

Finding someone who has become a overnight success (in the purest sense of the word) is an unique and useful perspective.