👊 Domi's favourite Things - Issue #50

Read time: 6.40 Minutes

Servus Friends, 👊

last week we talked about how Bitcoin is facing its Internet Moment, in the “Crypto 2024” Issue. 🪙

Today we talk about what differs good from bad Risk. Because you have to know what is a good Bet and what is a Bet you shouldn’t do.

In the Social Corner we learn more about the hidden Costs of big Numbers. A valuable Lesson for your future Thinking in Business.

So don’t risk your Life my Friend…

The Things we are digging in Today:

1. 📈 Good Risk vs. Bad Risk ⚠️

2. 🦺 Domi’s „Building in Public“: 🚀 The Year of Value 👨‍💻

3. #Twitter-Box: 🏴‍☠️ Always Think of the hidden Costs 💶

4. #Domi's favourite 5 - Random Risk the Game Edition 🗺️

# 1 - 📈 Good Risk vs. Bad Risk ⚠️

There is good Risk and there is bad Risk.

Many of us thinks that People like Elon Musk or Jeff Bezos took a huge Risk in the beginning of their Career and won a big Pot of Gold.

But also many People in the Startup World tell us that there are 1000s of People which drown with their Ideas and only a few Founders survive.

This leads often to a wrong Perception of Risk…

But Risk is not equal. And often not as it look likes.

But when is the right Time to take a big Risk and when don’t, you may ask?

When you should take a big Risk

If you early in your Career and you don’t have a known Brand of your Name, don’t have a lot of Money in the Bank, but a lot of working Years in front of you, then is the right Time for a more risky Move.

Why?

Because, you have to be honest nothing to loose. At least not too much. Just be careful to make personal Dept in this Phase.

That’s why starting a Startup is a good Idea in your late 20s and early 30s.

And of course use the Method of De-Risking for making it a better Bet and Idea. (de-risking will be the Topic in a future Issue)

When not taking a big Risk

If you have already a big Win under your Belt. If you bet your Life-Savings. If you not being to young any more. If you already acquired some Capital. If your Name is already known and Stands for Something.

Why not then?

Because first of all, you don’t have too. Second even all the rich crazy bold Entrepreneurs, the Elon alike, don’t do this. I know it looks like they bet everything again on the next big Idea, but that’s not true at all.

Elon got a Million from his Mom when he started Zip2. Zuckerberg got 500k from his Family for Facebook. And Jeff B. acquired a Million for Amazon by his Peers.

The Mode you should follow then is to diversify your Money, your Brand and you should De-Risks as much as you can before taking a new big Risk.

Conclusion

So know in which Situation you are in and in which Point of your Life you are for now.

Also a good Preparation for taking Risks right, is to learn in your early Years how much risks is enough for you without having a bad sleep.

But in the End Risk will stay Risk. Being more decisive here is always a good Approach.

Hers is a little Documentary for binging about Risk for tonight… (24 Mins)

Link

Everyone has an other Idea about Risk. If someone other would see my Stock-Portfolio she or he would turn crazy, I am a very risk-seeking Character. 😂

# 2 - 🦺 Domi’s „Building in Public“: 🚀 How to build an Audience in 2024 👨‍💻

Welcome to my Public Building Section. This is where you can sit next to me in the first Coach of the Rollercoaster and learn with me together…

We getting closer and closer to Issue #52, means to one Year of Writing. A great Time to think again how to create more Value for you all.

Because a “blind” but hustling Work Ethic is not enough to produce some Success. I know a lot of People which working harder than everybody else, but they not standing out of the Crowd.

So taking Time to re-think about my current Work is important too.

Let’s do this together today…

But first some Input to think about. Our Friend and “My First Million”-Podcaster Shaan Puri brought up a very interesting Post about building an Audience in 2024 lately.

Here is the short Version for you:

1. 1000 Followers which love you, are better than 10K which like you

2. You want to be "known well", not "well known" (being famous is the worst - Think of Ed Sheeran, he can’t go anyway)

3. There's no such thing as too long, only 'too boring'. (a Promise against Shorts)

4. Don't worry about your writing style or production quality. (Value counts)

5. Create a binge bank (have a lot of Topic’s ready to access for the Reader)

6. The rule of 100 (do 100 Newsletters or 100 Youtube Videos and make every Time 1 Thing better)

7. Pick the platform that suits you (if you hate TikTok then don’t use it)

8. No matter what platform you pick, don't stop writing (writing is Thinking)

9. People don't want information, they want a feeling. (create a Vibe)

But read on here for the full Shaan Wisdom…

Link

Considering Shaan’s Advise, I still have a lot to improve. I think in general this Newsletter is on the right Track. But in the Future I have to look at one Thing for every new Newsletter and have to make it better.

Also I currently think deep about how I can improve the Value especially for Readers from Europe.

And finally as the Rule of 100 tells us above, I have to go for 50 more before I am aloud to rethink my Life. 💪

So stay tuned till the next Issue.

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Again, I do this more often in the last Time, but I want to hear your Thoughts about this too. Where can I improve? Or is there Stuff you don’t like at all in my Newsletter?

Just hit reply and tell me your Thoughts.

#Twitter-Box: 🏴‍☠️ Always Think of the hidden Costs 💶

For all the Ballers who reading my Newsletter, BUT also the Rest of you. The following is good Advise. 🏀

Everyone is always throwing around big Numbers in Public and the whole Public is impressed about them. We all know Stories like this in the Press, TV or even Parties.

Big Revenue, big Salaries or big Business-Sales.

I learned that these Numbers are often not true in the first Place. And even if they true, they often not that good as they Sound like.

Never forget to think about the hidden Costs as well.

The following Thread is a cool Baller Example why Revenues, Salaries or Business-Sales are often not that good as they look from the Outside.

Just use this Example in the Business-Context and you see different in the Future…

Link

In Addition, one little important Tip. If you ever working on a Business-Plan and have to check upfront if this Idea is worth a try, think of the hidden Costs as well.

Otherwise they kill you after you invested a lot of your precious Time already…

#Domi's favourite 5 - Random Risk the Game Edition 🗺️

Here are my most interesting Reads of last Week:

• Lenny’s Newsletter: Inspiration for the year ahead

• Jakob Greenfeld: Monk Mode Doesn't Work

• Tim Denning: Do These Things in 2024 to Become Relentlessly Unstoppable

• Sam Parr: 2023 End of Year Review

• Bored Panda: Teenager becomes first Person ever complete Tetris (Off-Topic)

Feedback please! Help me to improve for more fun Stuff.

Click on a link to vote:

👍 Yes Domi, will tell my friends about this Issue.

👎 No Domi, wasted my time reading this.

Meme of the Week

My CEO every Time he gives an All Hands on Deck via Zoom 💻

🤣😂 Thanks for reading the 50th Issue.

Please share with your Friends and have an epic Week.