365: James Altucher - How To Become An Idea Machine (The 10,000 Experiment Rule)

May 17, 2020

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ANECDOTE

Carry-on Life

James Altucher describes a pivotal moment in his life when he decided to live out of a carry-on bag for two and a half years.
This period followed a difficult breakup and a time of significant personal struggle.

INSIGHT

Vulnerability and Freedom

Vulnerability leads to freedom, as it removes the power of external criticism.
Sharing flaws and insecurities preemptively disarms potential attacks and fosters genuine connection.

ANECDOTE

Ken Langone's Curiosity

James Altucher highlights the importance of curiosity by sharing an anecdote about Ken Langone, founder of Home Depot.
Langone's intense curiosity about the specifics of Altucher's comedy club business underscored its importance for creativity and problem-solving.

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#365: James Altucher - How To Become An Idea Machine

"Vulnerability equals freedom."
- "You need to say something interesting. You need to step outside of your comfort zone."
James started writing in 1990 after a girl he liked chose to date a writer instead of him.
- He wrote 3,000 words a day and yet didn't publish anything for 12 years.
Why write about your flaws?
- Watch the movie 8 mile... "Eminem shares all of the negative aspects of himself. He left his competition with nothing to say about him. He beat him to the punch."
- "I don't hit publish unless I'm worried. Am I afraid? If yes, then publish."
- "All good writing has to have a story."
Commonalities of people who sustain excellence:
- Physically healthy - They are in shape
- Emotionally healthy - They have good relationships
- They are extremely curious - "Ken Langone came in my comedy club and asked tons of questions. He's so curious."
- They are very creative
- They have a "ready, fire, aim" approach - Sara Blakely started Spanx and got a $300K order and hadn't figured out how to manufacture her product yet.
Creativity/Idea generation is a muscle - If you don't work it, it atrophies.
- Write 10 ideas a day.
- Quantity is more important than quality. "He who has the most ideas wins."
  - You'll have a lot of bad ideas. You have to get through those to get to the good ones. Quantity is important.
  - "Writing 10 ideas a day changed my life. I wasn't depressed anymore."
Write ideas for companies and share with them... They might call you.
Being an "intrapreneur" within your company - Think of ideas that can help your company and share with the CEO.
- "Success is always on the other side of can't."
Great entrepreneurs focus on reducing risk
How to speak to powerful people?
- Realize they are just people
- Humor is key. "Laughter is the way to level the playing field."
Developing a skill - Deliberate practice
- The "10,000 Experiment" rule
- The key to getting good is to experiment
- Be in the top 1% of doing experiments
Work your idea muscle every single day - The neurons will be re-wired
- Share your ideas to help other companies
Over-promise AND over-deliver. Do both. Everyone else under-promise with the hope to over-deliver. Don't do that. Overpromise upfront and over-deliver.