TLP100: What He Learned Studying Billionaires

The first guest on The Leadership Podcast was Preston Pysh - co-creator of The Investor's Podcast - an immensely popular and highly engaged community. Preston returns in celebration of the 100th Episode, and talks about successful investor habits from a leadership perspective. He shares his recommendations for business owners in the current climate based on what he's learned from studying hundreds of billionaires. Key Takeaways [8:55] Preston cites The Compound Effect as a book he would recommend on leadership and developing momentum in new habits that navigate us towards our goals. [11:56] Once we generate momentum and develop habits, it's important to challenge them after time to see if they can be optimized for even better results. [13:17] Preston's 5 recommendations for business owners in 2017: get better at search engine optimization understand lean operations focus on free cash flow understand your customer invest the retained earnings intelligently. *He would also add to know the competitive advantage of the business. [21:10] Leaders and owners must strive to find a balance between taking care of the human side of their business, and new developing technology that will make things faster and more efficient. While none of us have an exact answer of what the line is between these factors, it is typically a choice based on resources available, morals and company values. [29:36] Preston approaches The Investors Podcast with the intent to learn from other successful people, take the best notes he can, and serve it to the audience to learn and take into their own lives. [33:40] Preston appreciates the feedback from his audience on what they want to learn, and he takes that into account in future interviews and episodes. [36:05] The ladder of inference is when we observe things, and select data, make assumptions and adopt beliefs based on our observation. This creates a reflective loop, where the choices we make are based on the original observation. [39:53] Quality leaders make decisions based upon facts rather than consistency bias. They have nothing to prove, protect or promote. [45:17] Preston's podcast is a mechanism for to him to consistently work on personal development and have discussions with some of today's top leaders. [48:55] Auto suggestion is a powerful practice and tool that will help you speak your words into reality. It is a way of conditioning your subconscious mind. [51:33] Preston still serves as an active duty military officer. Website: Books by Preston Pysh Twitter: @PrestonPysh YouTube: We Study Billionaires Podcast: The Investors Podcast Quotable Quotes The more you know, the more you know you don't know. It is important to develop habits, and also challenge them. Challenge your belief structures. Just because something has worked for you really well for 10 years doesn't mean it can't be optimized. People have to look at the enduring competitive advantage of their business What does your war chest look like? It's all about the people. It's important to be balanced, and not polarized on one side or another. Leaders do not allow themselves to fall victim to confirmation bias. Bio Preston is a graduate of West Point with a degree in Aerospace Engineering. He's the founder of BuffettsBooks.com, and his videos on financial investing have been viewed by millions of people around the world. He takes great pleasure in taking complex ideas and making them accessible. He is the founder of the Pylon Holding Company and enjoys spending time with his wonderful family. The Compound Effect 5 Ways Small Business Owners Can Grow in 2017 Labor 2030: The Collision of Demographics, Automation and Inequality Superforecasting: The Art and Science of Prediction Warren Buffet Books