More Lessons from “The Unfair Advantage”
by Nino · 37 things on NewTwos
- Life is not fair. Not everyone will get an equal share and we will not all have the same opportunities.
- Life is not fair but if you use the unfairness of life as an excuse to have a victim mindset, to stop yourself from striving to achieve your goals, to make your dreams a reality, then you are only shooting yourself in the foot.
- Instead of looking at the world and losing hope, you need to be aware of obstacles and possible shortcuts in your way.
- Life is not based purely on meritocracy. Those who deserve to get rich do so purely because of hard work, ability, and that everybody else should simply pull up his or her socks.
- Success is not simply awarded to the hardest workers. It is awarded to those who work smarter and use their unfair advantages.
- An unfair advantage is a condition, asset, or circumstance that puts you in a favorable position. It is a competitive upper hand unique to you. It is a fundamental leg-up over the competition, and sometimes it is not one that is ‘earned’ or worked for.
- We do not have control over where/when we were born, our childhoods, and the quality of our early education. These unfair advantages are unique to you.
- There are some disadvantages that you will face that you do not control such as lack of money, racism, nepotism, ageism, lack of inherited money, lack of better education, etc.
- You must accept this, but you also must believe you are the master of your own future. You can take responsibility for the outcomes in your life. You can achieve virtually anything you set your mind to.
- Your unfair advantage is unique to you. It is your combination of skills, experiences, talents, and perspectives that gives you a unique insight into a problem and makes you stand out from the crowd.
- Ask yourself: What do I personally have going for me that few other people do? If you have a co-founder/partner, what personal advantage does he/she have? Look at how someone’s unfair advantage could balance yours.
- You could have a disability that allows you to develop other abilities that are not developed in most people. You could have fewer resources and that could develop your ability to work with less when others think it is impossible.
- Embrace your failures and use them to your advantage. Failure is not the opposite of success; it is a stepping-stone toward it.
- The audit framework used is called MILES framework, which lists advantages in five categories namely:
- Money: developed by not being wasteful, being resourceful with limited resources, thinking outside the box, etc.
- Intellect & Insight: developed by being curious, asking more questions, being interested in how people feel, being aware of your emotions, etc.
- Location & Luck: this is about being in the right place at the right time. Whether in personal life or business, some locations just do not work. You might need to move to improve your advantage. However, you might also need to stay to avoid greater competition.
- Education & Expertise: going to a good school seems to increase the chances of a more prosperous future life. This is because good schools help with knowledge, networking, and signaling. You should try to increase your expertise by formal learning, reading books, having mentors, and practicing.
- Status: how others see you can be rewarded more than what you can really do. Work on your personal branding. Also, work on your self-confidence (just a fancy way of saying ‘liking yourself’). People reward those who seem to like themselves.
- Most people think that their chances of success are only dependent on one advantage i.e. Money but that is not true.
- The most successful people are not the ones who have had an easy ride, but the ones who have overcome challenges and obstacles. Use your struggles to build resilience and strength.
- Do not be afraid to take risks and step out of your comfort zone. This is where the magic happens and where you can discover your true potential.
- Your mindset is key to your success. Believe in yourself and your abilities, and you will be unstoppable.
- Have a reality-growth mindset instead of a fixed mindset. Believe that you can improve (grow) in the areas you are not good yet. Use the word yet”. This three-letter word opens up a whole realm of possibilities.
- A Reality-Growth mindset has four pillars:
- Vision: the ability to see plainly what will exist. Having imagination and goal setting.
- Resourcefulness: start without having everything you need and solve problems along the way.
- Constant growth and lifelong learning: do not just aim to get a traditional diploma or degree. Commit to learning new ways and tools for doing things.
- Grit and perseverance: have a thick skin and bounce back when you fail.
- Surround yourself with positive and supportive people who will encourage and inspire you on your journey towards success.
- Make learning your number one priority. Even if you could not afford to get a prestigious degree at a renowned institution, you can learn the skills needed, get the knowledge required, and develop resilience and an innovative mindset in the process.
- How have the disadvantages you faced given you the upper hand (an unfair advantage)?
- The Unfair Advantage by Ash Ali and Hasan Kubba
- Lessons from “The Unfair Advantage”
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