Facebook, Peter, Junior High School High School discussed on We Study Billionaires - The Investors Podcast

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I'm your host Preston pysche in his usual company by my co host, Stig broder Sohn. And like we said in the introduction where we covering everything. Peter till today for people that don't know Peter he was an early investor in Facebook. He was asked the question in reference to his early investment in Facebook. And he was asked why you should have a specific strategy for your business and stick to it. And this is how he responded tremendous amount written in the last number of years about Facebook and the crazy Facebook history. But I wanted to talk about one anecdote from the development of the company that I think was quite important, and that it's worth reflecting on a little bit more in this question of how and builds a great businesses was it just they stumble on this thing, and it happened to grow. And I think there was certainly some serendipity and luck around it. But I also think there was a tremendous amount of foresight. That I got to see firsthand in the company were already in the summer of two thousand four the were ideas about. How they wanted to build things out and how they envisioned this completely transformative social network that would be built over over many years aspects of that buried in changed over time. But in many ways, the outline of something much bigger was ready envisioned near the very beginning of of the company when I started to become involved in the summer of two thousand four when you have a company that get started. They often have a PowerPoint presentation. They will have a slide where they describe what the business is going to do and you have one type of company, which well, we can do many different things we can do a or b or c or d or e and you have a company where it's we are going to do a the company that says a through e is always worse than the one that just says a even though mathematically the opposite should be true. Not the medically you'd say eight three has to be better than just a. But when when you have a three it means that you've not really thought through any of these things, very, well, and probably they're all kinds of bad, and they have not been taught through. Well. Whereas if you have a specific idea, it's a. Dan, you can work against coordinating against measure yourself against and try to improve used to play chess a scholastically on junior high school high school in the US, and so one of the intermediate level chess. Thank you learn how to move the pieces and combinations. And how do get checkmate and things like that? But sort of one of the intermediate level things you learn in chess is that it's always good to have some kind of plan. Even if it's a bad plan, something you can measure yourself against versus having no plan at all. So what are you trying to do, you know, something recreate options for many different plans is an anti plan. It's a way an effect to avoid thinking about things the education question that Luda tune the opening comments that we've come to think about as I'm very much in favor of education. I think it's important. I think learning is important. But I think it's also very important ask why you're learning what is it for and and one of the strange paradoxes in the United States and many other countries educations, become increasingly status driven credential where you simply get it in order to get other things. And it is I think. The purist version of the indefinite future, and you can think of things like going to business schools. Maybe the most indefinite version of education, where why do you go to business school in order to become a businessman what sort of business doesn't matter? If you had a specific idea that would actually be seen as a bad thing because that'd be like you were too narrow to focused, and so we just create all these people who have these these very general backgrounds and you end up with this paradox. Where what do you do at the end of your high school years? Don't know you go to college. Would you do at the end of your call jeers? Don't know you go to graduate school. What do you do at the end of your grad school years? You don't know. But you get some sort of job not job you want to do the rest of your life..

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