Walt Disney gained worldwide fame with the animated film ‘Steamboat Willie,’ but Disney’s first studio went bankrupt. By the mid-1930s, he had produced over 400 animations, most of which suffered heavy losses. In 1938, Snow White and the Seven Dwarfs made $8 million in just the first half—more than ten times the earnings of other films. Meanwhile, with this animation, the company paid overdue wages to its employees and recovered the losses it had sustained. An unusual event that changes everything is called a “tail event.” 40% of publicly listed companies in the U.S. stock market lose nearly all their market capitalization 10 years after going public. Business and investing, after all, are based on probabilities. No one knows what the “tail event” will be. Therefore, to succeed, you need to try small, steady, many times with little impact, even if you fail. - Joseph’s “just my thoughts”
The more startups you have, the more you need to learn and practice. Many startups avoid learning because they are busy and have a lot of work. Knowledge determines structure, and managing is the process of building that structure. However, to create that structure, they do not make the effort to acquire knowledge. Just as you must eat bread one bite at a time, even when you have plenty, sincerity will gradually and steadily lead to knowledge and the establishment of structure. It is important to remember that the consequences can be severe if you neglect a bit of sincerity due to feeling overwhelmed by your environment and circumstances. - Joseph’s “just my thoughts”