Entrepreneurs: Stop Fetishizing Failure, Start Asking Absurd Questions
Silicon Valley's entrepreneurial trends go through births and deaths, revolutionizing business attitudes before turning stale. Tim Ferris explains two trends: one near its death, the other very much alive and kicking.
Tim Ferriss has been listed as one of Fast Company's “Most Innovative Business People," one of Forbes's “Names You Need to Know," and one of Fortune's “40 under 40." He is an early-stage technology investor/advisor (Uber, Facebook, Shopify, Duolingo, Alibaba, and 50+ others) and the author of three #1New York Times and Wall Street Journal bestsellers: The 4-Hour Workweek, The 4-Hour Body, and The 4-Hour Chef. The Observer and other media have called Tim “the Oprah of audio" due to the influence of The Tim Ferriss Show podcast, which has exceeded 90 million downloads and was selected for "Best of iTunes" in 2015. His latest book is Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers.
Tim Ferriss: So in Silicon Valley there's the fail fast fail forward the fetishizing of failure and it's become very trendy. I think it's extremely misleading and misinterpreted and misapplied in many cases. So whether you ask say Peter Thiel who views failure as always being a tragedy, there is no exception, it is not some aesthetic imperative or learning imperative necessarily. Or you talk to say Mark Andreessen, for instance, who I interviewed for the Tim Ferriss Show but also for Tools of Titans and he says, when I was getting started, I'm paraphrasing here but when I was getting started we didn't have a fancy word for it we just called it a fuck up. We didn't call it a pivot. I think that it would be better to say iterate fast and iterate forward. So there's no problem with getting say feedback on a minimally viable product or an earlier version of a product. So Reid Hoffman, another person I've interviewed, founder/cofounder of LinkedIn and the Oracle of Silicon Valley as he's referred it to even by a lot of the elite investors, for instance, in Silicon Valley, believes that you should effectively if you're not embarrassed by the first version of your product that you ship you're too late.
And it's true I think in software development and different types of user interfaces and so on, but it's not always true for say a book or other types of creative endeavors. So it's a case of being very specific in what you mean by failure and also making sure that what you/re transplanting from one area to another, if you are doing that, actually applies in your industry, in your trade, in your craft. But I certainly feel like doing your homework, coming out and maybe the Silicon Valley ethos should start looking to the military more to say I think it's David Hackworth, I think I'm getting that right, who said if you find yourself in a fair fight you didn't prepare properly or something along those lines. I mean it is entirely plausible and possible to come out and just smash your competition from second one of round one. And I think even if you do end up failing and then correcting course that's a good aspiration to have, not to come out really shoddy and handicapped from the get go expecting to pivot 27 times.
Then if you look at my portfolio, for instance, I have about 70 companies I've invested in, I was a pre-seed advisor to Uber. And Uber's business model hasn't really changed. It's been the same for a very long time. If you look at Derek Sivers the founder of CD Baby, he came up with the business model in about five minutes of going to a used record store and asking them how they did it. And it remained the same effectively for ten years, 15 years until he sold it for whatever it was $24 million. So you don't have to fail, it's not a prerequisite for having a successful company or a successful life, you just have to learn. So I think learning and iterating are two words that are going to be more valuable than failure, but when failure does slap you in the face, when fortune serves you up a title wave of some type or quicksand, being able to adapt to that and not emotionally overreact I think is certainly important, but you shouldn't striving for failure.
If you look across all of the icons, titans, world class performers that I've interviewed in the say wealthy section, if we're dividing them into healthy, wealthy and wise, when you look at the business side of things one of the most common patterns that you spot is absurd questions. And the power of the absurd question is really something that I've paid a lot of attention to in the last few years. Whether that's say Peter Thiel, so serial billionaire, certainly an incredible entrepreneur but also an incredible investor, good at betting on presidents it turns out as well. And he would ask questions such as why can't you accomplish your ten-year plan in the next six months? And if you talk to say Peter Diamandis, Chairman of the XPRIZE, he might ask the founders of companies he's looking at as potential investments, if you had to 10 X the economics of your startup in the next fill in the period of time, six months, three months, how would you do it? And if they say it can't be done, that's not something we can do, it's impossible, his response is I don't accept that answer. Try again. Those types of questions, I think whether it's 10 X thinking, 100 X, however you frame that, it could also be a constraint.
For instance, if you had to accomplish all of your work or grow your company two X while working two hours a week, if you had a gun against your head how would you attempt to do that? These type of absurd questions don't allow you to use your default frameworks for solutions. They don't allow you to use your base of current assumptions to come up with answers. It forces you to think laterally. It forces you to break some of the boundaries on the sphere of comfort that you've created for yourself. And that is what makes them I think in a way so powerful.
And these are not questions, by the way, I think are valuable if you ponder them for ten seconds and go hum, yeah maybe I would do this and then move on with your day. I think that journaling as an adjunct to asking these questions is very, very important. So I will sit down very often in the morning, one of my rituals also borrowed from a lot of these people is morning journaling of some type. And I tend to use either morning pages five minute journal or just a separate type of freehand sort of goal dissection and this would be a case where I would ask one of those questions and I would write freehand for say three pages, three to five pages and drink some tea as I'm doing it. And that is when you will not only come up with interesting ideas, and they might be 90 percent garbage, but if you have ten percent that lead you in an interesting direction that could completely revolutionize your business or your life if you take that seed and do something with it. And that's been the case for me for a very long time.
I actually created a list at one point after observing this pattern among these people I was interviewing and I just made a list of what are the most absurd things I could do right now related to my life and business? And I created this long list. And some of them were terrible. I mean literally I was at a conference I was bored and that's why I was doing this and some of them were very specific business related, one of them was cut off my own feet. Like what the hell? So I disregarded that one. I still have my feet. You can't see but they're intact. And at the same time though one of them was take a complete break from the startup investing, so retire from startup investing because that had become a source of stress due to the inbound, the deal flow. And that was a real game changer for me taking my indefinite startup vacation about two years ago, which has led to incredible growth in other areas including in my own businesses. So there you have it the power of absurd questions.
There are two start-up trends that are sweeping Silicon Valley and beyond: one, says Tim Ferriss, needs to be redefined, and the other needs to be more widely activated. The first has gained so much popularity it has become a motto: "fail fast, fail forward". Ferriss is concerned that we’re fetishizing failure as something harmless that only leads upwards, when in reality in some industries it can be quite deadly. The second is the practice of absurd questions. Billionaire investor Peter Thiel will look at a business plan and say to its creator: "Why can't you accomplish your ten-year plan in the next six months?" Asking seemingly crazy questions, and setting hypothetical limits (such as, "how would you hit your goal in the same time by working only 2 hours per week?"), forces divergent thinking and can prompt you to actually do what once seemed unthinkable. Tim Ferriss is the author of Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers.
Tim Ferriss' most recent book is Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers.
"They" has taken on a not-so-new meaning lately. This earned it the scrutiny it needed to win.
- Merriam-Webster has announced "they" as the word of the year.
- The selection was based on a marked increase in traffic to the online dictionary page.
- Runners up included "quid pro quo" and "crawdad."
A review of the global "wall" that divides rich from poor.
- Trump's border wall is only one puzzle piece of a global picture.
- Similar anxieties are raising similar border defenses elsewhere.
- This map shows how, as a result, "the West" is in fact one large gated community.
Facebook's misinformation isn't just a threat to democracy. It's endangering lives.
- Facebook and Instagram users have been inundated with misleading ads about medication that prevents the transmission of HIV (PrEP), such as Truvada.
- Over the years, Facebook's hands-off ad policy has faced scrutiny when it comes to false or ambiguous information in its political ads.
- Unregulated "surveillance capitalism" commodifies people's personal information and makes them vulnerable to sometimes misleading ads.
LGBT groups are saying that Facebook is endangering lives by advertising misleading medical information pertaining to HIV patients.
The tech giant's laissez-faire ad policy has already been accused of threatening democracy by providing a platform for false political ads, and now policy could be fostering a major public-health concern.
LGBT groups take on Facebook’s ad policy
According to LGBT advocates, for the past six months Facebook and Instagram users have been inundated with misleading ads about medication that prevents the transmission of HIV (PrEP), such as Truvada. The ads, which The Washington Post reports appear to have been purchased by personal-injury lawyers, claim that these medications threaten patients with serious side effects. According to LGBT organizations led by GLAAD, the ads have left some patients who are potentially at risk of contracting HIV scared to take preventative drugs, even though health officials and federal regulators say the drugs are safe.
LGBT groups like GLAAD, which regularly advises Facebook on LGBT issues, reached out to the company to have the ads taken down, saying they are false. Yet, the tech titan has refused to remove the content claiming that the ads fall within the parameters of its policy. Facebook spokeswoman Devon Kearns told The Post that the ads had not been rated false by independent fact-checkers, which include the Associated Press. But others are saying that Facebook's controversial approach to ads is creating a public-health crisis.
In an open letter to Facebook sent on Monday, GLAAD joined over 50 well-known LGBTQ groups including the Human Rights Campaign, the American Academy of HIV Medicine and the National Coalition for LGBT Health to publicly condemn the company for putting "real people's lives in imminent danger" by "convincing at-risk individuals to avoid PrEP, invariably leading to avoidable HIV infections."
What Facebook’s policy risks
Of course, this is not the first time Facebook's policy has faced scrutiny when it comes to false or ambiguous information in its ads. Social media has been both a catalyst and conduit for the rapid-fire spread of misinformation to the world wide web. As lawmakers struggle to enforce order to cyberspace and its creations, Facebook has become a symbol of the threat the internet poses to our institutions and to public safety. For example, the company has refused to take down 2020 election ads, largely funded by the Trump campaign, that spew false information. For this reason, Facebook and other social media platforms present a serious risk to a fundamental necessity of American democracy, public access to truth.
But this latest scandal underlines how the misconstrued information that plagues the web can infect other, more intimate aspects of American lives. Facebook's handling of paid-for claims about the potential health risks of taking Truvada and other HIV medications threatens lives.
"Almost immediately we started hearing reports from front-line PrEP prescribers, clinics and public health officials around the country, saying we're beginning to hear from potential clients that they're scared of trying Truvada because they're seeing all these ads on their Facebook and Instagram feeds," said Peter Staley, a long-time AIDS activist who works with the PrEP4All Collaboration, to The Post.
Unregulated Surveillance Capitalism
To be fair, the distinction between true and false information can be muddy territory. Personal injury lawyers who represent HIV patients claim that the numbers show that the potential risks of medications such as Turvada and others that contain the ingredient antiretroviral tenofovir may exist. This is particularly of note when the medication is used as a treatment for those that already have HIV rather than prevention for those that do not. But the life-saving potential of the HIV medications are unequivocally real. The problem, as some LGBT advocates are claiming, is that the ads lacked vital nuance.
It also should be pointed out that Facebook has taken action against anti-vaccine content and other ads that pose threats to users. Still, the company's dubious policies clearly pose a big problem, and it has shown no signs of adjusting. But perhaps the underlying issue is the failure to regulate what social psychologist Shoshana Zuboff calls "surveillance capitalism" by which people's experiences, personal information, and characteristics become commodities. In this case, paid-for personal-injury legal ads that target users with certain, undisclosed characteristics. It's been said that you should be wary of what you get for free, because it means you've become the product. Facebook, after all, is a business with an end goal to maximize profits.
But why does a company have this kind of power over our lives? Americans and their legislators are ensnared in an existential predicament. Figure out how to regulate Facebook and be accused with endangering free speech, or leave the cyber business alone and risk the public's health going up for sale along with its government.