How to make a few billion dollars - my first takeaways

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Time to read: 3-4 minutes (690 words).

• News story: (1) Samsung introduces a series of smartphones powered by Generative AI, (2) The Bet That Truckers Will Shift From Diesel to Electricity

• AI Generated Idea: Collaborative Scientific Research Platform

• Resource: 42 Essential resources for launching your business

• How to make a few billion dollars - my first takeaways

News Stories

1) Samsung introduces a series of smartphones powered by Generative AI (AI Business)

Samsung's latest Galaxy S24 series, featuring Google's Gemini Pro and Imagen 2 AI models, introduces innovative functions like live translation and enhanced photo editing. The smartphones, powered by the Qualcomm Snapdragon 8 Gen 3 chipset, mark Samsung's lead over Apple in incorporating advanced AI into mainstream devices.

2) The Bet That Truckers Will Shift From Diesel to Electricity (WSJ)

Cummins, Daimler, and Paccar are reported to plan to build battery factory for $2B in Mississippi according to the WSJ. They quote the chief executive of Cummins, Jennifer Ramsey, “The demand is going to grow as the regulations continue to drive a reduction in emissions.” (WSJ)

StratupAI Generated Idea

Collaborative Scientific Research Platform

A collaborative scientific research platform could be a compelling startup idea that combines the science and collaboration industries. The platform would provide a space for researchers, scientists, and experts from various disciplines to connect, share knowledge, and collaborate on scientific projects. Through features like virtual collaboration tools, data sharing capabilities, and project management functionalities, this startup idea aims to streamline the scientific research process and foster interdisciplinary collaboration.

-Stratup.ai

Todays Resource

42 Essential resources for launching your business

Not sponsored

How to make a few billion dollars - my first takeaways

1) Want to make more money? Become a better problem solver.

That’s my takeaway after reading How to Make a Few Billion Dollars released this week, authored by Brad Jacobs. (Yes, he’s a billionaire)

What I find striking about his story is his track record over several companies and industries, an indication that he is probably worth listening to.

In the first part of the book, he emphasizes how business isn’t about avoiding problems, but finding and embracing them.

Often, when you find something that frustrates you, it may be an opportunity to fix it and commercialize that solution, either selling it to others or utilizing it within your own company to improve inefficiencies.

“Problems are an asset - not something to avoid, but something to run toward.”

-Brad Jacobs

2) Invest in tech.

Many underestimate the impact tech will have. One of my takeaways after reading his book and interviews is that there is an arbitrage of sorts, where certain pockets and industries underutilize the tech that already exists in some form.

Meaning if someone willing to embrace the latest tech enters the scene, it can offer a significant advantage against competitors.

3) Read & listen

As mentioned a couple of editions ago, there are founders who have worked in an industry for a while, and then started a company.

The other type are those that simply spot an interesting industry, possibly with little prior work experience in said field, and try to rapidly learn as much about it as possible.

Jacobs occasionally leans in that direction, at least more noticeably than the average, as it appears to me. Or at least, offers practical advice for assessing industries in this way.

(That being said, it is not as if he moves from industry to industry over short time intervals.)

He reads as much as possible about a topic, asks questions, surrounds himself with experts, etc.

I plan on reading the book a few more times, providing a final review soon.

(Another thing to expect soon is a deep dive into Adept, which was the most popular vote a few editions ago.)

That’s all for today, thanks for reading. See you on Tuesday.

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Disclaimer: The startup ideas shared in this forum are offered for general consideration and discussion. Individuals utilizing these concepts are encouraged to exercise independent judgment and undertake due diligence per legal and regulatory requirements.