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Taleb, the author of both The Black Swan and Antifragile, discusses the concept of “skin in the game”. In essence, by abstracting away concepts and situations, people who have no skin in the game will not personally suffer any consequences if something goes awry. This results in them making sub-par decisions since they share none of the risk. For example, when a salesman does not have to use his own product, he has no skin in the game and can shill sub par products. Or when the Pope talks about the healing power of prayer but goes to the hospital for his illnesses, he is not putting skin in the game with his religious beliefs. Similarly, atheists will often adopt religious-like ceremonies like daily yoga, not fully committing to their worldviews. Taleb discusses the theory and provides both ancient & modern examples of skin in the game.
“You cannot separate knowledge from contact with the ground. Actually, you cannot separate anything from contact with the ground. And the contact with the real world is done via skin in the game—having an exposure to the real world, and paying a price for its consequences, good or bad.”
Memory has 7 notable malfunctions, or “sins”:
Transience: Weakening or loss over time.
Absent-mindedness: Disaccord between attention and memory, often created by distractions.
Blocking: Something on the tip of your tongue.
Misattribution: Assignment to the wrong source.
Suggestibility: Implantation or alternation of memories due to leading questions or comments.
Bias: Undue influence from present knowledge and beliefs on past experiences and opinions.
Persistence: Repeated retrieval of troubling information or events we would prefer to forget.
Yet these “sins” need not be considered inherent weaknesses. Understanding their impact and neuroscientific foundation will help you mitigate their negative effects and improve your memory.
“In this book I explore the nature of memory’s imperfections, present a new way to think about them, and consider how we can reduce or avoid their harmful effects.”
Throughout history, marketing has focused on creating as much exposure to their ads as possible. They have interrupted audiences with annoying ads, and some have potentially begun to craft a brand narrative to help them sell. Yet this is all ineffective compared to story-driven marketing. A story has clear elements such as a protagonist with conflicts to overcome. It creates a natural cadence of positive and negative events which emotionally hooks audiences into needing to see how the story is resolved. Will the main character achieve their desire!? This book discusses what are the crucial elements of a story, and how to intentionally craft a marketing strategy that utilizes them to create an emotional connection with a customer.
Anyone who’s ever read a newspaper or a magazine is bound to remember at least one memorable advertisement they’ve found within. Just what is it about those ads that draws us in? How can advertisers create something that not only sticks in our heads, but also convinces us to buy what they offer? Using his 44 years (1917-1961) in the advertising business, Victor O. Schwab breaks down what a good ad needs to connect with its readership, from its copy to its layout to the type of accompanying images.
“The advertisement itself is the keystone in the arch of sales.”
There are 2 main types of innovation: sustaining and disruptive technologies. Sustaining technologies make incremental advances in existing markets, while disruptive technologies redefine brand new markets. Yet despite the profit available from disruptive technologies, large companies have a significantly difficult time innovating them. Disruptive technologies often thrive in newer, smaller markets with smaller profit margins, managers must act with incomplete information, and resources must be allocated to potentially disastrous projects. This book defines disruptive technologies and offers insights into how they have shaped businesses in the past, and how businesses today can get on the cutting edge.