misc · Startups Thoughts · 2017-08-19 · Thomas Ott

~2 min read

An important lesson I've learned while working at a Startup is to do more of what works and jettison what doesn't work, quickly. That's the way to success, the rest is just noise and a waste of time. This lesson can be applied to everything in life.

Data is your friend

We generate data all the time, whether it's captured in a database or spreadsheet, just by being alive you throw of data points. The trick is to take notice of it, capture it, and then do something with it. It's the "do something with it" that matters to your success or not.  Your success can be anything that is of value to you. Time, money, weight loss, stock trading, whatever. You just need to start capturing data, evaluate it, and take action on it.

This is where you fail

Many people fail by taking no action on the data they captured and evaluated. They hope that things are going to get better or that things are going to change. Maybe they will, maybe they won't but you must act on what the data is telling you now. NOW!

My Examples, what Works/Doesn't Work

  1. My $100 Forex experiment worked really well for a time, then it started to flag. The data was telling me that my trading method was no longer working. Did I listen? Nope. I blew up that account. This didn't work for me.
  2. Writing RapidMiner Tutorials on this blog ended up getting me a job at RapidMiner. This lead to an amazing career in Data Science. Writing and taking an interest in things works.
  3. Day trading doesn't work for me. I blow up all the time. What works for me is swing and trend trading. Do more of that and no day trading.

Keep it simple, stupid

The one thing I've also learned working at a startup is to keep things simple and stupid. You're running so fast trying to make your quarter that you have no time for complex processes. Strip things down to their minimum and go as light as you can. This way you can adjust your strategy and make changes quickly, you can do more of what works and jettison what doesn't.