Naval Ravikant on Business Quotes

"The efficient markets hypothesis fails because humans are not rational beings. We are biological beings who have emotions and make mistakes."

"Judgment is the decisive skill. In an age of infinite leverage, judgment is the most important skill."

"Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep."

"Escape competition through authenticity. Basically, when you are competing with people, it’s because you are copying them."

"The best jobs are neither decreed nor degreed. They are creative expressions of continuous learners in free markets."

"Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media)."

"If you want to be wealthy, you have to work on something that scales. You need to have a product that you can replicate."

"The internet allows any niche obsession to become a career."

"The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn."

"Specific knowledge cannot be taught, but it can be learned."

"Building specific knowledge will feel like play to you but will look like work to others."

"If you can't see yourself working with someone for life, don't work with them for a day."

"Escape competition through authenticity. No one can compete with you on being you."

"Don’t partner with cynics and pessimists. Their beliefs are self-fulfilling."

"Learn to sell. Learn to build. If you can do both, you will be unstoppable."

"If you can outsource something or not do it, do that. If you have to do it, do it with your total focus and attention."

"Accountability is how you build equity. If you take risks under your own name, society rewards you with responsibility, equity, and leverage."

"Play long-term games with long-term people. All returns in life, whether in wealth, relationships, or knowledge, come from compound interest."

"Impatience with actions, patience with results."

"Apply specific knowledge, with leverage, and eventually you will get what you deserve."

"You’re not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom."

"Value your time at an hourly rate and ruthlessly spend to save time at that rate. You will never be worth more than you think you are."

"Productize yourself. Create a product out of your specific knowledge and leverage it."

"Work as hard as you can. Even though who you work with and what you work on are more important than how hard you work."

"Technology democratizes consumption but consolidates production. The best person in the world at anything gets to do it for everyone."

"Retirement starts when you stop sacrificing today for an imaginary tomorrow. When today is complete, in and of itself, you're retired."

"Earn with your mind, not your time."

"Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy."

"Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you."

"You want to be rich and anonymous, not poor and famous."

"A busy calendar and a busy mind will destroy your ability to do great things in this world."

"Think clearly. Understand the basics. Then apply judgment."

"Arm yourself with specific knowledge, accountability, and leverage."