Embrace Accountability to Get Leverage
Naval
Naval Ravikant
4.8 • 2.4K Ratings
🗓️ 11 April 2019
⏱️ 4 minutes
🧾️ Download transcript
Summary
Embrace accountability. Society will reward you with leverage.
• You have to have accountability to get leverage 0:00
• Take business risks under your own name 0:54
• A well-functioning team has clear accountability for each position 2:09
• People who can fail in public have a lot of power 3:47
Transcript: http://nav.al/accountability-leverage
Transcript
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| 0:00.0 | So why don't we jump into accountability, which I thought was pretty interesting and I think you have your own unique take on it. |
| 0:06.5 | So the first tweet on accountability was embrace accountability and take business risks under your own name. |
| 0:14.1 | Society will reward you with responsibility, equity and leverage. |
| 0:19.0 | Yeah, so to get rich, you know, you're going to need leverage and leverage comes in labor, comes in capital or can come through code or media. |
| 0:26.4 | But most of these like labor and capital people have to give to you for labor. |
| 0:29.9 | Somebody has to follow you for capital. |
| 0:31.9 | Somebody has to give you money or assets to manage or machines. |
| 0:35.6 | So to get these things, you to build up credibility and you have to do those under your own name as much as possible, which is risky. |
| 0:41.4 | So accountability is a double-edged thing. |
| 0:44.1 | It allows you to take credit when things go well and to bear the brunt of the failure when things go badly. |
| 0:50.3 | So in that sense, you know, people who are stamping their names on things aren't foolish. |
| 0:55.1 | They're just confident. |
| 0:56.5 | Maybe it turns out to be foolish in the end, but if you look at a Kanye or an Oprah or a Trump or an Elon or anyone like that, |
| 1:02.3 | these people can get rich just off their name because their name is such powerful branding. |
| 1:07.3 | You know, regardless of what you think of Trump, you have to realize that the guy was among the best in the world at just branding his name. |
| 1:13.7 | Why would you go to Trump casino? |
| 1:15.1 | Used to be because Trump. |
| 1:16.3 | Why would you go to Trump tower because of Trump when it came time to vote? |
| 1:21.0 | I think a lot of voters just went and said Trump. |
| 1:23.1 | They recognized the name. |
| 1:24.1 | So the name recognition paid off. |
| 1:26.1 | Same thing with Oprah. |
... |
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