#148: Think Long-Term, Thrive Always: 7 Lessons From Investing Titans

What if your greatest advantage in business was how you think about the future?

In this episode, I explore Richer, Wiser, Happier by William Green, unpacking seven actionable lessons inspired by legendary investors like Warren Buffett, Charlie Munger, and Sir John Templeton. These lessons go beyond money—they’re about mastering long-term thinking, simplifying complexity, and building resilience to thrive in uncertainty.

William Green, a journalist with decades of experience interviewing investing icons, distills their timeless principles into strategies for entrepreneurs, investors, and anyone looking to improve their decision-making.

As an entrepreneur and investor, I’ve applied these lessons to my journey. From the power of focus to managing emotions and embracing change, this episode equips you with tools to sharpen your priorities, think strategically, and navigate today’s ever-changing landscape.

Key Takeaways:

This episode covers seven transformative lessons, including:

1. Say No to Almost Everything: Focus on what truly matters and eliminate distractions.
2. The Willingness to Be Lonely: Step away from the herd to achieve extraordinary gains.
3. Resilience Is the Ultimate Strength: Prepare for downturns and thrive through tough times.
4. Beware of Emotions and Ignorance: Manage emotional reactions and make informed decisions.
5. Think Long-Term and Embrace Change: Play the long game to build lasting success.
6. Simplicity Is Strength: Distill complexity into clarity for impact and growth.
7. Success Is Built on Habits and Incremental Progress: Double down on what works and refine continuously.

While this episode highlights actionable takeaways, Richer, Wiser, Happier dives even deeper, offering stories and frameworks that can transform your approach to business and life.

Timestamps:

• (00:00) - Introduction: Why This Episode Matters
• (01:14) - The Book’s Relevance for Entrepreneurs and Investors
• (02:36) - Author Spotlight: William Green’s Unique Perspective
• (03:35) - Book Overview: Lessons Beyond Investing
• (05:17) - Key Takeaway 1: Say No to Almost Everything
• (10:39) - Key Takeaway 2: The Willingness to Be Lonely
• (15:12) - Key Takeaway 3: Resilience Is the Ultimate Strength
• (20:56) - Key Takeaway 4: Beware of Emotions and Ignorance
• (25:41) - Key Takeaway 5: Think Long-Term and Embrace Change
• (30:11) - Key Takeaway 6: Simplicity Is Strength
• (34:59) - Key Takeaway 7: Success Is Built on Habits and Incremental Progress
• (39:17) - Closing Insights and Final Reflections

Why Listen:

• Master Resilience and Focus: Build a mindset that thrives during challenges.
• Think Like a Legend: Apply strategies from iconic investors to your goals.
• Navigate Uncertainty: Gain tools to adapt and succeed in volatile environments.
• Actionable Insights: Practical coaching questions to reflect and grow immediately.

If these lessons resonate, I encourage you to explore Richer, Wiser, Happier in full. It’s not just a book—it’s a guide to thinking better, deciding smarter, and building a resilient path to success.

[Link to Amazon]

Thank you for tuning in! Don’t forget to subscribe for more episodes where we uncover wisdom from the brightest minds in investing, entrep

Transcript

00:00:00 - 00:00:23:00

Christian Soschner

Imagine having a blueprint that not only helps you build wealth, but also keeps you grounded and sharp, even when the stakes are high. That's the promise of richer, wiser, happier. By William Green A collection of insights from the greatest investors of all time.

00:00:23:00 - 00:00:42:18

Christian Soschner

In this episode, we will explore why these lessons matter for entrepreneurs and investors. We are diving into seven actionable takeaways designed to sharpen your focus, improve your decision making, and help you thrive in uncertainty.

00:00:42:20 - 00:00:51:17

Christian Soschner

Each lesson ends with coaching questions to help you reflect on your journey and apply these insights directly to your work.

00:00:51:17 - 00:01:05:23

Christian Soschner

What makes this book stand out isn't just the advice on investing, but the mindset and habits behind it. These are principles that transcend markets, offering strategies for long term growth and resilience.

00:01:05:23 - 00:01:14:21

Christian Soschner

Whether you're building a business or scaling an investment portfolio, this episode is packed with insights tailored to your challenges.

00:01:14:23 - 00:01:24:07

Christian Soschner

From simplifying the complex to thriving during tough times. Each section delivers actionable ideas to help you stay ahead. Let's dive in.

00:01:24:07 - 00:01:40:00

Christian Soschner

Imagine sitting at the table with some of the greatest investors of all time. Charlie Munger, Warren Buffett, or Sir John Templeton. And getting a first hand look at how they think, act and succeed.

00:01:40:00 - 00:01:44:01

Christian Soschner

That's what Richard Wiser, Happier by William Green offers.

00:01:44:03 - 00:02:11:18

Christian Soschner

This isn't just a collection of anecdotes. It's a masterclass in understanding what drives extraordinary results, whether in investing, entrepreneurship or life for entrepreneurs and investors. This book distills decades of wisdom into actionable strategies, all told through the lens of someone who has spent his career interviewing these legends.

00:02:11:18 - 00:02:20:14

Christian Soschner

In this episode, I will share seven powerful lessons from the book tailored to help you navigate uncertainty, build resilience, and think more strategically.

00:02:20:15 - 00:02:36:07

Christian Soschner

But let me tell you, this is just the tip of the iceberg. The book itself dives far deeper into the mental models and habits of these titans, and by the end of this episode, you will see why it's worth reading. Cover to cover.

00:02:36:07 - 00:02:48:01

Christian Soschner

William Green isn't your typical finance writer. He's a journalist with decades of experience, having written for time, fortune, Forbes, and The Economist.

00:02:48:03 - 00:03:01:04

Christian Soschner

Over the years, he's interviewed some of the world's most successful investors, not just to understand their strategies, but to uncover the mindset, habits and principles that set them apart.

00:03:01:04 - 00:03:13:07

Christian Soschner

He's traveled the world. Meeting these legends in their homes and offices, observing how they live and gaining insights. Few others have had access to.

00:03:13:09 - 00:03:22:22

Christian Soschner

His unique perspective bridges the gap between numbers and life lessons, offering readers a holistic view of what it means to be truly successful.

00:03:22:22 - 00:03:35:08

Christian Soschner

Richer, wiser, happier isn't how to guide for stock picking or business planning. Instead, it's a collection of timeless principles that apply to anyone looking to excel in a competitive, ever changing world.

00:03:35:08 - 00:03:50:07

Christian Soschner

Each chapter focuses on a different luminary Warren Buffett, Charlie Munger, Sir John Templeton, and others and explores their approaches to risk Decision-Making, resilience, and Long Term thinking.

00:03:50:09 - 00:04:04:06

Christian Soschner

But what sets this book apart is how it ties these lessons back to universal truths about human behavior. It's as much about psychology and philosophy as it is about finance.

00:04:04:06 - 00:04:10:21

Christian Soschner

The book reveals how these investors remain calm and rational in times of crisis,

00:04:10:21 - 00:04:20:11

Christian Soschner

make decisions that align with their long term goals. Focus on simplicity and discipline. In a world full of distractions and false.

00:04:20:13 - 00:04:43:20

Christian Soschner

Embrace failure as a learning tool and few setbacks as opportunities. Whether you are an entrepreneur, investor, or someone striving for better decision making, this book delivers insights you can apply immediately. For example, how many times have you acted out of fear or followed the herd, only to regret it later?

00:04:43:20 - 00:04:50:21

Christian Soschner

Richer, wiser, happier helps you recognize these patterns and avoid these pitfalls.

00:04:50:23 - 00:05:17:08

Christian Soschner

While I will share seven actionable lessons today, the book is packed with so much more personal stories, behind the scenes details, and frameworks that can transform the way you think about success. By the end of this episode, you will understand why reading this book could be one of the best investments you will ever make, not just for your business, but for your mindset and life.

00:05:17:10 - 00:05:26:02

Christian Soschner

With that context in mind, let's dive into the first of all seven takeaways. The power of saying no to almost everything.

00:05:26:02 - 00:05:38:17

Christian Soschner

Imagine this. You are at an all you can eat buffet. You've got one plate, one shot, and there is every dish you have ever loved in front of you.

00:05:38:17 - 00:05:43:04

Christian Soschner

Do you pile it high trying to grab everything?

00:05:43:06 - 00:05:57:22

Christian Soschner

Or do you carefully select the few items you know you would savor the most? Success in entrepreneurship is no different. You can't say yes to everything and expect to win.

00:05:57:22 - 00:06:02:19

Christian Soschner

The most successful entrepreneurs and investors have mastered the art of saying no.

00:06:02:19 - 00:06:16:11

Christian Soschner

They don't chase every shiny opportunity, please every stakeholder or serve every customer. Instead, they focus intently on a narrow set of goals that truly matter.

00:06:16:13 - 00:06:29:18

Christian Soschner

As Charlie Munger famously said in the book on page 14, the difference between successful people and really successful people is that really successful people say no to almost everything.

00:06:29:18 - 00:06:45:08

Christian Soschner

for deep tech entrepreneurs and venture capitalists, this lesson is essential. Why? Because your resources, time, money, energy are finite

00:06:45:08 - 00:06:54:13

Christian Soschner

every year to a non-core opportunity, a misaligned customer, or an unnecessary feature.

00:06:54:15 - 00:07:07:02

Christian Soschner

It's a note to do the things that will actually move the needle. In this context, Mark and reason's advice about fundraising rings true.

00:07:07:02 - 00:07:13:19

Christian Soschner

You're not trying to attract thousands of investors, just the 2 or 3 that align with your mission.

00:07:13:19 - 00:07:23:16

Christian Soschner

It's basically a market of one or 2 or 3. Saying no to distractions is critical to creating focus and lasting impact.

00:07:23:16 - 00:07:31:05

Christian Soschner

Consider Warren Buffett and Charlie Munger at Berkshire Hathaway. They could invest in almost any company in the world,

00:07:31:05 - 00:07:43:24

Christian Soschner

but the mantra has always been to stay within their circle of competence. Buffett said it best on page 12. We don't get paid for activity just for being right.

00:07:43:24 - 00:07:52:01

Christian Soschner

They only invest in businesses they deeply understand, focusing on companies with favorable long term prospects.

00:07:52:03 - 00:07:55:23

Christian Soschner

Competent leadership and attractive prices.

00:07:55:23 - 00:08:03:16

Christian Soschner

this discipline of saying no to almost everything ensures they maximize their returns on the few things they say yes to.

00:08:03:16 - 00:08:06:17

Christian Soschner

Now think about your own business.

00:08:06:17 - 00:08:22:11

Christian Soschner

Jeff Bezos provides another excellent example. When Amazon started, Bezos didn't aim to sell everything to everyone. He focused solely on books, a niche product where he could execute brilliantly.

00:08:22:13 - 00:08:46:09

Christian Soschner

By narrowing Amazon's focus early on, Bezos laid the foundation for the company's future dominance. Accelerate explained relentlessly returning efficiency improvements in scale economies to customers creates a virtuous cycle. It's on page and Rich 59in the book. That cycle started with a singular focus.

00:08:46:09 - 00:08:58:15

Christian Soschner

Every year is an no to something else. By saying yes to distractions like the TV shows per table, you're saying no to the high leverage activities that could transform your business.

00:08:58:17 - 00:09:19:11

Christian Soschner

Manga was right when he said page 14. If you're different from other people, you don't have to get too many ideas on your own. Just apply the best of what you see and the best thing you can apply here is the discipline to focus and saying no to almost everything that has nothing to do with your core business.

00:09:19:11 - 00:09:23:12

Christian Soschner

So how do you put this into practice?

00:09:23:12 - 00:09:30:13

Christian Soschner

Start by asking yourself these free coaching questions to reflect on your business and priorities.

00:09:30:13 - 00:09:52:07

Christian Soschner

The first one. What opportunities am I currently pursuing that don't directly support my long term goals? Are there any projects, customers, or features that don't align with your core mission?

00:09:52:09 - 00:10:39:11

Christian Soschner

Second one. What are the 1 or 2 stakeholders I should focus on pleasing the most? Whether it's a actually customer, investor or team member. Clarity here can save immense energy. And the third one, what can I say no to this week? Identify one meeting, one task, or one request that doesn't contribute to your success and eliminate it. Success begins with focus, and focus begins with saying no.

00:10:39:13 - 00:10:53:20

Christian Soschner

It's perfect. Reminds us you can't be everything to everyone. On page 19, mastered this lesson and you will free yourself to excel in the areas that mattered the most.

00:10:53:20 - 00:10:59:00

Christian Soschner

Let's move on to the second key takeaway. Their willingness to be lonely.

00:10:59:00 - 00:11:27:03

Christian Soschner

Let's admit it. Following the hurt feels safe. It's human nature. The hurt gives people comfort, validation, and a sense that they are on the right track. But here's the thing. Extraordinary gains don't come from sticking with the back. Sure, you might squeeze out a little reward, but the biggest wins.

00:11:27:05 - 00:11:36:04

Christian Soschner

And yes, also the biggest risks belong to those who are willing to step away from the crowd and act on their own convictions.

00:11:36:04 - 00:11:43:01

Christian Soschner

success in entrepreneurship and investing. Often demands the courage to go against the hurt.

00:11:43:01 - 00:11:53:04

Christian Soschner

On page 31, William Greene writes, it is impossible to produce superior performance unless you do something different from the majority.

00:11:53:06 - 00:12:27:21

Christian Soschner

He cites Sir John Templeton. So what's the problem? Breaking away from the herd feels unnatural. It goes against human nature. Entrepreneurs or investors are wired to seek safety and validation, especially when so much is at stake. But playing it safe won't lead to outsized rewards. For deep tech entrepreneurs, private investors or VCs, the willingness to be lonely is often what separates good results from transformative success.

00:12:27:21 - 00:12:33:04

Christian Soschner

Sir John Templeton Story is a textbook example of this principles.

00:12:33:04 - 00:12:41:19

Christian Soschner

During the Great Depression, a time when panic ruled the markets, Templeton looked for opportunity amidst chaos.

00:12:41:19 - 00:12:47:22

Christian Soschner

He scans the Wall Street Journal for companies whose stocks had plunged to or below $1.

00:12:47:22 - 00:12:49:19

Christian Soschner

While everyone was selling.

00:12:49:19 - 00:13:04:05

Christian Soschner

They were terrified of further losses. But Templeton, he placed a contrarian bet investing hundred dollars in each of 104 companies, including those already in bankruptcy.

00:13:04:07 - 00:13:18:14

Christian Soschner

Why? He believed that, as cited on page 42, the potential on the upside was much greater than on the downside. That bold decision turned into extraordinary returns.

00:13:18:14 - 00:13:22:16

Christian Soschner

This same principle applies to entrepreneurs like Elon Musk.

00:13:22:16 - 00:13:31:19

Christian Soschner

Early in Tesla's journey, the herd dismissed the idea of mass market electric vehicles as impractical and risky.

00:13:31:19 - 00:13:47:24

Christian Soschner

Musk forged ahead, often against the advice of peers and investors. His willingness to endure loneliness and skeptics ism created an industry leader that didn't just survive. It redefined the entire transportation industry.

00:13:47:24 - 00:14:07:23

Christian Soschner

Templeton also offered practical advice for making contrarian moves wisely. It's in the book on page 46. The best way to find pardons is to study whichever assets have performed most dismally in the past five years.

00:14:08:00 - 00:14:13:01

Christian Soschner

Then assess whether the cause of those woes is temporary or permanent.

00:14:13:01 - 00:14:21:17

Christian Soschner

Whether you are evaluating a stock or a business that the success of lies in overlooked and underestimated opportunities,

00:14:21:17 - 00:14:35:19

Christian Soschner

here is the thing. Following the herd can feel safe, but it rarely leads to greatness. To achieve outsized results, you must be willing to stand apart, endure skepticism, and act with conviction.

00:14:35:19 - 00:14:37:14

Christian Soschner

When others hesitate.

00:14:37:14 - 00:15:12:12

Christian Soschner

Let's bring it back to you with these coaching questions. The first one where in your business or investments are you following the herd? Identify opportunities where you might be playing it a little bit too safe. Second, what overlooked areas could present high reward opportunities? Think about industries, markets or ideas others might be ignoring.

00:15:12:14 - 00:15:31:06

Christian Soschner

And the third one. How prepared are you to act alone and go against the herd? When the right moment comes. Consider what steps you can take to build the conviction and resilience to go against the grain.

00:15:31:06 - 00:15:43:12

Christian Soschner

The truth is, it's not easy being lonely. But if you are willing to embrace that discomfort, you might just find yourself achieving the kind of success most can only dream of.

00:15:43:12 - 00:16:21:10

Christian Soschner

Now to the third key takeaway. Resilience is the ultimate strength. Let's play a quick thought experiment. Imagine you're building the company of your dreams. Things are finally going great and success feels inevitable. Then suddenly a downturn hits like 2022 or 2022. The Russian-Ukrainian crisis funding dries up. Your biggest customers cancel are a disruptive competitor in the market. So what happens next?

00:16:21:12 - 00:16:46:16

Christian Soschner

For some, it's game over. But for those who've prepared for the storm, it's just another chapter in a long success story. Here's the thing the apps in business often take care of themselves. It's the downside case that separate the survivors from the casualties. Economies, industries, and businesses all operate in cycles.

00:16:46:21 - 00:16:52:00

Christian Soschner

There are times of boom and inevitable times of past.

00:16:52:00 - 00:17:01:08

Christian Soschner

It's a pattern as old as markets themselves. Howard Marks calls this the recurrent process of boom and bust,

00:17:01:08 - 00:17:16:22

Christian Soschner

noting that while the future is unpredictable, these cycles are remarkably consistent. Page 17. The book here. Here's why this matters. Long term success isn't just about thriving in good times.

00:17:16:24 - 00:17:25:23

Christian Soschner

It's about surviving the bad times. And that survival often comes down to one thing. Resilience.

00:17:25:23 - 00:17:44:00

Christian Soschner

For entrepreneurs and investors, resilience means preparing for the unknown. Minimizing risks and having a solid contingency plan. Those who survive downturns not only endure, they emerge stronger, ready to seize opportunities when others are licking their wounds.

00:17:44:00 - 00:18:19:15

Christian Soschner

Howard Marks offers a masterclass in resilience. His approach revolves around risk mitigation and shock resistance, as he puts it on page 98. In the book, he wants to be structured to participate in the march of mankind, but to survive the dips along the way. This means keeping cash reserves away over leveraging and steering clear of fragile investments. Similarly, Warren Buffett is famous for his steadfast emphasis on cash reserves during the 2008 financial crisis.

00:18:19:15 - 00:18:45:13

Christian Soschner

While many companies scrambled to stay afloat. Buffett's Berkshire Hathaway had ample liquidity. This allowed him to make lucrative investments when others couldn't. As Buffett says on page 203, by the time you're hunting for an umbrella in the middle of a storm, it's pretty difficult to find one. Resilience also involves a mindset shift.

00:18:45:21 - 00:19:08:19

Christian Soschner

Marx encourages entrepreneurs and investors to prepare for downturns in good times. Why? Because optimism can blind us, as he writes. The environment is what it is, but we can control our response. Turning more defensive or aggressive depending on the climate. It's on page 73. In the book.

00:19:08:19 - 00:19:18:23

Christian Soschner

The resilient player doesn't just react. They anticipate, plan and endure. Consider Amazon founder Jeff Bezos from the start.

00:19:18:24 - 00:19:26:12

Christian Soschner

Bezos focused on long term sustainability, reinvesting profits into growth while maintaining operational flexibility

00:19:26:12 - 00:19:36:11

Christian Soschner

even during the dotcom crash when countless tech companies folded. Amazon weathered the storm by relying on its disciplined approach to capital allocation.

00:19:36:11 - 00:19:46:03

Christian Soschner

The takeaway is simple. Resilience is the ultimate strength. It's not about avoiding risk entirely, but about preparing for downturns before they happen.

00:19:46:03 - 00:19:52:18

Christian Soschner

Those who survived the tough times position themselves for extraordinary success when the good times return.

00:19:52:18 - 00:20:29:22

Christian Soschner

Let's bring this back to your business or investments with these coaching questions. The first one. What's your contingency plan for a downturn? Identify areas where your business or portfolio might be vulnerable and strategies. Ways to reduce risk exposure. Second, are you prioritizing resilience in good times? Consider how you can build cash reserves, minimize debt, or maintain operational flexibility while things are going well.

00:20:29:24 - 00:20:41:06

Christian Soschner

The third one how do you handle risk? Evaluate whether you are balancing risk and reward effectively ensuring that any potential losses are survivable.

00:20:41:08 - 00:20:56:03

Christian Soschner

The resilient players are the ones who plan for bad times during the good. Aren't just lucky, they are prepared. And in the long run. Preparation always beats luck.

00:20:56:24 - 00:21:05:03

Christian Soschner

and we are already left. Takeaway number four. Beware of emotions and ignorance.

00:21:05:03 - 00:21:29:05

Christian Soschner

Imagine being at the helm of a startup staring into uncharted waters. Every single date. Nothing is routine. Every decision feels like it carries the weight of the world. As Elon Musk often points out in interviews, the bigger the company, the bigger the problems that land on your table as a CEO.

00:21:29:07 - 00:21:56:01

Christian Soschner

Sounds exhausting, right? Now add human emotions to the mix. Fear, failure, frustration with slow progress or overconfidence from early success. These emotions can cloud judgment, ruin relationships, and take a company simply off the track. The question is how do you keep it together when the stakes are sky high?

00:21:56:01 - 00:22:02:06

Christian Soschner

This brings us to a lesson from Sir John Templeton, one of the most successful investors of all time.

00:22:02:06 - 00:22:10:24

Christian Soschner

Templeton was no stranger to chaos. He thrived in it. Yet he consistently warned against emotional decision making. He said

00:22:10:24 - 00:22:29:09

Christian Soschner

most people get led astray by emotions in investing. They get overly optimistic when profits are high and overly cautious when losses mount. It's on page 44, in the book. Does this sound familiar? It's not just investing. It's every entrepreneur's journey.

00:22:29:09 - 00:22:35:01

Christian Soschner

Templeton paired this advice with another key point. Ignorance is equally dangerous.

00:22:35:01 - 00:22:54:16

Christian Soschner

Many people, he said, buy something with the tiniest amount of information. They don't really understand what it is they're buying. Page 45. In the book, for entrepreneurs, this translates to rushing into markets, hiring too quickly, or launching products without understanding the full picture.

00:22:54:18 - 00:23:03:18

Christian Soschner

Managing both emotions and ignorance requires a strategy one. Templeton exemplified for patients deep research and discipline.

00:23:03:18 - 00:23:07:18

Christian Soschner

The truth is, operating outside their comfort zone triggers emotion.

00:23:07:18 - 00:23:30:12

Christian Soschner

As an entrepreneur, you are constantly making decisions under pressure, reacting to crisis and trying to see the big picture while handling day today. Chaos. It's so easy to get caught in emotional responses, and those reactions can derail not just your decision making, but your company's entire trajectory.

00:23:30:12 - 00:23:54:22

Christian Soschner

Take the story of Templeton in the 1930s, a time of deep economic uncertainty while others panicked. He bought heavily into undervalued stocks, including companies in bankruptcy. His calm, calculated approach turned $10,000 into millions. He focused on the facts, not the fears. It's a page 41. In the book.

00:23:54:22 - 00:23:58:15

Christian Soschner

For today's entrepreneurs, this lesson is called emotion.

00:23:58:15 - 00:24:17:00

Christian Soschner

Speed. Frustration, fear or greed can be managed. Templeton believed in thought control, replacing negative thoughts with gratitude and structured thinking. His mantra this comes to bless me, page 52. In the book.

00:24:17:00 - 00:24:25:07

Christian Soschner

It is a reminder to view challenges as opportunities for growth. So how do you build this emotional resilience?

00:24:25:07 - 00:24:32:04

Christian Soschner

Many entrepreneurs swear by exercise, speed running, martial arts, yoga or something similar

00:24:32:04 - 00:24:34:14

Christian Soschner

as a way to channel stress.

00:24:34:16 - 00:24:49:19

Christian Soschner

Meditation is another proven told, helping leaders pause, reflect and act with clarity. Coaching or mentorship can offer external perspectives, guiding you to structure your thought process. When emotions threaten to overwhelm.

00:24:49:19 - 00:24:57:09

Christian Soschner

It's not about eliminating emotions. They are inevitable. The key is learning to respond, not react.

00:24:57:09 - 00:25:03:21

Christian Soschner

Here are three coaching questions. How do you typically react under stress?

00:25:03:23 - 00:25:32:18

Christian Soschner

Are there patterns in your decision making that emotions might influence? Second part what practices can you implement to build emotional resilience, such as meditation, coaching, or physically activity? The third one how well do you understand the key decisions you're making? Are you relying on surface level information or digging deeper into the data?

00:25:33:17 - 00:25:40:11

Christian Soschner

This key takeaway connects deeply with the entrepreneurial journey. Blending relatable strategies with actionable wisdom.

00:25:41:01 - 00:26:09:21

Christian Soschner

Here is the fifth key take. You might think long term and embrace change. Picture this you're sitting across from an entrepreneur pitching their startup and their plan screams quick flip and exit. In 12 months, maybe 18. But here's the truth. Lasting success doesn't come from sprinting. It comes from running a marathon. And in this marathon, your greatest ally is time.

00:26:09:21 - 00:26:13:02

Christian Soschner

The best entrepreneurs and investors play the long game.

00:26:13:02 - 00:26:31:23

Christian Soschner

They see beyond immediate returns. Planning not for months, but for decades. Jeff Bezos, one of the greatest business strategists of our time, epitomized this mindset with his concept of destination analysis. Bezos didn't just think about where Amazon could be in 12 months.

00:26:32:01 - 00:27:05:05

Christian Soschner

He envisioned where it could dominate in 10 or 20 years. In fact, Bezos approached the long term thinking stretches even further back to what he calls his regret minimization framework. In the early 1990s, Bezos asked himself, when I am 80 years old, will I regret not starting this company? This mindset of projecting decades into the future and focusing on the bigger picture became the foundation for Amazon's relentless growth and dominance.

00:27:05:05 - 00:27:39:20

Christian Soschner

Take over as another example. In its early days, Uber wasn't the household name it is now. Back in 2010, Jason Calacanis spent $25,000 on Uber, a risky startup with plenty of uncertainty. Fast forward to 2024 that $25,000 investment is now worth over $120 million. Why? Because Uber's founders were relentless in their long term vision, taking the company public in 2019 at an 80 billion valuation.

00:27:40:00 - 00:27:46:21

Christian Soschner

And today, in 2024, its worth has soared to over $150 billion.

00:27:46:21 - 00:27:58:21

Christian Soschner

What these examples highlight is a key principle. Quick wins may feel gratifying, but real wealth and real impact comes from long term commitment and adaptability.

00:27:58:21 - 00:28:12:07

Christian Soschner

Why does this matter to us, the founder or investor? Because we live in an era of constant technological disruption and tire industries are reshaped within years, sometimes months.

00:28:12:09 - 00:28:23:07

Christian Soschner

If you're thinking short term, you're only reacting to the now. But if you are playing the long game, you're building something that drives full cycles of change and uncertainty.

00:28:23:07 - 00:28:38:03

Christian Soschner

The long game isn't just about time, it's about resilience and adaptability, especially one set relentlessly returning efficiency improvements in scale economies to customers in the form of lower prices creates a virtuous cycle.

00:28:38:05 - 00:29:10:05

Christian Soschner

Page 159. His focus wasn't on today's balance sheet. It was on creating enduring value. Similarly, Howard Marks reminds us of the inevitability of cycles, booms, busts and everything in between. Marx emphasizes that the future is unpredictable, but anticipating change and positioning yourself with a long term future, you can turn uncertainty into an advantage. Here is the big takeaway.

00:29:10:07 - 00:29:44:24

Christian Soschner

If you're in the game to win fast, you are in the wrong game. Real success doesn't happen overnight. It takes years of relentless focus, adaptability and resilience. The road may be long, but the rewards, like turning a $25,000 investment into 120 million, are well worth it. Here are my coaching questions to you. The first one are your goals aligned with a long term vision or are you chasing quick wins?

00:29:45:01 - 00:30:10:14

Christian Soschner

How are you preparing your business to thrive through cycles of change and disruption? What's your destination? Have you clearly defined where you want to be in 10 or 20 years? Play the long game or don't play at all because the real winners, the Bezos and the Calacanis of the world, didn't think in months default in decades. And so should you.

00:30:11:12 - 00:30:15:02

Christian Soschner

Now on to number six. Simplicity is strength.

00:30:15:02 - 00:30:30:10

Christian Soschner

As a huge fan of Zen Buddhism. This chapter is just big fun for me. Imagine pitching your groundbreaking technology to investors and their eyes glaze over. Why?

00:30:30:23 - 00:30:38:15

Christian Soschner

Because they didn't understand a word you said in science. Complexity is admired in business. Simplicity wins.

00:30:38:15 - 00:31:02:03

Christian Soschner

As Albert Einstein famously said, if you can't explain it simply, you don't understand it well enough. Simplicity isn't just about making things easier. It's about making them accessible and impactful. In deep tech, entrepreneur software creates solutions so complex that only a handful of experts can comprehend them.

00:31:02:05 - 00:31:09:07

Christian Soschner

That might win a Nobel Prize, but it won't win market share or investor confidence.

00:31:09:07 - 00:31:26:20

Christian Soschner

Take inspiration from Apple and Google. Apple send inspired product design and Google's minimalist homepage aren't just athletic choices. They are strategic. Simplicity is the ultimate sophistication, a principle Steve Jobs took to heart.

00:31:26:20 - 00:31:38:00

Christian Soschner

Here are more quotes from the book. Richer, wiser, happier. The first one, William of All Camps Principle, reminds you all things being equal.

00:31:38:02 - 00:32:07:04

Christian Soschner

The simplest solution tends to be the best one. It's on page hundred 14. The second quote. Ernest Rutherford observed, if a piece of physics cannot be explained to a mate, then it is not a good piece of physics. Page 214 and the third one. Doctor Dean Ornish eight syllable health. Mantra. Eat well. Move more. Stress less. Laugh more.

00:32:07:07 - 00:32:19:20

Christian Soschner

That's it. It demonstrates the power of reducing complexity. These examples prove that distilling complexity into clear, actionable insights creates lasting impact.

00:32:19:20 - 00:32:37:12

Christian Soschner

Why does simplicity matter so much? Because complexity confuses and delays action. The more complex your product pitch or process, the harder it is for others to connect, adopt or invest.

00:32:37:12 - 00:32:51:00

Christian Soschner

For Diptyque founders, this is especially critical. Your innovation may solve a massive problem, but if you can't make your solution understandable and usable, you will struggle to scale.

00:32:51:02 - 00:33:07:08

Christian Soschner

As Warren Buffett said, we want the business to be one that can be understand with favorable long term prospects, operated by honest and competent people and way level at a very attractive price. Page 216. In the book,

00:33:07:08 - 00:33:19:03

Christian Soschner

Steve Jobs obsession with simplicity allowed Apple to dominate markets by offering beautifully designed, intuitive products for guests and cluttered homepage became the gold standard for usability.

00:33:19:09 - 00:33:49:07

Christian Soschner

Both companies succeeded by solving complex problems in ways that felt effortless to users. The lesson is clear simplify, simplify and simplify. If you can't explain your solution simply, it's not ready for the market. If your processes overwhelm your team, they will fail to execute. If your strategy is convoluted, your customers and investors won't buy in.

00:33:49:07 - 00:33:53:00

Christian Soschner

As entrepreneurs, your job isn't just to innovate.

00:33:53:00 - 00:34:15:18

Christian Soschner

It's to communicate your innovation in a way that resonates and simplicity helps. Here are my coaching questions to you. Can you explain your product or service in 1 or 2 simple sentences? If not, how can you refine your pitch?

00:34:15:20 - 00:34:26:13

Christian Soschner

What parts of your business, products, processes, or communication could benefit from simplification?

00:34:26:15 - 00:34:58:23

Christian Soschner

How does your solution make life easier for your customers? Could you make it even simpler for them? Simplicity doesn't mean dumbing things down. It means distilling the essence of your value. Whether you are designing a product, pitching investors, or scaling your business. Remember, simplicity is strength. And here we are at the final key takeaway. Success is built on habits and incremental progress.

00:34:58:23 - 00:35:06:04

Christian Soschner

What separates successful entrepreneurs from those who never scale? It's not just tenacity, also luck.

00:35:06:04 - 00:35:17:22

Christian Soschner

It's their ability to identify what works and relentlessly focus on it. They mastered the art of small, consistently improvements, and doubled down on activities that truly drive results.

00:35:17:22 - 00:35:27:09

Christian Soschner

As David Brailsford, the architect of Team Sky's cycling dominance, famously said, success is about the aggregation of marginal gains.

00:35:27:14 - 00:35:57:05

Christian Soschner

Page 180. In the book, this principle of relentless refinement applies perfectly to deep tech success for founders. Don't spread themselves thin. They focus their teams on the 20% of activities that yield 80% of results. This is the Pareto principle in action, amplifying what works and ruthlessly cutting what doesn't. Mark Gainor, featured in Which of Us Are Happier embodies this mindset.

00:35:57:05 - 00:36:28:16

Christian Soschner

He emphasizes. What I learned over time is that often it was just the people who didn't give up, who just kept learning, kept evolving, stuck to it, and were willing to live through adversity. By 206. His philosophy aligns perfectly with the idea of disciplined, incremental progress. Success isn't built on one of brilliance, but on consistent effort. Consider the philosophy of kaizen, or continuous improvement.

00:36:28:16 - 00:36:45:03

Christian Soschner

Brailsford applied this in cycling by refining every small detail. Bike design. Rider nutrition. Even the marathon remix of clothing. Each adjustment seemed minor, but together they created a winning edge.

00:36:45:03 - 00:37:02:14

Christian Soschner

Why does this matter? For deep tech founders? Because your industry is long term by nature, and breakthroughs often take years of disciplined effort. When cash flows start coming in, the real question becomes how can you optimize?

00:37:02:14 - 00:37:31:21

Christian Soschner

Since Kate. You don't need to reinvent the wheel every day. Instead, identify the processes, activities, and ideas that generate results. Scale those relentlessly. Eliminate or minimize distractions that don't contribute to the end goal. As Richard Weiss, a happier, reminds us, it's not about perfection. It's about progression. Page 218. The book

00:37:31:21 - 00:37:34:22

Christian Soschner

Warren Buffett applies a similar approach to investing.

00:37:34:24 - 00:37:48:23

Christian Soschner

We want the business to be one we can understand with favorable long term prospects, and operated by honest and competent people by 216. This clarity drives focus and consistent performance over decades.

00:37:48:23 - 00:38:08:05

Christian Soschner

The secret to sustainable success isn't chasing every new opportunity. It's in doubling down on what already works. Incremental progress, combined with the discipline to cut out wasteful activities, creates an unstoppable force for deep tech founders.

00:38:08:06 - 00:38:43:16

Christian Soschner

This means creating a culture of continuous improvement. Encourage your team to find inefficiencies. Test small changes and amplify what drives your core results. Over time, these small wins compound into extraordinary outcomes. Let's wrap it up with my coaching questions. What are the 20% of activities in your business that produce 80% of the results? Are you dedicating enough resources to them?

00:38:43:18 - 00:39:17:12

Christian Soschner

What inefficiencies or distractions could you eliminate today to free up focus for high impact work? The first one. How are you embedding a culture of continuous improvement into your team or company processes? As entrepreneur, your ultimate job is to refine focus and scale. Remember that success isn't built overnight. It's built habit by habit, improvement by improvement, and decision by decision.

00:39:17:14 - 00:39:22:09

Christian Soschner

Start small. Stay consistent and let progress compound over time.

00:39:22:09 - 00:39:49:00

Christian Soschner

This is it. This episode covered seven actionable lessons from richer, wiser, happier insights that can help entrepreneurs like you and investors build resilience, think long term, and make smart decisions. The importance of saying no, embracing change, managing emotions, and simplifying strategies are just a few highlights.

00:39:49:02 - 00:39:56:07

Christian Soschner

These principles are practical tools that can be applied directly to any entrepreneurial or investment journey.

00:39:56:07 - 00:40:03:02

Christian Soschner

The book reinforced the value of focusing on what truly matters in building companies and investing in them.

00:40:03:02 - 00:40:23:15

Christian Soschner

William Green's interviews with legendary investors provide a clear reminder to sharpen priorities, avoid distractions, and embrace increased mental progress. If there is one critique, some chapters lean more toward investors than entrepreneurs, but the insights remain adaptable and universal.

00:40:23:17 - 00:40:32:17

Christian Soschner

For those who found value in these lessons. The full book offers much more deeper stories, frameworks, and strategies that can transform thinking.

00:40:32:17 - 00:40:43:19

Christian Soschner

The link in the show notes provides quick access to the book, and you'll think it helps support more episodes like this one. It's a small step that could lead to big insights.

00:40:43:19 - 00:40:53:03

Christian Soschner

To summarize, this episode explored seven lessons from Richard Bias, a happier, designed to inspire better decisions and strategic thinking.

00:40:53:05 - 00:41:09:15

Christian Soschner

In the next episode, we will dive into another impactful conversation, so stay tuned. Success often comes from focusing on what truly matters and consistently improving. Thank you for listening and see you next time.