My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“do you think that's the right lesson to learn out of that”
What It Means
Question whether someone's stated takeaway from an experience is actually the correct one
Why It Matters
Most people draw wrong conclusions from experiences due to cognitive biases
When It's True
When evaluating partners, hires, or your own learning patterns
When It's Risky
If used too aggressively or without understanding the full context
How to Apply
Listen for lessons that don't match the facts
Ask this question to probe deeper thinking
Apply to your own experience reviews
Example Scenario
“Someone says they learned to 'move fast and break things' from a failure, but the real lesson might be 'validate before building'”
Related Knowledge
if the opposite of your strategy is stupid, then it's not a strategy
Real strategies involve trade-offs that competitors wouldn't make, not just best practices everyone agrees with
Brand as Moat Strategy
Using brand power as a primary competitive moat instead of technology or network effects, particularly effective in luxury goods where perception drives value.
Correct Lesson Learning Framework
A systematic approach to evaluate whether someone is drawing the correct conclusions from their experiences, rather than just having experiences.
Service-to-Product Acquisition Strategy
Using profits from a service business to systematically acquire better businesses with recurring revenue and product characteristics.
Acquire and turn around distressed luxury brands
Transformed brand with luxury margins (75%+), global distribution, and sustainable competitive moat
Build trusted business relationships entirely through digital interactions
Trusted business partnerships conducting significant transactions without ever meeting in person