Current Project: Reading books about entrepreneurs and sharing what I learned from them

Mission: Create a library of wisdom from notable entrepreneurs that current entrepreneurs can leverage to increase their chances of success

What I struggled with:

• No material struggles this week

What I learned:

• This week, I helped one of my parents with a medical situation. I learned a ton about medicine, but not much related to this project.  

Those are my struggles and learnings from the week.

A friend sent me a video that Andrej Karpathy made about how he uses large language models (LLMs). According to his website, Karpathy was “a research scientist and founder member at OpenAI” before spending several years at Tesla as Senior Director of AI.

Karpathy shares lots of good info in his video, but it was one use case that prompted my friend to send it to me—and that stood out to me. Karpathy uses LLMs to help him read and understand books and research papers. Here are my takeaways:

• Nowadays, Karpathy mostly reads books using LLMs.
• Here’s his process:
  • Pull up the content (i.e., text) of the book.
  • Find the chapter he’s going to read.
  • The LLM likely knows what the book is about but won’t remember what specific chapters are about.
  • Remind the LLM about the chapter by pasting the chapter text into the LLM context window.
  • Ask the LLM for a summary of the chapter.
  • Read the summary.
  • Read the chapter.
  • If he has questions about what he’s reading, ask the LLM those questions.
• Reading a book with an LLM dramatically improves his understanding and retention of each chapter. It enhances his ability to understand material in fields he’s unfamiliar with or books written long ago.
• No tools exist that make it easy to do this, so he uses a “clunky and back-and-forth” process.
• He mentions that having the ability to highlight text and ask questions about the highlighted parts doesn’t exist but would be useful.
• Final thought: Don’t read books alone.

I’m glad my friend shared this video with me. It was useful to hear a detailed explanation of how someone leverages LLMs to understand book content. Although he has extensive experience with LLMs, his process is still cumbersome. The fact that he’s following this cumbersome process tells me that the value he’s getting from it must be immense.

The software I’m building will greatly enhance my understanding of the books I read with LLMs. Karpathy’s video confirmed I’m going in the right direction, that other readers are leveraging LLMs, and that they’re experiencing pain when doing so.

If you want to see this section of Karpathy’s video, it’s here. If you want to watch the entire video to see how he uses LLMs in life and work, see here.

Early this year, I read the updated version of Poor Charlie’s Almanack, a collection of Charlie Munger’s speeches on mental models and psychology. The book was a masterclass on decision-making. Since then, I’ve reread sections of the book and found recordings of the speeches. What Charlie Munger shares in those speeches is knowledge and insight that he spent decades acquiring. His wisdom feels like a cheat code, and I want to leverage it fully.

I wanted a cheat sheet of Munger’s wisdom to reference as I make decisions. During my research, I found something pretty helpful. It’s an animated video that condenses the most important lessons from Munger’s 1995 speech “The Psychology of Human Misjudgment,” which lasted about 75 minutes, into 14 minutes.

Tiny, a publicly traded Canadian holding company that acquires and owns businesses long-term, created the video. Here’s what its cofounder, Andrew Wilkinson, said this week in his newsletter about why they created the video:

In 1995, Charlie Munger, Warren Buffett’s longtime business partner, gave an incredible speech about why humans do stupid things.

In it, he breaks down all the key psychological effects that warp our thinking and cause bizarre behavior.

In 2014, I made it my mission to memorize this talk. I listened to it every single day on my drive to work and tattoo’d it into my brain.

It has been one of the most durable and important pieces of content I’ve ever consumed, and a few years ago, Chris and I decided to make it more accessible.

We took the original hour long scratchy audio recording and turned it into a shorter and more accessible animated video.

I’ll still create a cheat sheet, but I’m going to test Wilkinson’s approach and listen to this video daily to see if doing so accelerates my understanding of the concepts Munger discussed in this speech.

If you want to watch the 14 minute animated version of Munger's speech, you can find it here.

One of my favorite entrepreneurs is John H. Johnson. He was a publishing entrepreneur who created Ebony and Jet magazines. Both were iconic magazines in the Black community for several decades. Johnson bootstrapped his company, and by 1987 it was doing over $174 million in annual revenue—almost $481 million in 2024 dollars. Johnson’s autobiography was one of my favorite reads last year. I bought several copies and wrote a five-part deep dive on it (see here).

I wanted to learn more about Johnson and found Empire: The House That John H. Johnson Built, a biography of him. It was written by Margena A. Christian, who used to work at Johnson’s Johnson Publishing Company.

I’m still reading the book, but a few things have caught my attention:

• Start-up capital – Johnson “borrowed” the customer list (20,000 names) of the insurance company that employed him. He then wrote a letter to every customer asking them to prepay for a subscription to a magazine he hadn’t created yet. Three thousand people agreed to pay $2, giving him $2,000 in start-up capital—more than $100,000 in 2024 dollars. This biography highlighted Johnson’s copywriting in that letter. He worded the sales letter in a highly effective way and made people want to buy, sight unseen. Johnson noted that this letter was so unique that he could never replicate those results.
• Curation – Johnson’s first magazine, Negro Digest, didn’t include any original articles. He aggregated all its articles from various publications about Blacks. Making information readily available in a single place made his first magazine successful.
• Cloning – Johnson didn’t try to reinvent the wheel or create something new. He “borrowed” from successful magazine formats and used them to communicate to the Black community. Life magazine was a picture-based magazine that was wildly successful. Johnson used that format when he launched Ebony magazine.

Those are some of my early takeaways from the book. I’m looking forward to reading the rest of it.

My developer friend has been helping me, nights and weekends, to build the first version of my software. He has his own start-up but was intrigued by the challenge of my project and took it on as a side project. It’s been a great experience; we’ve both learned a ton. He’s deep into artificial intelligence (AI) and building systems to manage large data sets, so he was a terrific fit. It was great to have someone with the right technical experience who could complement what I envisioned. We should have a hosted version of that first product version done this week.

My friend’s start-up is hitting a critical point, and he has less free time, so he won’t be able to devote programming time to my project going forward. I’m appreciative of what he’s contributed thus far. His expertise led to some valuable insights. In the beginning, we had a candid conversation and set clear expectations; we agreed this day would come eventually, and here it is.

He’ll still help with my project, but it will be more high-level as time permits. That being the case, I need to find a developer who can help us knock out the last few features I envision for this project so others can play with it. If you know a talented, full-stack developer interested in building the Bloomberg Terminal for entrepreneurs, let me know. A love of reading books is a strong plus.

Current Project: Reading books about entrepreneurs and sharing what I learned from them

Mission: Create a library of wisdom from notable entrepreneurs that current entrepreneurs can leverage to increase their chances of success

Cumulative metrics (since 4/1/24):

• Total books read: 53
• Total book digests created: 15
• Total blog posts published: 336
• Total audio recordings published: 103

This week’s metrics:

• Books read: 1
• Book digests created: 0
• Blog posts published: 7
• Audio recordings published: 0

What I completed this week (link to last week’s commitments):

• Read The Man Who Sold America, a biography of advertising entrepreneur and political strategist Albert Lasker
• Published a profile of the above-mentioned book on my blog
• Completed follow-up with contacts from Newsletter Marketing Summit

What I’ll do next week:

• Read a biography, autobiography, or framework book
• Make it possible for software to be hosted in the cloud instead of locally
• Get feedback from five people regarding alternative layouts for a list of entrepreneurs on my blog
• Pick layout for list of entrepreneurs and test live page with real data

Asks:

• If you know any full-stack developers interested in working on the software for my current project, please introduce us!

Week two hundred fifty-eight was another week of learning. Looking forward to next week!

Current Project: Reading books about entrepreneurs and sharing what I learned from them

Mission: Create a library of wisdom from notable entrepreneurs that current entrepreneurs can leverage to increase their chances of success

What I struggled with:

• No material struggles this week

What I learned:

• Entrepreneurs who prefer listening to books struggle to create voice or written notes about important parts of books or their thinking around parts of the book they’ve listened to.
• It can be difficult to remember to review an annotation from a book. An entrepreneur requested the ability to set an automated reminder that prompts him to do so.

Those are my struggles and learnings from the week.

I’m finishing up the second biography of Albert Lasker, The Man Who Sold America. The story is set in the early twentieth century, but it’s still a remarkable one for learning about the history of the advertising industry and one of the figures who heavily influenced it and American consumption habits.

Lasker was a complex person who struggled with bouts of severe depression and anxiety. Even with those ailments, he managed to understand consumers and how to communicate to them in an unrivaled way. It took decades, but his skills and his agency’s success eventually shaped American consumer behavior and politics. Lasker’s ability to communicate messages that resonated with everyone led to him heavily influencing American politics all the way to a presidential election.

I’m glad I decided to read these books about Lasker; they’ve made me aware of a period in the advertising industry that I might not otherwise have known about. They also helped explain the strategy behind some of the advertising methods still in use today.

I’m looking forward to reading more about Lasker and others who helped birth modern advertising.

I’m reading a second biography about Albert Lasker, The Man Who Sold America. This biography is more detailed than the first and provides more context around events and decisions that shaped Lasker’s journey. Lasker is a famous marketer who founded his own agency and is known for pioneering marketing techniques still in use today. Interestingly, he didn't want to go into advertising, but his father persuaded him to pursue it instead of journalism.

Within a year of going to work for an ad agency, the early ’20s Lasker was selling ads better than seasoned salesmen there. But he still didn’t understand advertising. His clients were spending ungodly sums to advertise, but no one could tell him what advertising is. They couldn’t define it. For context, this was 1904, so there was no internet, no television, and no radio. Only newspapers and magazines.

Lasker’s thinking was that if he could understand what advertising is, he could do an even better job of selling it to his clients. So, he asked around, but no one could really define advertising, which perplexed young Lasker. People told him it was sloganizing, it was news, it was keeping your name in front of people, and other things that didn’t make sense to him. For example, Lasker reasoned that you could keep your name in front of people, but the business could still go broke. Then one day, John E. Kennedy gave Lasker the perfect definition that set the tone for the rest of his career: advertising is “salesmanship in print.”

It was a lightbulb moment. From then on, Lasker viewed advertising as doing the same work as a salesman. It was convincing others to purchase a product. With this understanding and the help of great copywriters like Claude Hopkins, Lasker developed playbooks and techniques that changed how products were sold in ads.

This simple definition from Kennedy stuck with me too. Thinking about great advertising as salesmanship is helpful and reframes how I think about advertising. I now look at ads and think, Is this ad doing a good job of selling me a product?

Lasker had a fascinating way of thinking and a unique temperament. It’s interesting to read about how they combined to make his agency the go-to firm of his day, even during the Great Depression. I’m looking forward to finishing this book and learning more about Lasker and his lasting impact on the advertising world.

One of the presenters at last week’s Newsletter Marketing Summit discussed how to approach the creation process (videos, blog posts, etc.). I won’t go into everything, but the point that stuck with me was that you should create the title of your piece first. Only then do you create the meat of your content. Most people probably ignored this part of the presentation, but I didn’t. It was the third or fourth time I’ve heard this from a notable marketer gifted at copywriting.

Creating the title first is supposed to have a few advantages. First, packaging is important. Creating the title first means it’s not left as an overthought. You can create an amazing blog post, podcast, video, etc., but if the packaging is bad, no consumer will ever find it. Titles for written pieces are critical to generating interest—similar to what headlines did for newspapers back in the day. For videos, e.g., on YouTube, packaging includes titles and thumbnail pictures. David Ogilvy’s book was written decades ago, but it stresses the same point in relation to newspaper ad headlines (see here). I’ve been thinking more about titles since reading Ogilvy’s book, and I’m more intentional about creating the titles for each blog post.

Second, creating the title first focuses your creation process. It forces you to create something that supports the title. Said differently, your thinking and creativeness are confined to a narrow lane. You can’t wander. This is the opposite of what I do now: I write my blog posts and then try to create an interesting title.

I want to get better at selling and communicating my ideas, and this sounds like an approach that can help with that. I’m going to try writing my blog post titles first for a few posts. I’ve been following my current process for almost five years, so I’m curious to see how this change will impact my thinking and creative process.