86Thousand400: Setting up a business by Tim Ferriss

The main benefit of the business should be encapsulated in one sentence. People can dislike you - and you often sell more by offending some - but they should never misunderstand you.

Apple did an excellent job with the iPod. Instead of industry jargon they simply said, "1000 songs in your pocket". Done deal.

What skills are you interested in that you - and other in your markets - would pay to learn? Become an expert in this skill for yourself and then create a product to teach the same. Look at current experts in your field. Consider problems you've overcome in the past, both professional and personal.

What is the one goal, if completed that could change everything?

What is the most urgent thing right now that you feel you "must" or "should" do?

Can you let the urgent "fail" - even for a day - to get to the next milestone for your potential life-changing tasks?

What's been on your to-do list the longest? Start it first thing in the morning and don't allow interruptions or lunch until you finish.

Will Bowen example: wear a single bracelet/watch and move it from one wrist to the other each time you complain. The goal is 21 days without complaining and you reset it to 0 each time you slip up. This increased awareness helps prevent useless past-tense deliberation and negative emotions that improves nothing but depletes your attention.

Marketing (iPod example): Who you portray in your marketing isn't necessarily the only demographic who buys your product - it's often the demographic that most people want to identify with or belong to. The target isn't the market. No one aspires to be bland average, so don't water down messaging to appeal to everyone - it will end up appealing to no-one

For those just getting started:

1. Start small think big

2. Identify what excites you vs what bores you

3. Eliminate and focus on what excites you

4. Stick to what excites you no matter what people say. It's your life, live it the way you know is right for you

For the entrepreneur the wasteful use of time is a matter of bad habit and imitation. Tim is no exception. Most entrepreneurs were once employees and come from the 9-5 culture. Thus they adopt the same schedule, whether or not they function at 9:00am or need 8 hours to generate their target income. This schedule is a collective social agreement and a dinosaur legacy of the results-by-volume approach. How is it possible that all the people in the world need exactly 8 hours to accomplish their work? It isn't. 9-5 is arbitrary.

Revisit the dream lines and reset them as needed. The following questions will help:

What are you good at?

What could you be best at?

What makes you happy?

What excites you?

What makes you feel accomplished and good about yourself?

What are you most proud of having accomplished in your life? Can you repeat this or further develop it?

What do you enjoy sharing or experiencing with other people?

Whenever upset or anxious, ask "why at least three times and put the answers down on paper. Describing doubts in writing reduces their impact twofold. First, it's often the ambiguous nature of self doubt that hurts most. Defining and exploring in writing - just as forcing colleagues to email - demands clarity of thought, after which most concerns are found to be baseless. Second, recording these concerns seems to somehow remove them from your head.

What makes you most angry about the state of the world?

What are you most afraid of for the next generation, whether you have children or not?

What makes you happiest in your life? How can you help others have the same?