No single teacher or mentor is perfect. A more effective approach is to identify specific, desirable qualities in various people—such as an investor's rationality or a leader's compassion—and focus on learning how to embody those particular traits, rather than idealizing the entire person.
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Developing exceptional taste requires learning from the best. A tactical method is to ask one skilled person for the 10 peers they admire most. Then, ask those 10 people the same question. The patterns that emerge will reveal the true masters, whose work and thinking you can then study.
A mentor isn't someone who provides step-by-step instructions. The most powerful learning comes from finding someone you admire and closely observing their every move, how they speak, and how they behave in the face of obstacles, rather than seeking direct guidance.
While acknowledging the benefit of having mentors, Herb Wagner has found that the process of being a mentor is even more educational. Teaching and guiding others forces a deeper understanding of one's own principles and provides fresh perspectives from the next generation, offering greater personal and professional growth.
Consuming podcasts and books is mental gymnastics unless it leads to a change in your actions. The goal of learning from successful people is not just to acquire knowledge, but to actively apply their lessons to alter your own behavior and business practices.
Waiting for perfect data leads to paralysis. A core founder skill is making hard decisions with incomplete information. This 'founder gut' isn't innate; it's developed by studying the thought processes—not just the outcomes—of experienced entrepreneurs through masterminds, advisors, or podcasts.
The most effective masterminds consist of people from different industries and business stages. This diversity prevents direct comparison and fosters richer insights. The crucial factor for curation isn't similar resumes but shared values like generosity, honesty, and a willingness to learn. Energy alignment trumps expertise alignment.
Echoing Carol Dweck's work on malleable mindset, empathy is not a fixed personality trait but a skill that can be intentionally developed. Just as one strengthens muscles at a gym, individuals can practice and improve their capacity for empathy and connection through consistent effort.
Truly great ideas are rarely original; they are built upon previous work. Instead of just studying your heroes like Buffett or Jobs, research who *they* studied (e.g., Henry Singleton, Edwin Land). This intellectual genealogy uncovers the timeless, foundational principles they applied.
When choosing a mastermind, the host's approach will influence you. The key question isn't just if you respect their business, but if you'd trade places with them in their current season. You're not just learning strategies; you're borrowing their lens on business, leadership, and time management.
The young founder hired an experienced executive who became a mentor and effectively his boss. He learned more from observing this leader's actions—how he interacted with people and approached problems—than from direct instruction. This demonstrates the power of learning through osmosis from seasoned operators.
