Creator Lab - interviews with entrepreneurs and startup founders Annie Duke: When To Quit, Monkeys vs Pedestals & The Dark Side of Goals
01:50:17
Traits of Great Poker Players
- Great poker players excel at embracing uncertainty and calculating odds quickly.
- They also map behaviors to hands, optimizing their moves for maximum profit.
Decision Science in Venture Capital
- Annie Duke's role at First Round Capital involves applying decision science to investment strategies.
- She helps founders improve decision-making and analyzes follow-on investment decisions.
Fresh Start Investing
- Overcome the sunk cost fallacy by treating investment decisions as fresh.
- If you wouldn't buy an asset today at its current price, sell it, regardless of past losses.
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Introduction
00:00 • 4min
What Was It Like Growing Up?
03:51 • 2min
Are You Quitting Chess?
05:29 • 2min
The Baseball Version of What You're Talking About
07:28 • 1min
What Makes a Great Poker Player?
08:58 • 2min
Aren't Poker Players Really Good at Establishing Certainty?
10:33 • 2min
Is That Not Like the Most Painful Thing Ever?
12:20 • 2min
Nick the Grease - What Is God?
14:33 • 3min
What's Your Role at First Round Capital?
17:52 • 3min
Venture Funds - Do You Want to Keep Working Together or Not?
20:38 • 2min
Venture Capital - Is Quitting a Good Idea?
22:25 • 2min
Are You Quitting a Seed Investing Company?
24:24 • 2min
Do You Buy Up at A? Do You Follow on at B?
26:03 • 2min
The Sunk Cost Fallacy
27:43 • 2min
Quit the Power of Knowing When to Walk Away
29:31 • 3min
The Sunk Cost Fallacy
32:41 • 2min
I Should Have Done That, but if I Had Never Owned Bitcoin, I Shouldn't Have
34:33 • 2min
Investing in Cryptocurrency
36:37 • 2min
The Molar Liar Illusion
38:52 • 2min
Having a Quitting Decision Is a Cognitive Illusion
40:27 • 3min
I Never Invested Bitcoin Because I Don't Know Enough About It
43:10 • 4min
Investing in Relationships
46:48 • 2min
LinkedIn Jobs
48:31 • 4min
Cryptocurrency - Don't Leave the Decision to in the Moment
52:13 • 3min
Are You Going to Be Perfect at Bitcoin?
55:07 • 2min
The Problem With Quitting Poker
57:03 • 3min
What Is the Problem With Quitting?
01:00:03 • 2min
Game Never Ending - A Critique Starling
01:02:12 • 2min
What's Going On?
01:04:25 • 2min
The Great Quitter
01:06:34 • 3min
Slack - What's Under Your Nose?
01:09:24 • 2min
Entrepreneurship - Is There a Difference Between Grit and Quitting?
01:11:00 • 2min
The Heroes of the Story Are the Ones Who Stick It Out
01:12:40 • 2min
What Are the Small Acts of Quitting?
01:14:15 • 2min
Do You Have a Quitting Coach?
01:16:03 • 2min
How Long Will It Take You to Turn This Around?
01:18:01 • 2min
What Does Success Look Like?
01:19:36 • 2min
Don't Get Any Coach Like Ron Conway. He's There in It With You, Right?
01:21:32 • 2min
Who's Going to Be the Quitting Code?
01:23:47 • 1min
Are You a Serial Entrepreneur?
01:25:16 • 2min
Are You Quitting Your Goals?
01:27:14 • 2min
The Dark Side of Goals, Monkeys Versus Pedestals, and Divine and Conquer
01:28:56 • 2min
Train the Monkey First or Build the Pedestal?
01:30:37 • 2min
How to Build a Pedestal
01:32:12 • 2min
Monkeys and Pedestals
01:33:45 • 2min
Hyperloop Runs Into Trouble
01:35:39 • 2min
Is There a Fallacy in Public Works Projects?
01:37:17 • 2min
What's Your Take on the Great Resignation?
01:39:11 • 2min
The Great Resignation
01:40:47 • 2min
The Great Resignation Is When People Are Forced to Quit
01:42:31 • 2min
The Three Most Addicting Things Are Heroin, Sugar, and a Paycheck
01:44:03 • 2min
Is This Worth It? Isn't It?
01:45:37 • 2min
Quit the Path Knowing When to Walk Away
01:47:19 • 2min
Subscribe & watch on YouTube:https://youtu.be/EtsZ36eaBPc
Timestamps:
- (00:00:00) - Intro
- (00:00:37) - Start Of Interview
- (00:01:30) - Annie Duke's Background In Poker
- (00:03:49) - Growing Up
- (00:06:11) - How Games Help Your Life
- (00:09:53) - What Makes A Great Poker Player
- (00:17:52) - Annie Duke's Role At First Round Capital
- (00:22:56) - Knowing When To Quit
- (00:38:39) - Müller-Lyer Illusion
- (00:49:51) - Sponsor: Linkedin Jobs
- (00:50:54) - Sponsor: Justworks
- (00:52:10) - Continuation Of Interview
- (00:58:17) - Challenges With How We Think
- (01:02:23) - Problem With Quitting
- (01:11:00) - Example: Stewart Butterfield, Founder of Slack
- (01:22:22) - Grit vs Quitting
- (01:28:56) - "Quitting On Time Feels Like It's Too Early"
- (01:30:11) - Monkeys vs. Pedestal Framework
- (01:39:42) - The Great Resignation
Links Mentioned:
Annie Duke's New Book, QUIT: https://amzn.to/3RQsTwH
Thinking In Bets: https://amzn.to/3eqOcHf
Thank you to our sponsors:
- Linkedin Jobs - helps you find the candidates you want to talk to faster. Post a job for free on linkedin.com/creator
- Justworks - makes it simple to hire and manage remote employees across all 50 states; visit JustWorks.com