Book Notes - The 4-Hour Work Week

The 4-Hour Work Week by Timothy Ferris [2007]

Summary:
Alas not many notes from this book, it is just so different from anything I’ve ever read before I’m not quite sure what to write down. I suspect that some reflection and re-reading will be required before I have full notes.

I kind of feel like I’m being exploited by the book, that the lifestyle it espouses requires you to exploit other people (in this case me), the author highlights an adware pioneer as someone to aspire to after all. But at the same time there is definitely some gold in there and it is thought provoking and eminently quotable.

I think the concepts in this book could help you run any business. While a more morally acceptable product would not be as profitable or easy as the products the author suggests, the methods are applicable.

With all of the above said I think Timothy Ferris is very astute, he is giving away his secrets because he knows people will pay good money for the dream it sells but very few have the courage and determination to see it through. For other examples see Toyota or Eli Goldratt.

Notes:
Page 4: People don’t want to be millionaires, they want the millionaire lifestyle.
Page 77: Three times a day (at set times ask yourself; “Am I inventing things to do to avoid the important?”
Page 101: The author suggests batching things (E-mail, phone calls, bills payments), it sounds rather un-lean to me, maybe an alternative self-help book would be how to lean your life. It is a bit strange because a lot of the other things in the book sound very like Theory of Constraints and Lean ...
Page 120: By outsourcing things to other people you will be surprised how many tasks don’t need done if you have to pay for them directly.
Page 192: Offer limited options, while you can charge heftier premiums for customisation it can create more problems than it is worth. Firstly options attract pedantic picky people who are more likely to complain if it is not exactly what they want. Secondly too many options can make customers more indecisive and hence less likely to buy, they worry about the benefits of one product over another etc.
Page 193: Try to avoid high maintenance low profit customers, they will waste the majority of your time and provide the lowest income.

Quotes:
Page 13: “An expert is a person who has made all the mistakes that can be made in a very narrow field” – Niels Bohr
Page 46: “What we fear doing most is normally what we most need to do.”
Page 74: “Parkinson’s law dictates that a task will swell in (perceived) importance and complexity in relation to the time allotted for its completion.”
Page 168: “To get an accurate indicator of commercial validity, don’t ask people if they would buy, ask them to buy.”
Page 220: All courses of action are risky, so prudence is not in avoiding danger (it is impossible), but calculating risk and acting decisively. Develop strength to do bold things not the strength to suffer.” – Niccolo Machiavelli, The Prince