- We now live in a winner-take-all economy – in other words, the top search for a product, service, doctor in Google is going to have the lion’s share of the business. It’s no longer enough to be #4, you’ve got to be at the top of your market to succeed. (I think this is super depressing but it may also be true.)
- The top of your market could be “The Best Pediatrician in Poughkeepsie” or “The Best Bagel Place in LA.” Know your market and be the best in that market.
- “The Dip” = the long hard slog that weeds out the many from the few superstars. Examples of this could be: Organic Chemistry, Law School, a rigorous exercise program that gives you washboard abs – anything that is a barrier to excellence.
- Looked at correctly, “The Dip” is your friend, because it weeds out the competition for you. If you’re willing to get through it – with creativity, etc. – it will protect your status when you get to the other side.
- There is a difference between “The Dip” and dead-end, pointless, or diminishing-returns pursuits. Successful people know the difference. Successful people quit things that are pointless to continue, and double down on difficult activities that will eventually pan out. He gives examples to differentiate the two.