Second order of thinking 🤔 

Here are the key points from the video about time and business decision-making:
Main Concepts:
• Time is the most crucial yet overlooked variable in business success
• Most business failures are due to poor time-based decisions
•Humans naturally struggle with time-based decision making

Long-term vs Short-term Thinking:
• Most bad choices provide instant gratification but long-term pain
• Good choices often require short-term discomfort for long-term gain
• Examples: debt (short pleasure, long pain) vs saving (short pain, long pleasure)

Second-Order Consequences:
• Most people only see first-order (immediate) consequences
• Decisions create chain reactions that compound over time
• Example: Valiant Pharmaceuticals
- Cut R&D for immediate profits
- Failed long-term due to no new product development
- Competitors with R&D eventually dominated them

Success Patterns:
• Success is rarely linear, usually exponential (Warren Buffett example)
•Small good decisions compound positively over time
•Small bad decisions compound negatively over time

Decision Making Framework:
• Every decision typically has two options:
"Wheelchair path" (easy now, hard later)
"Hill path" (hard now, better later)

• Always choose the "hill path"
• Consider long-term implications of every choice

Practical Applications:
• Eliminate distractions that waste time (TV example)
• Invest in learning despite no immediate returns
• Focus on main value-generating activities
• Don't let success byproducts distract from core business

Key Takeaway:
• Success comes from consistently making choices that prioritize long-term benefits over short-term pleasure