The Propeller - Hellooooooo, Newman! - 5-3-2025

Entrepreneurship: Never Stop Learning

The Entrepreneur’s Secret Weapon: The Power of Reading

Many aspiring entrepreneurs search for a single book that will unlock all the secrets to success. They hope for one resource that provides every answer, every strategy, and every shortcut. But here’s the reality – no single book holds all the answers.

Instead of chasing the perfect book, focus on starting with one. Even if that book provides only a single sentence that shifts your thinking, teaches a new skill, or sparks a fresh idea—it will be worth your time.

Entrepreneurship is a journey of continuous learning, adaptation, and growth. And reading plays a crucial role in that process.

Why Reading Matters in Entrepreneurship

Think of reading as an investment. Every book you read adds value, sharpens your thinking, and expands your problem-solving abilities. But the key is not just consuming information – it’s absorbing the lessons, applying them, and repeating the cycle.
Successful entrepreneurs don’t read just for entertainment. They read strategically. They seek out non-fiction books that address their industry, their weaknesses, and the areas they need to improve in. They don’t settle for the same popular titles everyone else reads – they dig deeper, finding the books that offer real insight and applicable knowledge.

The Benefits of Reading for Entrepreneurs

– Books provide perspective: When you’re stuck, overwhelmed, or unsure of your next step, reading can offer a fresh viewpoint or approach.
– Books build new skills: Whether it’s marketing, finance, leadership, or negotiation—books can help you develop the expertise necessary to grow your business.
– Books offer answers: While no single book has all the answers, collectively, they provide a wealth of knowledge that can guide your decisions.
– Books help you avoid mistakes: Learning from the experiences of others—both their successes and failures—can prevent costly missteps in your own entrepreneurial journey.

Build the Habit Now

The best entrepreneurs never stop learning. They make reading a consistent habit, knowing that knowledge compounds over time. One book alone won’t give you everything you need – but when you commit to reading regularly, the answers will come.

So start today. Pick up one book. Learn something new. Apply it. Repeat the process.

Success doesn’t come from having all the answers – it comes from continuously seeking them. And one of the most powerful ways to do that? Reading.

Tech: The Use of Tools

It’s hard to build a house without a hammer.

The hammer has been around for a long time, and thanks to its intuitive design, a user can get 70% of the benefit after less than ten minutes of instruction. People who depend on hammers for their livelihood are probably at over 95% efficiency.

In the last decade, we’ve outfitted billions of people with tools that didn’t exist until recently. And because of market pressure, the design of these tools is very different.

They generally deliver a fraction of their potential productivity when used casually.

We’ve adopted the mindset of Too Busy To Learn. As a result, we prefer tools that give us quick results, not the ones that are worth learning. This ignores the truth of a great modern professional’s tool: it’s complicated for a reason.

In the tech world, some tools, like Microsoft Office, are optimized for informal poking and casual use. As a result, more nuanced and sophisticated (and powerful) tools are harder to sell to new users.

Surfing doesn’t have many participants, because it takes a long time to get good enough at surfing to have fun. Pickleball, on the other hand, rewards casual first-timers.

That’s fine for a hobby, but when we spend our days hassling with our tools, it’s a problem.

As a result of this cycle of Too Busy To Learn, we end up spending our days using software incorrectly and creating frustration. We blame the tools instead of learning to use them.

Don’t hold the hammer at the wrong end. And insist on software that’s worth the time it takes to learn.

Most important, once you find software that’s worth the time to learn, learn it.

Finance/Investing: Retire with $3 Million

If you’re dreaming of a $3 million retirement nest egg, the amount you need to invest each month depends on when you start. And here’s the kicker – the earlier you begin, the less you’ll have to contribute because time and compounding do the heavy lifting. (FYI – Having $3 Million invested would give you a nice $120k/year to live off of in retirement using the 4% Rule)

Monthly Investment Needed to Retire with $3 Million at 65

If you’re wondering how much to set aside based on your starting age, here’s the breakdown:
– Start at Age 20: $458 per month
– Start at Age 25: $711 per month
– Start at Age 30: $1,113 per month
– Start at Age 35: $1,762 per month
– Start at Age 40: $2,837 per month
– Start at Age 45: $4,697 per month
– Start at Age 50: $8,183 per month
– Start at Age 55: $15,812 per month

Start Earlier, Retire Earlier

While this chart assumes retirement at 65, who wants to wait that long? I know I’m not! If early retirement is the goal, your best bet is to start as soon as possible. The power of compounding works in your favor the longer your money is invested—small, consistent contributions add up over time.

The Power of Compounding

Breaking it down makes investing feel more achievable. Playing with a compound interest calculator in my 20s opened my eyes to how wealth builds over time.

Here’s a wild example:
If you saved just $5 a day and invested $150 a month over 40 years, you’d have $1 million!

The takeaway? Invest early, invest consistently, and let time do the work.

Even if you start later, it’s never too late—just keep investing!

Quote of the Week

“Never tell anyone about your problems, 90% of the people really don’t care. The other 10% are glad you have them”
Charlie Munger

Munger’s quote reflects a hard truth about human nature: most people are absorbed in their own struggles, and few genuinely invest in the burdens of others. The first 90% are indifferent – not necessarily out of malice, but simply because empathy requires effort and people are often consumed by their own lives. The remaining 10% harbor ill will, taking secret pleasure in seeing others struggle, whether due to jealousy, competition, or their own insecurities.

It’s a stark view, but not entirely cynical. It warns against expecting too much external support and encourages resilience. While it doesn’t mean never seeking help, it does remind us to be discerning with whom we trust, understanding that strength often comes from within rather than from the sympathy of others.

Thawing out from winter, sneezing through spring, and mentally preparing for summer—welcome to May!

This is re-published from the weekly email sent by Leonard Mack entitled The Propeller. To subscribe, visit https://www.LeonardMack.com/subscribe and read it every Sunday evening.

This intellectual nourishment is intended for informational purposes only. One should not construe anything herein as being legal, tax, investment, financial, or other advice.

My rule is this – I have no advice to give, only experience to share. I have no interest in being a guru or telling people what they should do. Rather, I share my own experience because there is no right or wrong. Your mileage may vary.

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