Jed McCaleb has spent a lot of time thinking about how technology can make life better for people. That makes him realize too many entrepreneurs work hard without considering their real goals. McCaleb points out that it doesn’t matter how busy or productive you feel you are, if you’re not headed in the right direction. And it’s important for entrepreneurs to choose goals that will have a large impact on the world. Small goals or niche products will not bring in the use profits many entrepreneurs dream of.
That also explains why the book Jed McCaleb wants entrepreneurs to read is THE BLACK SWAN by Nassim Nicholas Taleb. It’s about the rarity and importance of unusual events that happen very rarely. Ordinary businesses create profits, but fall under the Bell Jar, the normal distribution curve of results. Black swans are businesses that aim so high, they produce extraordinary results and extraordinary returns for their founders. That is why most technology entrepreneurs dream of when they start up their companies, but they have to aim for an extraordinary goal, not a mere niche product.
That’s why Jed McCaleb now works hard as Chief Technology Officer of the Stellar Development Foundation. Stellar is using blockchain technology, but in a way far that’s more advanced than just as a currency. He wants to create virtual silos linking the world’s financial organizations in a seamless way so they afford to offer basic services to the 2.5 billion people of the world who are unbanked. They cannot access banking services such as checking accounts or affordable remittances.
They work with Stellar.org, a nonprofit organanization dedicated to creating open source software tools to provide digital financial education.
Jed McCaleb increases his efficiency by dividing his work time into two separate modes. When he is focused, he concentrates on coding and building. When he’s in reactive mode, he answers email, deals with routine and makes the many small decisions required to run a business. Two online tools he loves are Google Docs and StackOverflow. Google Docs makes collaboration easy. StackOverflow makes it much easier to find answers when he’s programming.
Connect with Jed McCaleb on Linked: https://www.linkedin.com/in/jed-mccaleb-4052a4