Money isn’t made by going along with the crowd.
Like billionaire Larry Ellison says: If you do everything that everyone else does in business, you’re going to lose. The only way to really be ahead, is to ‘be different’.
Whether you’re looking to start a business or become an investor, Contrarian Thinking is an essential tool to develop.
And like Peter Thiel rightly states: The most contrarian thing of all is not to oppose the crowd, but to think for yourself.
Being contrarian or simply applying a contrarian mental model, doesn’t mean just looking at what everyone else is doing and then doing the opposite.
It is far more about developing your own ideas about a business idea, stock or investment… without being influenced by outside factors.
If you can develop a mind that is content in looking for the truth of something. The truth that you see. And not allowing yourself to be influenced by outside factors. Then you are beginning to apply contrarian thinking to your toolbox.
The contrarian approach is often closely related to Creativity and finding new and better ways of doing things by ignoring everyone else.
There are so many ways of doing things yet so often we follow the path of least resistance and just look over to our neighbor and copy what they’re doing.
If instead we can see what everyone else is doing sure, but we are not influenced by it. And then set about seeking what we believe about what it is we are looking at. Often we will get fresh and original ideas that when applied to business and investing can result in better returns and profits
“Entrepreneurship is essentially identifying the path that everyone takes. And choosing a different, better way” says Sheldon Adelson, founder of the Las Vegas Sands casinos.
Of course thinking like a contrarian invites it’s fair share of negative attention, but that’s just something you will have to get used to on the entrepreneurial path.
When you’re the first person whose beliefs are different from what everyone else believes, you’re basically saying, “I’m right, and everyone else is wrong.” That’s a very unpleasant position to be in. It’s at once exhilarating. And at the same time an invitation to be attacked” says Larry Ellison, founder of Oracle.