May 28, 2024 • 2hr 8min
#741: Jim Collins and Ed Zschau
The Tim Ferriss Show
Key Takeaways
- Jim Collins has a rigorous system for tracking his time and ensuring he spends at least 1,000 creative hours per year, which he sees as the minimum for maintaining high-quality work
- Collins also has a system for rating the quality of each day on a scale from -2 to +2, which allows him to analyze patterns and make adjustments
- Ed Zschau's background in figure skating taught him the value of practice, dedication, and persistence - qualities he tries to instill in his students
- Zschau believes entrepreneurship is an approach to life, not just about starting companies, and he used the case method to give students real-world experience
- Both Collins and Zschau are driven by a desire to make a positive difference in the world, not just pursue personal success
Introduction
This episode is a "super combo" featuring segments from two previous episodes of The Tim Ferriss Show - #361 with Jim Collins and #380 with Ed Zschau. The podcast recently hit its 10-year anniversary and 1 billion downloads, so host Tim Ferriss has curated some of his favorite past conversations to share.
The common thread between Collins and Zschau is their focus on helping others achieve their potential and make a positive impact, whether through rigorous self-discipline, innovative teaching methods, or a lifelong commitment to continuous learning and growth.
Topics Discussed
Jim Collins: Tracking Time and Avoiding the "Funk" (6:03)
- Collins carries a three-timer stopwatch to meticulously track how he spends his time each day - creative work, teaching, and other tasks
- He maintains a spreadsheet to ensure he gets at least 1,000 creative hours per year, which he sees as the minimum for maintaining high-quality work
- Collins also has a system for rating each day on a scale from -2 to +2 based on his emotional state, which helps him identify and address periods of "funk" or dissatisfaction
- He believes the key to living a meaningful life is finding the intersection of what you're passionate about, what you can be best in the world at, and what has an economic engine
The "Bug Book" and the Hedgehog Concept (22:18)
- As a young professional, Collins kept a "bug book" to observe and analyze his own behavior and tendencies with clinical objectivity
- This led him to the concept of the "hedgehog" - focusing relentlessly on doing a few key things exceptionally well rather than trying to be a "fox" who knows a little about many things
- Collins applied this principle to his own career, transitioning from a traditional academic path to becoming a self-employed professor and bestselling author
Lessons from Peter Drucker (30:31)
- One key lesson Collins learned from management guru Peter Drucker was to focus on being useful rather than just trying to survive or be successful
- Drucker advised Collins that the right question is not whether he would survive or be successful, but how he could be most useful
- This mindset shift had a profound impact on Collins and guided his subsequent career choices and impact
Ed Zschau: From Figure Skating to Teaching Entrepreneurship (34:39)
- Zschau's background in competitive figure skating taught him the value of practice, dedication, and persistence - qualities he tries to instill in his students
- As a professor at Princeton, Zschau used the case method to give students real-world entrepreneurial experience, which led many to start their own companies
- Zschau believes entrepreneurship is an approach to life, not just about starting businesses, and he encourages students to find their own unique path
The Importance of Preparation and Attention to Detail (41:45)
- Zschau is known for his meticulous preparation, arriving to class early to ensure everything is set up and working properly
- He views this attention to detail as critical for creating the optimal learning environment and minimizing disruptions
- Zschau's preparation and commitment to excellence had a profound impact on many of his students, including Ferriss
The Case Method and Fostering Entrepreneurial Mindsets (45:31)
- Zschau used the case method in his teaching, having students read real-world business scenarios and put themselves in the decision-maker's shoes
- This approach was designed to give students practical experience and build their confidence in their ability to tackle entrepreneurial challenges
- Surveys of Zschau's former students found that the case method and his overall teaching approach were instrumental in their decisions to become entrepreneurs
Conclusion
Both Jim Collins and Ed Zschau emerge as remarkable individuals driven by a deep desire to make a positive impact on the world. Their stories illustrate the power of rigorous self-discipline, innovative teaching methods, and a relentless commitment to continuous learning and growth.
Collins' meticulous time-tracking system and focus on maintaining a minimum creative output reflect his belief that high-quality work requires dedicated focus and effort. Zschau's background in figure skating and use of the case method demonstrate his ability to instill essential entrepreneurial qualities like persistence, adaptability, and confidence in his students.
Ultimately, both men are united by a shared philosophy - that the true measure of success is not personal achievement, but the positive difference one can make in the lives of others. Their stories provide inspiration and valuable lessons for anyone seeking to live a life of meaning and impact.