I say they’re more alike than you think.
It comes down to a topic I’ve touched on several times – risk. Both take risks but they are not risky – they find ways to minimize and manage risk.
Risk in business is like a swimmer approaching a pool. Diving into the water is not a risky thing on its own but diving into a pool with an unknown depth is.
Doing your research, finding out the depth of the pool, then planning your entry is how you minimize risk. The angle of entry is how you manage risk. What neither Warren Buffet nor Richard Branson do is dive in the shallow end, the risk is too high. Instead they seek out the deep end. The deep end offers the most benefit with the least risk. It might still be dangerous but it’s less dangerous.
Of course once the research is done and the decision is made you still have to dive in and that’s what a lot of people don’t do, or wait too long to do and miss out on the opportunity. Once the key information is determined you have to move. Like a quote I used in the chapter called Risk in What Next, Lee Ioccoca, former CEO of Chrysler said: ““I have always found that if I move with seventy-five percent or more of the facts that I usually never regret it. It’s the guys who wait to have everything perfect that drive you crazy.”
So avoid diving in the shallow end but do dive in!
Posted in Business, General, Leadership, Success, Taking Action and tagged manage, regret, Richard Branson, risk, Warren Buffet by AJ with no comments yet.
When I first tell my students about CTRL-Z, they are relieved that whatever they did, it isn’t the end of the world. I then say “I’m still waiting for someone to invent a CTRL-Z for life.” I’m kidding but, after the laughs, I usually hear some murmurs of agreement, “tell me about it” or “Yeah that would be nice” or “me too.”
We all have regrets, hopefully small ones, but no CTRL-Z. We live with our mistakes, learn from them, and move on because that’s all we can do. Like any mistake in editing video, there aren’t many mistakes or misfortunes in life that rise to the level of “the end of the world.” As long as you remain alive and in relatively good health, any mistake or misfortune can be overcome. This is not an excuse to make mistakes! Yeah I’d like to learn from my mistakes but I’d prefer not to make them in the first place.
Whether the bad thing that happened was your fault, simply bad luck, or an accident, don’t look for the undo button, there isn’t one, but rather turn it around and make it positive. Think differently about the problem. You can never undo the bad thing like Julie and I couldn’t undo the fire that destroyed her house six months after we began dating, but we were able to assess the situation, think strategically, and make the best out of what we had.
In What Next I recount a story that Jeff Bezos, the founder of Amazon.com tells about making the decision to leave a good job, with a very good salary, in order to start Amazon. He said he thought about the decision and came up with a “regret minimization framework,” a way of thinking that would hopefully reduce any regret he felt, reduce his desire for an undo button. He does a much better job of explaining it than I can.
What Next and the concept of regret minimization work well together. What do you want to do and how are you going to do it?
Posted in General, Success, Taking Action and tagged control, decision, regret, success by AJ with no comments yet.