Explore Or Exploit? How To Choose New Opportunities
Curated from: fs.blog
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To explore or to exploit
One challenge in life is knowing when to explore new opportunities, and when to focus harder on existing ones. Do we keep learning new ideas, or do we enjoy what we've come to find and love?
In trying to assess if we should explore further or exploit our current opportunities, it's essential to consider how much time we have, how we can best avoid regrets, and what we can learn from failures.
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Exploring vs exploring: Consider how much time you have
When we consider seizing a day or seizing a lifetime, it is important to understand the interval over which we plan to enjoy them.
Explore when you have the time to use the resulting knowledge, exploit when you're ready to cash in.
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Minimizing the pain of regret
Regret is the result of comparing what we did with what would have been the best.
We can minimize regret, especially in exploration, by trying to learn from others. In new territory, we can best prevent regret with optimism because we'll explore enough so that we won't regret any missed opportunity.
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The accumulation of knowledge
Not all of our explorations will lead to something better or be satisfying, but with enough exploration behind us, many of them will.
Failures provide us with useful information that will enable us to make better explore or exploit decisions.
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IDEAS CURATED BY
Never stop learning. Never stop educating yourself. When you stop learning, you stop growing & maturing!
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