The Key to Making Risky Decisions | Scott H Young
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Risky Business
When starting a project that requires time, energy and resources, the cost-benefit ratio is a good rule for deciding if the plunge is worth it.
One has to think about the risk in terms of probability, while also keeping in mind what is at stake: Will the effort, time, money and resources that are spent go down the drain or will all of it still provide value in case the primary goal is not reached?
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Risk As A Way Towards Growth
Taking risks is a way towards potential growth, even if it is not according to the original plan.
When entrepreneurs fail at their startup, a large chunk of them still benefit by:
- New connections and friendships
- New job opportunities
- A pivot towards another company.
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Decision Modeling
One needs to take into consideration that any risky decision has the probability of failure, keeping in mind the potential benefits of not reaching the goal.
The ideal decision model should:
- Calculate or research about the baseline likelihood of success.
- Take a self-assessment of one’s own ability.
- Take into account the situation where the results of the decision are less than required.
- Take into consideration the opportunity cost.
- Ask oneself if the activity being undertaken is providing joy even without any outcome.
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IDEAS CURATED BY
A lot of problems would disappear if we talked to each other more than talking about each other.
Colin I.'s ideas are part of this journey:
Learn more about problemsolving with this collection
Cultivating self-awareness and self-reflection
Prioritizing and setting boundaries for self-care
Practicing mindfulness and presence
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