How Successful People Make Decisions Differently
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Successful people have 4 strategies that help them clearly define what they want:
We all make bad decisions, but successful people course correct more quickly.
When successful people have enough evidence that they’ve made a bad decision, they don’t look for more. They fail fast, move on, and then they don’t talk about it again. They also fix fast.
Successful people know when they’re not in a good place to make a decision and the consequences that might lead to.
Recognize when your ability to make good decisions is vulnerable, such as when you’re in a hurry, prideful, angry, lonely, rejected, inebriated, or tired.
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Decision-making works like a muscle: as you use it over the course of the day, it gets too exhausted to function effectively.
One way to avoid this is to eliminate smaller decisions by t...
Save small decisions for after work (when decision fatigue kicks in) and to tackle complex decisions in the morning, when your mind is fresh.
A similar strategy is to do some of the smaller things the night before to get a head start on the next day.
...and you'll able to look at decisions as objectively and rationally as possible.
Strong decision-makers know that a bad mood can make them lash out or stray from their moral compass just as easily as a good mood can make them overconfident and impulsive.
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Our emotions are obsessed with the present moment because it’s difficult to look past our immediate fears and anxieties. And this prevents good decision-making.
The sweet spot in de...
Most of us are afraid of messing thing up. But we rarely ask, “Would I regret that failure?” If the answer is “no,” then that is absolutely a risk you should pursue.
Sometimes, the right decision becomes crystal clear when put into these terms.
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Societies with a bias towards success, that are idolizing of successful people usually overlook the decisions that led to failure.
We tend to overlook cases that did not come with a successfu...
The way you look at how something works in the real world is called a mental model. It’s your thinking framework about something.
But when we make decisions, we often don’t think about our framework and immediately jump to a discussion about potential outcomes.
“Everything seems stupid when it fails.”
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The freedom of choice is generally perceived to be good, but studies show that too much choice can be a hindrance and can impede the decision.
On the contrary, having fewer choices has shown ...
... or Maximization, is a behavioral trait that makes us look for all possible options before we decide so that we don't miss out on the best option and regret later, after making the decision.
We take into consideration all available options to minimize our frustration and stress.
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Is the process of thinking back on previous events and interpreting them through your experience.
It’s about taking a step back and reflecting on your life, behavior and beliefs....
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... and boils down to what we give up to attain something. Our mindsets are inclined towards pleasure and resistive towards pain. We normally like to think in terms of gai...
Decisions are a cost-benefit analysis of risking something small for the opportunity to gain something big.
Trade-offs are not something as simple as flipping a coin. Our values guide us towards what we want in life, and it is not the same for all. Example: Buying a house has a trade-off of mortgage for the next ten or more years. This is subjective and depends on what we value in life.
Indecisive people suffer because they don’t know their inner values and what they care about.
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The way you frame your decision at the outset can make all the difference.
State your decision problems carefully, acknowledge their complexity and avoid unwarranted assumptions ...
A decision is a means to an end. Ask yourself what you most want to accomplish and which of your interests, values, concerns, fears, and aspirations are most relevant to achieving your goal.
Decisions with multiple objectives cannot be resolved by focusing on any one objective.
Your decision can be no better than your best alternative.
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Research has shown that the typical person makes about 2,000 decisions every waking hour. Most are minor ones and we make them automatically. But many have serious consequences.
Our ability to perform mental tasks and make decisions wears thin when it’s repeatedly used.
Identify the most important decisions you need to make, and, as often as possible, prioritize your time so that you make them when your energy levels are highest.
Our brains process five times as much information today as in 1986. Thus, many of us live in a continuous state of distraction and struggle to focus.
To counter this, find time each day to unplug and step back from email, social media and news.
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While we may not like to admit this, we all are making a lot of bad decisions, be it our personal lives, careers or in our jobs. Here is what research says about making good decisions:
If there is too much information, we tend to make the wrong decision, and even if our decision is well-researched and considered right, we end up dissatisfied.
The right information, even if less, provides clarity to make the right decision.
A gut feeling, or an instinct, is often the right path, and points towards the right decision.
Ultra-rational, logical and unemotional decision-making does not guarantee that the decision taken will be the right one.
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90% of your daily decisions happen automatically, many shaped by your environment. Thus, most decisions are a habit, not a deliberate choice.
To make smarter choices, design smarter...
Design your life like a choice architect:
“First, never underestimate the power of inertia. Second, that power can be harnessed.”
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