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The importance of perseverance
How to embrace failure as a learning opportunity
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If your goal is to avoid risk, you should stick to your circle of competence; however, if your goal is to innovate, you will be better off stepping outside of your circle so you can come up with non-obvious solutions.
Never stepping outside the boundaries of your circle of competence may stunt your creativity and ability to discover new ideas.
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The circle of competence model states that everyone has an area, or circle, of expertise. However, the circle of objective competence may be surrounded by a larger circle of subjective, and often over-inflated, belief in your ability.
Your circle of competence represen...
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To determine your circle of competence, you have to understand where your true competence lies, without allowing subjective beliefs to create undue assurance in your abilities.
To determine the breadth of your circle of competence, you need to have an honest look a...
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To take advantage of your circle of competence is to find a balance between honestly acknowledging your capabilities, and strategically striving to expand your knowledge and horizons.
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nesslabs.com
5 ideas
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IDEAS CURATED BY
"I think the next best thing to solving a problem is finding some humor in it." -Frank Howard Clark
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If you want to improve your odds of success in life and business then define the perimeter of your circle of competence, and operate inside.
The concept has been used by Warren Buffett and relates to the importance of honestly definining what we do know and to stick to those areas....
Charlie Munger once commented that "in order to disagree with somebody you must first understand their argument better than they do."
The most common way people lose money is to overestimate how clever they are and how much they know. Even after a fifty-year investing career, both...
Creativity loves boundaries. Boundaries make your creative ability stronger. It forces you to find connections.
The most important part of creating is not having an idea: It is how you handle the conflict between your ideas and the limitations of your raw materials.
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