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Measure What’s Hard To Measure

It’s easy to measure financial success. You can see a number in your bank account and compare it to others’ bank accounts.

But many important things for a satisfying life, like mental and physical health, relationships, freedom, and fulfillment are harder to measure. Nevertheless, you should incorporate some qualitative analysis into how you measure success.

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Social comparison bias explains that our judgments are often influenced by comparisons to other people. A benchmark makes it easier to make a judgment, but it will not necessarily be a reasonable or more accurate judgment.

Success usually takes many failures to achieve. So don’t use immediate tangible results to define success. Consider what you’ve learned and how it will help you succeed in the future.

Dynamic inconsistency is a situation where the best plan for the future is not optimal when that future period arrives. We and our environments change and so must our concept of success.

Being able to achieve a success metric is hard, but knowing which metric to achieve is even more important. Discover what you value and choose your own metrics for success, otherwise, your environment will dictate it for you, which could be unfulfilling for you.

It’s easy to measure proxies for success. Secondary metrics don’t always translate to business results and care must be taken so they don’t become a proxy for actually knowing and fulfilling your customers’ needs.

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