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Preserving optionality means avoiding limiting choices or dependencies. It means staying open to opportunities and always having a backup plan.
The more options we have, the better suited we are to deal with unpredictability and uncertainty.
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"Wealth is not about having a lot of money; it’s about having a lot of options.”
We are faced with options all the time, but life-altering ones often come up during times of great change. These options are the ones we have the hardest time capitalizing on.
If we’ve specialized too much, change is a threat, not an opportunity. Thus, if we aren’t certain where the opportunit...
It happens when we make small, rational decisions that end up removing options over time.
Small decisions can lead to bad outcomes. At some point, alternatives disappear, thus we lose our optionality.
When times are hard is when many investors make their fortunes and when entrepreneurs innovate. They have to see the opportunity in chaos.
This is also known as the coach’s dilemma.
Over-specializing in one area is highly limiting, especially if it requires extensive upkeep. Like a football player, we can retain optionality by avoiding overtly damaging risks and ensuring we stay in the game for as long as possible—whatever that g...
Optionality can be a matter of perspective.
Preserving optionality means changing our attitudes as our circumstances, but also learning to spot opportunities (and to make them).
"Try not to be a man of success, but a man of value." - Albert Einstein
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“Maximizing optionality” - the state of enjoying possibilities without being on the hook to do anything - is a key reason young people give when going for big school or employer.
We have a limited amount of willpower, and if we leave our options open, we have to use our willpower constantly. We are much better off removing choices and creating routines that preserve our willpower.
The key to committing to a goal is to understand that taking options awa...
Uncertainty tends to paralyze deal-making or push companies into transactions that are defensive and reactive.
In evaluating deal opportunities, companies that are reasonably agile to execute transactions when they have to will find that deals present occasions to boost growth...
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