Working with an open mind, ready to dive into unfamiliar territory and learning new things, makes the entire exercise stress-free and rewarding experience. This state of mind, along with basic humility makes for better performance. One’s arrogance, ego and past can negatively affect the prediction quality.
A humble attitude also makes people listen to others opinions and share their own unique insights, helping collaboration and constructive teamwork.
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We predict what the future will look like by using our memories. This is how actions we do repeatedly become routine. For example, you have an ideas of what your day will look like at work tomorrow based on what your day was like today, and all the other days you’ve spent working.
But memory also helps people predict what it will be like to do things they haven’t done before.
An evidence that memory and imagining the future might go hand in hand comes from research related to amnesia patients. Studies show that when they lose their pasts, it seems they lose their futures as well.
Functional MRI scans made possible for researchers to discover that many of the same brain structures are involved in both remembering and forecasting.
We are not very good at guessing how we'll feel in the future. In predicting how we will feel in the future, we commonly use the past experience as a guide.
But our br...
We overestimate the strength of our emotions in the future.
Studies show that people overestimated their happiness at winning and their disappointment at losing because they forgot all the other things that would happen in a day that would influence their mood.
A lottery winner, for instance, won't spend every day celebrating their win. Nor will someone with a disabling accident spend all their time in shock.
When imagining either situation, we like to think that the feelings will be long-lasting. We forget that we will adapt and that the feeling will eventually wear off.
Uncertainty is always there. The degree of uncertainty can rise and fall.
Leaders, being human, also have difficulty coping with uncertainty. When they receive confusing information, they te...
During periods of heightened uncertainty, leaders reflexively reduce investment, stop hiring, slash marketing, refrain from entering new markets, or stop making decisions.
Although understandable, acting in a pro-cyclical manner can be counterproductive. It can leave companies poorly positioned to benefit from the next stage of the cycle.
Organizations should be inclined toward action. As a baseline, companies must strive to be fit for growth. This can be done by aligning costs with priorities and strategy, investing in varied capabilities, and using traditional and digital levers to execute.
They must regularly engage in scenario planning with an array of options. They must build the capacity to be agile. They must learn to become more resilient to withstand strong external forces and quickly recover from setbacks.
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