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These Six Questions Will Improve Your Decisions - Darius Foroux
Improve decisions by focusing on the process
Most people assume that good decision making is choosing a course of action that leads to the desired outcome.
In reality, decision making is about how you end up with your decision, not what the decision leads to.
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The Munger Technique
*Just like compound interest multiples one’s savings, improving one’s mind daily, during the best hour of the day, multiplies one’s mental compounding interest.
This ‘mental’ com...
Investing In the Best Hours Of Your Day
- The morning hours are usually the best hours of your day, and what you do at that time has the power to change your life.
- Keep yourself away from distractions and just focus on your morning goals, like meditating, reading, writing or exercising.
- Checking e-mail, watching the news, or consuming useless (junk) content is the worst thing you can do in the morning.
The “Water Mindset”
Taking a cue from Bruce Lee’s famous quote ‘Be Water’, we must adopt a water mindset and adapt to our body and physiology: our best hour of the day could be any hour of the day, as long as it is according to you. Give yourself the best hour of the day.
All of us cannot wake up and join the 5 AM Club as our bodies are different and each morning isn’t the same.
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Key Ideas
"The best measure of quality thinking is your ability to accurately predict the consequences of your ideas a..."
Milton Friedman
Think in Years, Not Days
Before jumping to a conclusion, think about the long-term consequences of your decision.
We may respect those able to fling themselves into a hard problem and make a quick choice with seemingly little thought, but making a meaningful decision needs to be done with care for the long-term effects.
Understand Decision Fatigue
It’s important to be aware of what state of mind you’re in before tackling a hard choice.
Decision fatigue happens when the mental energy required to weigh the tradeoffs of our decision becomes too much for us to handle.
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Key Ideas
Making decisions
Decision making is critical for entrepreneurs. Every day, you have to set out on a course of action, choose tactics, evaluate results, and otherwise choose from arrays of options.
4 common mistakes that can trip you up
- Monumentalizing the Trivial. Place a limit on how long you're willing to spend addressing the issue. When the time ends, make your choice and move on.
- Dredging Sunk Costs. Estimate how much the decision would take in total to follow through. If the cost is higher than the benefit, change your decision.
- Drowning in Data. Identify less than 10 pieces of relevant data that will have a strong impact on your decision's outcome. Then forget everything else.
- Do-or-Die Mentality. Realize that every decision is temporary. Use an overall decision-making strategy that stretches over time, not that imagines each moment to be the most critical one for the business.