Explore Or Exploit? How To Choose New Opportunities
One challenge in life is knowing when to explore new opportunities, and when to focus harder on existing ones. Do we keep learning new ideas, or do we enjoy what we've come to find and love?
In trying to assess if we should explore further or exploit our current opportunities, it's essential to consider how much time we have, how we can best avoid regrets, and what we can learn from failures.
SIMILAR ARTICLES & IDEAS:
Understanding probability will help you get a more correct picture of the world and help you make better decisions.
Most of us fall prey to the same handful of issues beca...
When two event are interconnected, the former happening increases or decreases the probability of the latter happening.
In Naked Statistics, Charles Wheelan explains: “A different kind of mistake occurs when events that are independent are not treated as such . . . If you flip a fair coin 1,000,000 times and get 1,000,000 heads in a row, the probability of getting heads on the next flip is still 1/2. The very definition of statistical independence between two events is that the outcome of one has no effect on the outcome of another.”
Jootsing means “jumping out of the system."
Philosopher Daniel C. Dennett describes the process of understanding a system in order to step outside of it as “jootsing,” using a term coined by Douglas Hofstadter.
The concept of jootsing shows us that constraints and restrictions are essential for creativity.
Most of us say we want to be creative—and we want the people we work with and for to be creative. The concept of jootsing reveals why we often end up preventing that from happening. Creativity is impossible without in some way going against rules that exist for a good reason.
Most companies hire the smartest people they can find, as they look for candidates who can provide innovative ideas, do the best kind of ‘coding’ or make a great presentation/report.
Geniuses: An organization filled with genius-level workforce won’t have people learning from each other, turning into an anti-social organization full of isolated, lonely performers.
Butterflies: Socially adept workers pollinate good ideas and spread innovation around, even ideas that may not be concrete, brilliant or easily visible. This makes the butterflies an essential part of the pollination of information in the organization, creating a healthier, more productive environment.