Working in a comfortable and high-paying job in the 90s, Jeff Bezos faced the dilemma of continuing his job or pursue the business idea he had about selling books online.
He posed a self-inquiry: At the end of my life, will I regret not having done this?
This self-inquiry, called the regret minimization framework, minimized his regrets as he opted to leave the job and start Amazon, which sells more than just books now and is worth USD 2 Trillion.

The Regret Minimization Framework

If the answer to the self-inquiry we pose ourselves (Would I regret not doing this when I am old?) is no, then it is not worth doing, but if the answer is maybe or yes, then it can be given a go-ahead.

No Regrets

The Regret Minimization Framework can be a great help with the big decisions, which should warrant one’s time and attention, instead of sweating on trivial stuff.
One has to make crucial decisions in life, and this method removes emotion from the equation. It also helps to talk through one’s decision with other people, family, friends and relatives to get an outside perspective.

Decision Making Is A Skill

The question Bezos asks is, “At the end of my life, will I regret not having done this?”


Stashed ideas

Jeff Bezos uses a simple framework for making big decisions. Here’s how it works

We make decisions throughout life. Some decisions are big and affect our lives for years or even decades.
A big decision is so significant because it is rare. You don&#39;t get an opportunity to learn from your mistakes. This makes it important to learn from others who have been there before.

Big decisions are significant because they are rare

Problem Solving

Research found decisions that are very significant and common are getting married and having a child. Other fairly common big life decisions include starting a new job and pursuing a career.
Less common, but among the highest-ranked life decisions include ending a life of an unborn child or a dying parent and engaging in self-harm.

Life's biggest decisions

Much can be learned about how to make good life decisions by finding out what people&#39;s biggest regrets are. The five biggest regrets are:
<ul>
<li>I wish I&#39;d dared to live a life true to myself, not what others expected of me.</li>
<li>I wish I hadn&#39;t worked so hard.</li>
<li>I wish I&#39;d had the courage to express my feelings.</li>
<li>I wish I&#39;d stayed in touch with my friends.</li>
<li>I wish I had let myself be happier.</li>
</ul>
Women commonly have regrets about romance/family, while men have regrets about career/education.

Life's biggest regrets

<ul>
<li>Inaction causes regret. (Deciding not to pursue something.) Males, in particular, regret not pursuing a romantic relationship.</li>
<li>Poor decisions produce greater regret when you can&#39;t justify those decisions afterwards.</li>
<li>Poor decisions in domains relevant to our sense of social belonging. (Breaking up your family by having a fling.)</li>
<li>Regrets for lost opportunity, such as not being there for your children while they were growing up.</li>
<li>Decisions that move you further from the ideal person you want to be.</li>
</ul>

Factors that increase the feeling of regret

<ul>
<li>The most important life decisions relate to family and friends. Spend time getting these decisions right, and don&#39;t let other distractions undermine these relationships.</li>
<li>Seize opportunities. You can always apologise or change course later, but you can&#39;t go back in time.</li>
<li>Avoid making decisions that are against your personal values.</li>
</ul>

Making big life decisions without regrets

Psychological research presents some unsurprising wisdom about how to make big decisions without regret: focus on people, don't miss opportunities, and stay true to yourself.

I asked hundreds of people about their biggest life decisions. Here's what I learned

"We are stubborn on vision. We are flexible on details&nbsp;".&nbsp;

Sometimes you have to make hard decisions in life. Maybe you have to decide whether you should quit your job and start your own business, end a relationship or maybe move to another country. Big decisions like that are the ones you have to make completely by yourself.

Regret Minimization Framework - AgileLeanLife

<ol><li>Impulsivity.&nbsp;Thorough decisions combine all three senses – seeing, hearing and feeling. Impulsive decisions always lack one of these elements.</li><li>Allowing yourself to be persuaded against your better judgment.&nbsp; The selfish judgment of others should not interfere with your decisions.&nbsp;</li><li>Analysis paralysis.&nbsp;Inner conflict usually means a 'no'. Put off your decision for a while. Make an assessment of the risks involved and decide what size of risk you are willing to take.</li></ol>

3 decision-making mistakes that you must avoid

A moment of poor judgment can lead to a lifetime of regret. And who hasn't made a few undeniably bad decisions? Poor decisions, especially in our youth, seem to be part of the deal. Yet, some of us march right into adulthood without learning more effective decision-making skills.

3 Decision-Making Mistakes You Should Avoid

<ol><li>Making impromptu decisions. Take the time to think about the pros and cons of your decision and weigh out the consequences.</li><li>Lacking peace.&nbsp; Take deep breaths in a quiet environment to evaluate the facts before you decide.</li><li>Wallowing in the chaos of everyday life, or listening to too many other people.&nbsp; </li><li>Not considering priorities.&nbsp;Make a list of your important priorities. It will help you to make better choices.</li><li>Deciding things without thought to our needs and wants. </li><li>Neglecting your values.&nbsp;</li><li>Making decisions that are not right today, but we think they will be in the long run. </li><li>Saying things to please others, or avoid saying something that will hurt. </li><li>Forgetting how to say “no.” We think we need to be all things to all people.&nbsp; Step back so that others can step forward.</li><li>Procrastinating.&nbsp;Once you’ve made a decision, own it. Doing so is key to living with it.</li></ol>

Common decision-making mistakes

Sam, a corporate lawyer with a stressful job, recently admitted, "I really wanted to be a lawyer growing up, but I didn't realize how much time I would be spending away from my family and friends." Because he spent so many years in school and so much time honing his legal skills at a top-notch firm, Sam felt "stuck" with his job.

jeffbezos

The Regret Minimization Framework

Jeff Bezos uses a simple framework for making big decisions. Here’s how it works

Big decisions are significant because they are rare

I asked hundreds of people about their biggest life decisions. Here's what I learned