One in every of my favourite enterprise frameworks is Jeff Bezos’ “Remorse Minimization” framework.
In a nutshell, when debating inside your self as as to if or not you need to do one thing, the query Bezos asks is, “On the finish of my life, will I remorse not having accomplished this?” If the reply isn’t any, properly then it’s in all probability not value doing. But when the reply is sure, and even “possibly,” then there’s your reply.
For Bezos, the query was whether or not to depart his snug job working at a hedge fund to construct Amazon. And the reply he got here to was one thing to the impact of, “I might keep right here and do very properly, however I’ll all the time marvel what that enterprise concept might have been.”
So, he minimized his regrets, left the agency, began Amazon, and right here we’re. Amazon is now valued at $2 trillion.
When confronted with a onerous resolution, growing a framework by which to make selections is essential. As a substitute, what most individuals do is procrastinate. Or they keep away from making the choice (which satirically is a resolution in itself). However neither of those instructions is useful in shifting the ball ahead. However keep in mind: Resolution-making is a ability. It’s one thing that should be practiced and refined over time.
This “Remorse Minimization” framework could be instrumental in serving to you make big selections in these core areas of your life.
It’s the big selections that warrant essentially the most time and a spotlight.
Don’t sweat the small stuff.
In enterprise, it’s by no means the “within the weeds” selections that make the distinction. It’s the moments the place it’s a must to both make a onerous left or take a onerous proper. For instance, there was a time in my very own enterprise, Hydros, the place we received burned by a producer that set us again one other three or 4 years. It was a large second the place your complete enterprise got here into query. “Is that this value pursuing? Ought to we name it quits right here? There are different alternatives on the market—possibly this enterprise isn’t the best one?”
The thought course of on the time, nevertheless, was that as tough as issues have been, we noticed a mild on the finish of the tunnel. The know-how was coming collectively. Discovering one other producer wasn’t rocket science, and we knew we might discover one in the end. And other than this one hiccup, nothing else concerning the enterprise appeared off stability. So we caught with it and made the choice to double down.
Now, a few years later, Hydros is rising sooner than ever.
These moments in enterprise are when it’s a must to ask each logical and emotional questions. Logically, what’s taking place? And emotionally, are you able to persist with it?
Belief your intestine, however verify the mathematics along with your head.
Life is stuffed with emotional selections.
Typically, these emotional selections need to do with family and friends members. Different occasions, coworkers and enterprise companions.
This “Remorse Minimization” framework could be a useful approach of taking the emotion out of the equation for a second to see issues a bit extra distantly. It’s a possibility to step into the psychological house required to make the best long-term selections. One the place issues aren’t as “charged.”
For instance, within the warmth of the second, possibly you’re upset. However play that anger out a bit, and also you’ll see clear as day that any resolution made out of anger is prone to be one you’ll remorse down the highway. So, how do you decrease the remorse? You need to decrease the anger, and work out what’s beneath that anger and what must be addressed with a purpose to transfer ahead successfully.
How are you aware you’re shifting in “the best route?”
Typically you don’t—and it helps to speak it by with different individuals.
As a rule, I’ve discovered massive life selections aren’t binary. They’re extra multi-faceted. For instance, let’s say you make a life resolution, however when you’ve made that call then issues begin getting tough. Must you keep in it? That’s the place you would possibly want to speak to different individuals who have clear heads, an outdoor perspective, and possibly a little bit of perception from having gone by one thing related themselves.
“Is that this a pace bump, or a bigger rising pattern? Is there an abundance of alternative? Or is that this one thing that’s by no means going to work the best way you need it to?”
Once you search to reduce your regrets, the solutions are likely to reveal themselves.
Winston Ibrahim is the founder and CEO of Hydros.