12/29/2020
The Regret Minimization Framework made the Richest Man On Earth 🌎
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.
Big decisions like that are the ones you have to make completely by yourself.
Jeff Bezos was in the same position just before he quit his job and founded Amazon.
He had a well-paid Wall Street job, with a stable career, good boss and a balanced life. But he had this crazy idea of selling books online and starting his own company.
He had to make a decision, Because he didn’t find good advice on the topic, he came up with a framework to help him make the right choice. He gave it a nerdy name: Regret Minimization Framework.
The idea behind the Regret Minimization Framework is pretty simple. Project yourself forward to the age of 80. Looking back on your life, you want to minimize the number of regrets.
If you project yourself to the age of 80 and think about your potential regrets, things get a lot clearer. It also helps you to remove a few pieces of confusion in the present caused by alternative paths. It helps you make the right decision more easily.
For Jeff, the decision became simple.
He knew he would regret it at 80, not trying to realize his idea for selling books online. He knew he wouldn’t regret failing, but he would definitely regret not trying. When he thought about it that way, the decision became easy.
I personally use this framework slightly different, but definitely falls under the same framework, which is i don't want to miss the opportunity on XYZ, what if it is the thing.....I'm sure others have different approaches as cultures and diversity will contribute towards creativity...can you share yours in the comment 👇