“Regret Minimization Framework” by Jeff Bezos

Making major life-altering decisions is inherently daunting. Jeff Bezos, Amazon’s founder and CEO, provides a brilliant filter that simplifies the decision – A “Regret Minimization Framework.” (video at bottom of post) This is simply beautiful:

I went to my boss and said to him, “You know, I’m going to go do this crazy thing and I’m going to start this company selling books online.” This was something that I had already been talking to him about in a sort of more general context, but then he said, “Let’s go on a walk.” And, we went on a two hour walk in Central Park in New York City and the conclusion of that was this. He said, “You know, this actually sounds like a really good idea to me, but it sounds like it would be a better idea for somebody who didn’t already have a good job.” He convinced me to think about it for 48 hours before making a final decision.

So, I went away and was trying to find the right framework in which to make that kind of big decision. I had already talked to my wife about this, and she was very supportive and said, “Look, you know you can count me in 100 percent, whatever you want to do.” It’s true she had married this fairly stable guy in a stable career path, and now he wanted to go do this crazy thing, but she was 100 percent supportive. So, it really was a decision that I had to make for myself, and the framework I found which made the decision incredibly easy was what I called — which only a nerd would call — a “regret minimization framework.”

So, I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.” I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day, and so, when I thought about it that way it was an incredibly easy decision. And, I think that’s very good.

If you can project yourself out to age 80 and sort of think, “What will I think at that time?” it gets you away from some of the daily pieces of confusion. You know, I left this Wall Street firm in the middle of the year. When you do that, you walk away from your annual bonus. That’s the kind of thing that in the short-term can confuse you, but if you think about the long-term then you can really make good life decisions that you won’t regret later.

Sources: Academy of Acheivement and Bijan Sabet

Find me on Twitter @Cinema_Air


Why You Need Rituals

Quotes from Twyla Tharp’s The Creative Habit: Learn It and Use It For Life:

“Creativity is a habit, and the best creativity is a result of good work habits.”

“The routine is as much a part of the creative process as the lightning bolt of inspiration, maybe more.”

“Over time, as the daily routines become second nature, discipline morphs into habit.”

Many creative individuals have daily rituals. These rituals may be so routine its practice goes unrealized and its significance lost. According to Twyla Tharp, rituals play an important role in the creative process.

“It’s vital to establish some rituals – automatic but decisive patterns of behavior – at the beginning of the creative process, when you are most at peril of turning back, chickening out, giving up, or going the wrong way.”

She lists reasons why establishing rituals into your creative process is so vital:

It “has a transforming effect on the activity”
It “eliminates the question, Why am I doing this?”
It “erases the question of whether or not I like it.”

What’s needed to develop a daily ritual? More Twlya Tharp:

“The only criterion is this: Make it easy on yourself… It should make you want to be there, and once you find it, stick with it. To get the creative habit, you need a working environment that’s habit-forming.”

This begs the question: How do you create new habits? Enter Charles Duhigg, author of The Power of Habit: Why We Do What We Do in Life and Business,

“This is how new habits are created: by putting together a cue, a routine, and a reward, and then cultivating a craving that drives the loop.”

An example of a daily ritual turned habit:                                                                           1. Cue – Waking up                                                                                                       2. Routine – Boil water, grind coffee, make the coffee with hand press, pour coffee in mug 3. Reward – the Taste                                                                                                         4. The Craving – Improved Performance through the day

Thought Experiment 1: What are your daily rituals? Is your daily habit automatic? What is it about that habit that you truly enjoy? Does it make your day better? Make a list of your daily and/or weekly cravings; leverage your cravings to develop new habits. Odds of success improve when you work together, so make it a team effort.

Thought Experiment 2: Rituals also exist in the working world, embedding themselves into work-place culture. Seek to identify routines at your work-place.

The Power of Habit: Why We Do What We Do in Life and Business and The Creative Habit: Learn It and Use It For Life are simultaneously informative and practical.

Find me on Twitter @Cinema_Air