WEBVTT 00:00.560 --> 00:04.168 In business, when it comes to decision making, there are certain things 00:04.224 --> 00:08.152 you want. You want rapid decision making because 00:08.256 --> 00:11.752 every decision is like an experiment. The more experiments you do, 00:11.856 --> 00:15.368 the more things you get to try, the more things you learn and the further 00:15.424 --> 00:18.776 your business goes. Some experiments work out, some experience don't 00:18.808 --> 00:22.472 work out. But the faster you go, the better. Now of course, 00:22.496 --> 00:26.024 if you go too fast, you'll start having inaccuracy 00:26.072 --> 00:29.218 and wrong decisions, which will be setbacks. 00:29.314 --> 00:32.978 Setbacks are okay. Depending on what they are, 00:33.114 --> 00:36.274 some setbacks are okay. You know, if you have startups, 00:36.322 --> 00:39.170 you know, investors know if they invest in 10 startups, 00:39.250 --> 00:43.138 one might succeed. That's a good rate, right? So that's nine 00:43.194 --> 00:46.930 out of 10 fails. And so they're experimenting with what works. 00:47.010 --> 00:50.162 If you don't experiment, you'll just never know what works. 00:50.226 --> 00:52.390 So a lot of startup, a lot of innovations, 00:53.130 --> 00:56.714 their experiments and entrepreneurs and investors know okay. 00:56.882 --> 00:59.950 Failure is okay, Trying is okay, 01:00.690 --> 01:04.058 of course within a context, but there should be some of it, 01:04.194 --> 01:07.610 there should be a reasonable amount of it, but there should be some of it. 01:07.650 --> 01:10.762 Not zero, not 100%. Right? So how do we decide 01:10.906 --> 01:14.202 so that we can go fast? And I'm going to give you a tool to 01:14.226 --> 01:17.626 decide, okay and to empower you to make their decisions 01:17.738 --> 01:20.874 rapidly. So you want rapidly and accurately, how does it going to 01:20.882 --> 01:23.506 work? So there are two kinds of decisions. 01:23.658 --> 01:27.150 Decisions after which you cannot go back. 01:27.770 --> 01:31.442 Like let's say you made 01:31.466 --> 01:34.670 a decision, we're gonna go with 01:34.970 --> 01:38.242 this company, we're gonna buy this company in your 01:38.266 --> 01:42.226 company. Let's say you bought a company and you bought it, you can't unbuy 01:42.258 --> 01:46.018 it, right? That's not a thing. So there's many 01:46.074 --> 01:50.612 kinds of decisions that you completely cannot reverse or 01:50.796 --> 01:53.924 it will be so costly to reverse that it's 01:53.972 --> 01:57.680 almost as though you cannot reverse, will just be 01:57.980 --> 02:01.316 very bad outcome if you made a wrong decision. So there 02:01.468 --> 02:05.060 you don't really want to make a rapid decision. You want 02:05.100 --> 02:08.868 to research as much as possible, examine the issue from 02:08.924 --> 02:12.292 as many perspectives as you can. Because that decision is 02:12.316 --> 02:17.054 costly. But luckily very 02:17.142 --> 02:20.814 frequently, depending on your scenario, of course, I don't want to say most of 02:20.822 --> 02:24.210 the time or things like that, I don't want to label it. But very frequently 02:25.030 --> 02:28.526 decisions aren't like that at all. There's no 02:28.598 --> 02:32.046 one way decision. Most decisions or frequent 02:32.078 --> 02:35.886 decisions are. You can try something and if it doesn't 02:35.918 --> 02:38.894 work out, you can go back to where you were. 02:39.062 --> 02:42.668 For example, you might try to adopt some technology 02:42.804 --> 02:46.332 and play around with it a little bit. Not go all in. And if 02:46.356 --> 02:49.756 it works, you go further. If it doesn't work, go back to your previous 02:49.828 --> 02:53.612 technology, try another technology tool. Or you might try a 02:53.636 --> 02:56.764 marketing strategy. Try it a little bit. If it works, great, 02:56.852 --> 03:00.524 go all in. If it doesn't work, okay, don't try that marketing strategy. 03:00.652 --> 03:04.508 Drop it. If you hire an employee or a freelancer, 03:04.604 --> 03:07.948 if they work out, fantastic. If they don't work 03:08.004 --> 03:12.062 out, it's not great. But you can back out 03:12.086 --> 03:15.290 of that decision, right? You can hire different staff. 03:15.590 --> 03:19.262 And so when you have decisions that are the kind of 03:19.286 --> 03:22.990 double door, you can come into that door but leave that 03:23.030 --> 03:27.170 decision, then you want to make rapid decisions. 03:28.070 --> 03:31.966 If the consequences are not 03:32.038 --> 03:35.342 mission critical or incredibly damaging, in case they are 03:35.366 --> 03:38.834 wrong, this is where you want to give agency. 03:38.882 --> 03:43.202 Let's say you work for a bigger company and you're not a manager. 03:43.346 --> 03:47.570 This is where you want to give the ability to make decisions to 03:47.610 --> 03:51.426 lower level staff, more junior staff, so that you can go more rapidly. 03:51.458 --> 03:55.522 Of course they should consult with other employees, managers, they shouldn't just 03:55.546 --> 03:58.226 work by themselves. But this is where, 03:58.378 --> 04:01.982 if you don't escalate the decision, let's say, do I want to 04:02.106 --> 04:05.862 use this paperclip or this paperclip? And you don't have to escalate that decision 04:05.966 --> 04:09.766 up, up, up, up at the ranks of the managers, you can make that decision 04:09.838 --> 04:13.062 on your own. And the more rapidly that you make decisions 04:13.126 --> 04:16.582 as trivial as the paper clip. But sometimes, should I write this 04:16.606 --> 04:20.342 in the report? Should I do this in the code? Should I add 04:20.366 --> 04:23.574 this feature that's tiny? This is the kind of 04:23.582 --> 04:27.590 things that the more you make decisions by 04:27.630 --> 04:31.652 yourself without extra research, knowing that you can 04:31.676 --> 04:35.364 try it and back out, that's going to help you have 04:35.452 --> 04:39.124 more rapid iterations of innovation in your work 04:39.212 --> 04:42.356 and in your productivity. And now 04:42.508 --> 04:45.812 after this video, I hope you understand that 04:45.836 --> 04:49.460 there's a bucket of. Here's what we have to research and 04:49.500 --> 04:53.284 cannot decide quickly. Mission critical, things that will be costly 04:53.332 --> 04:57.298 or impossible to back out of. But things that you can back 04:57.354 --> 05:00.990 out of or that are not costly to back out of, 05:01.450 --> 05:05.362 you want to make rapid decisions on those so that your organization can 05:05.386 --> 05:08.962 move quickly. A classic example. I get this all 05:08.986 --> 05:13.506 the time in the business planning environment, in the intrapreneurship 05:13.538 --> 05:17.470 environment. People tell me I want to start a 05:17.850 --> 05:21.202 car cleaning business or a lawnmower 05:21.266 --> 05:24.602 business and I want to write a business plan and I want to plan it 05:24.626 --> 05:28.042 out for that business. There's not a lot of planning. 05:28.186 --> 05:31.402 I mean, there's a little bit, but you just 05:31.506 --> 05:34.618 learn more and get more done when you get in there. 05:34.674 --> 05:39.070 This is where a decision, it's not incredibly consequential. 05:40.130 --> 05:44.058 You can just start. It's better to just start, start your 05:44.114 --> 05:46.938 marketing, start trying to get clients, all that. 05:47.074 --> 05:50.934 But if, on the other hand, you told me, I want to start a gym, 05:50.982 --> 05:54.374 okay, it's going to cost you $200,000 or $300,000 05:54.422 --> 05:57.830 to lease the space, hire employees, get the equipment, all those 05:57.870 --> 06:01.590 things, get the permits. Okay, well, that's a really, really, really big 06:01.630 --> 06:04.902 decision, right? So you want to think about it 06:04.926 --> 06:07.910 from all angles, research it a lot, etc. Etc. 06:07.990 --> 06:11.670 You see so different scenarios. Under start 06:11.710 --> 06:15.312 a business, you can think, how difficult is it 06:15.336 --> 06:18.672 to just try? If it's easy to try, you want to go fast. 06:18.736 --> 06:22.352 If it's not easy to try, if it's consequential, then you want to 06:22.376 --> 06:25.632 be deliberate and consult with other experts, 06:25.696 --> 06:29.216 other people, think about it from different angles. Really, really consider 06:29.288 --> 06:33.040 the problem from every situation. So that's the 06:33.080 --> 06:36.560 power of deciphering and distinguishing between these 06:36.600 --> 06:40.506 two kinds of decisions so that you can know when to go rapidly 06:40.648 --> 06:43.606 and move your business along, or professional work, 06:43.678 --> 06:46.886 move it along fast or be deliberate 06:46.918 --> 06:47.750 in the right moments.