Struggling with making a big choice in life? Toss a coin! Just kidding, flipping a coin isn’t always an option when it comes to life-altering decisions.
Fortunately, there is a perfect decision-making method for those times when you simply can’t decide which course to take. In this article, you will learn about the Regret Minimization Framework. This tool helped Jeff Bezos to start Amazon. You can benefit from this approach when making tough decisions too.
Regret Minimization Framework
Ok, we know it sounds a bit salesy, but the Regret Minimization Framework is exactly what led Jeff Bezos to start Amazon! When Bezos first considered starting Amazon, he was working for one of the biggest hedge funds in America.
Leaving a steady well-paid job for a risky online venture was not the easiest decision for him.
As he was struggling with this choice, Jeff came up with this Regret Minimization Framework.
Bezos asked himself, “When I’m 80 years old, would I regret NOT having tried to open an online business? Would I regret if I tried the business and it failed?”
The more he thought about it, the more he realized that his biggest regret would be if he never started the business in the first place. The idea of having never tried would haunt him much more than the fear of failing. Thinking about it this way helped Jeff Bezos make this life-altering decision. And, well, you know the story from here.
These choices are never easy to make, and you will face them a lot. You might even be struggling with one right now! If so, start with this question: in X years, will I regret not doing this? If your answer yes, GO FOR IT!