Struggling with making a big choice in life? Toss a coin! Just kidding! Flipping a coin isn’t a good option when it comes to potentially life-changing decisions. Fortunately, there is a perfect decision-making method for those times when you simply can’t decide which course in life to take.
Have you ever heard of the Regret Minimization Framework? This is a simple model in which you look forward in your life to when you’re eighty and ask yourself if you would regret not going through with the decision you’re dealing with now.
Famously, this tool helped Jeff Bezos to start Amazon. You could benefit from this tool when approaching tough decisions as well.
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 likely the easiest decision for him.
As he was struggling with this choice, Bezos came up with this Regret Minimization Framework.
Bezos put himself in his own shoes when he was eighty, and asked himself if he’d regret not having tried to open an online business. 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 Bezos make this life-changing decision.
Are you currently struggling with any big decisions that could impact your life in a big way?
Life is full of big decisions. Should you move to a different city or country?Should I open my own online business? Would it be better for me to stay or go?
These choices are never easy to make, and you will face them a lot. If you’re struggling with one right now, keep this in mind and ask yourself, “In X years, will I regret not doing this?” If your answer is yes, it’s worth it to give it a shot.
Taking the leap and pushing your boundaries is all about personal development and learning. That’s one thing in life we should never stop doing. If you’re not learning, you’re not growing, and without growing, there’s no change. Be the change that you want to see in your own life. Change your mindset if it’s holding you back, and prove to yourself that you can beat whatever big decision you may be facing right now.
There’s another saying that says if you’re upset or worried about something, ask yourself if it’s going to matter in five years. If it will, it deserves your attention. If it doesn’t, forget about it. This is on a much smaller scale in comparison to the Regret Minimization Framework, but it’s still applicable.
It should be stated that the Regret Minimization Framework should only be applied to some situations. Yes, this model can help you make yes or no decisions a little easier, but you must also be sure you have a strategy in place to implement your plans. Make sure you have support, enough knowledge, and the ability to do what you want. We encourage you to live your best dreams, but be smart about it. Having a good strategy will help you with that.
What do you think about the Regret Minimization Framework? Do you have a decision that it could help you with? Did you use it, and how did it impact you? Share it with us by following CanScribe on Facebook by leaving us a comment on this post or on our socials! Tune into our socials for more news, tips, and information!