Right Attitudes

Ideas for Impact

Mental Models

The Problem of Living Inside Echo Chambers

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The Problem of Living Inside Echo Chambers Psychologists use the term realistic ignorance to explain the human tendency to believe that we’re normal—that the way we see and do things is entirely representative of everybody else.

Realistic ignorance is intensified by our natural desire to associate with people similar to ourselves.

Social media algorithms make this worse—they reinforce our attitudes but not change them. They steer us to the type of stuff we already know and like. They make it easy for us to form our own echo chambers, packed with people who share the same views. This causes confirmation bias. Tribal allegiances form flawed ideas and viewpoints about what is typical for organizations and communities.

Idea for Impact: Seek out and engage thoughtful folks who don’t think like you. Discuss, debate, and improve your reasoned understanding of one another and of the crucial issues. Your goal should be to enhance your own awareness of the counterarguments in contentious matters, not win over anyone.

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More from Less // Book Summary of Richard Koch’s ’80/20 Principle’

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Vilfredo Pareto, Italian Sociologist - The 80-20 Principle The Italian sociologist Vilfredo Pareto (1848–1923) recorded a “maldistribution” between causes and effects in economic statistics. It’s an observable fact that a minority of reasons—nominally around 20%—tends to produce a majority—80%—of the results.

Most Effects Come from Relatively Few Causes

More than a century later, the Romanian-American quality control pioneer Joseph Juran (1904–2008) embraced Pareto’s notion and demonstrated that 80% of all manufacturing quality defects are caused by 20% of reasons. Juran urged managers to identify and address the “vital few” or the “critical few “—the small fraction of elements that account for this disproportionally large fraction of the effect.

This Pareto Law, 80/20 Rule of Thumb, Zipf’s Principle of Least Effort, Juran’s Law of the Vital Few, 80-20 Thinking—call it what you want—permeates every aspect of business and life. Now that you know about it, you’ll start seeing it everywhere.

80/20 Principle - More from Less A fifth of your customers accounts for four-fifths of your sales. 20% of your employees are responsible for the majority of your firm’s productivity. 20% of your stocks will be responsible for 80% of your future gains. You tend to favor 20% of your clothes and wear them 80% of the time. You spend 80% of your socializing time with 20% of your friends. 20% of the decisions you’ve made during your life have shaped 80% of your current life. 80 percent of the wealth tends to be concentrated with 20 percent of the families.

The Pareto principle is a state of nature (the way things happen) and a process (a way of thinking about problems.) The 20% are the sources of the most significant potential impact.

The Remarkable Variance of Contributors and Effects

'The 80-20 Principle' by Richard Koch (ISBN 0385491743) Richard Koch’s 80/20 Principle: The Secret to Achieving More with Less (1999) elaborates on using this seminal prioritization principle. “The 80/20 Principle asserts that a minority of causes, inputs, or effort usually leads to a majority of the results, outputs, or rewards. … The winners in any field have … found ways to make 20% of effort yield 80% of results.”

Koch explains ad nauseam that most of us work much too hard and produce much less in relation to what could be produced. If trying harder hasn’t worked, perhaps it’s time to try less.

  • Invest your time and effort more wisely. Don’t address the less significant elements. “Most things always appear more important than the few things that are actually more important.” Examine what you do of low value. In other words, eliminate or reduce the 80% of efforts that produce less-significant results.
  • Know when to stop. Once you’ve solved the 20% of the issue to deliver 80% of the impact, any further effort can only achieve diminishing returns.

Idea for Impact: In most areas of human activity, just 20% of things will be worthwhile.

Recommendation: Speed-read Richard Koch’s 80/20 Principle. It’s an excellent reminder that not all effort is equal, so it pays to focus on what matters most.

Embrace the “80-20” frame of mind in everything you do—at work and home. Unless you want to spend every waking hour working, it’s essential to learn how to focus your efforts on the most promising, impactful aspects of what needs to be done.

  • Realize that few things really matter in life, but they count a tremendous amount. These vital things may be challenging to discover and realize, but once you find these things that really matter, they give you immense power—the power that gives you more from less. Spend a disproportionate amount of time and energy making sure these decisions are made well, and you put yourself in the best position you can in the process.
  • If you want to improve your effectiveness at anything, focus only on what matters most. Be extraordinarily selective—spend time resourcefully on the few essentials that matter the most and little or no time on the massive trivia that engulfs most of your time.

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Don’t Ruminate Endlessly

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Don't Ruminate Endlessly Say you’re in the market for a laptop but just can’t bring yourself to pick out the right model. You’ve spent countless hours comparing different models, visiting various websites, reading reviews, exploring stores, and researching all the available features, even though you’re unlikely to use most of them. Draining indeed!

Too Much Choice Can Stress You Out

Choice may be a great “problem” to have. Books such as Barry Schwartz’s The Paradox of Choice (2004) and Sheena Iyengar’s The Art of Choosing (2011) have exposed how increased choice may be bad for you.

Sometimes, the only thing worse than never having a choice is always having to choose.

Overthinking can trip you up. You can get confused when you have too much information or overthink about what you should be doing. Behavioral scientists such as Schwartz and Iyengar call this phenomenon “choice paralysis.”

Combat your indecisive nature by limiting your search, say, by establishing a cut-off time. Tell yourself that you’ll look around for two hours and then you’ll buy the best laptop you’ve come across in that time.

Use opportunity cost as a filter. Don’t poke around the internet for a better deal on an airfare or follow an eBay auction if you’re saving less than, say, $15 per hour spent deal-hunting.

Idea for Impact: Choose to Reduce Choice. Simplify and Prioritize.

Overthinking everything can make everyday life a challenge. Unnecessary analysis costs time and money and causes psychological wear.

The benefits of forgoing further rumination and acting on available information often offset the from needing to do everything perfectly.

  • Choosing when to choose is important. Rethink which choices in your life really matter and focus your time and effort there. Life is all about values and priorities.
  • In decision-making, simple beats complex. Reject complexity and accept that you’ll be sure that you’ve made the right choice. Make a decision, and then change course if it ends up being horribly wrong. As Amazon founder Jeff Bezos has written in his 2016 letter to shareholders, “If you’re good at course correcting, being wrong may be less costly than you think.”

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How to Turn Your Fears into Fuel

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How to Turn Your Fears into Fuel

Self-doubt is an Important Motivator

It doesn’t matter how successful creative people actually achieve. Feeling inadequate is a common malady in showbiz.

Barbra Streisand avoided live performance for 27 years.

Adele has said, “I’m scared of audiences. My nerves don’t really settle until I’m off stage.” Her concerts mean so much that she fears letting her audience down.

Kate Winslet has admitted, “Sometimes I wake up in the morning before going off to a shoot, and I think, I can’t do this; I’m a fraud. They’re going to fire me—all these things. I’m fat; I’m ugly.”

Otis Skinner, one of the great 19th-century matinee idols, once told his daughter Cornelia “Any actor who claims he is immune to stage fright is either lying or else he’s no actor.”

These superstars are not alone. Michael Gambon, Meryl Streep, Kenneth Branagh, Richard Burton, Fredric March, Andrea Bocelli, Ewan McGregor, Steven Osborne, Derek Jacobi, Stephen Fry, Eileen Atkins, Maureen Stapleton, Ian Holm, Renee Fleming, Carly Simon, Marilyn Monroe, Ellen Terry, Rod Stewart, and Peter Eyre—even actor-trainers such as Lee Strasberg and Konstantin Stanislavsky—have suffered from varying degrees of stage fear.

Fear is a universal problem.

Give voice to your fear self-doubt & take action

Many icons suffer from stage fear, often from the weight of expectation that their reputations place upon them. They throw up, feel paralyzed, or break into cold sweats. Adele once got so unnerved that she escaped from the fire exit at an Amsterdam concert venue.

Laurence Olivier Suffered Stage Fright Even in His Sixties Consider actor Laurence Olivier, who suffered stage fright even in his sixties when he was the world’s most revered stage performer. Even at the pinnacle of his fame, the National Theatre’s stage manager had to prod Olivier onstage every night.

Laurence Olivier suffered five years of agonizing dread following a press night in 1964, when he found his voice diminishing and the audience “beginning to go giddily round.” He developed strategies. When delivering his Othello soliloquies, he asked his Iago to stay in sight, fearing, “I might not be able to stay there in front of the audience by myself.” He asked actors not to look him in the eye: “For some reason, this made me feel that there was not quite so much loaded against me.” The venerable Sybil Thorndike gave him trenchant counsel: “Take drugs, darling, we do.”

As a sidebar, when Olivier made his stage debut playing Brutus at a choir school in London, Thorndike was in the audience. After seeing Olivier on stage for just five minutes, she turned to her husband. She declared, “But this is an actor—absolutely an actor. Born to it.”

Focus on what needs to be done & break the shell of fear and self-doubt

Some of our most admired icons experienced self-doubt—even Abraham Lincoln and Mahatma Gandhi. What distinguishes most successful people is that they engage their fear. They accept that diffidence and adrenalin rush are something that they must deal with.

Interestingly enough, it’s often the mature performer, not the novice, who’s most likely to succumb to a seizure of nerves. However, superstars know in their heart of hearts that fear of inadequacy isn’t shameful. It’s normal. It’s part of the profession. It’s human.

Successful people know how to turn anxiety into energy. They take steps to minimize adverse effects. Through action, they transform their fear into vitality. Fear becomes fuel. They refuse to let their fears get in the way of their goals and success. They overcome fear through the love of the work and channel the sense of the audience’s or constituency’s expectation and goodwill into their best performance.

Idea for Impact: Don’t Fear it, Embrace it.

It’s natural to feel apprehensive when embarking on any venture. Don’t drown in a sea of self-doubt.

Overconfidence can take the edge off the feeling that you need to work hard. It’s ironic that high self-confidence, so often advised as the cure for low achievement, can cause it.

Fear invites you to work harder on your methods, strategies, and skills. It’s undoubtedly more preferable than the alternative. High self-esteem and overconfidence can lead to complacency and no growth. As Nobel laureate Kazuo Ishiguro reminds in The Remains of the Day (1989,) “If you are under the impression you have already perfected yourself, you will never rise to the heights you are no doubt capable of.”

Focus on turning your fears into positive motivators to improve your work. Action transforms anxiety into energy. The “angels” want you to succeed.

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How to Face Your Fear and Move Forward

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The smartest people I know of are those who realize that fear can be immobilizing. They understand that being so afraid of failing at something can push them to decide not to try it at all.

Philip Anschutz - Face Your Fear and Move Forward Consider American billionaire Philip Anschutz’s meditations upon his induction to the Horatio Alger Association of Distinguished Americans, 2000:

I’ve had a lot of failures and made mistakes, and it’s important to know that none of these are irreversible in your life. You can fix them. Failure is part of the game. You’ve got to have them, and you should do things every day that scare you a little. You’ve got to take risks, and you’ve to make hard decisions—even when you yourself are in doubt. It’s not failure, but the fear of failure that stops most people.

Idea for Impact: Don’t let fear stop you from moving forward.

Fear of failure has a way of undermining your own efforts to avoid the possibility of a larger failure. But when you allow fear to hinder your forward progress in life, you’re destined to miss some great opportunities along the way.

One of the most powerful ways of reducing the fear of failing is to analyze all potential outcomes, have a contingency plan, and start small. Be open to constantly revising your understanding, changing your mind, and cutting your losses. Be open to reconsidering a problem you think you’ve already solved.

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Ask for Forgiveness, Not Permission

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Ask for Forgiveness, Not Permission A long time ago, I heard the managerial maxim, “you will move as fast as you can make decisions.” Amen to that.

That complements the mantra “’tis better to seek forgiveness than to ask permission”—that’s the oft-repeated rallying cry of entrepreneurial thinking.

You need to know when you shouldn’t—and can’t—wait for someone else’s approval to do the things you need to do to succeed. Every time you ask for buy-in, approval, or agreement, you’ll slow yourself down.

Depending on what’s at stake, you’ve got to know when moving forward does need consent. As with everything, you want to know your manager, team, partner, or spouse, how they operate, and their expectations for the group effort. If something’s an important-enough decision with high stakes, they’ll want to be in the loop.

Idea for Impact: Live speed. Where possible, don’t let dilly-dallying for permission endanger your decision-making success. It’s not about taking advantage of situations but about knowing when to push the boundaries. Where possible, aggressively move forward on your own and “get it done.”

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Taking Your Creativity to the Next Level: How to Turn Your Hobby into a Business

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Whether it’s baking, painting, upcycling furniture, sewing, knitting, or spending time with animals, most people would love to make some money from doing what they enjoy the most. And the good news is that no matter what your hobbies are, there is always a way to make some money from them, whether you list items that you create for sale on Etsy in your spare time or start a full-time business doing what you love. Whether you’re looking for a side hustle to make some extra cash or want to start your own company and become your own boss doing something you love, here’s what to consider when turning your hobby into a business.

Understanding Your Goals

First of all, consider what you want to do with your hobby. Are you serious about turning it into your full-time, main source of income or are you looking for something to do in your spare time to make some extra cash from what you enjoy the most? Bear in mind that you’ll need to work harder if you’re going to rely on the income that you bring in from your hobby business, so make sure that you are okay with turning something that you normally do for fun into your full-time job—it can become much different when you have to do it to earn money, rather than just doing it for the pleasure.

Decide How to Make Money from Your Hobby

There are several different ways to make some money from your hobby. If you are a creative person and enjoy making items like paintings, home furnishings, handmade clothing, jewelry, or handmade furniture, then you could start your business by selling the items that you create on sites like Etsy, Facebook Marketplace, eBay, or even your own eCommerce store. Another option to consider is creating an online course that other people can purchase to learn from you and get better at a hobby or skill that you are good at. This is an ideal option if you have been enjoying a hobby for many years and are seriously talented, and people often come to you for help if they want to learn how to do it.

Making the Space

If you have a creative hobby that you want to turn into a business, chances are that you are going to need some workshop space to get started. Bear in mind that once you start making products to order or making more products than you usually would in order to sell them, you’re going to need more room to complete everything and store your tools and materials. Consider the type of hobby that you are going to turn into a business and how much space you’ll need—paper crafts, for example, will probably not require as much space as upcycling furniture. A spare room, garage, or conservatory could make an ideal workshop or you might want to consider hiring a storage unit or workshop space to work out of in your area.

Insuring Your Business

Before you start turning your hobby into a business and selling the products that you create, it’s important to make sure that you are adequately insured. A good insurance policy will cover you if anything goes wrong with any of your products and will protect you from the financial implications of lawsuits if a customer is hurt or injured when using your product. No matter how much care you take to ensure that your products are safe, you can never be too careful when it comes to this step. Check out business insurance by Next to get started. They offer a wide range of insurance products that are ideal for home-based hobby businesses no matter what you are making and selling. Check out their website to learn more and get a quick quote.

Change Your Mindset

Finally, when you’re used to doing something as a hobby, it can be difficult to change to a business mindset. However, your hobby has now become your job and it’s unlikely that you’re going to have the same freedom as before. But, don’t let it get tedious and make sure that you still spend time enjoying your hobby as a hobby, by making gifts for family and friends and something for yourself too.

Making money from doing something that you enjoy is a great way to live your dream. If you have a hobby that you are passionate about, why not turn it into a business?

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Why Your Judgment Sucks // Summary of Daniel Kahneman’s Thinking, Fast and Slow (2011)

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Israeli-American psychologist Daniel Kahneman’s bestselling Thinking, Fast and Slow (2011) describes the finer points of decision-making. It’s an engaging showcase of the innate biases of the mind and unthinking approaches to decision-making.

Human Beings are Intuitive Thinkers

'Thinking, Fast and Slow' by Daniel Kahneman (ISBN 0374533555) Kahneman is a behavioral economics pioneer and the winner of the 2002 Nobel Memorial Prize in Economic Sciences. His lifelong collaboration with Amos Tversky (1937–96) has molded humans’ thinking about human error, risk, judgment, decision-making, happiness, and more. Tversky died in 1996, so he did not share in the Nobel.

Thinking, Fast and Slow explores what Kahneman calls the “mind’s machinery” as two coexisting modes of thought (“fast and slow,” as the title says.) Kahneman splits the brain into two radically divergent ways, employing a two-tier model of cognition.

  • System One makes judgments instantly, intuitively, and automatically, as when a cricket batsman decides whether to cut or pull. A significant part of System One is “evolved heuristics” that lets us read a person’s expression in a microsecond from a block away, for example. And it can’t be switched off. System One’s thinking is fast and effortless. It often jumps to the wrong conclusions, relies on hunches and biases, and perhaps overconfident.
  • System Two is slower, conscious, calculated, and deliberate, like long division. Its operations require attention. System Two is what we think of as “thinking”—slow, tiring, and essential. It’s what makes us human. Even if System Two believes it is on top of things, System One makes many of our decisions.

System One Isn’t All Flawed

In a world that often necessitates swift judgment and rapid decision-making (e.g., fight or flight,) a person who solely relies on deliberative thinking (System Two) wouldn’t last long. Doctors and firefighters, for example, through training and repetition, develop what’s called “expert intuition” that helps them identify patterns and impulsively devise the right response to a complex emergency.

We as humans are not simple rational agents. Consequently, our thinking boils down to two “Systems” of thinking/processing. As we strive to make better decisions in our work and personal lives, it benefits us to slow down and use a more deliberate System 2 way of thinking. Learn to doubt your fast/quick way of thinking!

Human Intuition is Imperfect

Israeli-American psychologist Daniel Kahneman, Author of Thinking, Fast and Slow (2011) Thinking, Fast and Slow is an eye-opener in various ways. It can be a frightening catalog of the biases, shortcuts, and cognitive illusions that come to err our judgment—the endowment effect, priming, halo effect, anchoring effect, conjugation fallacy, the narrative fallacy, and the rest. Such mental processes are not intrinsically flawed; they are heuristics—rules of thumb, stereotypes, shortcuts. They are strategies the mind embraces to find a path in a tsunami of data.

Kahneman teaches how to recognize situations that require slower, deliberative thinking. Kahneman asserts that the value of the book is to give people the vocabulary to spot biases and to criticize the decisions of others: “Ultimately, a richer language is essential to the skill of constructive criticism.”

Recommendation: Read Daniel Kahneman’s Thinking, Fast and Slow (2011.) As one of the most popular non-fiction books in the last decade, it’ll open your eyes to the quirky and error-prone ways in which you can be influenced in ways you don’t suspect.

The conceptions behind behavioral economics make Thinking, Fast and Slow a laborious read. Many chapters are bogged down by hair-splitting details of his rigorous scientific work and academic gobbledygook. It’s a commanding survey of this field, but it’s superbly written and intelligible to non-experts.

Complement with Rolf Dobelli’s accessible The Art of Thinking Clearly (2013.)

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The Unthinking Habits of Your Mind // Book Summary of David McRaney’s ‘You Are Not So Smart’

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Psychologists have argued that many cognitive biases are rooted in mental shortcuts. They are heuristics—rules of thumb, stereotypes, instincts—that help you make sense of the world. They aren’t intrinsically flawed, but, they’re often quirky and error-prone. Your mental models can affect you in ways that you don’t suspect.

'You Are Not So Smart' by David McRaney (ISBN 1592407366) David McRaney’s You Are Not So Smart (2011) suggests a brief—if hurried—tour of 48 cognitive biases that can deceive you. Based on the author’s popular blog, the book is a satisfying assessment of understanding people’s—and your own—behavior a little bit better.

There is a growing body of work coming out of psychology and cognitive science that says you have no clue why you act the way you do, choose the things you choose, or think the thoughts you think. … From the greatest scientist to the most humble artisan, every brain within every body is infested with preconceived notions and patterns of thought that lead it astray without the brain knowing it. So you are in good company.

Each chapter starts with a brief statement of a misconception followed by the fact. Then a synopsis of a related behavioral study shows how our brains produce the counterpart deception and the truth. Some of the less-known preconceptions discussed are,

  • Confabulation. You tend to create unreliable narratives to explain away your choices post hoc. These reassuring perceptions can make you think you’re more rational than you actually are.
  • Groupthink. People tend to fall in with the rest of the group to minimize conflict and foster group cohesiveness and social acceptance. No one wants to be the one person with a dissenting opinion.
  • Social Loafing. That others in a team will pick up your slack may induce you to put in less effort if you think you’ll get away with it. This can curb your own performance, even if you’re a conscientious, hardworking type. If you don’t feel your participation will be noticed, why bother putting in the effort?
  • Availability Heuristic. You’re likely to estimate the likelihood of an event based on your ability to recall immediate and easily accessed examples.
  • Fundamental Attribution Error. You tend to assign external reasons for your own behavior but internal motives to other people. For instance, if you’re late for a meeting, you’ll blame it on public transport. If someone else is running late for a meeting with you, you’ll blame it on her poor time-keeping.

Recommendation: Read David McRaney’s You Are Not So Smart. It’s an engaging, easy-to-read primer to how the mind works. Read it as a lead up to Daniel Kahneman’s bestselling dissertation Thinking, Fast and Slow (2011; my summary.)

Idea for Impact: Once you learn to spot the cognitive biases we all grapple with, they’re easier to overcome.

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This Hack Will Help You Think Opportunity Costs: Goals and Anti-Goals

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Goals and Anti-Goals---Opportunity Cost Making decisions is all about opportunity costs. For instance, every time you spend money to get something, you should ask yourself what else, perhaps of better value, you could get with that money—now or later.

The problem is, when forced to choose between something immediate and concrete and something else that’s comparatively abstract and distant, the opportunity cost could lack clarity.

Duke University behavioral economist Dan Ariely proposes the notion of “anti-goals” to help examine the trade-offs you’re forced to make. Ariely encourages pairing goals such that if you satisfy one, you’ll impede the other. For example, when choosing to spend $100 on an evening out today, you can consider a tangible anti-goal—say, saving for the family’s summer vacation—that’ll be held back.

Idea for Impact: Thinking about what you want to avoid—the anti-goal—is a potent tool. It allows you to focus on things that really matter.

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