Processes vs outcomes

Don’t fall into the trap of only keeping track of your outcomes. It is important to note the difference between the work you put in leading up to the outcome and the outcome itself. What I mean by this is that no matter what you do to prepare for a certain event, there will always be luck involved which is out of your control. For example, you could know the probability that something will occur “X” percent of the time (like a poker hand) and be a relatively good predictor of that thing actually happening. But no matter how much information you have, you have no control over the amount of luck (in your favor or against you) which will occur.

Say you’re playing Texas Hold’em. You’re dealt pocket aces (two of the highest cards) to start the hand. Unless one of your opponents has the other two aces in the deck, you always are starting out with the higher probability of winning before any other cards are shown. But say you lose with that starting hand 3 times in a row. Would you vow to never play pocket aces again, even though statistically you are favored to win? No. That would be valuing the outcome over the process.

The processes you follow should be based on what gives you the best chance to achieve your goals. It may not always work in your favor, but if you are always putting yourself in position to succeed, more often than not, you will.

Measure your processes, not the outcomes. If the outcomes always seem to be going against you, test your assumptions about the processes (maybe you’re missing something). And be sure to not only dwell on the negative outcomes (it’s easier to remember something bad that has happened as opposed to the many good things that have occurred).