Taking asymmetric risks

What has a very low cost, but could have a major reward (or save you from disaster)? This should be thought of in terms of any of your resources (most importantly, your time, money, and energy).

For example, buckling your seatbelt takes two seconds, but it can save your life (or save you from an expensive ticket). The reward (living and/or saving money) seems to be well worth the cost (a few seconds).

Where can you find these asymmetric risks in life? Whenever you find them, make sure you take advantage of it.

Being a perfectionist…

You’re not a perfectionist. You’re just scared.
“You’re not a perfectionist. You’re just scared.” – Gary Vaynerchuk

Don’t aim for perfection. To claim that you’re a perfectionist…it’s not funny, it’s not cute, it’s not admirable. Being a perfectionist STOPS you from achieving because nothing will ever be perfect. That’s why there’s a common phrase, “DONE is better than perfect.” Otherwise you’ll keep waiting for perfect and never get anything done…

If you really want to move forward and achieve your goals more quickly, you will do something to the best of your ability and submit it. After getting feedback of what worked and what didn’t, you’ll modify your actions – tweaking what did work to slightly improve it, and eliminating or changing what didn’t work. You’ll get those results back and continue the process.

The goal should be not to “never fail,” but instead to fail quickly. The word “fail” here is not meant to be permanent. If you fail and then never try anything again, then, yes, it’s a failure. But if you fail and use that information to get better/move you closer to your goals, it was actually a success.

How do you view failure?

How do you view failure? Are you afraid of it? Is it something to be avoided at all costs?

I used to think about failure that way. It was my biggest fear. I didn’t want to look dumb by not knowing something, or by trying to do something and being inadequate at it. That was a nightmarish scenario in my mind.

But the more I read, the more I realized that life’s greatest entrepreneurs, the most innovative thinkers, and the people we often think of as the most outwardly successful all had one thing in common. All of them took chances and they all failed along the road to success.

Many of them “failed fast.” And that’s actually a strategy for a lot of successful people. Why take a year to fail at something when you can get the same lessons by failing within a couple of weeks? Fail quickly, make corrections, then try again. If you fail again, make more corrections and repeat.

You are more likely to see quicker progress (and, ultimately achieve your goal) if you fail quickly as opposed to slowly. There are many reasons for that, but I believe the two most important reasons are this:

1. You’re taking action. If you want to achieve something, take massive action. Most of us set too long of a timeframe to achieve our goals. We can accomplish them much quicker if we just take bigger, more frequent steps to get us towards our goals. You need to build momentum.

2. You feel more accomplished. It’s a little counterintuitive that you feel more accomplished after failing quickly, but hear me out. You’re taking action, moving (mostly) in the right direction over a short period of time. That feels way better than slowly doing something because you can see a tangible difference in where you are today versus where you were a week or two ago. Not only that, but say you move slowly and then realize after a year that whatever project you were working on wasn’t going to work. How unmotivating is that? You just “wasted” a year trying to do something when, if you would have taken massive action, you could have figured out in months? That’s rough.

Failure is a good thing as long as it doesn’t kill you (or your business) and you learn from it. Get back up after you’ve been knocked down. Try something new and you will be one step closer to your goal. One of my favorite quotes is from Denis Waitley. He said, “Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead-end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.” So go be somebody. Go do something. You’re only a failure if you either don’t try in the first place or if you quit.

Take a shot, take a chance

You miss 100% of the shots you don’t take.
“You miss 100% of the shots you don’t take.” – Wayne Gretzky

“You miss 100% of the shots you don’t take.” – Wayne Gretzky

This quote isn’t just about hockey, or basketball, or any other sport for that matter This quote is a metaphor for life. If you want something more for yourself or your family, you have to take a shot at it. You might miss. It might be embarrassing. But if you don’t take the shot, and you “play it safe,” eventually you’ll realize that playing it safe wasn’t so safe after all.