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What potential major life change simultaneously tempts and terrifies you? Got a startup idea you've been too scared to pursue? Want to cha ...
Lorem ipsum dolor sit amet, consectetur adipiscing elit. An, partus ancillae sitne in fructu habendus, disseretur inter principes civitatis, P. Atque haec coniunctio confusioque virtutum tamen a philosophis ratione quadam distinguitur. Ergo in gubernando nihil, in officio plurimum interest, quo in genere peccetur. Ex rebus enim timiditas, non ex vocabulis nascitur. Itaque hic ipse iam pridem est reiectus; Duo Reges: constructio interrete. Ita similis erit ei finis boni, atque antea fuerat, neque idem tamen;
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Sed potestne rerum maior esse dissensio? Quicquid porro animo cernimus, id omne oritur a sensibus; At quanta conantur! Mundum hunc omnem oppidum esse nostrum! Incendi igitur eos, qui audiunt, vides. Cuius ad naturam apta ratio vera illa et summa lex a philosophis dicitur. Quid igitur dubitamus in tota eius natura quaerere quid sit effectum? Tubulum fuisse, qua illum, cuius is condemnatus est rogatione, P. Quis suae urbis conservatorem Codrum, quis Erechthei filias non maxime laudat? Quid ad utilitatem tantae pecuniae? Cum autem in quo sapienter dicimus, id a primo rectissime dicitur. Unum nescio, quo modo possit, si luxuriosus sit, finitas cupiditates habere.
- Use the Regret Minimisation Framework to challenge fears and doubts
This mental model helps you ...
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Itaque fecimus. Restinguet citius, si ardentem acceperit. Expressa vero in iis aetatibus, quae iam confirmatae sunt. Tum ille: Ain tandem? Quicquid porro animo cernimus, id omne oritur a sensibus; An eum discere ea mavis, quae cum plane perdidiceriti nihil sciat? Quid autem habent admirationis, cum prope accesseris? Quae quidem vel cum periculo est quaerenda vobis; Rem unam praeclarissimam omnium maximeque laudandam, penitus viderent, quonam gaudio complerentur, cum tantopere eius adumbrata opinione laetentur? Ut id aliis narrare gestiant? Fatebuntur Stoici haec omnia dicta esse praeclare, neque eam causam Zenoni desciscendi fuisse.
Potius inflammat, ut coercendi magis quam dedocendi esse videantur. Partim cursu et peragratione laetantur, congregatione aliae coetum quodam modo civitatis imitantur; Hi autem ponunt illi quidem prima naturae, sed ea seiungunt a finibus et a summa bonorum; Quae est igitur causa istarum angustiarum? Hoc ipsum elegantius poni meliusque potuit. Audio equidem philosophi vocem, Epicure, sed quid tibi dicendum sit oblitus es. Quorum altera prosunt, nocent altera. Quaesita enim virtus est, non quae relinqueret naturam, sed quae tueretur. Quae cum essent dicta, discessimus. Quod praeceptum quia maius erat, quam ut ab homine videretur, idcirco assignatum est deo. Quis enim est, qui non videat haec esse in natura rerum tria? Nunc omni virtuti vitium contrario nomine opponitur.
The Regret Minimisation Framework tends to take an emotive approach to decision making that might lead people to take riskier actions than are advisable. At worst, when not used with other decision making considerations, it might be used to justify hasty or even reckless behaviour. To that point, rather than an considered decision making tool, it might be argued that this framework is more about helping to gain the courage and fortitude to commit to something significant that you know you want but are scared of doing.
Bezos starting Amazon
Bezos described how he left his well paying job and to start Amazon.
“The framework I found, which made the decision incredibly easy, was what I called — which only a nerd would call — a “regret minimisation framework. So I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.
“I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not ever having tried."
The regret minimisation framework is a decision-making approach that would ideally be combined with other decision making process.
Use the following examples of connected and complementary models to weave regret minimisation framework into your broader latticework of mental models. Alternatively, discover your own connections by exploring the category list above.
Connected models:
- High velocity decisions: other decision making tools from Bezos.
- Opportunity cost: the regret minimisation framework effectively asks you to ‘live into’ the opportunity cost of inaction.
Complementary models:
- Golden circle: using the framework might help connect with ‘why’.
- Ikigai: again, the framework might help get in touch with a happier life.
- Risk matrix: consider risks likelihood and impact.
This is a similar concept to the more recent ‘YOLO’, or you only live once’ approach to seizing opportunities.
The Regret Minimisation Framework was coined by Jeff Bezos, and described in Brian Christian’s Algorithms to Live By: The Computer Science of Human Decisions.
View a short video of Bezos talking about this framework.
My Notes
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