Regret Minimisation Framework

As you grow older, you’ll find the only things you regret are the things you didn’t do.

The whole Jeff Bezos and Amazon story has always interested me- is a force to be reckoned with and has fundamentally changed the way we buy things online.

Clearly Jeff Bezos, the founder of Amazon, is a smart guy and certainly approaches his life and business in a very pragmatic and analytical way, taking risks but calculating as much of that risk as possible.

Watching a speech he gave a few years ago, he covers his transition from working on Wall Street and starting out on his own. He tested 20 or so ideas and settled on books as selling books online on the scale he planned was not possible in the real world and thus gave him a USP and in the longer term a distinct advantage.

Harnessing the 2300% growth of the internet at the time and looking ahead to predict that anything with 2300% growth will have some long term impact and staying power, Jeff let the numbers guide him to his decision.

With a decision about what to do he used his self coined “regret minimisation framework” to seal the deal and decide that taking action – even if he were to fail – was favourable to not taking action and never knowing.

It’s a cliché that you only regret the things you didn’t do but most clichés are true to a degree and using his analytical and considered approach Jeff gives an old concept a new and relevant spin.

The question is, can you incorporate facts, figures and odds to help make your decisions in life? rather than working on assumption and emotion?

Check out the whole Amazon story here