Friday, April 10, 2020

The Mindset That Can Change Your Life

If you want to succeed in life, there is an important mindset you need to have. Without it, it’s unlikely that you will make much progress. But with it, you can have a breakthrough. The mindset is this:
Failure is an option
It might seem simple, but this mindset can make a big difference in your life.

A while back I read an article about how Domino’s Pizza reinvented itself. In 2010, its stock price was only $8.76 per share. But then Patrick Doyle became CEO and started working to reinvent the company. Guess how much the stock price is now? It’s $340 per share! How is that possible? How could the company make such a progress?

One big reason is because Doyle has this mindset. For him, failure is an option.
He explains that there are two great ills called “omission bias” and “loss aversion”:

Omission bias is the tendency to worry more about doing something than not doing something, because everyone sees the results of a move gone bad, and few see the costs of moves not made. Loss aversion describes the tendency to play not to lose rather than play to win.

We all need to overcome these two ills. Why? Because they make us just stay in our comfort zone. They make us unwilling to try new things because we may fail and look bad in front of others.

To overcome them, you need to have the right mindset. The right mindset is this: failure is fine, so take risks and try new things. Having this mindset can change your life.

Here are three tips to put this mindset into action:
1. Know your options.
Before you can try something new, you need to know your options. You need to know what the possibilities are. So make sure that you stay informed. For this, you should read books, blogs, or listen to podcasts. Then when you find something interesting, take note of it.

2. Experiment.
After knowing your options, you need to experiment with them. One way of doing this is to create side projects. 

3. Learn and adjust.
Your side project could come out as a success or a failure. If it fails, then that’s fine; just regard it as a learning opportunity. Learn all you can from it and adjust yourself accordingly. If it succeeds, then you can commit more resources to it.

You need to take risks to make progress in your life. Yes, you could fail, but remember that you could succeed. The success will never come if you never try.

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