How to make faster decisions
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0:00 - 0:02You're probably familiar with FOMO.
-
0:02 - 0:04[This guy invented the term]
-
0:04 - 0:06That's short for "Fear Of Missing Out."
-
0:06 - 0:07It's that feeling you get
-
0:07 - 0:10when it seems everyone else
is doing something better -
0:10 - 0:11than what you're doing now.
-
0:11 - 0:13But there's another FO
you need to know about, -
0:13 - 0:15and it's far more dangerous.
-
0:15 - 0:16It's called FOBO,
-
0:16 - 0:18and it's short for "Fear
Of a Better Option." -
0:18 - 0:21[The Way We Work]
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0:23 - 0:25We live in a world of overwhelming choice.
-
0:25 - 0:27Even decisions that used to be simple,
-
0:27 - 0:30like choosing a restaurant
or making everyday purchases, -
0:30 - 0:32are now fraught with overanalysis.
-
0:32 - 0:35Technology has only made
the issue more pronounced. -
0:35 - 0:37If you want to buy a pair
of white shoelaces online, -
0:37 - 0:39you have to sort
through thousands of items -
0:39 - 0:41and read through hundreds of reviews.
-
0:41 - 0:44That's an astounding amount
of information to process -
0:44 - 0:47to just buy two pieces of string
that cost less than your morning latte. -
0:47 - 0:50Chances are you've experienced
FOBO when you've struggled -
0:50 - 0:53to choose just one from a group
of perfectly acceptable outcomes. -
0:53 - 0:55It's a symptom
of a culture which sees value -
0:55 - 0:58in collecting and preserving
as many options as possible. -
0:58 - 1:00You might wonder
why all of this is so bad. -
1:00 - 1:02It seems counterintuitive.
-
1:02 - 1:04Shouldn't it be a privilege
to have so many good options -
1:04 - 1:05to choose from?
-
1:05 - 1:09The problem is, FOBO induces
such severe analysis paralysis -
1:09 - 1:12that it can negatively impact
both your personal and professional life. -
1:12 - 1:14When you can't make
decisions with conviction, -
1:14 - 1:16you waste precious time and energy.
-
1:16 - 1:18Luckily, there is a way to overcome FOBO.
-
1:18 - 1:19Here's a secret.
-
1:19 - 1:23With any decision you make,
you first have to determine the stakes, -
1:23 - 1:25as this will inform
your decision-making strategy. -
1:25 - 1:26When it comes down to it,
-
1:26 - 1:29you only really face three
types of decisions in life: -
1:29 - 1:32high stakes, low stakes and no stakes.
-
1:32 - 1:33Let's start with no-stakes decisions.
-
1:33 - 1:35These are the minor details of life,
-
1:35 - 1:37where there is almost
never an incorrect answer, -
1:37 - 1:39and in a few hours,
you won't even remember -
1:40 - 1:41making the decision.
-
1:41 - 1:43A good example of this is
choosing what to watch on TV. -
1:43 - 1:46With thousands of shows,
it's easy to get overwhelmed, -
1:46 - 1:47yet no matter what you pick,
-
1:47 - 1:50the consequences
are basically nonexistent. -
1:50 - 1:52So spending more
than a few moments on FOBO -
1:52 - 1:54is a massive waste of energy.
-
1:55 - 1:56You just need to move on.
-
1:56 - 1:58When it comes to no-stakes decisions,
-
1:58 - 2:00the key is to outsource them
to the universe. -
2:00 - 2:03For example, you can whittle down
your choices to just two -
2:03 - 2:04and then flip a coin.
-
2:04 - 2:07Or try my personal
favorite -- ask the watch. -
2:07 - 2:10Assign each one of your choices
to one half of your watch, -
2:10 - 2:13then let the second hand tell you
what you're going to do. -
2:13 - 2:15Looks like I'll be having the fish.
-
2:15 - 2:17That brings us to low-stakes decisions.
-
2:17 - 2:20These have consequences,
but none are earth-shattering, -
2:20 - 2:22and there are plenty
of acceptable outcomes. -
2:22 - 2:25Many routine things at work,
like purchasing a printer, -
2:25 - 2:29booking a hotel or choosing
between possible venues for an off-site -
2:29 - 2:31are classically low-stakes in nature.
-
2:31 - 2:32Some thinking is required,
-
2:32 - 2:35but these aren't
make-or-break deliberations, -
2:35 - 2:37and you'll probably forget
about them in a few weeks. -
2:37 - 2:39Here, you can also
outsource decision-making, -
2:39 - 2:42but you want some critical
thinking involved, -
2:42 - 2:43as there are some stakes.
-
2:43 - 2:45This time, you'll outsource to a person.
-
2:45 - 2:47Set some basic criteria,
-
2:47 - 2:49select someone to present
a recommendation, -
2:49 - 2:50and then take their advice.
-
2:50 - 2:52Make sure to avoid
the temptation to canvass. -
2:52 - 2:54Your goal is to clear your plate,
-
2:54 - 2:56not to kick the can down the road.
-
2:56 - 2:58Now that you tackled low-stakes
and no-stakes decisions, -
2:58 - 3:00you've created the space
and time you'll need -
3:01 - 3:02to handle high-stakes decisions.
-
3:02 - 3:04These are things like
"which house should I buy" -
3:04 - 3:06or "which job should I accept."
-
3:06 - 3:09Since the stakes are high
and there are long-term implications, -
3:09 - 3:11you absolutely want to get it right.
-
3:11 - 3:14Before we get to work,
let's establish a few basic principles -
3:14 - 3:15to guide you through the process.
-
3:15 - 3:18First, think about
what really matters to you, -
3:18 - 3:19and set your criteria accordingly.
-
3:19 - 3:21Second, gather the relevant facts.
-
3:21 - 3:24Make sure you collect data
about all of the options, -
3:24 - 3:25so you can be confident
-
3:25 - 3:27that you're truly making
an informed decision. -
3:27 - 3:29And third, remember that FOBO, by nature,
-
3:29 - 3:31comes when you struggle to choose just one
-
3:31 - 3:34from a group of perfectly
acceptable options. -
3:34 - 3:36So no matter what you choose,
-
3:36 - 3:38you can rest assured
that the downside is limited. -
3:38 - 3:41Now that you've established
some ground rules, -
3:41 - 3:42the process can begin.
-
3:42 - 3:45Start by identifying a front-runner
based on your intuition, -
3:45 - 3:47then compare each of
your options head-to-head -
3:47 - 3:49with the front-runner, one-by-one.
-
3:49 - 3:52Each time, choose the better of the two
based on the criteria, -
3:52 - 3:53and discard the other one.
-
3:53 - 3:55Here's the trick to avoiding FOBO.
-
3:55 - 3:58When you eliminate
an option, it's gone forever. -
3:58 - 4:00If you keep returning
to discarded options, -
4:00 - 4:01you risk getting stuck.
-
4:01 - 4:05Now repeat this process
until you get down to one final choice. -
4:05 - 4:06If you follow this system,
-
4:06 - 4:09you will usually end up
with a decision on your own. -
4:09 - 4:11On the rare occasion that you get stuck,
-
4:11 - 4:12you will outsource the final decision
-
4:12 - 4:15to a small group of qualified
people who you trust -
4:15 - 4:18and who are equipped
to provide you with guidance -
4:18 - 4:19on this particular topic.
-
4:19 - 4:22Engage a group of five or less,
ideally an odd number of people -
4:22 - 4:24so that you have a built-in
tiebreaker if you need it. -
4:25 - 4:27Now that you've made your choice,
one last challenge remains. -
4:28 - 4:29You have to commit.
-
4:29 - 4:33I can't promise you that you'll ever truly
know if you've made the perfect decision, -
4:33 - 4:34but I can tell you this:
-
4:34 - 4:36a significant percentage
of people in the world -
4:36 - 4:38will never have to worry about FOBO.
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4:38 - 4:41Unlike the billions of people
who have few options, if any, -
4:41 - 4:44due to war, poverty or illness,
-
4:44 - 4:47you have plentiful opportunities
to live decisively. -
4:47 - 4:49You may not get everything you want,
-
4:49 - 4:51but the mere fact
you get to decide is powerful. -
4:51 - 4:53In fact, it's a gift.
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4:53 - 4:54Make the most of it.
- Title:
- How to make faster decisions
- Speaker:
- Patrick McGinnis
- Description:
-
In a world of endless reviews and options, it's easy to become paralyzed by indecision. Investor and writer Patrick McGinnis shares the dangers of "FOBO" -- the fear of better options -- and how to overcome it.
- Video Language:
- English
- Team:
- closed TED
- Project:
- TED Series
- Duration:
- 04:55
Erin Gregory edited English subtitles for How to make faster decisions | ||
Brian Greene edited English subtitles for How to make faster decisions | ||
Erin Gregory approved English subtitles for How to make faster decisions | ||
Erin Gregory edited English subtitles for How to make faster decisions | ||
Krystian Aparta accepted English subtitles for How to make faster decisions | ||
Krystian Aparta edited English subtitles for How to make faster decisions | ||
Krystian Aparta edited English subtitles for How to make faster decisions | ||
Brian Greene edited English subtitles for How to make faster decisions |