“It is hard to fail, but it is worse never have tried to succeed” – Theodore Roosevelt

Publicado: enero 24, 2013 en Economia, Empresa, Gestión
Etiquetas:, , ,

Can you imagine being able to quantify any of the options directly related to a decision making process? This is one of those days that I would like to have had the opportunity to create some magic formula to exactly be sure to hit. I suppose many factors influenced my final decision but I risked and lost! In other words and remembering any economics class, I didn’t know how to minimize my opportunity cost.

Understanding as opportunity cost, the value of the next best use that could be obtained from the alternative waived, I realize that this economic concept is a true portrayal of the society in which we live. Apart from the risk and uncertainty associated with any decision making, there are often economic interests, personal feelings, social pressures or other endogenous or exogenous factors which make inevitably reality distorted. Therefore, the difficulty of quantifying different options and the risk aversion level of every human being makes impossible to find a clear guideline to follow… and this is what makes any decision making process so challenging.

In the end we tend to decide considering only the short term, leaving wrong decisions as failures and right decisions as successes. When we lose, we usually surrender and forget that an error can allow us to learn for future attempts, which is applicable not only for personal decisions but also for strategic decisions made by companies or political organizations.

Many examples come to mind. Some of them could result a bit boring for the reader but there are some others I would like to highlight from people like Thomas Edison, who failed about 10 thousand times while trying to develop the focus; Steve Jobs, who after creating Apple, was fired to change the direction of the company in order to follow similar strategies to big companies like Microsoft. He was finally rehired to rescue Apple from what seemed a predictable death; and Colonel Sanders, who was denied by more than 100 times the credit needed to create what is currently known as Kentucky Fried Chicken. In all these cases, if they would have rendered, they wouldn’t have had the opportunity to fulfill their goals and be happy.

Post VI DVM

DVM

comentarios
  1. knowthing dice:

    So in what do you think we need to succeed? Are we sufficiently risky or are we sometimes too conservative? Do we let ourselves be influenced too easily? Let’s keep trying!

    • Kritikosum dice:

      From my point of view, entrepeneurship is so low because of the capitalism structures. New ideas are unconsciously punished in so many areas like banking, education, organization, public system… Think about it: ask to your family, bank, college, Administration, you need help because you have an idea. How many of them will encourage you to start a Business Plan? Or they will try to convince you this is a risky choice and there are plenty of more ways to invest time and money…

  2. Naujip dice:

    In line with Kritikosum’s point of view, I think that the key point of all is the education system, where what students have to do is repeating what they have been told in class, there are no incentives to be creative and innovate. So, if the education system changes, it will be the first step to change the mentality of the society in terms of creativity and entrepreneurship.

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