Effective leaders know how to reduce regret and improve their decisions. This skill is also often a hallmark of some of the happiest people alive. Welcome to the world of regret minimisation.
Regret is the wound we carry around from something we would, with hindsight, have liked to have gone differently.
Although we cannot change the past, reframing regret can help us leave it there.
By deploying tools like regret minimisation frameworks we can improve decision making too, giving you increased confidence and reducing future regrets.
Both of these are very worthwhile investments of time.
To give you a head start, we have compiled 4 of the best regret minimisation frameworks in one place. Many people have found that putting just one these into action frees up huge personal resources to focus on improving their leadership and quality of life. Combining all 4 unlocks huge personal potential.
1. Circle of control.
Getting clarity on what you can control and what cannot ensures you focus your energy where you can actually make a difference.
Knowing you did this is always hard to regret later.
2. Regret Minimisation Framework – Jeff Bezos.
If you’re feeling unsure if a course of action is right for you, use Jeff Bezos’ Regret Minimisation Framework.
In X years will I regret not doing this?
YES > Do it.
NO > Pass.
3. Fear setting – Tim Ferris
Is the thought of future suffering stopping you from taking action today?
Use this Fear setting exercise from Tim Ferris.
4. Growth mindset
Being emotionally and mentally unprepared for unexpected calamities often leads to regret. Have you ever said “why didn’t I see that coming!”?
Well, you can. And you should.
Anticipating you will make errors, but deciding in advance that you will grow and improve when you do is a healthy antidote to regret.
Using frameworks like these to help deal with past regrets and mitigate future ones helps free up vital reserves of emotional energy and thinking power. That’s creative juice you can apply to taking on your next challenge and building the most fulfilling life you can.
As Jeff Bezos famously once said, “When you think about the things that you will regret when you’re 80, they’re almost always the things that you did not do. They’re acts of omission.” Jeff Bezos, Amazon
It pays to make the best decisions you can, and as far as you are able, to live a life free from the shackles of regret. When you do you free up vast amounts of mental and emotional energy that you can invest elsewhere. Instead, you can channel that energy into the things that matter today - like your relationships, tackling new challenges and sharpening your leadership.
Reducing regret is a valuable goal in itself. But when you use it as a catalyst to improve your future decision making and refocus your energy on new goals and self-improvement, that's when the benefits really start to compound.
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PS. Check out our High Velocity Decisions workshop. Enabling you to make better decisions – even at pace and under pressure.
Part of our bite-size learning series. Available to book now for your leaders and teams.
