This framework really stuck with me, in 2015 I was in my corporate job and I always want to start on my own. In past I have tried running tailormint my 1st startup with a fulltime job, within 6 months I shut it down, as I was not able to run it. After that I was clear that if am going to do something, it should be full time not as side project.
In 2015 while working on the idea of CanCan, it was difficult for me to arrive at a decision to leave my job and start working on CanCan. This is where Regret Minimzation Framework helped me, originally coined by Jeff Bezos
When Bezos said to his boss, that he is going to quit his job to start Amazon. His boss said this is a good idea, but this would be better for someone who didn’t alraeady have a good job and he convinced Bezos to think about this for 48 hours, before making a final decision. Below is how he went about making the decision.
“The framework I found, which made the decision incredibly easy, was what I called — which only a nerd would call — a “regret minimization framework.” So I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.” I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not ever having tried. I knew that that would haunt me every day, and so, when I thought about it that way it was an incredibly easy decision.”
Looking my choices with this framework whether to keep working or start CanCan, it was an obvious choice for me to start on my own and I have never regreted for making that decision.
This framework still guides me whenever I take big decisions like spending on a big trip or switching careers.
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