Should I do it?
Get married, sign up for a marathon, quit your job to start a company. We are all faced with this question. It turns out that Jeff Bezos also faced a similar dilemma.
It was spring 1994 and he heard about this thing called the “Internet”. At that time, web usage was growing at 2300% a year and it didn’t show any sign of stopping.
Bezos was working at a quantitative hedge fund on Wall Street but he knew the internet offered an opportunity like never before. Here was the dilemma: should he keep his job and continue living a great life with a stable job, or should he take advantage of this opportunity that had no guarantees?
To make this decision, Bezos needed a framework — a tool that would help him think through each scenario. He adopted what’s called a “Regret Minimization Framework“. Basically you try to minimize how many regrets you have at the end of your life by projecting yourself to age 80 and looking back a specific moment in time and you asking yourself, “Will I regret this when I’m 80”?
For Bezos, the answer was clear. He quit his job and started Amazon.com, and the rest is history.
It’s almost impossible, but can you imagine what the world would be like if Bezos didn’t adopt his “regret minimization framework”?
More importantly, can you imagine what the world would be like if YOU adopted the same framework? Are you facing a massive opportunity that has zero guarantees but could impact millions of people?
See the whole video here (the whole video is packed with golden nuggets, but his framework is mentioned at 2:30):