Oil prices jump, consumer spending tanks, a rogue trader loses $7 billion, Apple introduces the iPhone—don’t just read the news, imagine how it might affect the business you’re in or want to be in, and answer the question: What would you do? Then comes a critically important step: Write your answer down and keep it. Remember, feedback is crucial to effective practice, and people have a tendency to misremember what they thought in the past; we almost always adjust our recollections flatteringly, in light of how events actually turned out. But there’s no escaping a written record. Comparing your
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