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May 28 - May 28, 2020
The second reason is focalism.
We also overestimate how harshly others will judge us.
Studies consistently show that when we look back on our lives the most common regrets are not the risks we took, but the ones we didn’t. Of the many regrets people describe, regrets of inaction outnumber those of action by nearly two to one. Some of the most common include not pursuing more education, not being more assertive, and failing to seize the moment. When people reflect later in life, it is the things they did not do that generate the greatest despair.22
We are left with a paradox of inaction. On one hand we instinctively tend to stick with the default, or go with the herd. Researchers call it the status quo bias.23 We feel safe in our comfort zones, where we can avoid the sting of regret. And yet, at the same time, we regret most those actions and risks we did not take.
If Seinfeld hadn’t been brave enough to face the audience again after he bombed his first performance, none of that would have happened. Caving to our fears of short-term regret is shortsighted. Ultimately, we serve ourselves better by fearing a failure to act more than fearing failure itself.
The ancient world was a forbidding, frightening place. Humans lived by their wits, surrounded by mortal risks—predators, fires, enemy tribes, floods. No wonder they looked to the gods and invented myths to explain the unknown and protect them from harm. Thousands of years later, human learning and invention has made the world much safer. Yet, we still retain the risk-averse nature of our ancestors.
UNDERSTAND THE OPPORTUNITY When evaluating whether to take a risk, it’s easy to see the early-stage pitfalls you could encounter. Imagining the realization of the opportunity is much harder. But not making the attempt guarantees you won’t realize the ultimate benefits. It is necessary to broaden the mind, see the bigger picture, and know that with determination obstacles will be overcome.
ASSERT YOUR AGENCY We are not powerless in the face of risk. After a decision has been made, we always have the ability to affect our situations to increase the probability of success. This is agency, or the ability to take actions that influence our destiny.
Rather than see his fate as linked to forces outside his control, Manning demonstrates a different view—through hard work, he can make the decision a success. This sense of agency gives him a powerful asset to drive the outcome he wants. If he fails, it will be in spite of his absolute best efforts to succeed.
BE PERSISTENT
The worst-case scenario in many of the risks we now face is not serious injury or death; it is a financial setback, a blow to the reputation, a ding to the ego. Moreover, the increasing pace and uncertainty of our economic lives increases the cost and risk of, paradoxically, avoiding risk in the first place. Rather than trying to protect ourselves by avoiding decisions, then, wouldn’t it be better to embrace the risks we take—and drive the outcome we desire?
