Master the Art of Better Decision-Making

🧩 The video discusses a class exercise where students had to turn $5 into the most money in a short timeframe.

💡 The winning team didn't use the $5 and instead sold the rights to their presentation to a company.

🔑 Challenging constraints is important in decision making to maximize opportunities.

🔑 The speaker shares three steps to better decision-making.

🚦 The first step is to challenge the constraints and consider what barriers are holding you back.

🔍 The second step is to reflect on the decision-making process and identify what went right and wrong.

🚧 The third step is to gather diverse perspectives and insights to make more informed decisions.

🔑 Embrace a pre-mortem approach to decision making by considering potential failures before taking action.

📉 Many professionals focus only on envisioning success and neglect brainstorming potential failures.

🐍 The story of the British government offering a reward for killing Cobras resulted in unintended consequences.

🔑 The concept of the Cobra effect illustrates how the apparent solution to a problem can make it worse.

🔑 Embracing a pre-mortem can prevent failures and improve decision-making.

🔑 Challenging constraints and contemplating failure are important steps in the decision-making process.

🔑 The first step to better decision making is thinking outside the box.

💡 The second step is to check the basics and not overlook small details.

⏳ The third step is to complete the basic tasks before making a decision, even under pressure.

🛫 An ordinary flight turned into an emergency landing on the Hudson River due to a bird strike.

✈️ The pilot, Sully Sullenberger, made the decision to land on the river, considering the constraints and the safety of the passengers.

🌊 Sully's decision-making process involved assessing the feasibility of a water rescue in freezing temperatures.

✈️ Capt. Sullenberger's decision-making process during a plane landing saved all 150 people on board.

🔍 Before making a decision, challenge the constraints and think big and different.

💡 Embrace a pre-mortem to anticipate mistakes and formulate the correct course of action.

🔎 Check the basics to ensure small details don't hinder success.