In this episode we take a ramble through a number of topics from statistics to value propositions to what we'd do if we won the lottery to Animal Crossing. Enjoy!
Some of the highlights from our discussion:
People struggle with uncertainty and look to draw conclusions from percentages which are probabilistic estimations rather than fixed numbers. Given that it’s not the norm to communicate in terms of uncertainty instead of fixed statements or figures, there is a lack of critical thinking around statistics. This leads to the dismissal of statistics if they appear to have low percentages but often this leads to misleading conclusions – for instance, a 29% that Trump would win the US election in 2016 was dismissed as highly unlikely, but in reality it correlates to almost 1 in 3 which isn’t that unlikely at all.
Vision is a nebulous concept that takes on differing levels of importance at different stages of your business. When you start leading a team of people, it does matter what your vision is because from the vision, you set what your goals are which leads to what your day-to-day mission is going to be. It’s also easier to clarify for certain businesses than others – for instance, Taimur has quite a clear goal with Causal but outlining a similarly distinct vision is more difficult for Ali in terms of finding a succinct summation of his overall business vision.
Asking the question of what you would do if you won the lottery is a good way of ascertaining if you are really enjoying what you are currently doing. The question removes the issue of money and hence focuses the mind as to what you would like to do if money was not an obstacle to achieving that goal or pursuing that path.
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