Do you ever think about thinking? Thinking, which is already incredible, can be improved. The Simmons article popped up and we are glad. Simmons brings so much inventory to this post. We wanted to make it available for anyone who wants to work on mental models–helping our brains be their best. The post, How To Tell If Someone Is Truly Smart Or Just Average, has many links worth following. These links may take a few hours to follow but you will be cashing in on some of the brain power that has bought people great success.
In the section, How I Learned to Think Like the World’s Best and Brightest, Simmons gives a link to an article he wrote on the thinking of 7 billionaires. Find it, click it. It could be your ticket.
Business is business and learning from billionaires in other fields can lead a fashion entrepreneur to success. For example in one of the linked articles, Simmons says, “Jeff Bezos (Amazon) shows that big trends are only part of the story. It’s also about doing the exact opposite and focusing on what does not change.“
Simmons also links to his article on sunk cost bias. Wow, “now read this!” Learn when to say no. The article subtitle says it all.
As entrepreneurs, we are taught to persist in the face of challenges. That can be dangerous, even fatal.
“Sunk cost bias – it’s reasonable to say that businesses have cumulatively lost trillions of dollars to it over the years. It’s caused entrepreneurs to lose their life savings. It’s bankrupted huge companies and resulted in the loss of thousands of jobs.We should not underestimate its importance or how difficult it is to solve.”
Simmons gives seven foolproof ways to overcome the sunk cost bias in all of its guises.
Click to succeed.