Thinks 171

Rita McGrath and M. Muneer:: “The core idea of discovery driven disruption (DDD) is that rather than creating an expensive, risky plan for an uncertain venture, one must break it into stages. At each stage, identify and test assumptions, ideally at lowest possible cost and time. That will de-risk ventures and make an early exit possible if things don’t turn out as expected. Instead of fearing failure, one can then turn the question into: ‘What is it worth to our organization to learn something?’ Whatever the outcome, if the answer is found to be worth the investment, it need not be written off as a failure.”

The Socialist Algorithm: by Geoff Hodgson. “We may dream of socialist democracy, but in the end we must learn from history and from analysts who show the dangers or impracticalities of socialist solutions to the problems in the world. In short, statist socialism cannot co-exist with democracy and with the protection of human rights.”

Thomas Sowell: “Given how prone all human beings are to mistakes, in all kinds of institutions, one of the most important characteristics of any decision-making process is its ability to recognize and correct its own mistakes. Businesses that do not recognize their own mistakes, and change course in time, can face bankruptcy, even when they have been very successful in the past. Individuals suffering the painful consequences of their own bad decisions have often been forced to change course in order to avoid impending catastrophe, and in many cases have ended up with great personal fulfillment and insight going forward. Various governmental institutions, however, have major built-in barriers to changing course in response to feedback. For an elected official to admit to having made a mistaken decision, from which millions of voters are suffering, is to face the prospect of the end of a whole career in disgrace.” [via CafeHayek]

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Rajesh Jain

An Entrepreneur based in Mumbai, India.