Many mental frameworks and systems are used to make decisions. One of the most common is reasoning by analogy, where one object, process, or situation is compared to another. While analogical reasoning is essential to function in a world where we constantly face new facts and circumstances, it can also lead to many erroneous conclusions. […]
Humanity has struggled for thousands of years with a seemingly simple question: How can I decide wisely? This question has remained challenging throughout the ages because it is highly subjective, has many dimensions, and choices must be made in the face of limited information, time constraints, and uncertainty about the future. Many classical decision-making models, […]
The first decision-making step is determining whether a decision should be made at all. Many choices are made unnecessarily, which can cause a loss of decision-making resources, generate opportunity costs, and put a person or a company in a worse position than before the decision. Sometimes, postponing a decision will significantly expand decision-making options and […]
Making good decisions is highly challenging. Difficult choices with far-reaching implications often have to be made very quickly, with limited information, and in the face of disagreement about the best course of action. Complicating this further, decisions are not made in prejudice-free or value-free vacuums but are heavily affected by many cognitive, emotional, and organizational […]
In any discipline, there is a gradual process of first learning techniques and then studying the principles behind them. Yet an even higher level of mastery lies in transcending technique and principles and attaining a state where actions are dictated by what the situation requires. Going beyond principles is a key part of Musashi Miyamoto’s […]
Regardless of a company’s size, history, or market position, it can always benefit from analyzing how other companies do business. Studying other approaches is a key part of Musashi Miyamoto’s classic work on swordsmanship, The Book of Five Rings. This fourth article in a Special Five-Part Series takes five principles from Musashi’s work and demonstrates […]
Regardless of whether we are designing strategy, selling products, or negotiating a contract, we are constantly either taking action or reacting to things around us. Taking the initiative is critical in Musashi Miyamoto’s classic work on swordsmanship, The Book of Five Rings. This third article in a Special Five-Part Series takes five principles from Musashi’s […]
For individuals and companies, to remain competitive we must get better and better. Constant improvement is a key point in Musashi Miyamoto’s classic work on swordsmanship, The Book of Five Rings. This second article in a Special Five-Part Series takes five principles from Musashi’s work and demonstrates how they can be used in business. The […]
Musashi Miyamoto was a swordsman who lived in Japan from 1584 to 1645. Throughout his life, he fought 61 sword fights and never lost. He wrote his principles of swordsmanship down in a well-known book, The Book of Five Rings. While written over 370 years ago, many of the book’s principles can be applied to […]
Strategic growth is crucial for almost every firm, regardless of industry, size, and location. But what does strategic growth mean? Entering into new markets? Expanding a firm’s products and services? Increasing revenues? While growing in size is a powerful rallying force for firm management, employees, and shareholders, it also can require significant expenditures and expose […]