Feb 18, 2021
Thinking in Big Bets
Let’s say you’re interested in buying a car. You are a senior in college and are just about to graduate. You could buy a modestly priced car, or you could buy one that is only slightly more expensive than you can afford. You want the more expensive car because you anticipate that you will get that high-paying job you just applied for.
If you buy an expensive car, you are making a bet that you will soon be earning the wage necessary to afford the car, but there is no guarantee that you will get the job. Buying the more expensive car is a big bet.
When it comes to your career, going “all in” on one thing is a big bet that may not pay off for you. Big bets will take up a lot of your time, energy, and money.
Remember that startup company you’ve been thinking about starting? You think it’s a billion-dollar idea, but it could take up all of your time, energy, capital and could end up going nowhere. The more you put into it, the bigger the bet is.
Seeing your career decisions as a series of bets can help you make better, more calculated decisions over the long term. It can help give you a better perspective on your choices and their potential outcomes. It can give you that mental clarity you need to make good decisions.
In my mind, with small bets over time you can accelerate your career even further and take advantage of the compounding effect.
