Categories
Decision Making Life Progress Self-awareness

Short-term vs. Long-term Decisions

Reading Time: 4 minutes

“Most people spend more time planning a vacation than they do planning a life.”

― Chet Holmes

When choosing your future, some of your decisions will have long-lasting effects and can lead to lots of success or disappointments, whereas some others will be valid only for a day or two, so why bother about them too much. You could follow the Pareto principle saying that for 80% of the effect, you will need 20% of effort, so you should identify the 20% of what’s long-term and act on it. Let’s explore which decisions are short-term and which are long-term.

Short term

Short-term decisions are usually triggered by life events and news and are often made based on emotions. Short-term considerations could be caused by fear of missing out or worry about what other people will think about you. On the other hand, they can be spontaneousplayfulopportunisticopen-minded as well.

  • Things to do during the day. Unless it’s some life event like a birthday party, wedding, job interview, conference talk, or a show, you usually won’t need lengthy preparation.
  • What to wear. Why spend too much time thinking about what to wear on a regular day? Instead, just choose something that matches together, fits the weather, suits the occasion, and is comfortable.
  • What to eat. Choose whatever you like or are used to unless you are on a special diet.
  • What music to listen to. Listen to what follows your mood or supports the mood you would like to get into.
  • What presents to give to your friends, family, lovers. Most of the celebrations in life are recurring and relatively frequent. So surprise your people with something spontaneous.
  • What TV programs or movies to watch. Choose whatever seems essential or entertaining to you.
  • What galleries or museums to visit. Take opportunities to see whatever interesting exhibitions are open in your city or the city you visit.

As a proverb says, “When life gives you lemons, make lemonade.”

Long term

Long-term decisions are usually based on personal philosophy of life. You use logic and strategies to direct your energy towards growth. Otherwise, your life will likely stagnate or destroy you, and you will have lots of regrets about living conditions.

  • Where to live. Your living location and conditions will have an effect on your solitude or social life, career, love life, speed and rhythm of daily routine, etc. You can choose to live with your relatives, in a shared apartment with flatmates, in a dormitory, in a rented or owned apartment, house, or villa. And all that will have different outcomes on your future life.
  • What to study. Your job opportunities, quality of life, and overall happiness in your life will depend on what you learn at University, College, Academy, or Professional School. Will you study something that you are interested in or something that your parents were impressed about? Will you learn something that you are passionate about, something that the market demands, or something in between?
  • Where to work. Will you work for survival, self-expression, self-fulfillment, or a local or global mission? It all depends on what job you will choose and how it matches your personality. Will, each of your employment, be the basis for your following ones, or will they be just a waste of career experience while searching for your field?
  • What name to give to your baby. In my life, I’ve met people who hated their first or last names because those names made them difficult to reach the expectations they had from life. Not in all countries, it is possible to change your name. So when choosing a name for your newborn, choose wisely.
  • What name to give to your company, product, or service. Just as for the baby name, the name of your business can also have a long-lasting effect. Especially if you care not only about the sales but also about your company’s branding and distant future.
  • What goals to aim for. You can have many passions in life and lots of possible directions to go with your life. But which of those directions is the most optimal for your character, skills, and needs?
  • What’s your main reason for living. Why were you born on this planet? What’s the purpose of your life? These existential questions are definitely long-term and require deep self-analysis.

“Maturity is achieved when a person postpones immediate pleasures for long-term values.”

– Joshua L. Liebman

It depends

Some decisions can either be quick and spontaneous or thoughtful and logical depending on what kind of person you are:

  • What events, conferences, or festivals to go to. Are you going to different gatherings for entertainment or getting information and resources for your projects?
  • What books to read. Are you reading books to have rest or to get knowledge for your career and self-development?
  • What podcasts to listen to. Do you listen to podcasts to fill your silence with chitchat or to learn something valuable and inspirational for life?
  • What country to visit for vacation. Do you choose your traveling spontaneously, or do you have a bucket list for life?
  • What newspapers or magazines to subscribe to. Do you read whatever is popular or what supports your knowledge for lifestyle or career?
  • What theatre plays to watch. Do you go to theaters to have a good time or to widen your viewpoint?

If you consider that your time is limited, you will probably try to save it by choosing what goes along with your values and goals. You will visit events, read books, and listen to podcasts useful for your primary activities. On the other hand, if you consider that your time is limitless, you will make decisions based on what feels right at the moment: you will go to events that will seem attractive, shocking, or inspiring. You will read books that entertain you much. You will listen to podcasts where the people seem most charismatic or grounded according to your preferences or where the topics seem interesting to you.

How to solve short or long-term decisions?

You can make short-term decisions using intuitioncommon sense, or randomness. For example, it doesn’t really matter so much what exactly you gonna wear today at work. What matters more is what clothes you buy to wear for work. It doesn’t really matter what dish you are going to try today. What matters more is what diet you are going to take in your life. It doesn’t matter too much what song you will listen to today at your lunch break. What matters more is in what mood and mindset your playlists are going to put you into.

When it comes to short-term decisions, choose what inspires you or solves a problem.

When it comes to long-term decisions, it’s better to weigh the options before making a decision. And for this reason, the most valuable tool to do that is probably the strategic prioritizer “1st things 1st”. Half an hour of prioritizing with “1st things 1st” can save you from months or even years of frustration and regrets. “1st things 1st” lets you make the most optimal decisions based on your knowledge and intuition.

This is how it goes. First, you start prioritization by defining your success criteria. Second, you list out things to prioritize. Third, you rate each item by each measure. And lastly, the tool calculates your priorities and groups them into something to choose for sure, things to consider, and things to eliminate or skip. It’s as easy as that.

Interested? Try it out for free.


Cover photo by Brayden Law

Categories
Decision Making Development Entrepreneurship Life Progress Self-awareness

Making One-way Door Decisions

Reading Time: 6 minutes

Managers in big corporations like Amazon, Virgin, and Facebook use a particular problem-solving approach. Whenever they face a decision to make, at first, they determine if that decision is a two-way door decision or a one-way door decision. Two-way door decisions are cheap. You can try them, see if they work, and get back to the starting point in case of failure. One-way door decisions are harsh. They are related to significant risks and things that you can’t reverse. And even if you do get back, you will never be at the same point where you started. One-way decisions require thorough considerations and should never be rushed.

Corporations are corporations, but can we use this decision-making approach in our own daily lives? Absolutely. Have a look at several custom-tailored examples of how you could make one-way decisions.

A choice to be made for a life explorer

You like adventures. Going to concerts and festivals is in your blood. You feel best when socializing with friends and making new connections. But there is one small problem: you can’t decide whether to get yourself the first tattoo you want or skip. When you have a tattoo, there is no way back. Or at least not an easy way.

So you have two choices, so far:

  1. Get a tattoo.
  2. Keep your body tattoo-free.

Think about your values?

Would the tattoo reflect your original personality? Or would the tattoo-free body reflect your personality more?

In 30 years, would you regret more about making a tattoo on your body? Or would you regret more that you decided not to make a tattoo at this time?

Do your health conditions support a tattoo? Or would your health conditions support a clean body more?

Would your body look more aesthetic with a tattoo or without it?

Would you feel more fulfilled with a tattoo or without it?

Does your profession allow you to have a tattoo, or unfortunately not?

Will your friends and relatives support you more with a tattoo or without it?

The list could go on.

Evaluate your choices by all those different criteria. Then sum up the advantages of each approach. And here, you will get a clear picture of whether to have a nonvanishing sign on your skin or rather have plain mundane skin.

A choice to be made for an artist

You are creative. Your head is always full of visuals. Your imagination is rich. You always are ahead with new ideas. But here you go: you need to choose a theme for your next collection. If you do it wrong, you might lose a lot of your followers. Your reputation can be ruined. You won’t be accepted in the most significant exhibition houses anymore.

So you have several themes that you like:

  1. Green living
  2. Women rights
  3. Space exploration
  4. Things people carry every day
  5. Street art metamorphosis
  6. Human cloning
  7. Visualising music
  8. Retrospective on children psychology
  9. Art therapy for anger management

Think of how you wanna be remembered in your old age.

  • Influential
  • Impactful
  • Mysterious
  • Financially free
  • Respected
  • Authentic
  • etc.

Think about each of your ideas, how they will match your expectations about yourself.

Will the collection about “Green living” make you influential? What about impactful? Will you be considered mysterious if you choose this theme? Can it make you financially safe?

When you evaluate each of your themes by each quality you want to achieve, you will have a clear picture of your topic. 

A choice to be made for an NGO fundraiser:

As an NGO fundraiser working for an ecological cause, you have to choose a crowdfunding platform which you will communicate on your website, social media, and press releases. Once the news is out, you can’t get them back. But there are so many crowdfunding platforms to choose from. It’s confusing. Which of them is the best? How not get lost in decision-making fatigue?

Should you choose one of the dinosaurs like Kickstarter, Indiegogo, or GoFundMe? Should you go with the plain good PayPal? Or should you make use of one of the new platforms like Kindful, Handbid, Sodality.app, Fundly, Qgiv, 360MatchPro, Donately, Classy, CoinUp, Fundraise Up, RaiseDonors, GivingFuel, you name it? How not get lost in paralysis by analysis?

Think of some criteria which are essential for choosing your crowdfunding platform. Something like these would work:

  • Is your category supported on that platform?
  • Can you keep what you collected even if you didn’t reach the goal?
  • Are the transaction fees low?
  • Is the platform fee low or even none?
  • Is the monthly fee low or even none?
  • Are there giving levels with presents for the donations to motivate the donors?
  • How customizable is your fundraising profile?
  • Is the platform well known in your country?

Do your research. Answer those questions for each of your platforms. Then sum up the results and see which of the platforms got the most points.

A choice to be made for a project manager

The company you are working at has already gained some traction. Several different potential clients have reached out wanting to get your services. But your resources are limited, and you can only serve 2 or 3 of them at a time. Which of them should you choose? Once you establish a connection, you have to stick with it: the projects and the clients will be listed in your portfolio, web searches, press, etc.

Do you have a vision of an ideal client? Think of some criteria for choosing your best clients. For example, some of them could be:

  • How much are your goals shared?
  • How much do you respect that client?
  • How much do you believe in their brand?
  • How much do they respect what you do?
  • How much those clients fit your culture and ways of communication?
  • How willing are you to work on their project?
  • How competent is your company to work with this client’s needs?
  • How much are those clients ready to pay for the quality instead of just costs?
  • How much is it likely to form long-term collaborations with this client?

Anything more to add?

Evaluate each of those questions for each client with a number from 1 (very unlikely) to 5 (very likely). Then sum up the points for each client and see your winners.

A choice to be made for a frontend engineer

When somebody says that HTML is a programming language, it turns your eyes red and puts your head on fire. You know the slightest differences of each browser and how to make a website tick on each of them. But every time you start a new big project, you have to deal with this question again and again: which JavaScript framework to use?

Should you use React, Angular, or Vue? Should you try Svelte, Preact, Ember.JS, Backbone.js, Mithril.js, Polymer.js, Meteor.js, Aurelia, Express.js, vanilla JavaScript with web components? Or should you just stick with the old friend jQuery?

Once you choose a JavaScript framework for a project, you can switch to another one only when you do a major update of the website, probably in a few years.

Start with the criteria:

  • Is that framework trending this year?
  • Has it been growing on Google trends?
  • Does it feel familiar?
  • Is it simple to start with?
  • Is the documentation clear and extensive?
  • Do you like the coding principles in that framework?
  • Are there enough StackOverflow answers about that framework?
  • Is there a friendly and helping community behind the framework?
  • Are there enough jobs using this framework in your city, country, or remotely?
  • Does this framework has enough Github stars?

Add more criteria if you consider something is missing.

Do some googling, read some articles, do what you need, and answer those questions for each of your frameworks. Then sum up your yeses, and here you have the answer!

A choice to be made for a startup founder

You have produced an app and bootstrapped a company, the sales are happening, you have a stable income, but you want to scale it now and need some extra money for the new hires and marketing. Which financing option should you choose – that’s a question.

  • Should you fund yourself with money from your family?
  • Should you seek venture capital?
  • Could an Angel investor help you?
  • Should you rely on funding-based investment companies?
  • Would you consider crowdfunding?
  • Or is crowdinvesting a better option?
  • Should you get a bank loan?
  • What about getting a grant?
  • Are you in Europe and would like to get European Union funding?

Which of those financing options are best for your business?

Let’s start with the criteria. By what criteria could you evaluate your financing options? My hint would be those:

  • How likely can your business afford this type of financing?
  • How likely is your time in business appropriate for getting this type of financing?
  • How likely can you get the required amount from this type of financing?
  • How likely will your credit history allow this type of financing?
  • How much is this financing option based on your chosen financing form (debt or equity)?
  • How likely will the economic period (current growth or recession) allow this type of financing?
  • How much do you like the lender or investor?

Would you add anything else?

Evaluate each financing option from each perspective with likeliness points from 1 (very unlikely) to 5 (very likely). Then sum up the points for each option, and you’ll get the winners.

Invitation

If you are tired of Excel sheets and pen and paper are too limiting, I invite you to try and use the strategic prioritizer “1st things 1st“. There you can evaluate things by multiple criteria and get your priorities sorted out.

With the tool, you can evaluate your things with yes or no answers or gradually. Also, you can set different weights for different criteria if some of them are more important to you.

Final words

Some decisions we make in our lives are reversible. People call them “two-way door decisions.” But other decisions have a major impact on your life and work, and you cannot easily get back to the point where you started. These are called “one-way door decisions.”

When you face a one-way door decision, you can’t act spontaneously and have to evaluate your choices from all the different perspectives.

To do that efficiently, you can make use of strategic prioritizer “1st things 1st”. See you there!


Cover photo by Brett Jordan

Categories
Progress Self-awareness

The Magic of Math Behind “1st things 1st”

Reading Time: 3 minutes

I am an intuitive thinker! I don’t like overanalyzing or changing my mind too often. The first choice that I make usually gets the most power. I trust my gut feeling. But sometimes there are choices to make, which depend on too many variables. I used to be lost in such cases. Some options have some benefits; others have other advantages. How can I make the right choice when I have multiple decisions depending on several criteria? Nowadays, for long-term multidimensional decisions, I use the strategic prioritizer “1st things 1st”. I will describe its formula in this article.

How would you use the “1st things 1st”?

Strategic prioritizer “1st things 1st” lets you bring multidimensional priorities to light. It allows you to make intuitive decisions for each criterion and uses a formula (that I will describe in a moment) to calculate the priorities:

  1. At first, you define your criteria.
  2. Then you list out things to prioritize (for example, activities).
  3. Then you rate each thing by each criterion.
  4. At last, you explore your calculated priorities.
Workflow of prioritization: criteria, things, evaluations, priorities

Relative weights of criteria

Each criterion has a relative weight in percentage. By default, these weights are spread evenly. For example, if you have 4 criteria, each of them will have a weight of 25% – the sum of relative weights is always 100%.

Just recently, a possibility to adjust the relative weights was added to the prioritizer. If we look at the project about finding your Ikigai which was the first prioritization example in this blog, you can decide to give the criterion “Am I good at it?” a lower relative weight (10%) than “Do I love doing it?” (30%), “Can I be paid for it?” (30%), and “Does the world need it?” (30%). Because practice makes perfect, and the skills can be gained over time.

Adjusting weights for criteria

Evaluations

Whether you evaluate the things by each criterion with yes/no answers, probabilities, stars, or percentages, behind the scenes they are all saved as numbers between 0.0 and 1.0 and can be represented as percentages between 0% and 100%.

The formula

“1st things 1st” uses the weighted average formula to calculate the priorities.

To see how much a thing matches all of your criteria, you would sum all criterion weights multiplied by corresponding evaluations:

A = w1 × e1 + w2 × e2 + w3 × e3 + w4 × e4

No worries, you don’t need to calculate anything yourself. You just do the ratings, and all the computations are delegated to the computer – that’s what computers are for.

Here is an Excel template laying out the calculations: 

Prioritization spreadsheet template

Our example with Finding Ikigai would look like this:

Prioritization example in a spreadsheet: Ikigai

As you can see from the last column named “Match”, programming, writing, teaching, and driving a car would be among my top priorities. Even when I can’t drive. Yet.

Final words

When making decisions, sometimes you can trust your intuition and the first thought that comes to your mind. And sometimes, the decision has to be analyzed and calculated. Why not leave those calculations to the computer? “1st things 1st” does that for you very well.


Cover photo by Michael Dziedzic