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Short-sighted decisions are risky and are not in your best interest.
First order consequences are the results of short-sighted decisions.
For example, you decide you’d rather buy a new car before building up your emergency savings.
She suggests that it’s better to say there’s a certain percent chance of something happening versus giving a definitive yes or no.
Some skeptics have criticized Duke and other poker players because they consider poker a game of chance and not a game of skill. However, there is a high level of skill needed to play the game effectively, one of which is understanding how to quickly apply probabilities to give yourself the greatest opportunity to succeed.
The second order consequence of making a decision like this is you may not have enough cash to fix the car if something goes wrong with it.
This is a rudimentary example, but the message here is obvious.If you spend too much time over-analyzing meaningless decisions, you will drive yourself and everybody around you crazy. Critical thinking skills are learned; they are not innate.We force ourselves to think critically so we can be better managers, partners, teammates, and ultimately better leaders.When I worked as an engineer, the problems I was solving needed to have a definitive answer. But now that I work with venture capital firms, the process of making a decision of which firms to add to our portfolio is not so black and white.Each venture capital firm has a different process; different people; different strategy.If organisations expect a different outcome, then they also need to be prepared to do things differently.Hence, in this dynamic business environment, it is a given that a different mindset is required from the leadership.The equations work something like this: It’s thinking that helps to drive behaviour, and it is behaviour that drives results.Hence, organisations that aspire to change their results and thereby change the organisation in itself, can achieve this feat by changing the way their leaders and managers think across the organisation.The million dollar question that emerges here is that what kind of thinking or re-thinking is required from the leaders if they wish to be successful in the so-called ‘new normal’? According to Diane Halpern, when you utilize your cognitive skills or strategies that are likely to increase the probability of the desired outcome, it is considered as critical thinking.In other words, critical thinking is reasoned, goal-oriented, purposeful, and the kind thinking required during problem-solving, drawing inferences, calculating possibilities, and making decisions.