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You will never have perfect information, get over it
Saturday, 7 July 2007
Many of us are cautious by nature. The world has taught us in the harshest possible terms that making mistakes can cost us dearly. And so most sensible people become careful in their decision making. They agonise internally before committing money, emotions or time to any particular enterprise.
This is all well and good. Being careful with your resources - whether emotional or physical - is a smart move. But sometimes, the pendulum can swing too far.
We all like to collect information on the circumstances involved before committing, but don't overdo it. At some stage, it becomes necessary to bite the bullet and make a decision. Collecting information is all well and good, but don't let it become a habit that paralyses you.
Let's say, for example, you inherit a large amount of money from your grandparents. What should you do with it? You could put it into the share-market, property, or use it to pay off a debt among many other options. Of course, each of these carry the risk of not using the money to its prime. But none of them will ever be a certain bet. And if you wait around for too long with the money in the bank, all sorts of opportunities can pass you by.
Picky women are another prime example of this tendency. There's a certain type of female who will never get down to the business of choosing a romantic partner, even though they're interested in getting one. They spend their entire prime mate-attracting years - generally their twenties - rejecting every potential male that comes along. I believe the real reason for this is they worry that once they've chosen, someone better will come along but they'll have already committed.
It's common to hear such women complaining in their mid-thirties that: "All the good ones are taken" or "It's hard to find a decent man that's interested in me".
Because they've spent so long gathering information, they've likely allowed themselves to miss the best opportunities. Of course, such behaviour is often subconscious.
I've often worked on projects in big corporations that fall into "analysis paralysis". So many documents are written and so many meetings attended to discuss possible strategies, that no real work ever gets done.
Like many areas of life, information-gathering before decision making is complex. The more important the outcome, the more time you should spend on this activity. But at the same time, you shouldn't put so much effort into it that you become paralysed or miss opportunities.
We all wish we had perfect information. It would be great if we knew exactly what it was we should do and what the outcome would be. How else to explain the popularity of psychics, astrologers and business consultants. But this wish is unrealistic.
As the old saying goes: "Knowledge is power". But it is not an end in itself. Accept that you will never have perfect information, and when the time is right, take the leap of faith into action.
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