Thinking In Bets By Annie Duke - Book Summary
Lets’ talk about last months read: Thinking In Bets: Making Smarter Decisions When You Don’t Have All The Facts, By Annie Duke. Now if you guys don't know who I Annie Duke is, she is an American professional poker player and author. She holds a World Series of Poker gold bracelet from 2004 and used to be the leading money winner among women in WSOP history. Duke won the 2004 World Series of Poker Tournament of Champions and the National Heads-Up Poker Championship in 2010. After she left that space, she took her success in how she was able to win match over match, earning over $4 million. So she took this knowledge and wrote this book.
What I like about this book is that she really focuses on the fact that process matters more. Sometimes even if we have all the facts and we have all the important data, it may still not work out. For example, lets say if I write a request for proposal RFP and I've done all my research, I have made sure that I have the perfect RFP and submitted it. A few weeks later I receive news that I didn't get the RFP. Do I look back and think “Hey, I didn't land this RFP because I must have messed up somewhere.” How about if it just happens that the person reviewing the RFP has a friend in the same industry and business and decided to award that contract to them. This happens all the time, sometimes decisions are a combination of skill and luck.
Instead of focusing on just data, data data to make our decision, focusing on facts, facts, facts, we're better off focusing on creating a process that is strong. When we create a process that is strong within our organizations, we are stacking the bets in our favor, because sometimes, it's just about that lucky draw. And if we focus on process, we're going to depend less on luck and we're less likely to be really hard on ourselves. I believe sometimes as entrepreneurs, we're really hard on ourselves and when we don't get the outcome we want we’re quick to pivot into a completely different direction. We need to instead, evaluate, go back and ask ourselves why? Why didn't this decision pan out the way I thought it should have? And do an assessment but don't draw the conclusion just because it didn't work out for you. It does not mean that you made the wrong decision, not necessarily so.
If you could take one thing from this book it’s that good decisions have been based on implementing and creating good processes. Good processes required good strategy. Once you have good strategy, you're likely to implement processes and systems and operations within your organizations that will allow you to continue to get the results that you want over and over again. Remember guys, business success is about mastery. It is really about being able to predict, you want to be able to put processes and systems in place that will help you yield the results that you want within your business. So that was my takeaway, I would love to hear from you.
Please comment below, let me know what you your takeaway was from reading the book and I'll talk to you next time.
- Constance Moonzwe
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Hello! I’m Constance Moonzwe. Subscribe to our email list for my business tips and my entrepreneurial journey. Learn more about me and sign up at www.MeetConstance.com
I want to help you fall back in love with your business. True power is being whole. The challenges that you are facing are not of the average person. As entrepreneurs, we are unique, but our problems are common! Loneliness in decision-making processes, solving problems, and planning, wrapped in occasional doubt and fear grips us from time to time. Are you interested in learning how to get to your next million quicker, happier, and whole?
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