Our life is full of projects. We invest time, effort or money, and maybe we get a result.
It helps to have a portfolio of projects, as not all will work.
The 4 x 4 grid looks like this:
It can be simple, but it’s not always easy. Success doesn’t always mean money, it just means you got what you hoped for. And even if each project fits into one of the four quadrants, there is no right answer for a given person or at a given time.
Here are some of the pitfalls to avoid:
- All of your eggs are in a low chance basket. You take a wild bet and it is your dream. And you want a shortcut. The problem, of course, is that this is not a long-term resilient plan. Someone has to win the lottery tomorrow, but alas, that doesn’t mean it will be you.
- You hope to get ahead by doing something that depends on scarcity, but you do it in the upper right quadrant. The problem is, everyone is too. Suddenly your chances have dropped. It’s easy to create an Insta account, but once everyone else does, the odds of becoming one of the top 0.01% traffic-generating influencers are close to zero.
- You only focus on high probability, low value successes, even if the results aren’t really worth your time. Getting a $ 3 an hour gig on an independent site is easy, but it might not be worth it.
On the other hand, consider a portfolio of projects. Some of them have a very high likelihood of training, and each of these results is enjoyable, otherwise a game-changer. Play often enough, however, and your lingering generosity will pay off.
And then mix in some of the moonshot projects that most people are afraid to take on. They are afraid because they equated “low chance of success” with “risky”. They are not the same. Risk implies that failure will be costly. This will not be the case. You can thrive with this strategy because you have a portfolio and because you realize that “unlikely” is not the same as “not worth trying”.
The best portfolios are persistent (because patience is a rare skill), they are generous (so others want you to be successful), and they lean on each other (because then even those that don’t work increase your odds. of success). the next to work).
Here is a new year full of possibilities.