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Strategy > Essentialism > Flashcards

Essentialism Flashcards

1
Q

What is “essentialism?”

A

The disciplined pursuit of less.

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2
Q

What are the 3 steps to essentialism?

A
  1. Explore and Evaluate
  2. Eliminate
  3. Execute
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3
Q

What is the “power law?”

What did Nathan Myhrvold, former CTO of Microsoft day about it?

A

Certain efforts produce exponentially more results than others.

“The top software developers are more productive than average software developers not by a factor of 10x or 100x or even 1,000x but by 10,000x.”

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4
Q

What is the reality of what is important?

A

We live in a world where almost everything is worthless and very few things are exceptionally valuable.

“You cannot overestimate the unimportance of practically everything.” -John Maxwell

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5
Q

How do non-essentialists think of trade offs vs. essentialists?

A

Nonessentialist: “I can do both.” “How can I do it all?”

Essentialist: “what is the trade off I want to make? “

“What can I go big on?”

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6
Q

How can we have focus?

A

We need to escape to focus.

Example: Newton 2 years working on Principia Mathematica

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7
Q

What are the differences in ways of listening between essentialists and non-essentialists?

A

Non-Essentialist: pays attention to loudest voice; hears everything being said; overwhelmed by all the information
Essentialist pays attention to the signal in the noise; hears what is NOT being said; scans to find the essence of the information

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8
Q

What are the differences in what an non-essentialist

THINKS-DOES-GETS vs. essentialists?

A

Non-essentialist:
THINKS: All things to all people
DOES: The undisciplined pursuit of more
GETS: Lives a life that does not satisfy

Essentialist:
THINKS: Less but better
DOES: The disciplined pursuit of less
GETS: Lives a life that really matters

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9
Q

What are the different ways essentialists and non-essentialists THINK? Offer examples.

A

Non-essentialist:
THINKS: All things to all people
“I have to” “It’s all important” “How can I fit it all in?”

Essentialist:
THINKS: Less but better
"I choose to"
"Only a few things really matter"
"What are the tradeoffs?"
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10
Q

What are the differences in what essentialists and non-essentialists DO? Offer examples.

A

Non-essentialist:
DOES: the undisciplined pursuit of more
1) Reacts to what’s most pressing 2) says “yes” to people without really thinking 3) tries to force execution at the last moment

Essentialist:
DOES: The disciplined pursuit of LESS
1) Pauses to discern what really matters 2) Says, “no” to everything except the essential 3) Removes obstacles to make execution easy

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11
Q

What are the differences in what essentialists and non-essentialists GET? Offer examples

A

Non-essentialist:
GETS: a life that does not satisfy
1) Takes on too much, 2) Feels out of control 3) Is unsure of whether the right things get done 4) Feels overwhelmed and exhausted

Essentialist:
GETS: A life that really matters
1) Chooses carefully in order to do great work 2) Feels in control 3) Gets the right things done 4) Experiences joy in the journey

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12
Q

How do essentialists and non-essentialists think about play?

A

Non-essentialist: “play is trivial” “play is a waste of time”

Essentialist: “play is essential” “play sparks exploration”

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13
Q

How can you reconnect to play?

A

Mine your memories of past play experiences. What excited you as a child? How can you recreate that today?

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14
Q

How do essentialists and non-essentialists think of SLEEP?

A

Nonessentialist:

  • One less hour of sleep is one more hour of productivity
  • Sleep is for failures
  • Sleep is a luxury
  • Sleep breeds laziness
  • Sleep gets in the way of “doing it all”

Essentialist: “protect the asset” (YOU)

  • One more hour of sleep equals several more hours of much higher productivity
  • Sleep is for high performers
  • Sleep is a priority
  • Sleep breeds creativity
  • Sleep enables the highest levels of contribution
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15
Q

What does Derek Sivers say about selecting what to do?

A

No more Yes. It’s either HELL YEAH or No.

If the answer isn’t a definite yes than it should be a no.

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16
Q

What does Derek Sivers say about telling people your goals?

A

DON’T DO IT

https://www.ted.com/talks/derek_sivers_keep_your_goals_to_yourself?language=en

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17
Q

If something is just or almost “good enough,” what is the real answer about it (or them)?

A

NO.

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18
Q

what is the 90 percent rule?

A

As you evaluate an option, decision or person, think of the most important criterion for the decision, and then give the option a score of 0 to 100. If you rate it any lower than 90 percent, automatically change the rating to zero and reject it.

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19
Q

How do essentialists and nonessentialists select opportunities?

A

Nonessentialist:

  • says yes to almost every request or opportunity
  • uses broad, implicit criteria: “if someone else is doing it, I should”

Essentialist:

  • says yes to only the top 10% of opportunities
  • Uses narrow, explicit criteria like, “Is this exactly what I am looking for?”
20
Q

What is the “killer question” to ask regarding clothes in your closet…or activities to eliminate?

A

“If I didn’t already own this, how much would I spend to buy it?”

“If I didn’t have this opportunity, what would I be willing to do to acquire it?”

21
Q

What is the essential question to ask that will uncover your true priorities or reveal the best path forward for your team?

A

“What will I (we) say NO to?”

22
Q

How do you say “no” gracefully?

A
  1. Separate the decision from the relationship
  2. You don’t have to use the word “no” to gracefully say “no”
  3. Focus on the trade off
  4. Remind yourself that everyone is selling something
  5. Remember: saying “no” requires trading popularity for respect
  6. A clear “no” can be more graceful than a vague, noncommittal “yes.”
23
Q

What are the 8 options in the “No Repertoire”?

A
  1. The awkward pause
  2. The soft no (or the “no but”)
  3. Let me check my calendar and get back to you
  4. Use e-mail bounce backs
  5. Say, “Yea. What should I deprioritize?”
  6. Say it with humor
  7. Use the words, “you are welcome to X. I am willing to Y.”
  8. I can’t do it, but X might be interested
24
Q

What is the “sunk cost bias”?

A

Keep investing in something that’s losing because you have already sunk so much. Good money after bad.

“The more we invest, the more determined we become to see it through.”

It’s harder to let go.

25
Q

How do essentialists and non-essentialists think about sunk costs?

A

Nonessentialist:
Asks, “Why stop now when I’ve already invested so much in this project?”
Thinks, “if I just keep trying, I can make this work.”
Hates admitting mistakes

Essentialist:
Asks, “if I weren’t already invested in this, how much would I invest now?”
Thinks, “what else could I do with this time or money if I pulled the plug now?”
Comfortable with cutting losses

26
Q

What is the endowment effect, and what’s an “antidote” to it?

A

The endowment effect is the tendency to overvalue things we own.

The antidote: pretend you don’t own it yet. Ask, “If I did not own this item, how much would I pay to obtain it?”

27
Q

When you’re emotionally and/or financially invested in something, how can we get a more detached view?

A

Get a neutral second opinion: someone who is not emotionally involved and unaffected by the choice we make.

28
Q

What is zero-based budgeting? How can you apply it to your life?

A

Every item in a proposed budget must be justified from scratch, from a baseline of zero.

Instead of budgeting for all previous commitments, assume all bets are off. All previous commitments are gone. Then begin from scratch, asking which commitments you would add to today.

29
Q

From now on, how should you speak?

A

Pause for five full seconds before offering services or help.

30
Q

What is a “reverse pilot?”

A

Test whether REMOVING an initiative or activity will have any negative consequences.

31
Q

How do essentialists and non-essentialists think about editing?

A

Non-essentialist: Thinks that making things better means adding something
Attache to every word, image, or detail.

Essentialist: Thinks that making things better means subtracting something. Eliminates the distracting words, images, and details.

32
Q

What are two basic questions every editor should address to the author?

A
  1. Are you saying what you want to say?

2. Are you saying it as clearly and concisely as possible?

33
Q

How do nonessentialists and essentialists view boundaries?

A

Nonessentialist: If you have limits you will be limited; Sees boundaries as constraining; Exerts effort attempting the direct “no.”

Essentialist: Knows that if you have limits you will be limitless; Sees boundaries as liberating; Sets rules in advance that eliniate the need for the direct “no.”

34
Q

How do Essentialists and non-essentialists execute?

A

Non-essentialist: no buffer. Assumes best-case scenario will happen. Forces execution at the last minute

Essentialist: Builds in a buffer for unexpected events. Practices extreme and early preparation.

35
Q

How do you execute “extreme preparation?”

A

Add 50 percent to your time estimate.

Conduct scenario planning

36
Q

What is the planning fallacy? Who coined it?

A

Danieel Kahneman, 1979. People underestimate how long it will take to complete a task, even when they have completed it before.

37
Q

What five questions can help build appropriate buffers?

A

Think about an important project. Then ask:

1) What risks do you face on this project?
2) What is the worst-case scenario?
3) What would the social effects of this be?
4) What would the financial impact of this be?
5) How best can we invest to reduce risks or strengthen social or financial resilience?

38
Q

How does an essentialist produce more?

A

By removing more, instead of doing more.

AKA the theory of constraints

39
Q

What are the three steps to removing constraints or obstacles?

A
  1. Get clear on the outcome
  2. Identify the “slowest hiker.”
  3. Remove the obstacle
40
Q

What question will identify the “slowest hiker”?

A

“What is the obstacle that, if removed, would make the majority of other obstacles disappear?”

41
Q

How do essentialists and non-essentialists view progress?

A

Non-essentialists: Try to force big wins

Essentialists: Create small wins

42
Q

Of all forms of motivation, which is most effective? Why?

A

Progress. Because small, concrete wins create momentum and affirms our faith in further success.

43
Q

What did Michael Phelps’ coach have him visualize before bed and first thing in the morning?

A

A “videotape” of the perfect race, in exquisit detail.

44
Q

What single question engages focus? Why does it work?

A

“What’s important now?”

It keeps you fully in the present moment. You don’t get caught up in rehashing what went wrong, or spending mental energy worrying about what’s coming.

45
Q

How do non-essentialists and essentialists think about time?

A

Non-essentialist: Mind is spinning on the past or future; Thinks about what was important yesterday or tomorrow; Worries about the future or stresses about the past

Essentialist: Mind is focused on the present; Tunes in to what is important right now, enjoys he moment

46
Q

What question can you ask to go to sleep peacefully?

A

Ask, “What do I need to do to go to sleep peacefully?”

47
Q

When faced with many tasks vying for your attention, how can you focus and find peace?

A
  1. Make a list of everything vying for your attention
  2. Take a deep breath and get present
  3. Ask yourself what is most important this very second.

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