Risks of Abstraction When Making a Name for Yourself
By Anthony J. Mountjoy | Tue, 21 Jun 2016 08:00:00 EST
Abstracting from the details of the real world is essential to the study of economics and any other scientific endeavor.
This can be abused, however. Many people make an easily avoidable yet common mistake. Abstracting data sets to the point of meaninglessness or worse to create a self serving picture which ultimately serves no one. To succeed reliably, we need enough detail for the problem, not convenient facts that feeds our egos or just support our ideologies.
Good facts are a helpful guidance, precise information, though exhausting brings the success of earned achievement. In the absence of good measurement, good thinking increases our predictive capacity which means as often as possible making decisions on reliable information when we have it.
Earned experience is the key. It's one of the most valuable things
in business. That common sense a seasoned hand represents. A steadiness in the face of the not entirely unexpected. When facts work against you, and you want a certain outcome anyway, maybe because of past debt or future expectations, then having as much data as is reasonably possible can only help to increase the odds. Careful, this doesn't mean you will get your way. Even with all the available facts in your corner, and all the odds in your favour, our competitors always have a "punchers" chance to win. This is both a beautiful life hack and a terrible risk for those who sacrifice so much, follow good advice, work hard, and still lose to the long shot.
Life is only fair as a matter of perspective. Its opportunities are there for everyone, not just you as you will not always be here. Not just for the strong. Not just for those who work harder, or smarter. The key is repetition, which is the result of perseverance. Hard, smart work has its benefit already, it increased the odds of success. It is NOT success in itself and many have worked harder than we ever will only to end up on the sharp end of a spear.
So I say, unless you have died what excuse do you have for not getting up again? Whether you face overwhelming odds or a so called sure thing, get up and fight for your money. Defend the interests of your family. Cut your market from the rock of our society and make the customer say your name. This is called legacy. If you're not working on yours then I have to ask, "what are you doing with your life?"
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