Jeff Bezos' 7 Best Decision Making Tools

During his journey writing The Third Door, Alex Banayan had the opportunity to have dinner with Jeff Bezos after he watched his moving keynote speech.

That experience was so meaningful to Alex that he wrote down everything he learned that day. Later, he realized that the most impactful lessons were all about decision making. You can watch the full keynote here, and find the 7 tools below.

1. Minimize regret

  • When you are making big life decisions, your decision isn't about data and facts, it's about doing what your soul desires.

  • To use the regret minimization framework, imagine yourself at 80 years old, and ask your future self "If I don't take the leap, will I regret not having done so?"

2. Expand your time horizon

  • Many times, decisions feel so paralyzing, confusing, and blurry because our natural instinct is to attach them to a small time frame, which makes them seem impossible.

  • When you change your time horizon from 2 years to 7 years, you instantly liberate yourself. Zoom out!

3. Release yourself from perfection

  • You do not have to get it right the first time, perfection is a prison that keeps people from taking leaps they were meant to take.

  • Make your decision with 70% of data available to you.

4. Choose harmony over balance

  • Stop obsessing over work life balance, that makes both seem like a trade-off. In reality, if you are making good decisions in life, they should be in harmony with all your other decisions.

  • When making a decision, consider if it compliments other areas of your life as well.

5. Hold onto your beginner's mindset

  • In order to really succeed in something, you do have to become a domain expert. But sometimes, expertise can put blinders on you.

  • Check yourself and make sure you don't lose that mindset of possibility where you have faith that there is always a way.

6. Stay true to your principles

  • A great leader must be flexible while also staying true to their principles.

  • Like a great ship, when waves come, you must go with the waves on the surface, but underneath the boat's deep keel is what's keeping the whole boat steady.

  • When you are making big decisions, know exactly what your goal is and what you will and will not compromise on.

7. Consciously choose your life story

  • Many people have trouble making decisions because they haven't consciously chosen what their life story is.

  • Do you want a life of ease and comfort or of service and adventure?

  • If this is something you are struggling with, journal on what you want your life story to be for 30 minutes over the next 7 days.

"Ask 80 year old you for advice."

"What kind of life story do you want to live?”

"Once you open up your time horizon, all of a sudden isn't a decision, it’s a YES."

This post is in relation to Alex Banayan's Third Door Mentor Sessions.

Topic for Thursday 6/4: Happiness You can find posts on past mentor sessions, as well as sign up to get weekly recaps here.

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