Should you keep searching, exploring or gathering more information? Or do you already have enough information at your disposal and should just make a decision? That is the aim of understanding this trade-off. To help you make the optimal decision.
If you are in a dilemma as to what your next career move should be, a useful touchstone test would be to ask yourself “is it time for me to earn or to learn?”
Never before have humans been inundated with so much information mixed with misinformation. With so much you could do and so many choices, ironically the problem of the modern world is not so much one of scarcity than one of abundance
Invert, always invert: Turn a situation or problem upside down. Look at it backward. What happens if all our plans go wrong? Where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead – through sloth, envy, resentment, self-pity, entitlement, all the mental habits of self-defeat. Avoid these qualities and you will succeed. – Charlie Munger
Warren Buffett often talks about the importance of business’ building a “moat” (barriers to entry). This is analogous to building higher and higher walls during medieval times to prevent enemies (upstarts and competitors) from invading.
Combined market cap of the four behemoths: a whopping $5 trillion. For context this is the list of the top 10 countries by GDP per the World Bank (2019). Notice that if these four companies were a country they would be ranked either third or fourth in the world!
Now I know Jobs didn’t always have the best reputation for being the nicest of guys to work with (see for example here) but I still think we can learn something by observing how he handled the tricky question.