4 things you need to become a long-term thinker
Jeff Bezos wrote his first letter to Amazon shareholders in 1997. Amazon had just gone public and Bezos told investors he would be making decisions for the long term and that short term Wall Street reactions would not influence his direction and decisions for the company. In 1999, Barron’s put “Amazon.bomb” on its cover. By late 2001, Amazon’s stock suffered a major fall. It plummeted below $6…
To become a well-rounded long-term thinker, there are four essential elements to consider. Firstly, establish a specific time horizon. When long-term thinking lacks a defined timeline, it becomes ineffective. Choose a number of years, such as five or ten, and write it down. Bezos connected Amazon's success to market leadership and customer trust.
Apply this principle to your life and career; determine your future goals, whether personal or professional. Visualize your desired outcome and use it as a filter to evaluate opportunities. Don't get distracted by short-term setbacks; keep your focus on the ultimate goal.
Secondly, develop the courage to appear wrong. Long-term thinking may yield unfavorable short-term results. Bezos faced ridicule for attempting to dominate e-commerce. Despite initial failures, he remained focused on his long-term objective and ignored the negativity surrounding him. Remember, a single bad decision in the short-term does not negate long-term success, as long as you have a clear process to assess your choices. Keep a decision journal to review and adjust your strategies as needed.
Thirdly, cultivate the ability to say no. Long-term thinking often involves subtraction, as every commitment to the present time diverts resources from your ultimate goal. Warren Buffett famously stated that successful individuals say no to most things. Implement a no defense mechanism to maintain your focus, perhaps by creating a stop-doing list.
Prioritize your time by committing to activities and tasks that align with your specific time horizon, and regularly reassess your commitments to ensure they contribute to your long-term vision.
Lastly, foster a review loop that endures boredom. Long-term thinking can be tedious and draining, leading many to abandon their goals. To stay motivated, schedule regular check-ins with yourself to evaluate your progress. Set a consistent review process, even if it's just thirty minutes per week. Reflect on your successes, identify areas that yielded no results, and consider what you should stop doing, continue, or begin.
Periodically reassess your goals and overall approach to long-term thinking, ensuring your process remains relevant and effective.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
