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Warren Buffett’s Best-Kept Secret to Achieving Massive Success: Critical Thinking

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Warren Buffett’s Best-Kept Secret to Achieving Massive Success: Critical Thinking

Critical thinking skills are essential to success — any kind of success. Successful individuals are thinkers and they surround themselves with thinkers.

Consider Warren Buffett. He is known as the most successful investor of all time, and by his own estimate, he has spent 80 percent of his career reading.[1] And what makes him so successful is that he isn’t willing to be a passive recipient of what he reads. Instead, he schedule time to evaluate the information he gets so as to form his own insights. This may sound counterproductive. We’ve been taught to work more, sleep less, and hyper-focus on the things that directly pertain to our goals. We call it being productive. Buffett and those like him find thinking, reading, and contemplating more productive than taking meetings and “working.” He actively pursues knowledge.

Why people with strong critical thinking skills like Warren Buffett are more likely to succeed

Critical thinking involves being able to process information independently and to think clearly, logically, and reflectively. It is the ability to engage in rational thought and to understand and establish a connection between ideas. In essence, critical thinking is the ability to reason. It is about being an active learner rather than a passive recipient of information.[2]

They always question the status quo

The status quo is the current state of affairs. It’s the norm. It’s how things are done. You know you’ve found it when you hear the phrase,“We’ve always done it this way.” Critical thinkers ask questions such as, “Why do we do it that way?” “How can we make it better?” “What are our other options?”

They break down problems into smaller components and see the subtle connections between them

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They love to test boundaries. They dissect issues and then find a way to systematically solve them. By examining the individual pieces of a problem they are able to apply solutions that create a domino or cascading effect. They solve one issue which effects another issue and are able to solve them both simultaneously.

They are sensitive to the loopholes in their logic 

Critical thinkers ruthlessly question ideas and assumptions rather than accepting them at face value. They will always seek to determine whether the ideas, arguments, and conclusions represent the entire picture. They do not rely heavily on intuition and instinct. They test, prove, and disprove their hunches.

We are all fallible. Critical thinkers understand this and actively work to find the flaws in their own logic. One’s ability to think critically varies according to his/her current state of mind. Thinkers work to maintain objectivity, view the problem from all possible angles, and seek the input of others who are adept in logic and reasoning.

They tackle problems with a systematic plan

A system is designed to streamline and simplify processes. It improves effectiveness and makes effort more efficient. Most critical thinkers use a top down approach to problem solving. They are systematic in their efforts. They also set aside time for investigating challenging issues and brainstorming ways to push through them. They don’t tackle a problem without a plan.

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They apply the scientific method to problem solving

Critical thinkers are usually highly methodical. They approach a problem the same way a scientist would and then move through the phases of the scientific method, conducting experiments to prove and disprove their hypotheses. Each experiment provides insight into the problem and proves or eliminates an idea or solution.

3 steps to improve your critical thinking skills

Critical thinking is a skill set, meaning it can be learned. Learning to think critically often involves tweaking some of our processes instead of merely trying to adjust our way of thinking. If you do things a certain way, your thinking will follow a certain pattern. You will begin to develop the habit of thinking practically and then critically. Developing this skill takes deliberate practice and persistence.

Here are three steps to get you started:

1. Recognize the biases in your thinking

Biases are common. We all have them. However, our biases lead to fallacies in our thought processes and rob us of our objectivity. The most common and detrimental bias is the confirmation bias- our tendency to see what we want to see. We tend to search for, interpret, favor, and recall information in a way that confirms our preexisting beliefs or hypotheses.

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To cure confirmation bias, experts[3] suggest that inundating yourself with information is not the answer. It’s all about how you filter the information you do have. When you don’t selectively filter information, you lose your objectivity which is the heart of logical thinking. This particular prejudice is most prevalent in emotionally- charged situations and when you have something to lose. It also shows up when wishful thinking is present.

For example, in the middle of basketball season the home town team has a record that is below 500 and has been on a seven game losing streak. The star player has just gone out with a torn ACL and your friend says to you, “I know in my heart that our home team will win the NBA Championship.”

This statement disregards the facts–or at the very least, fails to consider them– and makes a prediction based on a feeling.

Here are a few ways to overcome confirmation bias:

  • When you recognize a bias don’t abandon your initial hypothesis right away. It may be completely or even partially correct. Test your theory.
  • Keep an open mind. Work on trying to come up with alternatives no matter how far-fetched they may seem. Test all of your ideas.
  • Embrace surprises. Don’t discount them or get discouraged. The unexpected happens. Use this new “surprising” information to your advantage.

2. Use 5 “Whys” to find out the root causes of problems

The “Five Whys” methodology, developed by Sakichi Toyoda (founder of Toyota), uses a”go and see” philosophy. This turns the decision-making process into a search for a solution that is based on an in-depth understanding of what’s actually happening. This method simply involves asking, “Why?” five times, allowing you to dig deeper each time. The goal is to drill down and find the core of the issue.

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Here’s a quick example:

The problem you are attempting to solve is that customers are complaining that when they receive merchandise they purchased online it does not match what they ordered (they are getting incorrect items, sizes, etc.).

  • Why are customers receiving the wrong products? Because the shipping company’s warehouse shipped products that are different from what the customers ordered.
  • Why did the shipping company warehouse ship different products than what was ordered? Because the personnel filling the online orders called the order in and gave it to the warehouse via telephone to expedite shipping. Errors were made during this process.
  • Why are the online order fillers calling in orders instead of using the normal process? Because each shipping order has a slip that must be signed by the shipping directory before it is put into the system and sent to the warehouse.
  • Why does each order slip have to be signed by the shipping director before it is shipped? Because the shipping director records the information for his weekly reports to the company CEO.
  • Why does the shipping director have to record the information for each order this way? Because he does not know how to generate the report using the system the order fillers use to send their orders to the warehouse.

Using this process, we were able to locate the breakdown in the process around the third “why.” Asking “Why?” the last two times generated our solution: train the shipping director to use the existing software to generate his reports for the CEO.

3. Treat each problem like an experiment

Using the scientific method to solve problems is an effective and efficient mental model for solving problems. Most people approach problems haphazardly and dive into the middle of the issues and become overwhelmed or miss key elements. Following a process allows you to establish a habit. Remember critical thinking is a skill that requires practice and persistence. Start at the beginning of the process every single time. Here are the steps:

  • Define the problem. Ask a question to discover what the true issue is.
  • Do background research. Gather information.
  • Construct a hypothesis. Make a prediction based on what you know so far, being careful to account for confirmation bias.
  • Conduct experiments. Test your hypothesis. Apply the “Five Whys” methodology when necessary.
  • Analyze your data and draw a conclusion. Analyze the results of your experiments and put them to the test. Are there any other possible solutions? If so, test them out.
  • Communicate your results. Present your solution along with your research and evidence.

Always reflect on and review your processes. It helps you to find gaps in your thinking and to adjust. Reflection helps develop objectivity.

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With time, practice, and diligence using these three steps your critical thinking process will become a habit. You’ll be able to better predict results, anticipate pitfalls, and avoid biased thinking.

Reference

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Denise Hill

Denise shares about psychology and communication tips on Lifehack.

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Published on September 21, 2021

How Remote Work Affects Your Productivity And Wellbeing (Backed By Data)

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How Remote Work Affects Your Productivity And Wellbeing (Backed By Data)

The internet is flooded with articles about remote work and its benefits or drawbacks. But in reality, the remote work experience is so subjective that it’s impossible to draw general conclusions and issue one-size-fits-all advice about it. However, one thing that’s universal and rock-solid is data. Data-backed findings and research about remote work productivity give us a clear picture of how our workdays have changed and how work from home affects us—because data doesn’t lie.

In this article, we’ll look at three decisive findings from a recent data study and two survey reports concerning remote work productivity and worker well-being.

1. We Take Less Frequent Breaks

Your home can be a peaceful or a distracting place depending on your living and family conditions. While some of us might find it hard to focus amidst the sounds of our everyday life, other people will tell you that the peace and quiet while working from home (WFH) is a major productivity booster. Then there are those who find it hard to take proper breaks at home and switch off at the end of the workday.

But what does data say about remote work productivity? Do we work more or less in a remote setting?

Let’s take a step back to pre-pandemic times (2014, to be exact) when a time tracking application called DeskTime discovered that 10% of most productive people work for 52 minutes and then take a break for 17 minutes.

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Recently, the same time tracking app repeated that study to reveal working and breaking patterns during the pandemic. They found that remote work has caused an increase in time worked, with the most productive people now working for 112 minutes and breaking for 26 minutes.[1]

Now, this may seem rather innocent at first—so what if we work for extended periods of time as long as we also take longer breaks? But let’s take a closer look at this proportion.

While breaks have become only nine minutes longer, work sprints have more than doubled. That’s nearly two hours of work, meaning that the most hard-working people only take three to four breaks per 8-hour workday. This discovery makes us question if working from home (WFH) really is as good a thing for our well-being as we thought it was. In addition, in the WFH format, breaks are no longer a treat but rather a time to squeeze in a chore or help children with schoolwork.

Online meetings are among the main reasons for less frequent breaks. Pre-pandemic meetings meant going to another room, stretching your legs, and giving your eyes a rest from the computer. In a remote setting, all meetings happen on screen, sometimes back-to-back, which could be one of the main factors explaining the longer work hours recorded.

2. We Face a Higher Risk of Burnout

At first, many were optimistic about remote work’s benefits in terms of work-life balance as we save time on commuting and have more time to spend with family—at least in theory. But for many people, this was quickly counterbalanced by a struggle to separate their work and personal lives. Buffer’s 2021 survey for the State of Remote Work report found that the biggest struggle of remote workers is not being able to unplug, with collaboration difficulties and loneliness sharing second place.[2]

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Buffer’s respondents were also asked if they are working more or less since their shift to remote work, and 45 percent admitted to working more. Forty-two percent said they are working the same amount, while 13 percent responded that they are working less.

Longer work hours and fewer quality breaks can dramatically affect our health, as long-term sitting and computer use can cause eye strain, mental fatigue, and other issues. These, in turn, can lead to more severe consequences, such as burnout and heart disease.

Let’s have a closer look at the connection between burnout and remote work.

McKinsey’s report about the Future of work states that 49% of people say they’re feeling some symptoms of burnout.[3] And that may be an understatement since employees experiencing burnout are less likely to respond to survey requests and may have even left the workforce.

From the viewpoint of the employer, remote workers may seem like they are more productive and working longer hours. However, managers must be aware of the risks associated with increased employee anxiety. Otherwise, the productivity gains won’t be long-lasting. It’s no secret that prolonged anxiety can reduce job satisfaction, decrease work performance, and negatively affect interpersonal relationships with colleagues.[4]

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3. Despite everything, We Love Remote Work

An overwhelming majority—97 percent—of Buffer report’s survey respondents say they would like to continue working remotely to some extent. The two main benefits mentioned by the respondents are the ability to have a flexible schedule and the flexibility to work from anywhere.

McKinsey’s report found that more than half of employees would like their workplace to adopt a more flexible hybrid virtual-working model, with some days of work on-premises and some days working remotely. To be more exact, more than half of employees report that they would like at least three work-from-home days a week once the pandemic is over.

Companies will increasingly be forced to find ways to satisfy these workforce demands while implementing policies to minimize the risks associated with overworking and burnout. Smart companies will embrace this new trend and realize that adopting hybrid models can also be a win for them—for example, for accessing talent in different locations and at a lower cost.

Remote Work: Blessing or Plight?

Understandably, workers worldwide are tempted to keep the good work-life aspects that have come out of the pandemic—professional flexibility, fewer commutes, and extra time with family. But with the once strict boundaries between work and life fading, we must remain cautious. We try to squeeze in house chores during breaks. We do online meetings from the kitchen or the same couch we watch TV shows from, and many of us report difficulties switching off after work.

So, how do we keep our private and professional lives from hopelessly blending together?

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The answer is that we try to replicate the physical and virtual boundaries that come naturally in an office setting. This doesn’t only mean having a dedicated workspace but also tracking your work time and stopping when your working hours are finished. In addition, it means working breaks into your schedule because watercooler chats don’t just naturally happen at home.

If necessary, we need to introduce new rituals that resemble a normal office day—for example, going for a walk around the block in the morning to simulate “arriving at work.” Remote work is here to stay. If we want to enjoy the advantages it offers, then we need to learn how to cope with the personal challenges that come with it.

Learn how to stay productive while working remotely with these tips: How to Work From Home: 10 Tips to Stay Productive

Featured photo credit: Jenny Ueberberg via unsplash.com

Reference

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