Advertising
Advertising

Published on November 17, 2017

Why Smart People Come up With Dumb Ideas

Why Smart People Come up With Dumb Ideas

In July 2014, a bunch of engineering graduates — very smart people — decided they had identified a pain point that could become a company. The pain point was that, our search results (think Google) and our News Feed (think Facebook) are personalized; but our homes, where we spend the majority of our time, are not. They founded a startup called Lumos and decided to begin building smart Internet-connected switches to make home personalization a thing. People could install them in their home. The switches would learn from people’s behaviors like when they enter or leave home, and what times they use certain appliances, and personalize all the electric appliances in a home.

It seemed like a great idea. If it could, it seemed to be a multi-billion dollar market.

But it eventually died out. It never had the chance to become an Apple, Google, or Facebook.

Lumos failed. Why? The founders were smart, driven guys. They were working 14-hour days for five-six months. How is this possible?

They failed for many reasons including a lack of due diligence, not being the target users of their product, misunderstanding the market and cost structure, and more.

Advertising

But one of the biggest problem was that, the ideas weren’t really there. The product-market fit didn’t make sense. Neither did the cost structure. They had doubts but weren’t transparent about them. A sunk cost bias sunk in.[1]

So yes, smart people can come up with bad ideas. And it happens rather consistently.

The main issue is that we generally assume this formula to be true:

Smart = Always Right = Successful?

    This formula creates a situation where it’s difficult to admit having made mistakes or having done something wrong. If we admit a wrong, we’re not smart enough and not successful. No one wants to feel that way.

    Advertising

    There is also a “sunk cost bias,” which means it’s difficult to let go of things you’ve invested in. This was actually a problem with Lumos. They couldn’t abandon some of their original ideas and suffered as a result.

    Success is easy to see and visually presents itself well: nice car, big house, good salary, flashy clothes, etc. But usually success is preceded by tons and tons of failure.

    James Dyson’s vacuum cleaners is a great example.

      You see the success: his name is on the vacuum, and somewhat synonymous with the vacuum brand. What you don’t see is that it took him 5,126 attempts to finally get the vacuum right. You don’t see the 5,126 failures.

      Advertising

      What’s the formula we should use? Try this one:

      Truly Smart = Right + Wrong = Successful

        If you understand that failures are progress, and mistakes made can contribute to true success, you will be better off.

        Prove Yourself Wrong

        You think an idea is perfect? It’s not. Doubt yourself. It’s a way to show how much effort you’ve invested in yourself.

        Understand that failures are progress and that mistakes made will contribute to true success. No matter how much you’ve invested in something, you can still challenge it and grow it to something else.

        Advertising

        One of the most successful stocks of the last 30 years is a little-known company called Balchem, which has grown 107, 099 percent (not a typo) since 1985. One of the hallmarks of Balchem is admitting and embracing failure. Their stock has significantly outperformed Apple, Amazon, and other top companies during that time. Much of it is rooted in understanding that failure will be there (and often) before success will.[2]

        Look Past Your Effort

        You can defeat the sunk cost issue by looking at the effort you’ve put into something as options to review, not obligations.[3]

        For example, if you sink money into anything, view it as in-progress with the parts as options for future use. Don’t necessarily think that you have to go down the original route you were planning. Remember: Twitter was initially designed to be a platform for podcasting. The founders didn’t stick with that, and elements of Twitter (Arab Spring, etc.) have legitimately changed the world. Don’t be beholden to your first idea.

        Admit Being Dumb Is the New Smart

        Smart people are never satisfied with what they know. They want to get out and learn more and experience more. Less-intelligent people learn a little bit and think they’re set. They don’t grow.

        That’s the essential part. Life, and acquiring knowledge, is about growing. That means failing and missing on ideas. That’s the crucial element. Without that, it’s very hard to know whether an idea is truly good or “vetted.”

        Lean into the skid, embrace failure, and see the effort you’ve sunk in as a future option, not a definitive obligation. Your process of arriving at the truly smart idea will only become more refined.

        Reference

        More by this author

        Leon Ho

        Founder & CEO of Lifehack

        How To Be Successful In Life: 13 Tips From The Most Successful People Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny The 25 Best Self Improvement Books to Read No Matter How Old You Are How to Be A Genuine Expert in Your Field Seriously Stressing Out? The Complete Guide to Eliminate Work Stress

        Trending in Smartcut

        1 How to Stop Multitasking and Become Way More Productive 2 11 Google Chrome Apps and Features to Help You Get More Done with Less Effort 3 15 Productive Things to Do When You Have Extra Downtime 4 Seriously Stressing Out? The Complete Guide to Eliminate Work Stress 5 How to Make Changes to Your Life by Changing Your Habits

        Read Next

        Advertising
        Advertising

        Last Updated on September 17, 2018

        How to Stop Multitasking and Become Way More Productive

        How to Stop Multitasking and Become Way More Productive

        Today we are expected to work in highly disruptive environments. We sit down at our desks, turn on our computer and immediately we are hit with hundreds of emails all vying for our attention.

        Our phones are beeping and pinging with new alerts to messages, likes and comments and our colleagues are complaining about the latest company initiative is designed to get us to do more work and spend less time at home.

        All these distractions result in us multitasking where our attention is switching between one crisis and the next.

        Multitasking is a problem. But how to stop multitasking?

        How bad really is multitasking?

        It dilutes your focus and attention so even the easiest of tasks become much harder and take longer to complete.

        Studies have shown that while you think you are multitasking, you are in fact task switching, which means your attention is switching between two or more pieces of work and that depletes the energy resources you have to do your work.

        This is why, even though you may have done little to no physical activity, you arrive home at the end of the day feeling exhausted and not in the mood to do anything.

        Advertising

        We know it is not a good way to get quality work done, but the demands for out attention persist and rather than reduce, are likely to increase as the years go by.

        So what to do about it?

        Ways to stop multitasking and increase productivity

        Now, forget about how to multitask!

        Here are a few strategies on how to stop multitasking so you can get better quality and more work done in the time you have each working day:

        1. Get enough rest

        When you are tired, your brain has less strength to resist even the tiniest attention seeker. This is why when you find your mind wandering, it is a sign your brain is tired and time to take a break.

        This does not just mean taking breaks throughout the day, it also means making sure you get enough sleep every day.

        When you are well rested and take short regular breaks throughout the day your brain is fully refuelled and ready to focus in on the work that is important.

        Advertising

        2. Plan your day

        When you don’t have a plan for the day, the day will create a plan for you. When you allow outside influences to take control of your day, it is very hard not to be dragged off in all directions.

        When you have a plan for the day, when you arrive at work your brain knows exactly what it is you want to accomplish and will subconsciously have prepared itself for a sustained period of focused work.

        Your resistance to distractions and other work will be high and you will focus much better on the work that needs doing.

        3. Remove everything from your desk and screen except for the work you are doing

        I learned this one a long time ago. In my previous work, I worked in a law office and I had case files to deal with. If I had more than one case file on my desk at any one time, I would find my eyes wandering over the other case files on my desk when I had something difficult to do.

        I was looking for something easier. This meant often I was working on three or four cases at one time and that always led to mistakes and slower completion.

        Now when I am working on something, I am in full-screen mode where all I can see is the work I am working on right now.

        4. When at your desk, do work

        We are creatures of habit. If we do our online shopping and news reading at our desks as well as our work, we will always have the temptation to be doing stuff that we should not be doing at that moment.

        Advertising

        Do your online shopping from another place—your home or from your phone when you are having a break—and only do your work when at your desk. This conditions your brain to focus in on your work and not other distractions.

        5. Learn to say no

        Whenever you hear the phrase “learn to say no,” it does not mean going about being rude to everyone. What it does mean is delay saying yes.

        Most problems occur when we say “yes” immediately. We then have to spend an inordinate amount of energy thinking of ways to get ourselves out of the commitment we made.

        By saying “let me think about it” or “can I let you know later” gives you time to evaluate the offer and allows you to get back to what you were doing quicker.

        6. Turn off notifications on your computer

        For most of us, we still use computers to do our work. When you have email alert pop-ups and other notifications turned on, they will distract you no matter how strong you feel.

        Turn them off and schedule email reviewing for times between doing your focused work. Doing this will give you a lot of time back because you will be able to remain focused on the work in front of you.

        7. Find a quiet place to do your most important work

        Most workplaces have meeting rooms that are vacant. If you do have important work to get done, ask if you can use one of those rooms and do your work there.

        Advertising

        You can close the door, put on your headphones and just focus on what is important. This is a great way to remove all the other, non-important, tasks demanding your attention and just focus on one piece of work.

        The bottom line

        Focusing on one piece of work at a time can be hard but the benefits to the amount of work you get done are worth it. You will make fewer mistakes, you will get more done and will feel a lot less tired at the end of the day.

        Make a list of the four or five things you want to get done the next day before you finish your work for the day and when you start the day, begin at the top of the list with the first item.

        Don’t start anything else until you have finished the first one and then move on to the second one. This one trick will help you to become way more productive.

        Featured photo credit: Unsplash via unsplash.com

        Read Next