The pandemic, despite all the horrors it has brought, has provided some people with more time for self-reflection, majorly people in Business.
Game theory is a mathematical context but very relevant to change the game of business. Von Neumann and Morgenstern published Theory of Games and Economic Behavior, and provided a systematic way of understanding the behavior of players in the game. Business is always a high-stakes game. In Business, you have to look forward far into the game and then reason backward to figure out which of today’s actions will lead you to where you want to end up. The primary insight of game theory is to focus on others i.e., Allocentrism.
So what are the elements of the game? In game theory, there are two kinds of solutions – PureStrategy Solution and Mixed Strategy Solution and five elements shortly called as PARTS: players, added values, rules, tactics, and scope. These five elements describe all available solutions. To change the game in your favor, you have to change one or more of these elements. Sometimes the best way to succeed is to let others, including your competitors, do well. The most valuable service you can offer is creating competition, so don’t ever give away anything for free. You can profit by using insights from game theory.
“The ultimate answer to the question “Why read?” is that only deep, constant reading fully establishes and augments an autonomous self. Until you become yourself, what benefit can you be to others?” – Harold Bloom
Reading helps us to become our full Autonomous-Self. How else do we know people at the intimate level, then Reading. Books help to create a greater self-knowledge and teaches about our values and capabilities. They also challenge us to help us grow. Once you finish reading, it gives us an immense confidence and satisfaction, that cannot be comprehended by any other human emotions.
Just go read, anything and everything that you can get hold off.
It’s almost impossible to know if one’s personal, financial, business or career success is due to luck or skill. But one true aspect to be aware is it takes many years for skills to win over luck.
Big trends rarely have one cause. In some endeavors like selling books and movies, luck plays a larger role. There is a paradox of skill. As skill improves, performance becomes more consistent, and therefore luck becomes more important. As individuals advance in their careers, their duties often slide toward the luck side. The tools that made an executive very successful as the head of operations may be of little use when he is promoted to CEO, a position in which it’s much more difficult to find causes for specific effects. When luck stands between cause and effect, giving and receiving quality feedback becomes much more difficult.