My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“the decision to do nothing is a decision”
What It Means
Choosing not to act is itself an active strategic choice that often produces better outcomes than taking action
Why It Matters
Counteracts bias toward activity and helps recognize that waiting can be the optimal strategy
When It's True
In uncertain environments where most opportunities are mediocre and patience allows for better opportunities
When It's Risky
When markets are moving quickly or when inaction leads to missed deadlines or competitive disadvantage
How to Apply
Explicitly consider 'do nothing' as an option in decision frameworks
Track outcomes of decisions to act vs decisions to wait
Create systems that reward patience and selectivity over activity
Example Scenario
“Trader reviews annual performance and finds their best years had fewer trades, leading them to adopt more selective approach”