The 51% Rule (and 3 More Strategies to Think Like a Millionaire) with Steven Bartlett
Added: Feb 8, 2024
In this podcast episode, Mel Robbins interviews Steven Bartlett, a successful entrepreneur and host of the podcast "The Diary of a CEO." The focus of the conversation is on the art and science of decision-making and how it plays a crucial role in shaping our lives. Steven shares his personal story of growing up in challenging circumstances, where he learned to question the narratives and beliefs imposed by society and the education system.Key takeaways
Tuning into your internal voice and trusting your feelings is crucial for making decisions that align with your happiness and well-being.
Take risks and make bold decisions quickly, especially decisions that can be revisited if needed.
Conduct experiments and take action to find the right answers, rather than getting stuck in overthinking and indecision.
Increase self-awareness by reflecting on daily experiences and emotions through social media posts.
Embrace uncertainty and learn from mistakes to move closer to your goals and aspirations.
Childhood Challenges and Internal Conflict
Steven recounts his childhood experiences of being the only black child in a predominantly white neighborhood, facing financial struggles, and dealing with his mother's gambling addiction. Despite these challenges, he developed a strong sense of independence and a belief in his own potential. He felt a disconnect between what the world was telling him and how he truly felt about himself. This internal conflict drove him to question societal norms and seek his own path to happiness and success.
Tuning into Internal Voice and Trusting Feelings
One of Steven's key insights is the importance of tuning into one's internal voice and trusting one's feelings. He emphasizes the need to prioritize personal happiness as the ultimate goal in decision-making. Steven believes that many of the limitations we face are self-imposed and stem from societal expectations and external influences. By listening to our intuition and aligning our actions with how we truly feel, we can break free from these limitations and create a fulfilling life.
Two Types of Decision Making
Steven encourages listeners to take risks and make bold decisions that align with their happiness and well-being. He shares the concept of type one and type two decisions, where type one decisions are irreversible and require careful consideration, while type two decisions can be revisited if needed. He advocates for making type two decisions quickly and with at least 51% certainty, acknowledging that complete certainty only exists in hindsight.
Steven shares a story about a father and son running separate businesses in the same industry. The son's business grows rapidly because he makes decisions quickly, while the father takes months to make decisions. The key takeaway is the importance of the speed of decision-making. He emphasizes the need to take action and conduct experiments to find the right answers, rather than getting stuck in overthinking and indecision.
Steven introduces a practical exercise for increasing self-awareness and understanding decision-making patterns. He suggests creating an Instagram or Twitter account to reflect on daily experiences and emotions, condensing them into short posts. This exercise helps in introspection and self-reflection, leading to greater self-awareness and understanding of one's behavior.
Learning from Mistakes and Embracing Uncertainty
Steven highlights the importance of learning from mistakes and embracing uncertainty in decision-making. He references examples like Jeff Bezos's approach to decision-making and Barack Obama's decision to pursue Osama Bin Laden with limited certainty. By accepting that uncertainty is a natural part of life and being willing to take calculated risks, individuals can move closer to their goals and aspirations.
