In today’s episode of The Startup Chat, Steli and Hiten talk about changing your mind about something.
A lot of people see changing your mind as a sign of weakness, however, this is not always the case. Often times decisions are made in the startup world, however, there are times when you may want to change your mind about something. Doing so in the right way and at the right time can be the difference between failure and success.
Tune in to this week’s episode to hear Steli and Hiten thoughts on when and how to change your mind on something and how to do this the right way.
Time Stamped Show Notes:
00:28 How founders not changing their minds about something is a major reason why a lot of startups fail.
01:41 Why strong opinions are not loosely held.
02:42 How to loosely hold strong opinions.
03:24 One of Steli’s main drivers of personal happiness.
04:33 Examples of a good way to change your mind.
06:07 One of Steli’s favorite experiences.
07:06 How being open-minded about certain things can sometimes be difficult.
08:13 How often Hiten changes his mind.
10:04 How Steli deals with times when he’s wrong about things.
11:23 Hiten’s approach to managing a team and decision making.
3 Key Points:
There are experiments I do that prove that my strong opinion is wrong.
Strong opinions are not loosely held.
Changing my mind is an indicator that I am growing as a person.
Steli Efti: Hey, everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: Today on The Startup Chat, we're going to talk about changing your mind. This is the concept of when and how should you change your mind or your opinion about something as a founder. How do you get better at learning to change, especially changing your mind, which is probably the first step in change of everything. And that to a large degree, when we talk about startups that fail, we always go back to they fail because they didn't change. They didn't learn fast enough. What does learn fast enough mean? To a certain degree, it means changing your hypothesis or changing the direction of your company or changing your execution or changing something, your idea or whatever. It means that you didn't change either enough or you didn't change when it mattered. So I think that's a fascinating episode to talk about, especially from my perspective in terms of how and when do we change our mind? When was the last time we've changed our mind, and how do we work on this, at getting better at this, etc., etc? I know that we had a prior episode when this popped up, and I'm dying to dive into this in more detail and unpack this.
Hiten Shah: Yeah. I've always loved the quote and loved people who have strong opinions that are loosely held. I really love ... Personally, it's one of the things that I really live by. It's such a powerful thing to me, and I think it's one of the hardest things to do in life, because especially when you're really driven to succeed or do things, because this idea that you have these strong opinions. By nature of those words, strong opinions means they're not loosely held. You have to hold them tight. You have to be like, "Hey, this is it. This is what I'm doing or this is what matters. This is what's important." A lot of times, when you're a manager or you're a founder, you're a leader in the company, or even personally, you have to go make that a reality. Anything. You want to get better at your job, even if you have a job, you have to make that a reality. That takes having a strong opinion about yourself or what you need to achieve or whatever. How do you loosely hold those strong opinions? I think there's a simple trick, which is I might have this opinion today, but I am willing to change if there are facts or there ar...