A donkey is standing between a pile of hay and a bucket of water. He's really thirsty, but also really hungry. "Should I eat the hay
first or drink the water first?" Unable to decide, the donkey eventually dies of hunger and thirst. Now I know what you're thinking,
"I'm not a donkey and I would never do that." Think again. Research shows that we act like donkeys more often than we realize. We find
ourselves looking at hay and water, developing tunnel vision, and missing the full array of possibilities. Management scholar, Paul
Nutt, found that half the decisions made by organizations fail. According to Nutt's research, the failures happen in part because leaders
considered more than one alternative in only 20% of their decisions. For much of the time, business theaters actually behave worse
than the donkey and focus on a single option. As a result, they miss better opportunities hidden in plain sight. And in some dire cases,
die of thirst and hunger. Think back to some of the monumental decisions you've made in your life. Chances are that these were over
the whether or not variety, whether or not to go to business school, whether or not to quit your day job and open a yoga studio, whether
or not to fire one of your employees. Now, we view each of these choices in isolation. And once we begin to assess the pros and cons,
we develop tunnel vision. As author Robertson Davies put it, "The eye sees only what the mind is prepared to comprehend." And if the
mind anticipates a single answer, that's all that the eye will see. So here are three questions you can ask to expand your mind and
reveal options you may have missed. Even adding just one or two additional options to the table can make all the difference. Number
one, what else could I do with that time, money and resources? These are called opportunity costs. So these are the costs that represents
what we give up by making a particular choice. If you're thinking about going to business school, you could use those two years and
$150,000 in tuition to start your own business instead. Number two, assume all existing options aren't available. Ask yourself what
else could we do? When the existing options are still on the table, we get anchored to them. And any new options we suggest tend to
be just minor improvements over the existing ones. But when we take all those options off the table, we force ourselves to begin with
first principles and shift our mental focus elsewhere. So if firing your employee weren't an option, what else could you do? Maybe
shifting to a different department that better suits his skillset, or assign them to a different team that better fits his personality?
Or maybe give him a leave of absence. Number three, can I have my cake and eat it too? Your choices may not be mutually exclusive.
Perhaps you could keep your day job and open a yoga studio, or have your hay and drink your water too.