Principles are ways of successfully dealing with reality to get what you want out of life.
Ray Dalio, one of the world’s most successful investors and entrepreneurs, cites principles as his key to success.
In 1975, Ray Dalio founded Bridgewater Associates, out of his two-bedroom apartment in New York City. Over forty years later, Bridgewater has grown into the largest hedge fund in the world and the fifth most important private company in the United States (according to Fortune magazine), and Dalio himself has been named to TIME’s list of the 100 most influential people in the world. Along the way Dalio discovered unique principles that have led to his and Bridgewater’s unique success. It is these principles, and not anything special about Dalio, that he believes are the reason behind whatever success he has had. He is now at a stage in his life that he wants to pass these principles along to others for them to judge for themselves and to do whatever they want with them.
Work Principle
Make sure people don't confuse the right to complain, give advice, and openly debate with the right to make decisions.
Everyone does not report to everyone. Responsibilities and authorities are assigned to individuals based on assessments of their ability to handle them. People are given the authority that they need to achieve outcomes and are held accountable for their ability to produce them.
At the same time, they are going to be stress-tested from both directions--i.e., by those they report to and by those who report to them. The challenging and probing that we encourage is not meant to second-guess their every decision but to improve the quality of their work over time. The ultimate goal of independent thinking and open debate is to provide the decision maker with alternative perspectives. It doesn't mean that decision-making authority is transitioned to those who are probing them.
Work Principle
- Recognize How to Get Beyond Disagreements
Make sure people don't confuse the right to complain, give advice, and openly debate with the right to make decisions.
Any person or organization can adopt Principles to better achieve their goals.
Learn what Principles are and how they are applied at Principles.com
