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
Provide constant feedback.
Most training comes from doing and getting in sync about performance. Feedback should reflect what is succeeding and what is not in proportion to the actual situation, rather than in an attempt to balance compliments and criticisms. Remember that you are responsible for achieving your goals, and you want your machine to function as intended. For it to do so, the employees you supervise must meet expectations, and only you can help them understand whether they are stacking up. As their strengths and weaknesses become clearer, responsibilities can be more appropriately tailored to make the machine work better and to facilitate personal evolution.
RECENT USER EXCHANGES
Where’s the line between coaching and over-managing?
Great managers orchestrate rather than do. Like the conductor of an orchestra, they do not play an instrument but direct their people so that they play beautifully together. Micromanaging, in contrast, is telling the people who work for you exactly what tasks to do or doing their tasks for them. Not managing is having them do their jobs without your oversight and involvement. To be successful, you need to understand these differences and manage at the right level. Managers must make sure that what they are responsible for works well. They can do this by 1) managing others well, 2) job slipping down to do work they’re not responsible for because others can’t do their jobs well, or 3) escalating what they can’t manage well. The first choice is optimal; the second signals that a change is needed in the people and the design; the third choice is harder still but mandatory. Providing constant feedback is essential, but it should be aimed at helping your team grow and improve, not at taking over their responsibilities. PS. If you want further guidance you can find it in my book Principles: Life and Work, or the Principles in Action app.
Work Principle
- Constantly Train, Test, Evaluate, and Sort People
Provide constant feedback.
Any person or organization can adopt Principles to better achieve their goals.
Learn what Principles are and how they are applied at Principles.com
