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
Don't just pay attention to your job; pay attention to how your job will be done if you are no longer around.
I wrote about key-man risk earlier, which applies the most to those with the largest areas of responsibility, especially the head of an organization. If that's you, then you should designate the people who could replace you and have them do your job for a while so they can be vetted and tested. These results should be documented in a manual that the appropriate people can go to if you should be hit by a bus. If all the key people in the organization do this, you will have a strong "farm team," or at least a clear understanding of vulnerabilities and a plan to deal with them. Remember that a ninja manager is somebody who can sit back and watch beauty happen--i.e., an orchestrator. If you are always trying to hire somebody who is as good as or better than you at your job, that will both free you up to go on to other things and build your succession pipeline.
Beyond that, visualizing your replacement is an enlightening and productive experience. In addition to taking stock of what you are doing and coming up with both bad and good names, you will start to think about how to get your best people into slots that don't yet exist. Knowing that you will have to test them by letting them do your job without interference, you will be motivated to train them properly before the test. And, of course, the stress-testing will help you learn and adapt, which will lead to better results.
Work Principle
- Design Improvements to Your Machine to Get Around Your Problems
- Build the organization around goals rather than tasks.
- Don't just pay attention to your job; pay attention to how your job will be done if you are no longer around.
- Build the organization around goals rather than tasks.
Any person or organization can adopt Principles to better achieve their goals.
Learn what Principles are and how they are applied at Principles.com
