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  • Amit Jain

Impact of our belief systems on our lives (& entrepreneurship journey) and our decisions

Updated: Mar 25

Heard 'wanna bet' ever?


Allow me to take a detour here to write about my experience on the belief system that I built over my life and how has it impacted the journey!

When I was younger (Ok, relatively), I remember my friends saying 'Waana bet' after a lot of debates and I also remember losing a lot many bets, almost all, to them. Fortunately, I didn't have to pay them money.

After when I spent a few years in the corporate world did I start to think, why did I lose most of the bets and how were all my friends so confident that they would win? I read a few books, blogs, and articles to learn about the 'belief system' and the impact it has on one's life. Of course, no-one would like to challenge everyone with 'wanna bet' unless you want to lose all the loved ones.

Instead of talking about our belief systems, I want to focus on how can we implement a better framework to think about our decisions.

I bet that we shall likely to recognize that there is a degree of uncertainty and we are generally less sure of our facts/ beliefs than we thought we were.

When someone challenges us to bet on a belief, use the below framework to vet your belief system -- this shall take the inventory of the evidence that informed us (Credit: Annie Duke).

1) How do you know that fact? 2) Where did you get the information on that fact? 3) What's the quality of these sources? 4) How much do you trust these sources? 5) Is your information up-to-date? 6) What are the alternatives? 7) What do others know that you don't, about these facts? 8) What's their level of expertise, 9) What are you missing?

Generally speaking, most of us build our belief system by

1) hearing something,

2) believing it,

3) Only in a few cases, we think about these and vet, to establish if it's true or not.

The more objective we are, the more accurate our belief systems become. The friends that won most of the bets are those with more accurate belief systems.

The more we recognize that we are betting on our belief system (with our happiness, attention, money, or any limited resource), the more we are likely to get close to the truth. My experience is, nothing in life is certain and there is always a grey area. The level of certainty (Say, I'm about 90% certain that you shall love this article), is, seems to me, a good philosophy for living.

Waana bet that this framework will improve the way you make decisions? I'm about 90% certain that it will. How about you?

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