Recently, when I was driving, I happened to listen to the interview of Ray Dalio, CEO of Bridgewater Associates on Youtube. The presenter introduced Ray Dalio as top 5 Influential men in the United States and was a net worth of more than 15 billion. I knew Bridgewater Associates was one of the biggest hedge funds but did not know about his influence.
Ray started with the power of settings goals to achieve individual life dreams and then the interview gradually shifted to the principles he believed in running the biggest hedge fund in the world. Not many people share their bad moments in the interview. Ray shared a video of him showing how overconfident he looked in one of his interviews in the 1980s that led to losses. He learned his lessons the hard way and wanted to foster learning and growth. How? By staying humble and promoting good ideas irrespective of where they came from.
In the next section, we will talk about how to implement idea meritocracy in an organization. We have to remember it is a process and might take time before we see the results.
How to implement Idea Meritocracy
Idea Meritocracy is creating an environment where the best ideas win irrespective of where or whom they came from. A leader of the organization should strive to do the following steps mentioned below to make idea meritocracy part of its culture.
Develop a group of passionate independent thinkers who are good idea contributors. Encourage everyone in the organization to think radically different from what is being implemented in the organization currently.
Create a practice to thoughtfully disagree with the idea presented and back it up with solid evidence/data.
Encourage the presenter of the idea to have a little self-doubt that he could be wrong and consider the presentation as a learning process.
Get disagreements resolved using agreed-upon systems like a panel of judges or using artificial intelligence-based decision-making systems based on the data provided.
The goal of idea meritocracy is to learn and grow without getting caught up in ego traps. It is always good to believe that we know only a little and need to leverage on thoughts and ideas of the associated people.
Does idea meritocracy only work for organizations? Can I use it as an individual? Yes, we can if we associate with fellow entrepreneurs. For example, I am relatively new to crypto and have joined multiple groups to learn from the experts. I was impressed with a few ideas that I have implemented and have thoughtfully disagreed with a few. Similarly, I associate with a group of passionate and independent traders whose goals are the same as mine. I listen to their ideas and hear their opinion about my ideas.
My fellow traders, readers and writers, keep sharing your ideas. Let us learn and grow together.
If you like this post, you might also like the law of attraction post. Also, did you know that Breakout trading strategy is one strategy that can be used for trading cryptos, stocks, options, and other derivatives and gives you the best risk-reward ratio (RRR) for the trades placed?
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