One common myth about money is falling into the fairness trap with value relativity. When the quality of work is hard to judge, we tend to value those who work longer and harder more highly. This is a fairness trap. A novice locksmith might take a long time to open a locked door, while an experienced one can do it instantly. People often pay higher wages to novice locksmiths who have spent more time working. Even if the lock is damaged due to clumsy work and they are charged for replacement, people might still tip because the locksmith worked hard and did his best for a long time. When paying for something that’s difficult to evaluate, people care about fairness. But the real reason to call a locksmith is to avoid the embarrassing situation of being unable to enter the house quickly. I don’t know if this is true, but a woman once asked Picasso to draw her portrait, and he did it in 30 seconds. When she asked how much she should pay, Picasso said her $500. She complained that this was o...
When leaders are busy, organizations are at risk. Leaders who don’t acknowledge reality, who can’t make decisions and let time pass during conflicts, who can’t trust others, and who intervene in even minor matters exemplify incomparably incompetent leaders who disguise themselves with their own integrity to avoid failure. Leaders who fail to recognize their limitations and cannot delegate their responsibilities to others will harm both themselves and the organization while they keep their positions. - Joseph’s “just my thoughts”