Steven Bartlett Best Quotes

1. The Peak-End Rule: The two moments that matter most The peak–end rule is a cognitive bias that describes how people remember an experience or event. Simply put, we judge an experience according to how we felt at its peak and at its end, rather than by some perfectly aggregated average of every moment of it. Crucially, this applies to both good and bad experiences! Businesses and brands take note: customers will judge their entire experience on just two moments – the best (or worst) part, and the end.

Amazon follows the same fail-faster religion. Jeff Bezos, founder of the trillion-dollar e-commerce platform, sent the following memo to his shareholders when the company became the fastest ever to reach annual sales of $100 billion: One area where I think we are especially distinctive is failure. I believe we are the best place in the world to fail (we have plenty of practice!), and failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment. Most large organisations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a 10 per cent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.