3. Comprehend the complexity of a project

When you are about to take a project, dig deep into it to really understand the breadth and scope of the project. Be on the lookout for potential pitfalls. Taking the time to really understand the complexity of a project helps you avoid unpleasant surprises later on.

4. Have a cushion

Even after you comprehend the complexity of a project, you still need to have a cushion. Give yourself extra time and resources for unexpected things. But be careful not to give yourself too much cushion. Otherwise you may become less competitive than your competitors.

5. Be prepared for failure

Some people are so confident in themselves that they can’t think of the possibility of failure.

Robert Shiller told the story of Irving Fisher – a Yale professor in the early 20th century – who said that the stock market in 1929 was in “permanently high plateau.” He invested heavily in the stock market, but ended up losing a lot of money in the 1929 crash. Yale needed to buy his house and rented it out to him for him not to be on the street. Did he change his view after all that happened? No. He still insisted that he was right. He borrowed money from his wealthy relatives, invested it, and lost it all.

So be prepared for failure. Doing so will help you recover quickly.

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