A Decision Rule To Live By

Over the past year I've found my decision-making to have become much more sharp and it's really really been based on one decision rule. It has been so powerful in my personal and professional life (ranging from R&D decisions, to managing employees and to maintaining relationships with my business partner.)

I always ask myself the following:

"What is the worst possible case that could happen if I make this decision? If it happened, would I be kicking myself or could I live with it?"

If the answer is the former, can I do anything to mitigate the risk and make the worst state more acceptable? If it's the latter, accept the decision because no matter what you're taking a calculated risk and the negative outcome will be out of your control.