Placing a system in a straightjacket of constancy can cause fragility to evolve
C. S. Holling
Hi there, it’s Jerry Garrett, and I’m here to discuss a crucial MBA topic this week: failsafe. So, what exactly is failsafe, and how can you use it to your advantage?
Imagine failsafe as a backup system ready to jump into action when something goes wrong. Picture a power outage, and you’ve got a generator or an inverter at home to keep the lights on. That’s a perfect example of failsafe at work. Right now, the power is stable, but you never know when it might go out.
To maximize your failsafe system’s effectiveness, try to separate your backup from your main system as much as possible. For instance, I have an SSD hard drive where I’ve backed up all my important files. But if my computer caught a virus while the SSD was connected, both could be compromised. Keeping the backup far from the computer ensures its safety.
The key is to eliminate points of failure and be prepared for anything. Take Josh Kaufman’s example from his book: he inherited preparedness from his father. Living in remote Colorado, they could break down anywhere without a cell signal. So they’re always ready for a situation where their car breaks down and they can’t rely on their phones.
Think of insurance as another form of failsafe. You might feel like you’re wasting money paying for insurance, but when disaster strikes, that coverage becomes invaluable. Failsafe systems are designed to prevent primary system failure or help recover from it if necessary.
Remember that by the time you need a failsafe, it’s too late to get one. Therefore, it’s essential to develop fail-safe backups before you need them—not when disaster strikes.
For example, consider house insurance. Most your house likely won’t burn down, but why risk skipping insurance? Picture the relief if disaster strikes and you’re covered. With insurance in hand, you can breathe easy.
Read the original one from Josh Kaufman here: https://personalmba.com/resilience/
Until next week, take care! See you soon!