Enjoy Alex’s recent Insider Fix newsletter featuring the latest entrepreneurial, legal, and one random fix to help you. Alex hopes that these three hacks to be so useful that they will multiply and provide you a 10-fold return.
We’re All Talking Monkeys
We’re like antiquated Commodore 64 computers. So much of our thinking is pre-programmed to a finite number of if-then statements. We can argue about how smart or dumb we are, but we can’t say that we all follow the same thinking and emotional patterns without realizing it. If this is true (and I believe it is), it’s the definition of insanity – “doing the same thing repeatedly and expecting different results.” Oh, and neither Albert Einstein nor Ben Franklin said that, so stop misattributing it. Then, most of us are insane for not being aware of our hidden cognitive biases and thinking patterns.
I like my cognitive biases spoonfed to me. Wikipedia has an excellent comprehensive list of them here. Or, if you want a simpler scaled-down version of the nine most common ones, here you go.
If you’re going to be a talking monkey, you might as well know it. And then own it.
The infographic above was created and distributed as a free resource from InnerDrive. Visit their website to learn more about this and other topics.
InnerDrive is a mindset coaching company working in education, business, and sport. We specialize in realizing the potential behind Growth Mindset, Metacognition, and stress management strategies and, as a result, improve motivation, learning, confidence, and performance in our clients.
How to Draft Your Way Out of a Lawsuit
Have you ever been dragged into court prematurely after the other side has already lawyered up? A good, old-fashioned face-to-face meeting being grown-ups can do the trick, but how can you force the opposing side to act like a grown-up?
Look at your contracts. Do they have a suitable dispute resolution clause in them? If you do it right (and that’s a big “if”), you can stack the deck in favor of out-of-court dispute resolution, saving you a ton of money in legal fees and damages, a ton of negative publicity, and a ton of wasted time and energy and stress and distraction.
Here’s an example of a “waterfall” dispute resolution provision.
Dispute Resolution. If at any time there is a dispute between the parties regarding this Agreement and performance hereunder, the parties agree that they will within ten (10) days following receipt of written notice of a dispute, engage in face-to-face negotiations in an attempt to resolve the dispute and shall, upon failing to negotiate a resolution, choose a mutually agreeable third-party neutral, who shall mediate the conflict between the parties. Mediation shall be non-binding and shall be confidential. The parties shall refrain from court and arbitration proceedings during the mediation process insofar as they can do so without prejudicing their legal rights. The parties shall participate in good faith per the mediator’s recommendations and shall follow the procedures for mediation as suggested by the mediator. All expenses of mediation except costs of the respective parties shall be shared equally by the parties. Each party shall be represented in the mediation by a person with the authority to settle the dispute. If the parties are unable to resolve the dispute in good faith within two (2) months of the date of the initial demand by either party for such fact-finding, the dispute shall be finally determined by arbitration. Each party agrees to submit any and all disputes concerning this Agreement, including without limitation its interpretation, enforcement, and performance, if not resolved between the parties through their best efforts, to the American Arbitration Association (“AAA”) for binding arbitration, in accordance with its applicable rules of dispute resolution, which are available here: https://adr.org/rules. The forum for the arbitration will be Cleveland, Ohio, or such other place within the United States as the parties may hereafter mutually agree upon. The arbitrator shall be empowered to determine the arbitrability of the dispute. Each party shall equally share the fees of the arbitrator(s). Except as otherwise stated in this Agreement, any and all disputes required to be submitted to mandatory arbitration shall be so submitted within two (2) years from the date the dispute first arose or shall be forever barred.
This can apply to agreements with your customers, employees, partners, landlords, and contractors. But you have to do it right. Here are the caveats: First, some state and federal regulations limit or prohibit these from being used in some circumstances (like in nursing homes). Second, they can’t be excessive or oppressive. We recommend putting them into separate documents and having the other party confirm in writing they’ve had time to seek counsel and that you’ve encouraged them to do so. You’re going to want to have an attorney draft these for you, but guaranteed that that’s time and money well-spent.
If your business lawyer isn’t talking to you about these, get another business lawyer.
One Minute Rule
My e-mail and texting game suck in one meaningful way: I’m incredibly impulsive. I’ve fired off countless wish-I-could-take-that-back messages to a poor sucker on the other side. I recognize it, though, and therefore put a one-minute delay on all e-mails I send out.
This little hack has been a total game-changer for me. As an attorney, it’s saved me a ton of embarrassment, regret, and anxiety over the years—instructions for implementing e-mail delays in Office and Gmail in this HBR article.
