The Value of Information

We live in a world of imperfect information. What that means is that one party often knows something that others don’t. Whether it is a business deal, a debate or a personal discussion, there is always something that is unknown to someone.

How do you succeed in a world of imperfect information? Gather as much information from as many people as possible. Ask great questions and dig at the root of what you are trying to discover. Don’t be afraid to be direct – people don’t often volunteer valuable information. Talk to as many people as you can, try to get the bigger picture. The more sources you have, the better. I was taught in middle school to triple check every historical source to ensure its accuracy. Whether you’re researching a paper on the Civil War or trying to formulate a business contract, the lesson holds true.

In a world of imperfect information, the more information you have, the better your chances are of success.

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