From me (Anthony):
How to Be Competent in Select Areas, Yet Grow into Others:
(1) Stay within the bounds of what you know using self-awareness and experience
(2) Know your "cliff-edge" threshold, so you don't overextend yourself
(3) Set goals
(3) Grow your conscious competence by putting in the reps
(4) Increase your knowledge into other areas by leveraging "uncomfortable growth" - which may lead to the conscious incompetence category (no how long you should dabble in that)
From Farnam Street:
From Warren Buffett (in the Farnam Street article):
The concept of the Circle of Competence has been used over the years by Warren Buffett as a way to focus investors on only operating in areas they knew best. The bones of the concept appear in his 1996 Shareholder Letter:
What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.
© Anthony Dap III | Dream BIG & Co. LLC 2020-2030