1 00:00:18,960 --> 00:00:21,120 S1: There's a really cool concept that I always come back 2 00:00:21,120 --> 00:00:24,800 S1: around to, which is the oscillation in life between explore 3 00:00:24,800 --> 00:00:29,480 S1: and exploit. A good example of this is trying new restaurants. 4 00:00:29,640 --> 00:00:31,680 S1: When you try a new restaurant, you're taking a risk 5 00:00:31,680 --> 00:00:34,200 S1: that it could be bad for the potential reward of 6 00:00:34,200 --> 00:00:38,000 S1: it being better than anything you've ever had. Once you've 7 00:00:38,000 --> 00:00:41,080 S1: tried enough restaurants, you eventually have a list of them 8 00:00:41,080 --> 00:00:44,000 S1: that you know you'll like. So they're kind of known goods. 9 00:00:44,320 --> 00:00:47,280 S1: And when you decide to use one of those known goods, 10 00:00:47,280 --> 00:00:50,800 S1: you're now in exploitation mode. So the key point here 11 00:00:50,800 --> 00:00:53,320 S1: is that if you do too much of either of these, 12 00:00:53,840 --> 00:01:00,080 S1: exploring or exploiting it reduces your overall enjoyment. There's another 13 00:01:00,080 --> 00:01:01,920 S1: way I frame this a long time ago, which is 14 00:01:01,920 --> 00:01:05,479 S1: pattern versus novelty. And the example I use there is 15 00:01:05,480 --> 00:01:09,480 S1: for music. So my go to is like a melody 16 00:01:09,480 --> 00:01:12,400 S1: or a hook and a song, which the song keeps 17 00:01:12,400 --> 00:01:16,320 S1: coming back to. That's the pattern. And then there's the 18 00:01:16,319 --> 00:01:18,800 S1: unique things in the song as well, most importantly the 19 00:01:18,800 --> 00:01:22,160 S1: lyrics and maybe the tone or maybe the performance of 20 00:01:22,160 --> 00:01:26,920 S1: the artist. And those would be the novelty. But once again, 21 00:01:26,919 --> 00:01:30,400 S1: it's the oscillation between the two that's necessary. People love 22 00:01:30,400 --> 00:01:32,840 S1: familiar patterns, but if you do too much of it, 23 00:01:32,880 --> 00:01:36,840 S1: it becomes boring. People also love novelty, unique sounds and 24 00:01:36,840 --> 00:01:40,760 S1: ideas and tastes and lyrics and voices or whatever. But 25 00:01:40,759 --> 00:01:43,109 S1: within novelty, if there's too much of it, or if 26 00:01:43,110 --> 00:01:45,910 S1: it goes for too long, they eventually search for a 27 00:01:45,910 --> 00:01:48,670 S1: pattern so that it feels familiar. So they have something 28 00:01:48,710 --> 00:01:52,470 S1: to anchor on. Too much novelty. And you want patterns. 29 00:01:52,830 --> 00:01:56,590 S1: Too much pattern. And you want novelty, too much exploit 30 00:01:56,750 --> 00:01:59,910 S1: going to your favorite restaurants. And you'll want to seek 31 00:01:59,910 --> 00:02:03,630 S1: to explore, to try something new. Too much. Explore looking 32 00:02:03,630 --> 00:02:07,350 S1: for new restaurants, but keep getting disappointed every once in 33 00:02:07,350 --> 00:02:10,230 S1: a while or too often, and you just want to 34 00:02:10,230 --> 00:02:13,190 S1: go to someplace that you know you will like. Here 35 00:02:13,190 --> 00:02:16,870 S1: are some other examples in relationships. Taking your spouse to 36 00:02:16,870 --> 00:02:20,790 S1: your favorite restaurant few times a year, but constantly surprising 37 00:02:20,790 --> 00:02:24,429 S1: her with new restaurants as well. In content creation, it's 38 00:02:24,430 --> 00:02:27,110 S1: great to have new content and ideas all the time 39 00:02:27,230 --> 00:02:30,510 S1: coming from a creator, but we also love when our 40 00:02:30,510 --> 00:02:34,269 S1: creator has like a catchphrase or a familiar sound associated 41 00:02:34,269 --> 00:02:37,429 S1: with the videos or the podcast or whatever, or a 42 00:02:37,430 --> 00:02:41,750 S1: logo present in the stuff. Romance. You have known goods, 43 00:02:41,750 --> 00:02:45,390 S1: but you want excitement as well. Business customers know you're 44 00:02:45,389 --> 00:02:49,070 S1: trustworthy and dependable if they see your logo, but they 45 00:02:49,070 --> 00:02:54,070 S1: know you're also releasing new things as well. So yeah, 46 00:02:54,790 --> 00:02:57,269 S1: I see this as a really powerful concept for thinking 47 00:02:57,269 --> 00:02:59,350 S1: about how to get the most out of life, but 48 00:02:59,350 --> 00:03:02,790 S1: also to provide the most value as well. And now 49 00:03:02,790 --> 00:03:05,230 S1: that you've heard it, you're probably going to see it everywhere.