Jordan Tempo/ForbesIn 1982, Ray Dalio made what he calls the biggest mistake of his life. He had to let people go from his firm and borrow money from his dad to pay the bills. Bridgewater operates on a principle he calls “idea meritocracy” – employing methods to make sure the best ideas come to the fore so the best decisions can be made. So the issue is, how do you be wrong well?”The key part of having that meritocracy, he says, is to have radical transparency and radical truthfulness in your business. But for those people who do adjust to this kind of radical truthfulness, they become “intellectual Navy Seals,” Dalio claims.

Source: Forbes October 02, 2017 20:03 UTC