A Simple Filter For Helping You Decide What Project to Take on Next

A simple, yet highly effective framework you can use for deciding what to do next, while also limiting downside risks, is something I call the 4L Method*.  This is a powerful filtering device and mnemonic for anyone evaluating “what to do next, ” particularly when there are good, competing options.

If the project or idea passes all 4Ls, it’s a strong contender to consider.   The 4Ls stand for:

• Will I LEARN something valuable or useful (for my own development, for my business, for the marketplace, etc.)
• Is it LOW-COST to try
• Is it LIMITED in scope (in terms of hours or calendar days)
• And can it be LEVERAGED for other projects (in terms of valuable skills, knowledge and/or relationships gained).

A brief example of a project you might be considering taking on is learning web design.  Here’s what happened when I brought this idea through the 4Ls:

• Will I Learn something valuable?  Yes.
• Is it Low-cost to try? Absolutely, as it can be very low cost or virtually free to learn (simply search YouTube).
• Is it Limited in scope? If you structure it and set good parameters, yes.  For instance, you can set a 30 day deadline for learning the basics and building version 1.0 of a simple website you’re thinking of starting.
• Can this new skill be Leveraged for other projects down the line?  Strong yes.

Now let’s take another example. Maybe you’re thinking of trying your hand at becoming a pilot.

• Will I Learn something valuable? Yes.
• Is it Low-cost to try? Definitely not.
• Is it Limited in scope? Not really. It will probably take months and a large investment to even get a private pilot license, which is just one of many steps to becoming a commercially licensed pilot.
• Can it be Leveraged for other projects?  Maybe, maybe not.  It’s a fairly specific skill.

So in evaluating whether to become a pilot among all of the other paths and options you’re considering, this idea probably doesn’t pass the 4L test for the purposes of this exercise.

Limitations of the 4L Method

The 4L Method is a very useful framework for evaluating multiple opportunities or possible paths, while also managing downside risk. However, it won’t work in every situation.  For instance, it doesn’t answer the question of what you’re passionate about or always dreamed of doing.  If you’ve always dreamed of becoming a pilot for instance, and it has been your one burning career desire since 2nd grade, that may be more than enough reason to choose that path regardless of the large upfront investments of time and money.

In this case, I’d recommend considering low cost ways to test your assumption about wanting to become a pilot.  Rather than front thousands of dollars, and invest months or years of time to discover if indeed you want to become a pilot, can you brainstorm or discover some low-cost and time-bound ways to the first steps.  To build evidence that it is indeed the right path.  If you take the first steps and are still loving it, that may be the evidence you need to invest more time and money and keep going. 

*Note:  with thanks to Tim Ferriss from whom I adapted and developed this framework.