Fundamentals of Law
The principle that serves as the foundation for any common law system is called Stare decisis. The original latin meaning is "let the decision stand" which serves as the cornerstone of the concept of precedent.
Whenever a previous case with equal facts as been ruled, courts can cite stare decisis by applying the same ruling. This principle is responsible for the legal stability we observe nowadays in developed countries.
Although this concept originates from law, I believe it can also be applied in business, more specifically early stage ventures. Although we get taught to iterate quickly and constantly question or decisions, moving to quickly and not following a direction diligently has its cost. Hence, applying stare decisis and letting a strategic decision stand to follow it for direction can be helpful to early stage teams.
October 5, 2021