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I'm writing a little research-driven book about entrepreneurship and the brain. One very intriguing study I've uncovered is by George Loewenstein, an Economics & Psychology Professor from Carnegie Mellon University. His research looks into exactly WHY we have trouble
Most of this forum has probably experienced that feeling of stagnation in a project. It can happen at the beginning, middle or end because you ALWAYS make decisions throughout. I'm going to share the three findings he made on decisions. Although this study was broad, I'll put it into TMF context.
TIME COST
Which action should you take first in a startup? Unless you are a seasoned veteran, most people get very stuck answering this.
WHY?
Because every pertinent goal or milestone has a similar end point. They are all connected, meaning that the way in which you coordinate your steps will affect the timing and environment of future steps.
The time cost explains this indecision as a form of equilibrium: time is precious and picky. If I spend X amount of hours pre-selling my product in person, that is X amount of hours I can't use reaching people online, or in niche forums.
Loewenstein breaks it down like this: because each individual choice draws an increasing demand for your time, people become ANXIOUS AND SKEPTICAL about their decision as the demand increases.
This, in effect, PARALYZES you!
ERROR COST
This one is especially dangerous for new entrepreneurs. It is in my opinion the QUICKEST killer of progress.
You are riddled with new and difficult challenges, because you are reaching beyond your comfort zone. It is the ole "Entrepreneurs jump off of the cliff and build their plane on the way down" concept, except...
Have you ever wondered how difficult it is to build that plane while falling at the gravitational constant?
Loewenstein points out that being faced with new decisions or unfamiliar choices can overload decision-markers, and force them into two defense mechanisms:
Most often seen on this forum is the second choice. Creating business cards, obsessing over the product development, opening a storefront, and building a website are all default decisions that we think are conquering these new challenges...
But in reality, it is a cover up of our FEAR!
PHYSIC COST
When individuals are faced with decisions that have similar pros and cons (aka Opportunity Cost), the mind begins to do weird things. Loewenstein explains that choices with similar trade-offs cause fits of anxiety and bias in their decisions.
In an attempt to make the superior choice, we tend to create perpetual procrastination. Even after we make a decision on two close choices, we continue to feel the remorse, look back, and lose focus on the choice we made.
We subconsciously do this... for EVERY decision, whether big or small.
So, why am I telling you this?
THE SOLUTION
The way to win the game of decision-maker is to build an easier way to make choices. It's as simple as that. Because I am specifically discussing brain science in my book, I'm choosing to use HABITS as a fantastic method of aggregating and automating decisions.
Our brain wakes up like a car full of gas, and every single decision we make takes away from it, according to collective research led by Kathleen D. Vohs from the University of Minnesota. Eventually, the brain becomes fatigued, and unproductive side-effects follow.
Habits package and program groups of decisions into easily-digestible actions for your brain to take. When something becomes "second nature", it is really because of your brain's fascinating ability to optimize.
I hope this helps anybody struggling with a decision. Some of the best ways to getting unstuck is learning about the brain and how it gets unstuck
Sources:
-http://www.andrew.cmu.edu/user/gl20/GeorgeLoewenstein/Papers_files/pdf/too_much_choice.pdf
-http://www.apa.org/pubs/journals/releases/psp945883.pdf
Additional Resources on Your Brain:
-http://blogs.oc.edu/talon/cat/fatigue_diminishes_decision-making_abilities/
-http://www.chicagobooth.edu/research/workshops/marketing/archive/WorkshopPapers/vohs.pdf
-http://serendip.brynmawr.edu/exchange/node/1690
- Making Decisions
- Committing to Decisions
- And Being Confident About Decisions
Most of this forum has probably experienced that feeling of stagnation in a project. It can happen at the beginning, middle or end because you ALWAYS make decisions throughout. I'm going to share the three findings he made on decisions. Although this study was broad, I'll put it into TMF context.
TIME COST
Which action should you take first in a startup? Unless you are a seasoned veteran, most people get very stuck answering this.
WHY?
Because every pertinent goal or milestone has a similar end point. They are all connected, meaning that the way in which you coordinate your steps will affect the timing and environment of future steps.
The time cost explains this indecision as a form of equilibrium: time is precious and picky. If I spend X amount of hours pre-selling my product in person, that is X amount of hours I can't use reaching people online, or in niche forums.
Loewenstein breaks it down like this: because each individual choice draws an increasing demand for your time, people become ANXIOUS AND SKEPTICAL about their decision as the demand increases.
This, in effect, PARALYZES you!
ERROR COST
This one is especially dangerous for new entrepreneurs. It is in my opinion the QUICKEST killer of progress.
You are riddled with new and difficult challenges, because you are reaching beyond your comfort zone. It is the ole "Entrepreneurs jump off of the cliff and build their plane on the way down" concept, except...
Have you ever wondered how difficult it is to build that plane while falling at the gravitational constant?
Loewenstein points out that being faced with new decisions or unfamiliar choices can overload decision-markers, and force them into two defense mechanisms:
- Procrastination
- Choosing an Arbitrary "Default" Option
Most often seen on this forum is the second choice. Creating business cards, obsessing over the product development, opening a storefront, and building a website are all default decisions that we think are conquering these new challenges...
But in reality, it is a cover up of our FEAR!
PHYSIC COST
When individuals are faced with decisions that have similar pros and cons (aka Opportunity Cost), the mind begins to do weird things. Loewenstein explains that choices with similar trade-offs cause fits of anxiety and bias in their decisions.
In an attempt to make the superior choice, we tend to create perpetual procrastination. Even after we make a decision on two close choices, we continue to feel the remorse, look back, and lose focus on the choice we made.
We subconsciously do this... for EVERY decision, whether big or small.
So, why am I telling you this?
THE SOLUTION
The way to win the game of decision-maker is to build an easier way to make choices. It's as simple as that. Because I am specifically discussing brain science in my book, I'm choosing to use HABITS as a fantastic method of aggregating and automating decisions.
Our brain wakes up like a car full of gas, and every single decision we make takes away from it, according to collective research led by Kathleen D. Vohs from the University of Minnesota. Eventually, the brain becomes fatigued, and unproductive side-effects follow.
Habits package and program groups of decisions into easily-digestible actions for your brain to take. When something becomes "second nature", it is really because of your brain's fascinating ability to optimize.
I hope this helps anybody struggling with a decision. Some of the best ways to getting unstuck is learning about the brain and how it gets unstuck
Sources:
-http://www.andrew.cmu.edu/user/gl20/GeorgeLoewenstein/Papers_files/pdf/too_much_choice.pdf
-http://www.apa.org/pubs/journals/releases/psp945883.pdf
Additional Resources on Your Brain:
-http://blogs.oc.edu/talon/cat/fatigue_diminishes_decision-making_abilities/
-http://www.chicagobooth.edu/research/workshops/marketing/archive/WorkshopPapers/vohs.pdf
-http://serendip.brynmawr.edu/exchange/node/1690
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