We are often caught in a deadly loop of delay… The word for it is procrastination. It’s actually a self-control issue and this leads to irrational behaviour.
When this happens we need to simplify the plan better execution. Full freedom in the plan is worst for implementation.
Too tight a deadline and I builds lots of anxiety hence poor performance.
We need to have Flexi-plan for an easy buy in and firm deadlines for timely follow-ups. That’s the best way to make the plan work. Flexi plus firm followups!
Most of our decisions are driven by short-term emotions justified by logic. We tend to get swayed away by our short-term emotions and we are very very loss-averse.
Ownership of anything changes our perspective that’s why we have this try our sofa for 30 days etc.
We are also prone to idea effect, that is if we put some effort on something we don’t want to loose it. Furniture firm IKEA sells their furniture non-assembled.
You need to take it home and assemble it yourself and by doing so you love your furniture more… Unusual but true!
The choice is a good thing but a lot of choices could be worse. It often leads to decision paralysis because we are comparing with other options and what we stand to loose if that option is not chosen.
So in those times, we should Consciously start closing some doors to simplify our decision-making process.
How will we experience a situation depends on how we expect it to be and that’s named Affect Heuristic. That’s is our Expectation always trumps Experience.
For example at an upscale restaurant, coffee tastes good. In the culinary school, the emphasis is given more on Presenting the Plate than learning to grill and fry.
We always think in terms of a prototype, as a representation of the situation, rather than the aggregation of the situation.
This representativeness helps to make-sense faster as brain can’t start from scratch every time about every situation so it stores the prototype and updates accordingly so that at crucial times the most similar prototype is accessed easily.
On a financial domain, the brain does mental accounting as keeping separate budget heads for various other things. Think of it as various different piggy-bank we used to have for a different purpose and we spend the budget as per the budget heads.
The brain is a wonderful tool if understood well, and we must do to understand the limits of each other’s brain so that we appreciate the brain’s behaviour in the given context.
(Shekhar Chandra is an IIT-Delhi alumnus.He has over a decade of entrepreneurial experience and leadership excellence. He is also a member of Big Wire team. Reach him at YouLEAD)