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Selected Topics: Psychology and Leadership. Monetary Decisions: Psychological Influences. Distance yourself from emotion before deciding. Decisions are often interrupted by short term emotion In 2009 61,535 tattoos were removed Everything Lindsay Lohan does

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distance yourself from emotion before deciding
Distance yourself from emotion before deciding
  • Decisions are often interrupted by short term emotion
    • In 2009 61,535 tattoos were removed
    • Everything Lindsay Lohan does
  • Emotionally fueled decisions are rarely good ones
  • Emotions involved can be very subtle
  • Mere exposure effect
    • Develop a preference because of exposure
  • To reduce emotion
    • Sleep on it
    • Shift perspective: “How would ___ do this?” (Note to self: do not insert Lindsay Lohan”)
prepare to be wrong
Prepare to be Wrong
  • Overconfidence
    • One of the most well documented biases in psychology
    • M.D. who are completely certain misdiagnose 40% of the time
avoid confirmation bias
Avoid confirmation bias
  • Tendency to seek information that confirms our existing beliefs
  • Avoid contrary evidence
  • Especially troublesome when coupled with “mere exposure” effect
honor your core priorities
Honor your core priorities
  • No trouble identifying problems, the issue is with trying to solve them
  • Tendency to get lost in the “muck”
    • Get distracted from our efforts
bob knight
Bob Knight
  • Mistake avoidance strategy
    • 4 passes on each offensive possession
  • Chose the team captain
  • Did not put players names on the back of jerseys
    • “you play for the name on the front of the jersey”
knight on losing
Knight on Losing

“You are not on scholarship to lose. I did not recruit you to lose. Losing is abnormal; losing is unusual; losing is unacceptable. That’s not what we are here for.”

athletics and business
Athletics and Business

“The smart, cautious athlete is doing in a split second what an investor may have to do in the split second of watching a stock market tape – consider the risks, calculate the best alternative, and then commit to (the decision) totally.”

resources and a basketball
Resources and a Basketball
  • Both are limited
  • Neither should be used wastefully
    • Shooting too quickly in a basketball game
  • Avoid waste

Recognize, address and remove obstacles to winning

  • Preparation and the elimination of mistakes
  • “Having the will to win is not enough. Everyone has that. What matters is having the will to prepare to win.”
  • Victory favors the team that makes the fewest mistakes.