Chapter
The Psychology of Loss Aversion
07:56 - 11:56 (04:00)
The concept of loss aversion suggests that people are more concerned with avoiding loss than achieving success. Studies have shown that the ratio of how much we value loss versus gain is about two to one.
Clips
In this part of the podcast, the speakers discuss the risk in entrepreneurship, relating to a conversation one speaker had with someone who was debating whether to start their own business or stay in a steady job.
07:56 - 08:36 (00:39)
Summary
In this part of the podcast, the speakers discuss the risk in entrepreneurship, relating to a conversation one speaker had with someone who was debating whether to start their own business or stay in a steady job.
ChapterThe Psychology of Loss Aversion
EpisodeSomeone Paying Our Producer $100K for Advice? - Here's the Story
PodcastMy First Million
The concept of loss aversion states that humans value not losing money more than gaining it, and it can be used to your advantage.
08:36 - 10:24 (01:48)
Summary
The concept of loss aversion states that humans value not losing money more than gaining it, and it can be used to your advantage. By making loss aversion work for you, you can maximize your profits and minimize your losses.
ChapterThe Psychology of Loss Aversion
EpisodeSomeone Paying Our Producer $100K for Advice? - Here's the Story
PodcastMy First Million
A story about underestimating the value of your own skills and knowledge.
10:24 - 10:55 (00:30)
Summary
A story about underestimating the value of your own skills and knowledge.
ChapterThe Psychology of Loss Aversion
EpisodeSomeone Paying Our Producer $100K for Advice? - Here's the Story
PodcastMy First Million
The hosts discuss loss aversion and the emotional impact of losing versus gaining money.
10:55 - 11:56 (01:01)
Summary
The hosts discuss loss aversion and the emotional impact of losing versus gaining money. They also touch on the topic of consulting and the importance of only taking on projects that one would do for free.