A note from Daniel

Chapter 3 Summary Part I: • A key finding of prospect theory is loss aversion, the phenomenon whereby the emotional impact of a loss is greater than the corresponding impact of an equivalent gain. • Loss aversion creates a preference for options associated with a lower chance of incurring a loss. It makes us risk averse. • When we are in the gains, we have a tendency to quit too early in order to avoid the risk of giving those gains back. In other words, we like to quit while we're ahead. • When we are in the losses, we become risk seekers. We want to keep going, hoping we can avoid ever having to realize the loss. In other words, we like to stick when we're behind.

Daniel Quit, page 65 · August 25, 2024 Save to shelf
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Daniel p. 247

Chapter 11 Summary: • Goals, when set, are a proxy for an expected-value equation, balancing the benefits that you're trying to gain against the costs you're willing to bear. • Inflexible goals aren't a good fit for a flexible world. • With better advance planning (like identifying monkeys and pedestals and kill criteria) and the help of a good quitting coach, you can make goals more flexible, setting at least one "unless" and planning regular check-ins on the analysis that initially led to setting the goal.
Daniel
Daniel p. 247

Chapter 11 Summary: • Goals can make it possible to achieve worthwhile things, but goals can also increase the chances that we will escalate commitment when we should quit. • Goals are pass-fail in nature. You either reach the finish line or you don't, and progress along the way matters very little. • Don't just measure whether you hit the goal, ask what you have achieved and learned along the way. • Set intermediate goals and prioritize goals that allow you to recognize progress along the way or acquire something valuable even if you don't reach the goal.
Daniel

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Ultra Successful p. 60

The False Constraints That Limit Your Potential: - How Quickly You Can Scale Whether it's your business or your career, there are unspoken timelines that people accept as gospel.They are all untrue: "You can only really grow at 10% a year." "You need to pay your dues for a decade before getting promoted." These artificial limits keep people moving at a crawl when they could be sprinting or pushing for more. The most successful people I know refuse to accept conventional wisdom about timelines, and oddly enough, they break them all the time.
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