S2E3: The Basics - How to stop wasting time and energy on decisions
In this episode Michelle shares what's at the root of decision paralysis and offers up tips on how to save time and energy in the decision making process
Resources mentioned in this episode:
Srinivas Rao's Unmistakable Creative Tribe
Thinking Fast and Slow by Daniel Kahneman
The Paradox of Choice by Barry Schwartz
Catching the Next Wave Podcast
Summary:
- The quality of a decision is separate and distinct from the quality of the outcome
- You have two different systems for decision making: System 1 (fast) and System 2 (slow); reserve System 2 for decisions that really warrant it
- You have a finite reservoir of energy for System 2. Decision fatigue occurs when you exhaust it.
- Even though you've been socialized to want to maximize every decision, the incremental ROI (return on investment) of time and energy isn't always worth it.
- Identify which decisions deserve to be processed with System 1, then for others, decide in advance, use rule-based heuristics, or delegate decision making
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