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Selected Topics: Psychology and Leadership

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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Selected Topics: Psychology and Leadership

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  1. Selected Topics: Psychology and Leadership

  2. Monetary Decisions: Psychological Influences

  3. 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”)

  4. 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

  5. Avoid confirmation bias • Tendency to seek information that confirms our existing beliefs • Avoid contrary evidence • Especially troublesome when coupled with “mere exposure” effect

  6. 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

  7. The Power of Negative Thinking

  8. 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”

  9. 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.”

  10. 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.”

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

  12. 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.

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