Test your Business Decision Making in 2 minutes
In past weeks we have posted interesting articles on how we look at same money differently. If you have not read below 2 articles, spend 5 minutes they are worth reading it. These articles show how our mind unknowingly influences our decision process.
Why Rs 100 is not same Rs. 100?
In this post our friend puts extra efforts to save 100 rupees when he is buying 400 rupees worth of item. However when it comes to big purchase of 9000 rupees, he doesn’t care about putting effort to save 100 rupees.
I want your Diwali Bonus back
we explained how we look at money we get in bonus differently compared to regular salary we get. Post explains that a bonus money is considered as an extra/free money and most of the people end up spending it on things which they would never buy with regular salary. In reality money you got in bonus and money from your salary is all same, it is part of your income. However we create Mental model which makes us look at some money differently from other.
Anyways, Today we have one more experiment for you. I am going to give you two scenarios and ask how would you make decision. Let’s test your decision making 🙂
Let say you bought advance ticket for next Aamir Khan movie for 250 rupees. On day of show you walk in to Theater – you realise that you have lost the ticket. It was in your shirt pocket – but now its gone.
What would you do next?
Buy a new ticket?
Or cancel the idea to see movie?
Ask yourself this question and keep answer with your self. No-No hold on! Ask yourself seriously. What would you decide? Take 5 seconds.
Alright! Now let’s talk about next situation
You wanted to see new Aamir Khan movie. You know ticket cost is 250 rupees. You check your shirt pocket – it has 250 rupees. You reach theater – realise you lost money somewhere. Money is gone.
You lost 250 rupees. What to do?
Would you remove money from your wallet/pant-pocket or borrow from friend or use credit card ?
Would you still buy ticket?
You would walk back home?
Make a decision. I give you 5 seconds.
Here’s what happened when above two scenarios were test on a group of 100 people:
In [scenario 1] out of 100 who lost tickets – only 44 people bought new ticket again.
In [scenario 2] out of 100 who lost 250 rupees – 80 people arranged for additional 250 rupees and bought movie ticket.
Did your decision making matched with above result? Let us know what you think about it.
Conclusion: In both the cases person lost 250 rupees but people make decision differently. I have no idea why we do things differently. Thriw these scenarios in front of your friend while traveling in train and see how they make decision.
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