Lose $10 OR Make $100… But here's the kicker…
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What if I gave you the opportunity to give me $10 OR receive $100 from me?
Sounds like a pretty good deal right? But what if there was a kicker to this fantastic deal?
A kicker that changes everything and that would make you think twice before making a decision?
I am going to reveal an experiment generated astonishing results and I know for a fact that it will surprise you
Make sure to tune in to hear the story
Here is one of my favorite quotes:
“Success is nothing more than a few simple disciplines, practiced every day.”
Online Entrepreneur & free spirit:
Proud Owner Of The Martin Ebongue Blog
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Your Podcast Host
International Speaker | Podcaster | Free Spirit
Freedom Is A Choice: So choose wisely...
Welcome to the Freedom By Choice Podcast with your one and only hoste Martin. This podcast is reserved for freedom aficionados and entrepreneurs looking to create the lifestyle of their dreams.
In this podcast you will find all the support and answers you need to start, grow and scale a business that gives you the freedom you deserve.
I have compressed years of trials and errors, into easy to consume episodes, to take you from where you are now, to where you want to be.
So there was an experiment that was made with like this big ball filled with little balls. OK, so in the first one the people put white balls and black balls in there, OK?
And the breakdown between the black balls and the white balls were 50/50. They threw a whole bunch in there.
And there was another ball. So the same exact size, the same colour and everything. But in this one, the, the breakdown was different. So it could have been 80, 20, 30, 70, 60, 40. You don't know. It could have been anything in favour of either black or white.
OK, so they basically got a bunch of people to come in the room blindfolded. And so they explained the rules. They said, look, you have two balls in there, so you're going to dip your hand in there and you have a chance to earn some money.
OK, so here are the rules. If you get a black ball, then you will earn a hundred dollars. But if you get the white, then you will owe me ten bucks. OK, and so they ask people, OK, so you're blindfold. It's obviously you don't know which one you want to choose. Do you want to go for the fifty or do you want to go for the unknown.
Lose $10 OR Make $100… But here's the kicker…
First question for you is what would do? Would you go for the 50 50 split or would you go for the one you don't know and you have absolutely no idea what's going on there?
So now second question is, what do you think people went for? So chances are that you decided that you will go with the 50 50. You're like, dude, I like my chances better on the 50 50. Do you have one in two chances to get 100 bucks? And this is what most people went for.
The problem is this is that the odds are actually exactly the same like this because you have no idea on the other one. You have no idea what the spread is. So maybe the spread is 50 50. So you could have the exact same breakdown.
So what is the reason why you decided to go with the 50 50? So why did you think that the odds were better on the 50 50? OK, so it's kind of a hard question, but I will try to answer it for you. And this is what most people have in their mind.
So most people have in their mind that, you know what the breakdown could be 90, 10. And with my luck, you know, just my luck it’s going to be 90, 10, not in my favour, because people just assume the worst.
But what if it was 90 percent of the black balls that give you 100 bucks?
This this experiment is actually is quite revealing of some of the people's personality and by extension, what I'm going to explain now. So here in this case, the people who will go for the 50 50 want to avoid like risks, being risk takers. And they will go for the safety. Right.
Whereas the other people will be like, dude, I don't know what the breakdown is, but it could be that it's a good breakdown and I will go for it. And these people for me are entrepreneurs.
The odds are really not in your favour when you start something as an entrepreneur, they're more like I will say, your chances of making it are, you know, that could be rather slim, right? You can you can reduce the risk and all that kind of stuff. But still, you're facing unlimited risk.
If you know what you're doing, you can have good odds. Right. But still, nothing is guaranteed. And the odds could be daunting and stuff like that. And still people will go for it. This is why entrepreneurs will do. They will go for the hard stuff.