One important source of bad decisions is loss aversion, by which we put far more weight on what we may lose than on what we may gain.
Kahneman says we have two systems of thinking. System 1 is the gut reaction way of thinking and making decisions - what we usually describe as intuition. System 2 is the critical thinking, logical and analytical way of thinking when we make decisions. System 1 is where we establish first impressions of people and often is the reason why we jump to conclusions. System 2 is where we problem solve, reflect and analyze.
A simple shift in perspective here is all that might be needed if the thought of working for yourself causes you to double over in anxiety. In addition, when you are in a fearful place it's good to lean on your advisors or people you trust as Kahneman suggests. Because they aren’t emotionally invested in your business, their advice and direction is usually the most clear-headed. If you can keep your head clear enough to follow through on their advice, and leave yourself some time to develop forethought, you might find that you have more gains than losses.
To be fair to all aspects of your life, it seems to me this shift is always appropriate. Learning a new skill, ending a friendship, pushing a limit, asking for the sale… put the weight on the gain. Being averse to a loss is human nature, but Kahneman is saying this is an error in our decision making as we may find that a certain decision could hurt worse if we choose to protect a loss over achieving a gain.
Simple is not always so easy.Shift your focus from what you might lose: income, time, lifestyle, confidence - and focus on what you could gain: tripled income, free time, fabulous lifestyle, notoriety.
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