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A Stanford business professor challenged her class to generate a high return with $5 and 2 hours. The winning group sold ad space and earned a 12,000% return. The podcast discusses the importance of thinking differently in high-stakes situations and provides practical steps like avoiding distractions and challenging assumptions. Critical thinking and leveraged decision making are also emphasized.
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Quick takeaways
- Thinking differently can lead to innovative and lucrative solutions, especially in high-stakes situations with potential for asymmetric rewards.
- To approach challenges creatively and generate asymmetric outcomes, avoid distractions, ask foundational questions, and select the leveraged approach for maximum potential rewards.
Deep dives
The Power of Thinking Differently
In a Stanford business class challenge, groups were given $5 and two hours to make a return. Most groups took a linear, logical approach, buying and bartering items to make a modest return. A few groups ignored the $5 and found ways to make money in two hours. The winning group realized the most valuable asset was the presentation time in front of Stanford students and sold it for $650. The key takeaway is that thinking differently can lead to innovative and lucrative solutions, especially in high-stakes situations with potential for asymmetric rewards.
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