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Perceived Likelihood of Achievement in High-Stake Ventures
Individuals are willing to take significant risks and invest high amounts of money in ventures, such as art projects, based on their perceived likelihood of success. Despite the reality that only a small percentage of artists become successful, many are still willing to invest in such projects. Offering a full refund guarantee can increase the perceived likelihood of achievement, as it provides a safety net for investors. By implementing a refund guarantee strategy effectively, like Ryan Corle did with his video projects, individuals can feel more secure in investing larger sums of money.