Risky Business with Nate Silver and Maria Konnikova cover image

Taking Risks in Business, Poker, and Life (with Bill Perkins)

Risky Business with Nate Silver and Maria Konnikova

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Embrace Risk for Growth

From a young age, individuals begin to learn about risk and reward through intuitive decision-making processes influenced by socialization. Experiences such as taking cookies without permission illustrate how children associate certain actions with punishment or reward, which shapes their risk aversion later in life. Society generally trains individuals to perceive failure negatively, leading them to be results-oriented rather than understanding the broader expected value of their actions over time. This emotional aversion to risk can be countered by resilient influences, such as having a role model who embraces risk, enabling individuals to align their emotions with rational decision-making. The key challenge lies in the ability to manage feelings around losses, balancing emotional responses with a strategic perspective on the potential long-term outcomes of risk-taking.

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