Our Fears by Ariel Pfeffer

Two businessmen pointing laptop screen while discussing about entrepreneurship

Our Fears - A Blog Written by Ariel Pfeffer of Uruguay

This exercise was not invented by me, Ariel Pfeffer. But I have done it many times both with small groups of friends as well as in front of large audiences. The results are always the same.

I, Ariel Pfeffer, am going to ask you two questions and you will answer what really reflects what you are thinking on each case. I want to make something clear from the beginning: there are no right or wrong answers. The answers will vary according to each person’s personality. You will find the explanation further below.

Question 1: 

Option A – 100% chance of winning $3,000 

Option B – 80% chance of winning $4,000 and 20% chance of winning nothing 

Which one would you choose? Option A or option B? Be honest with yourself. 

Question 2: 

Option A – 100% chance of losing US $ 3,000 

Option B – 80% chance of losing $ 4,000 and 20% chance of losing nothing 

Which one would you choose? Option A or option B? Be honest with yourself. 

If you chose option B in the first one and option A in the second one, then it is not worth it reading any more. You may now go to another article; you are the exception to the exception.
There is also a small percentage that chooses option A in both questions, or B in both.

Now, if you chose option A in the first one and B in the second, which I want to say, is not wrong, you are located within the majority of people.

The explanation is as follows: In the first question we resign ourselves to winning US$ 3.000 when we have all the probabilities to win more (80%). We have the wind on our side and instead of opening the sails and let us be taken to a better port, we are conservative and we resign ourselves with less.

Yes, it is true that we may have some setback but it is unlikely that it will happen (20%). And if it did happen, we still have good arguments to try again and move forward. History is written by winners!

In the second question, the opposite happens: instead of assuming we lost and start all over again, we embark in a crazy adventure where all probabilities are that we lose even more (80%).

Why? Because we do not accept failure. Because choosing another alternative is recognizing that we were wrong. So what should we do now? We prolong the agony and in the long run, we wear ourselves out even more.

Yes, it is true that I can be lucky and end up in a tie without losing anything. But that is little probable to happen (20%.)

In all entrepreneurship, as in business in general, the important thing is not being right but to earn money. Let failures happen as early, quickly and cheaply as possible! Because only from them we will be able to rescue the experience to try new challenges that will have more probabilities to be a great success!

That’s all for now, but thanks for reading. For more blogs, look around my site. Each blog is written by me, Ariel Pfeffer so there is more content for you to enjoy reading!