How to Make Great Business Decisions by Thinking Fast and Slow

Goal Setting & Achievement Podcast: Business|Productivity

As a business owner, you’re constantly on the move. There are a million things that constantly need your attention and you’re making decisions left and right. Moving fast is just a way of life.

Making quick decisions, however, is not necessarily the same as making good decisions.

When you dive into cognitive psychology and economics, you’ll discover that there is an actual science behind the act of decision-making. The ideas of fast and slow thinking as two different modes of thought, were first described in Daniel Kahneman’s book Thinking, Fast and Slow.

According to Daniel, we have a two-system way of thinking: Thinking Fast (System 1) and Thinking Slow (System 2). Keep listening for more on how to recognize these systems within yourself, and how harnessing the power of each one can help improve the quality of the decisions that you make.

Thinking Fast (System 1)

An easy way to think of System 1 is that it is your gut reaction to experiences in your life. It is arguably the stronger of the two systems, and we tend to default to thinking fast, or reacting quickly, before moving on to a slower processing of events.

Thinking Slow (System 2)

System 2 is the slower, more thoughtful sibling to System 1.

While System 1 is the younger sibling who screams “Let’s go!” and jumps off a roof into the pool because it seems fun, System 2 is the more responsible older sibling who takes time to assess the risks of jumping off of the roof and decides it’s probably better not to do it.

Apply Fast and Slow Thinking to Your Business

I’m the author of many books, including, Excuses Don’t Count; Results Rule, Live Life with No Regrets, No Excuses, The Guide to Stopping Procrastination, The Power of Visualization, My Gratitude Journal, the Work Life Balance Emergency Kit, and The Roadmap To Success with Stephen Covey and Ken Blanchard, and more.

Aim for what you want each and every day!

Anne Bachrach

The Accountability Coach™

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I’m the author of many books, including, Excuses Don’t Count; Results Rule, Live Life with No Regrets, No Excuses, The Guide to Stopping Procrastination, The Power of Visualization, My Gratitude Journal, the Work Life Balance Emergency Kit, and The Roadmap To Success with Stephen Covey and Ken Blanchard, and more.

Aim for what you want each and every day!

Anne Bachrach

The Accountability Coach™
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