A Lesson From Billions
If you follow Showtime's Billions you can’t miss the fact that every character (except Tuk) turns on a dime when their plans don’t work out (or are stomped into the ground).
Is that possible in the real business world? If so, how do they do it?
It is. How they do it has been alluded to from the first episode of the first season on. It’s been mentioned by name a few times this season: 'selling your position.'
It’s about basic psychology, as Wendy would say. It starts with ‘loss aversion.’ Loss aversion is hardwired into our brains. It's left over from when our ancestors were running around chasing wooly mammoths.
Loss aversion in a nutshell: humans get twice as much pleasure from holding on to $10 than we do finding $10 on the sidewalk. In other words, we put twice as much weight on keeping something than we do getting or experiencing something new.