Reading Reflection No.2 - Assignment 21

1) What was the general theme or argument of the book?

- While Thinking Fast and Slow by Daniel Kahneman covers a multitude of topics, the book primarily deals with two different systems of thinking. System one is characterized by fast thinking; the type of thinking we do subconsciously like 2+2=4. System two is considered slower thinking and is the type of thought is more complex and more mentally draining. The two systems can always work simultaneously by filling in for areas where the other system runs into trouble, as well as monitoring each other’s thoughts.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

- The second half of the book had to do with other emotions that revolve around emotional thought. One of these is regret and fear of regret, which causes an individual who might be risk adverse to fear regret so much that they are actually afraid of the possibility of failure. This relates to this class as entrepreneurship is all about taking a risk and having confidence in your process that you think will lead to success.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

- It would be a type of risk aversion test. There are a ton of tests like these online that could be used. This is important because knowing yourself and your risk appetite will help determine the type of steps you can take in your business (riskier decisions)

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

- The book also talked about Hindsight and how we think about hindsight. Before reading the book I knew and agreed with the phrase “hindsight in 20/20”, but I never thought whether thinking that way is good or bad. Ultimately, when we base the “right or wrong” of a decision based on the outcome, we ignore the care that was put into the process that came to that decision. At the time the person making the decision probably had a good reason for that decision, but since it did not come true we assume the person was wrong and the decision was “bad”, but perhaps the decision was actually the correct one to make based on the information available at that time. This made me remember some regrets I have and made me realize that viewing those instances as “regrets” is probably the wrong thought process to have.