Tag prioritization

A Startup Lesson for Your Future Self

Startups and businesses can have a tendency to move from project to project in reactive way. They often prioritize their projects in two ways. URGENT! and later. This tendency can be thought of as dynamic inconsistency. Which is definitely a problem with many startups. Dynamic inconsistency, is a [behavioral] economics term which describe a situation where a decision maker—which could be a group of people, an organization, or an individual—is not in agreement with themselves in different points of times.

For example, a person who’s long term goal is to be healthy and fit may have set goals for working out three times a week, but in the moment (today’s decisions) they prioritize today’s wants has higher. Which leads to situations such as, “I’m busy today, I’ll work out tomorrow.” Dynamic inconsistency or time inconsistency play a role in procrastination, addiction, weight loss and even saving for the future. The main principle that I want to highlight is that it leads to thinking that today’s time is more valuable then the future’s.

TED Video: The Battle Between Your Present & Future Self

TED Talk by Daniel Goldstein