Comments on: Money on my mind http://veryevolved.com/2009/02/money-on-my-mind/ The hidden biology behind everything you do Sat, 20 Mar 2010 14:11:05 +0000 hourly 1 http://wordpress.org/?v=3.0 By: the weakonomist http://veryevolved.com/2009/02/money-on-my-mind/comment-page-1/#comment-158 the weakonomist Sun, 15 Feb 2009 18:00:57 +0000 http://veryevolved.com/?p=325#comment-158 Thanks for the link Patrick. Even more so, thank you for writing such fantastic material. This was a good read. Thanks for the link Patrick. Even more so, thank you for writing such fantastic material. This was a good read.

]]> By: Tumblemoose http://veryevolved.com/2009/02/money-on-my-mind/comment-page-1/#comment-150 Tumblemoose Sat, 14 Feb 2009 14:51:44 +0000 http://veryevolved.com/?p=325#comment-150 Patrick, It is so refreshing to see the unique angle that you always take on these topics that really do affect our daily lives. Gonna RT this puppy so that folks will know to come by. It's important! Cheers George Patrick,

It is so refreshing to see the unique angle that you always take on these topics that really do affect our daily lives.

Gonna RT this puppy so that folks will know to come by. It’s important!

Cheers

George

]]> By: Patrick http://veryevolved.com/2009/02/money-on-my-mind/comment-page-1/#comment-149 Patrick Sat, 14 Feb 2009 01:22:15 +0000 http://veryevolved.com/?p=325#comment-149 @Todd - Cheers and glad it got your neurons firing. Risk aversion is a good thing, but too much is not only bad for your own entrepreneurial ventures, but bad for society as a whole. We can make the argument that entrepreneurial risk-taking behavior is EXACTLY what society needs right now. It certainly has very positive effects in a normal environment - no risk-taking, no ipod, less jobs, less revenue, less tax, less for everybody. I would argue that risk-taking and risk-aversion have been evolutionarily selected for - at least selected to be present in some of the human population, as a benefit to the survival of the species as a whole. @Daphne - I'm glad when things seem obvious or intuitively right in retrospect. Sometimes it just needs to be put into words to precipitate action. But remember the risk taking of the entrepreneurs isn't reckless or random (I think the major misconception out there). They calculate the odds the same as managers and also DON'T bet the long odds. They are just willing to make a logical risk that the rest of use are too scared too (winning $0 instead of $100 is the same logically as winning $0 instead of $10). Cheers Patrick @Todd – Cheers and glad it got your neurons firing. Risk aversion is a good thing, but too much is not only bad for your own entrepreneurial ventures, but bad for society as a whole.
We can make the argument that entrepreneurial risk-taking behavior is EXACTLY what society needs right now. It certainly has very positive effects in a normal environment – no risk-taking, no ipod, less jobs, less revenue, less tax, less for everybody.
I would argue that risk-taking and risk-aversion have been evolutionarily selected for – at least selected to be present in some of the human population, as a benefit to the survival of the species as a whole.

@Daphne – I’m glad when things seem obvious or intuitively right in retrospect. Sometimes it just needs to be put into words to precipitate action.

But remember the risk taking of the entrepreneurs isn’t reckless or random (I think the major misconception out there). They calculate the odds the same as managers and also DON’T bet the long odds. They are just willing to make a logical risk that the rest of use are too scared too (winning $0 instead of $100 is the same logically as winning $0 instead of $10).

Cheers
Patrick

]]> By: Daphne http://veryevolved.com/2009/02/money-on-my-mind/comment-page-1/#comment-148 Daphne Fri, 13 Feb 2009 04:10:57 +0000 http://veryevolved.com/?p=325#comment-148 Hi Patrick, Another fascinating post. I think most people would guess intuitively that entrepreneurs are risk-takers but it's good to have research showing exactly the similarities and differences in their thought processes. Great job! Hi Patrick,

Another fascinating post. I think most people would guess intuitively that entrepreneurs are risk-takers but it’s good to have research showing exactly the similarities and differences in their thought processes. Great job!

]]> By: The Personal Finance Playbook http://veryevolved.com/2009/02/money-on-my-mind/comment-page-1/#comment-147 The Personal Finance Playbook Thu, 12 Feb 2009 16:12:24 +0000 http://veryevolved.com/?p=325#comment-147 Hi Patrick - thanks for the link! My father in law is the consummate entrepreneur, and this describes his risk profile perfectly. He never thinks anything he does will fail. He has run a very successful business now for almost 30 years. Before he ran this business, though, he had started 9! other businesses (to varying degrees of success). People like him really are a different breed. I don't know where I fall on the spectrum. I like to think myself as entrepreneurial, but right now I work for someone else. To be honest, the thing that's really holding me back from starting my own law practice IS risk aversion. I want to start under ideal conditions, with steady clients and plenty of knowledge to do the work. That situation is probably several years away. Great post - it got me rambling. Hi Patrick – thanks for the link! My father in law is the consummate entrepreneur, and this describes his risk profile perfectly. He never thinks anything he does will fail. He has run a very successful business now for almost 30 years. Before he ran this business, though, he had started 9! other businesses (to varying degrees of success). People like him really are a different breed. I don’t know where I fall on the spectrum. I like to think myself as entrepreneurial, but right now I work for someone else. To be honest, the thing that’s really holding me back from starting my own law practice IS risk aversion. I want to start under ideal conditions, with steady clients and plenty of knowledge to do the work. That situation is probably several years away. Great post – it got me rambling.

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