Denis, one of the students, sent us some of his thoughts on how his day went!
“I started into the day with energy after eating a delicious breakfast. I was excited to learn about how my unconscious mind influences my decisions, whether they be good or bad.
In the morning session professor Miguel Lobo showed us what we unconsciously base our decisions. He showed us a test we had taken at the start of the program, and exposed how the answers varied when the wording varied. I was shocked to what extend the biases influenced us. There are three biases that influence our decision making:
1. Anchor bias, which means we tend to adapt our decision to answers we are exposed to.
2. Availability bias, which means we tend to recall information that we are regularly exposed to (by media f.e.).
3. Over-confidence bias, meaning we tend to think we know things we do not actually know; we over estimate our knowledge and capabilities.
The key take away from the morning lesson for me was that our complex brain allows us to have a highly special asset: intuitive thinking. Almost everybody can drive a car without any effort, we can recognise faces in a fraction of a second, we can show empathy. Our task is to invest into this beautiful asset. We can achieve this by widening our experience on qualitative data, as experience is the foundation of intuitive thinking.
I had a wonderful lunch break outside with friends, where we refueled our bodies for the rest of the afternoon.
Reloaded with energy again, I started into the evening session. Prof. Lobo presented us the idea of risk management. My key takeaways were:
1. The pain of loss is twice as bad the happiness that comes with gain.
2. People tend to be extreme risk takers when the status quo is already in the loss. (Options are to lose more or win.)
3. Loss saturates as gain does.
The last part of the day was the role assigning in our company YFCD groups. It was a very valuable experience to decide on the positions everybody will be taking. I took my first decision in the company which proved to be very effective. I’m looking forward to all the decisions I will be making in the future, to the ones where I will fail but will learn from and the ones where I will succeed and change the world.”
In the evening the students gathered after dinner to watch The Founder by John Lee Hancock. They even got to go to bed an hour later than normal!