My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Maximizer vs Satisficer Decision Making
Two approaches to decision-making: maximizers seek the absolute best option by extensive searching, while satisficers set a 'good enough' threshold and choose the first option that meets it.
Decision Rule
Maximizers optimize for best possible outcome but risk decision paralysis and regret. Satisficers optimize for good enough outcome with faster decisions and higher satisfaction.
How It Works
Maximizers suffer from endless comparison and FOMO, questioning decisions even after making them. Satisficers experience less regret because they don't constantly wonder about other options.
Failure Modes
Maximizers: Analysis paralysis, opportunity cost of extended search, post-decision regret
Satisficers: Potentially settling for suboptimal outcomes, missing better opportunities through insufficient search
Example Decision
“Choosing a restaurant: Maximizer spends 30 minutes researching reviews and still questions the choice. Satisficer picks first place with good ratings and good location, enjoys the meal without second-guessing.”