Erika Jones explains hyperbolic discounting: you chase small immediate rewards like checking email instead of finishing big goals like contacting 15 prospects. Break goals into smaller actions and pair each with a quick reward, like a five-minute social media break after each call.
Want to know why entrepreneurs struggle getting the big things done? It's because of hyperbolic discounting. Here's how it works and how to overcome it. Most entrepreneurs set big goals for themselves, calling 15 new prospects to get business. It's too far away, too big, too overwhelming. The rewards way out. So instead, we check email every few minutes to see what's going on. Quick rewards every time a new email arrives. But nothing's getting done. So set a big goal, but give yourself rewards throughout. Maybe every phone call you make to a prospect, reward yourself with a five minute social media break. Boom.
