What people say they want is different from what they will actually pay for. Economists call this the difference between stated and revealed preferences.
Stated opinions don’t come with a cost. When you have to pay for something, with money, time, or effort, it shows what you truly value.
As a creator or an entrepreneur you will have critics and commentators who are eager to share their opinions. But if they aren’t buying your work that is all the information you need from them. Their actions are worth listening to, their opinions aren’t.
In this episode:
- Isaac’s son not liking that YouTuber’s are asking for subscribers and likes.
- There is a massive distinction between revealed and stated preferences.
- What people say they want and what people do is different,
- Why surveys and voting are bad ways to make decisions.
- Imagine grocery stores as opposing on what people say they want instead of what people actually buy.
- Reminding yourself of the difference between stated and revealed preference.
For your free copy of Forward Tilt: An Almanac for Personal Growth go do discoverpraxis.com/forwardtilt