Persist or let it go: a study of entrepreneurial decision making
sciencedirect.com
sciencedirect.com
I see something and they don't. I think I'm right and they think they're right. But I see what I see, and I want to go for it. I might end up being wrong, but ultimately the journey to that particular place is one of the sincerest forms of self expression I've found, and I can't do that as easily if I too heavily depend on the eyes of others.
This hits me hard, and thank you for expressing it.
I'm currently building a strange SaaS which brings me joy. I have no customers and a handful of people that have tried it out. I promote it here on HN every chance I get as I am shameless. It's called Adama ( https://www.adama-platform.com/ ) and it started as a way to build online board games.
Now, I have no idea how to market it, and I'm still developing it on variety of fronts. My focus is super diluted and chaotic, and I try to reign it only to discover more shiny things.
The true beauty of life is that there no right way to experience it. When viewed through the lens of an artist, much is subjective. Who is to say my idea is bad? Well, yeah, it is full of silliness, but that's the fun of it. Perhaps, I am wasting my life, but what then is the point of life?
I've come to believe that faith (which I sorely lack in a spiritual sense) is an important part of being human. I have faith that Adama is a great way for me to spend my time, and I'm currently trying to embrace the creative side of life.
Awesome.
May I ask that you check out some of these dead links that may be giving people a bad impression of you?
On here, [0], the link to [1] is dead.
Same with this[2], here[3].
There may be others.
Edit:
Now that I've had a chance to read a bit about what you're doing, I've got to ask, you talk about boardgames, have you built a really straightforward boardgame prototype?
Like one I could find online and understand as a complete project, preferably as an example or starter template for a new user?
It could be for a trivial boardgame, but an actual boardgame, so settlers of catan for example?
-[0]: https://www.adama-platform.com/pricing.html
-[1]: https://www.adama-platform.com/2022/02/25/early-access-launc...
-[2]: https://book.adama-platform.com/
-[3]: https://book.adama-platform.com/reference/history.html
I built the least straightforward board game: Battle Star Galatica ( https://boardgamegeek.com/boardgame/37111/battlestar-galacti... ), and I've also made hearts.
My #1 problem at the moment is focusing, but I'll share the rough plan I am hoping to commit to for the coming weeks.
First, I am seeking a balance between low latency awesomeness and durability. I'm super not happy with the RDS implementation of how I persist game state, so I'm writing directly to disk with a periodic back-up and cold storage migration. I plan on writing about this more on the blog.
Now, this is the wrong priority from a business growth perspective, but it brings me joy.
Second, I am going to ship a new @web aspect where the Adama server can be a read-only web server for assets, json, and other fun things. This is needed for the IDE so assets (i.e. images) can be uploaded and attached to a document and then served publicly.
Third, for actually shipping board games, I'm de-prioritizing how I think about the WYSIWYG editor and focusing on just HTML via RxHTML. RxHTML is a new templating thing that I'm working on which I will post details about in the coming month, but the gist is that I can take a HTML template and then reactively bind it to a tree such that DOM updates are seemless and minimal. I intend to write a post on my own personal despair of dealing with modern JavaScript tooling.
Fourth, I am going to get the web portal online with just a text editor (currently evaluating code mirror) such that I can onboard people quickly with just their email and they can get to typing.
Fifth, with super minimal IDE, I can then introduce examples for a variety of games and applications which can be one-click instantiated.
Sixth, with one-click instantiation, I'll build a reflection base UI where people can send messages to a document and see the document with pretty printing. This will let people actually play a game in a sense as a developer.
Seven, I'll add rxhtml to the minimal IDE and then people could make reactive reports/UIs.
At this point, the vision can start to manifest of Adama as a roblox like website for board games. Now, it is worth noting or pondering "where is the customer in all of this?" and I'm currently the customer.
> I built the least straightforward board game: Battle Star Galatica ( https://boardgamegeek.com/boardgame/37111/battlestar-galacti... ), and I've also made hearts.
Sorry about that, I was being unclear, is this visible anywhere? Can I look at how you've done it?
In my experience authoring systems can fall into two broad categories:
1. You can think in them, so they're a useful space to prototype and if you're lucky the output is good enough to ship.
2. You can't easily think in them, but they have other positive qualities, they're performant for example, or target a wide array of platforms, so you sketch out ideas elsewhere and once you've worked out what you're trying to do, pull it in.
For some people, this is a non-problem, they've internalised a system well enough that they can do everything in one place.
If you can show what a prototype looks like, people can start looking at what you're producing and see where this fits in their toolbox of useful tools. Or they can point out gaps they perceive which you can look at and think about whether fixing those perceived gaps is within the vision of your tool or not. Maybe you're just not wanting to solve that use-case =)...
I would also suggest setting aside a day and showing what you currently have to some people who design games, either as amateurs or experts and see what feedback they give you. You may already have something they want to use, or you may find blockers that prevent them from using it. The mom test[0] may be useful here if you are collecting feedback to discern useful feedback from platitudes.
If you're not interested in doing this because you're building primarily for yourself, that's cool. I just think that this might be a useful exercise to work out if people would be more willing to engage with what you're building and what if anything might be holding them back from doing so =)...
- [0]: http://momtestbook.com/
http://jeffrey.io/bsg.adama.txt
This encodes all the rules for the backend. Basically, you will see a lot of tables and then control flow is by a state machine (#state_machine_label { /* code to run */ }) which then asks players via channels and await.
For legal reasons, I don't have the poorly done UI available. However, a neat design aspect is that I can have poorly written AI make decisions to play the game to test it.
My appreciation for the game has grown and depth of the rules has made me a beast.
I am in a strange boat since I'm trying to reconcile some of my insights with my passions. On one hand, I'm still in this process of describing the deep things my career has gave me ( https://news.ycombinator.com/item?id=31567549 ) and then having fun.
I'm trying to execute on a three strategy ( http://www.adama-platform.com/2022/02/24/open-strategy.html) where leg one is all about getting the SaaS stable and reliable.
Leg two is I invest into tooling for me to make games.
Leg three is where I get to making games.
I'm currently looking at what is the medium between Leg two and three. I had a plan of building a game engine specifically for board games, and I even made a WYSIWYG editor. I recently started to break off the WYSIWYG editor as a standalone component (which you can see at http://ide.adama-platform.com/solo/ ; click 'single item (and new)' to put a box up which you can drag around). It's made in Rust and very exciting.
I still loving have the WYSIWYG editor as a part of the leg two strategy, but now I'm focusing on just making HTML work using this new rxhtml thing I'm working on. I'm optimistic that rxhtml will be a cheaper investment than dealing with all the npm crap. I'm writing another essay on this in regards to the current mess that is the JavaScript. The thesis is that, at the end of the day, the front-end challenge is to make HTML with good UX which is then responsive to input and data changes. With a reactive back-end, it's very easy to turn the browser back into a dumb terminal.
The first product to build within the minimal IDE is a "The Crew" clone since my friends and I have exhausted both the space and sea version.
One thing that I've realized is how hard this strategy is. First, it is slow AF. Second, the gradient of difficulty of pitches; the SaaS may as well be rocket science and the IDE is currently vaporware (but I believe it will be more accessible) and if I just made a single game then people could play it.
Once I get some of the investments into a tidy shape that make me warm and fuzzy on the inside, I'll definitely focus on the various communities. Thanks for your thoughts. Also, I ordered the mom test book.
Just a heads up, the battlestar code is pretty large, so you might want to code / use as an example a simpler game and then if anyone asks if it can be used for more substantive games, point to the updated and working version of the battlestar code.
That way people can see:
- You have a working thing
- There's a nice entry point tutorial
- They have some example code to look at of more complex example for when they have to build something larger, which is super useful besides reference documentation that people rarely provide.
In fact lots of small examples of things are probably going to be useful for you, as lots of people you're going to be engaging with are going to want to copy / paste stuff.
Lots of luck and please post a Show HN when you're next releasing something!
As far as I know, the fact that the logic used needn't be consistent was already known from psychology (people can provide a motivation for their choices relying on arguments that cannot possibly have actually factored in to their decision-making process).
So that also applies to entrepreneurs, apparently.
Something like telling a person that went to Las Vegas, did some gambling, had a good time, and lost money that they're irrational and enjoyed their vacation wrong.
If the process of entrepreneurism wasn’t so deeply satisfying to those of us who need to pursue it, nobody would ever do this. It doesn’t pencil mathematically.
i believe given the right circumstances a healthy adult could be made to believe complete lies
where have I seen this in history....
People, throughout history and the present, share some things in common: a strong affinity for contempt over other groups of people leading them to all manner of false belief and irrationality, and a certainty over their own correctness.
And in saying that... Here I am, expressing contempt over some poorly defined group of people with some hint of a suggestion that I am immune.
It's not all bad though, on a lot of the empirical economic work I've done a lot of people appear what I'd call "weakly locally rational": a rationality effect seems to effect people in aggregate and determines the direction they move, and tends to be the biggest effect, though the aggregate doesn't move perfectly in accordance with what rationality would expect. It also depends very much on framing: they are "locally majority rational" in the context of their frame of reference, but not in terms of the macro-world: which makes sense, because we're finite creatures who can't actually take in all the information, have limited processing ability, and each have different access to information and historical experiences. so most of us do the best with the limited experience of what we got and how we understand the world.
If an entrepreneur decides to prioritize certain factors over others, who's to say that's "irrational"? Is there an objectively correct way to run a business? I just find the whole idea so tiresome.
There are no end of objectively irrational behaviors, although we rarely have enough insight into other people's lives to identify them, or the clarity of mind, accuracy of memory and commitment to reflection to see them in ourselves.
A serviceable but vacuous definition is "the procedure by which a decision is reached." Note that it is vacuous in that it imposes no constraints (not even repeatability/consistency), so anything that results in a decision fits the definition.
It is serviceable because if you want a better definition, you have to argue deviations/changes - eg consistency. You'll find it to be a choice, not a requirement. Eg: Batman's Joker behaves according to his rules. The end result may be unpredictable, but that doesn't mean the decision process doesn't follow his rules.
Humans are inherently irrational. We try to emulate rational behavior because a logic gives us certainity and lets us feel secure about the outcomes, but we are physically incapable of acting in a logical way for several reasons. We don't have enough data to make a fully justified decision in every situation, and if we did, it would still cost too much energy for our meat brains to actually compute those decisions.
So we approximate rational behavior, making statistical guesses. With enough data (experience), those guesses are good. Other times, your guesses are bad. Sometimes you have barely any data at all and are forced to choose between several options that all carry risks, so you go with your instinct. Is it rational? No, but it might have been the least bad choice, as in real-world, real-time situations, failure to make any choice whatsoever is itself a choice, and usually a bad one.
ps: I come from the AI field so I have no idea how any of this relates to economics.
Many bad arguments are made due to conflating these meanings. So much so that I inclined to agree with the grandparent that talking about things being "rational" or not isn't very helpful.
I'd argue the opposite.
Rationality is using a reasoned approach to decision making. In a neural net, that reasoning is embedded in the net. You may disagree with its conclusion or its internal steps, but it does follow a clear line of reasoning.
Entrepreneurs are no exception.
However, I don't think entrepreneurs have a reputation of being infallibly rational. Scientists are much closer to having that kind of status, so I think studying their irrationality would be more interesting.
[1]: https://www.goodreads.com/quotes/1013067-good-sense-is-of-al...
Edit: typo
Scientists and possibly medical professionals are still intuitively treated as rational and correct. Just think about how people shorting consensus medical or scientific opinion are treated in popular media / society compared to those criticizing entrepreneurs and capitalists.
You may be interested in prediction markets for study replication, where you can a real (financial) short position against bad studies: https://fantasticanachronism.com/2021/11/18/how-i-made-10k-p...
From the gapingvoid group.
I've also changed the title in an attempt to avoid the shallow-generic style of comment which this thread has unfortunately filled up with. (Submitted title was "Study shows entrepreneurs who see themselves as rational, aren’t always rational".) The paper's own title isn't likely to lead to any better discussion, since we all know the answer already, or assume we do.
Heh.
Have you ever decided to (co?)found any startups, dang?
Have you written about it anywhere? I'd love to read.
> entrepreneurs create a decision rule comprising a limited set of factors (e.g., the potential for growth) and selectively focus on these factors while paying less attention to and/or ignoring others (e.g., risk of going into default, period of underperformance).
Experience with people who tout their own rationality has shown me that such people rarely recognize the limits of their rationality. More often than not, they think themselves some sort of rational demigod gracing the irrational masses with their very presence.
Meta communication like that makes it really hard to gather much information from what people say though, but there is still some informational value in it. If you find some statistical correlation between people saying they have attribute X and what they do otherwise, then that means something. For example, people who are good at X tend to say that they are good at X. Not everyone who is good at X will say it, and some who are bad at X will say they are good anyway, but it still adds some bits of information you can use.
Not sure what they thought, did they expect that every entrepreneur who says they are highly rational actually are highly rational?
https://www.amazon.com/Destroy-Tech-Startup-Easy-Steps/dp/09...
We even end up labeling the most rational people as having some sort of disorder...
Rational & reasonable are relative.
https://i.redd.it/zh9yzqmdehc31.jpg
Turning customers into fanatics, the marketing funnel, a brand into religion, this is entrepreneur 101.
https://historynewsnetwork.org/article/158361
> "Historians can remedy this. They can enrich economic analyses by tracing the rise and fall of particular emotions and emotional norms, for many feelings have prompted capitalist behavior and should be studied historically. We need a social history of selfishness—the feeling presumed to be central to market behavior. The word selfish entered the English language only in the 1640; self-interest joined it in 1649. That new words were created suggests that new behaviors—as well as concerns about them—developed as markets expanded."