The present bias refers to the tendency of people to give stronger weight to payoffs that are closer to the present time when considering trade-offs between two future moments (O’Donoghue, &, Rabin, 1999)

We’ve all heard the story of the tortoise and the hare. It’s very much a part of our western psyche. Although, the story did not originate there, it tells universal truths.

It’s important to be aware of how our behaviors affect our every day way of life. This will intern, affect how we develop our own world views and opinions about what it means to be a creator or entrepreneur.

The story of the tortoise and the hare is really the story about our decision-making processes. The elements of the story are simply just metaphors about how we seem to be drawn or historically conditioned toward the idea of wanting instant gratification.

Some argue this could be our inherent evolutionary biology at work, others argue that it’s simply just narcissism conditioned by our Environment, upbringing and or culture.

Some behavioral economists did some market research on the behavior of instant gratification-this research in tailed one person walking up to strangers and asking them if they would like to have a chocolate bar now or an apple tomorrow.

The general consensus that arose out of most of the responses, was that people would like to eat chocolate now, but have an apple in the morning. Some of those who were being asked the question, realize this incongruity and were able to assess why this was the case-mainly, that they wanted the unhealthy option now, but if they were given the chance to choose a healthier option later, they would.

Richard Thaler, the author of Nudge tells the story of how when he and some fellow colleagues read a meal, they were given a bowl of cashews at the center of their table. He was not in the mood to eat them, and nobody really was giving them much attention.

So he waited, until his colleagues were away from the table, and then snuck them out to the restaurant kitchen. When he came back they responded to him, that they were grateful he took them away. That they did not want the temptation to eat something that was so immediate.

This is another example of the present bias. That we somehow feel like we are going to miss out on something, even if we know that that something is not good for us in that moment-we will still choose it.

The way to circumvent this, is to create commitment triggers to encourage us to make the better choice. An alarm clock is a commitment trigger for those who have trouble getting up or like to sleep in in the morning.

So the key here is to invest in your own better decision making processes. This is creating and inventing relative commitment triggers that help you to not only perform but complete the goals that you have in mind.

For the person who wants to go to the gym, but can’t seem to get the motivation, maybe joining a gym with your friends and doing it together or joining her yoga class together might be the incentive you need. Make sure you enjoy it, whatever it is, and make sure that the commitment trigger is there to push you along in the moments where you feel like you are not motivated.

Have you noticed this about yourself? Have you created any commitment triggers that I’ve worked for you? Share below.