Behavioral Economics Workshops for Businesses

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Behavioral Economics Workshops for Businesses

Inspired by a conversation on:

The Tim Ferriss Show

The Tim Ferriss Show

#830: Nick Kokonas and Richard Thaler, Nobel Prize Laureate — Realistic Economics, Avoiding The Winner’s Curse, Using Temptation Bundling, and Going Against the Establishment

Host: Tim Ferriss

Timestamp: 01:12:34 - 01:13:15

Listen to Episode • View Podcast • All Ideas from The Tim Ferriss Show

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Feather Flow

Direct Quote

"I think corrupting the youth is always on my mind. So I'm giving a series of talks at universities."

Market Gap

Businesses lack understanding of behavioral economics principles.

Many organizations struggle to apply behavioral economics principles to their operations, impacting decision-making processes and customer engagement strategies. Businesses often rely on traditional economic models that overlook the psychological factors influencing consumer behavior. This leads to suboptimal marketing strategies, poor customer retention, and missed revenue opportunities. As the digital economy evolves, companies need to adapt and implement strategies that resonate with consumers' actual behaviors and motivations. The growing interest in behavioral economics presents an opportunity to educate organizations on how to leverage these insights for improved performance.

Summary

The idea is to create a consultancy that offers workshops and training sessions for businesses on the application of behavioral economics principles. These workshops would focus on real-world applications of concepts such as the endowment effect, mental accounting, and temptation bundling. By equipping companies with the knowledge and tools to understand consumer behavior better, they can optimize their marketing strategies, enhance customer experiences, and ultimately drive sales. The target audience includes mid-sized to large enterprises looking to innovate their approach to customer engagement and decision-making. This concept draws on Richard Thaler's work and insights on the practical implications of behavioral economics in business.

Categorization

Business Model
Service
Target Founder
Subject Matter Expert
Difficulty
Medium
Time to Revenue
3-6 months
Initial Investment
$1,000-$10,000

Potential MRR (18-24 months)

Conservative
$3,000 - $7,000 MRR
Moderate (Most Likely)
$10,000 - $20,000 MRR
Optimistic
$30,000 - $50,000 MRR

* Estimates assume solo founder/bootstrap scenario with competent execution

Scores

Clarity
8/10
Novelty
7/10
Feasibility
8/10
Market Potential
9/10
Evidence
7/10
Overall
7.8/10
Found on October 10, 2025 • Analyzed on October 10, 2025 10:39 AM

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