Declaring War on the Level of Effort Heuristic (Day 1 of 7)
Monday, November 24, 2014
In my software pricing book, I describe the level of effort heuristic.
It is a cognitive bias that mistakenly leads people to estimate an item's value based upon the amount of work that went into producing it.
This leads the average person to believe that he must work hard in order to earn a profit. The truth is that the secret to profit is not hard work but the creation of value.
Patrick McKenzie famously built a profitable software product in 8 days with a $60 budget. I'm going to try to one-up him and build a profitable product in 7 days with a $50 budget.
You can read more about my first day of efforts on reddit