The Psychology of Risk: Why We Criticize the Success of Others
Introduction
The Coach Prime-led Colorado Buffaloes have been in the national spotlight recently, mainly due to a night and day turnaround in their performance. Once a bottom of the barrel program with a recent 1-11 record in 2022, the team has kicked off 2023 with a 3-1 start and formerly a 19th rank nationally. They are unranked as of this post due to the 42-6 defeat by the hands of the Oregon Ducks. The media has been buzzing with stories of their ascension, adding a narrative weight to their recent high-stakes game against Oregon. It's a compelling setup, echoing themes we often find in the world of real estate investment.
Context — The Game and the Comments
2022 and 2023 have been a rollercoaster for the Buffaloes—emotionally and otherwise. Now coached by former Jackson State head coach Deion Sanders, this team defied expectations by achieving a 3-0 start and ranking 19th nationally in three weeks prior to Saturday’s loss. Despite the positive momentum, Oregon’s coach Dan Lanning stirred the pot in his pregame speech by stating, "They’re playing for clicks, we’re playing for wins." This follows the fanfare that Coach Prime has brought to Boulder, with names such as Terrell Owens, Michael Irving, Warren Sapp, and Chauncey Billups coming to be apart of the meteoric rise as either alumni or esteemed friends. The presence of the moxie “Prime Time” has had all of his esteemed carer has brought an estimated $90M+ ad value according to a study done by CU Boulder, and over $185M for Jackson State during his tenure.
The Psychology of Criticism
This public scrutiny is not an isolated event, however; it mirrors broader psychological phenomena such as risk perception and schadenfreude—a term that defines the pleasure derived from someone else's misfortune. Sanders' short tenure has been marked by various criticisms: his exit from Jackson State, his flashy "Louis luggage" in Boulder, and veiled jabs from coaches at Nebraska, Alabama, and Oregon's Dan Lanning.This taps into the realm of social comparison, where people often assess their own abilities or value in comparison to others. It’s interesting to note that apart from being a Hall of Fame defensive back and a high level MLB outfielder (at the same time), his current collegiate coaching record 27-7. Yet and still, these aspects are not unique to sports; they are prevalent in high-stakes business sectors like real estate. There's a certain vindication people feel when someone else does not meet heightened expectations, reinforcing their own perception of themselves as insightful or competent. The same is certainly true here.
Criticism as a Strategic Move
With that said, Lanning's comments can be viewed from a multi-dimensional lens. These comments could serve as a galvanizing force for his team, sharpening their competitive edge (which it arguably did). Alternatively, it can be a tactical move to shift public opinion, or even to confirm it. This type of strategic critique is not unheard of in the corporate sector. By influencing the perception of a competitor, you set the groundwork for altering market dynamics in your favor. We see it often in fast food—such as the feud between Burger King, Wendy’s and McDonald’s on social media. Lanning, former defensive coordinator and linebackers coach for the University of Georgia, inherited the Oregon program in 2021 following an undefeated National Championship season under head coach Kirby Smart. Oregon, a heralded program for years, has also had top 15 recruiting classes since Lanning has been the head coach. While the comment states that they play for “clicks”, it undermines his own program’s strategy to woo recruits with the full equipmental integration with Nike. While the comment was forward thinking to get his team ready for the matchup, its long term effects will impact him as others look closer at the sentiments made.
Navigating Criticism in Real Estate
In real estate, how people see you can be just as important as the actual value of your properties. When it comes to criticism, you can either let it hurt your business or use it to your advantage. By communicating openly with clients and investors, showcasing positive reviews or 'social proof,' and telling a consistent story about your brand, you can make criticism work for you. These strategies tap into psychology; we all tend to compare ourselves to others and feel validated when our opinions turn out to be right. Just like in sports, where a team's reputation can shift quickly based on performance, the same volatile dynamics exist in real estate. Effectively manage your public image and any criticism can directly impact your success, both in terms of reputation and bottom line.
Understanding Market Psychology
When you start to dig into the “why” of critical people, it can be a game-changer in both sports and real estate. Identifying how your other colleagues see risk and why they criticize, you can spot trends that affect big decisions, like where to invest your money. The whole 'keeping up with the Joneses' thing? It's not just personal—as Coach Prime would say; it actually shapes the market. It changes how investors, big and small, decide what risks are worth taking and which opportunities to jump on. This push and pull of criticism and risk perception isn't just one-off; it's an ongoing cycle that influences how we all operate. When investors see a project failing or a team losing, they're more cautious about throwing their hat in the ring. Yet, understanding this cycle means you can be one step ahead, ready to seize opportunities while others are still weighing their doubts. It's not just about avoiding pitfalls; it's about knowing when to make your move for maximum impact. In essence, getting the psychology behind criticism and risk can turn you into a more savvy player in the game—whether that game is on the field or in the property market.
Conclusion
Both the world of sports and real estate are fertile grounds for the study of risk and criticism. Understanding the psychology behind these phenomena can equip professionals in both fields to navigate challenges more adeptly.
The next time you find yourself at the crossroads of risk and criticism, whether it's in evaluating a real estate investment or making a professional decision, pause and consider the psychological undercurrents at play. Are you equipped to turn criticism into an asset? Understanding these elements can arm you with the strategies to succeed in your professional endeavors, as Deion Sanders has done with the Jackson State & Colorado Football programs, respectively.
Thus, while the world keenly observes the highs and lows of the Buffs, remember that similar dramas play out daily in the boardrooms and marketplaces of the secular world. The key to navigating both lies in understanding these complex psychologies.
