How to Avoid These 16 Cognitive Bias Traps Small Business Owners Fall Into [Infographic]

What's standing between you and business or professional success?

It may be you! 

Maybe you’re too biased to be a successful business owner?

What do I mean by that?

Well…did you know that as business owners  we can sometimes be our own worst enemy?

It’s not because of the decisions we make, the opportunities we consider or the investments we miss out on, but rather, it’s due to the way we think.

Michael Yardney has written about Cognitive Biases before.

About how we think we’re rational people but we’re not.

There is no shortage of cognitive biases out there that can trip up our brains.

Cognitive biases are patterns of thinking that don’t rely on logic.

Because they allow your mind to get around gaps in knowledge and memory, you need them to bypass things like extreme pressure, time constraints, emotions, and overwhelming information.

However, because cognitive biases are based on generalisations and assumptions, they can’t always be correct.

And if you don’t check your reasoning, they can lead to judgements and decisions that negatively impact your business.

You can’t eliminate them all, but you can become more aware of how they function and ways to counteract them.

Recently Fundera provided the infographic of 16 of these cognitive biases  which really seem to throw business owners for a loop.

Next time you are about to make a major business decision, make sure you double-check this list!

About Mark Creedon Mark Creedon is Director of Metropole's Business Accelerator Mastermind and business coach to some of Australia's leading entrepreneurs - each who call him their "unreasonable friend"
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