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! mind set rich money lesson think motivational learn teach money

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.  

mentorship-program_ad2017_300x250_FINAL

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!

16 Cognitive Bias Traps Small Business Owners Fall Into (1)

 

 

icon-podcast-large

Subscribe & don’t miss a single episode of michael yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to michael yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

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


'How to Avoid These 16 Cognitive Bias Traps Small Business Owners Fall Into [Infographic]' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


facebook
twitter
google
0
linkedin
0
email
Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!