Small businesses survive, thrive or die based on the decision-making of owners and operators. That’s why understanding cognitive biases are so important for all business owners and executives to understand.
We all (and I mean all) suffer from these biases, so the key is to become more aware of them, and move past them to make decisions based on evidence and remove as much distortion of reality as possible.
In this section you’ll learn more about them, the range of specific biases and a lot more.
We view the world through a range of prisms and distorting “googles”. All of us. In turn we make decisions everyday that affect our lives and small businesses. However we all suffer from cognitive biases that can throw our decision-making off due to reality distortion…
Since all people are subject to various cognitive biases on a regular basis, at least some of those biases act as double edged swords — they can negatively impact on a business owner’s decision making by distorting the reality of the business and the market….
Cognitive biases are not just the stuff that researchers and psychologists discuss and analyse. They play critical roles in how we make decisions as small business owners and operators, but they also affect our decisions made as purchasers of services and products from other vendors….
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