Bias is part of human nature…
It affects the quality of your business decisions without you realising it.
How biased have your recent decisions been?
CONFIRMATION BIAS. When you seek out data which fits your assumptions – and you give less weight to contradictory evidence.
OVERCONFIDENCE BIAS. Believing your abilities and judgment are better than they are – which leads to risky decision-making and overestimating the probability of your success.
ANCHORING BIAS. Over-reliance upon the first piece of information you encountered. Meaning less flexibility and reduced creative problem-solving.
AVAILABILITY BIAS. Using information that is close to hand and easily available, instead of casting your net more widely.
LOSS AVERSION BIAS. Perhaps you have a tendency to strongly prefer avoiding loss over acquiring gains, making you overly cautious or risk-averse. Or maybe the opposite is true.
Try removing bias from your next important business decision – and see what happens…
#sme #business #ukbusiness #UKBusinessOwners #biases