As humans, we all have cognitive biases. Many were developed to help us survive way back in the caveman days, but can be quite destructive for an entrepreneur.
In this episode, I discuss 7 cognitive biases that I have researched and identified in myself over the past 19 years of being an entrepreneur. And I discuss the importance of counteracting your natural biases to make the right decisions for your business and in life.
Topics Discussed (Time Stamped)
03:00 The concept of cognitive biases
04:02 Why everyone has cognitive biases
05:55 Optimism bias
07:34 On having a focus group
08:09 Having good contingency planning activities
09:12 Negativity bias
11:44 How to deal with negativity bias
11:48 Tracking the positive
12:38 Data and metrics
13:16 Confirmation bias
16:36 What to do with confirmation bias
18:05 Sunk cost fallacy
23:42 Anchoring effect
27:29 Goal Gradient Effect
31:51 Cognitive miser theory
Quotes Worth Sharing
05:09 "We were evolved with a set of cognitive biases for the purpose of survival.”
17:08 "The best entrepreneurs are the ones who challenge their assumptions."
Resources Mentioned
- Episode 112 Show Notes - https://www.techsmartboss.com/blog/podcast-episode112/
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- Tech Smart Boss on LinkedIn - https://www.linkedin.com/company/tech-smart-boss/
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- Leave a Rating and Review on iTunes - https://itunes.apple.com/us/podcast/tech-smart-boss-podcast-leveraging-technology-to-grow/id1191110680?mt=2
- Tech Smart Boss Website - https://www.techsmartboss.com
- Tech Smart Boss Newsletter - http://newsletter.techsmartboss.com/
- Tech Smart Boss on YouTube - https://www.youtube.com/c/techsmartboss
Thanks!
Thanks for listening and checking out the show notes, any feedback, comments, or questions, send me an email at david@techsmartboss.com