Bias is easy to expose when you’re debating someone. But what about when you’re debating yourself? When you’re caught between two ideas or a decision, how do you know if you’re giving both options a fair shake, versus rushing into a decision that you may feel strongly about?
Cognitive bias in your business is a dangerous thing because it severely narrows your scope of perception. Anything that goes against your bias receives an immediate discount—even if it’s completely valid and appropriate. This can lead to poor decision making and mistakes, even in the most intentioned individuals.
The first step in preventing cognitive bias from hindering your business is identifying it. Unfortunately, bias comes in many forms and it’s important to consider carefully where you may be falling into it:
There’s a lot of bias to be had! The good news is, bias can be undone no matter what form it takes. A person just has to understand the thinking traps they fall into and how to actively avoid them in the future.
Once you have a handle on where you’re prone to bias, combating those tendencies becomes a matter of employing unbiased thinking techniques:
Critical thinking exercises are also made invariably better by a dedicated red team: a group of individuals who challenge your ideas to play devil’s advocate. By forcing you to always reconsider and always second guess your decisions, they’ll help you locate and combat bias that may have cropped up in your thought processes.
Decisions and ideas may feel right in your gut, but unless they’re checked and vetted, they’re nothing more than bias. Exposing your own bias tendencies and taking steps to squash them will go a long way towards helping you become a better decision maker and making the decisions that benefit your business.
Content was prepared by an independent journalist under the direction of Molly Grubb AIF®, CBEC®. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of any subjects discussed. A professional advisor should be consulted before any investment decisions are made. All expressions of opinion reflect the judgment of the author on the date of post and are subject to change.
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