Entrepreneur bias- What are they & How to overcome them
Humans are prone to biases and mistakes. But in the case of an entrepreneur, a bias can hamper effective decision-making and become an idea/entrepreneurship killer in many cases. So, to keep the biases in check, entrepreneurs first need to understand them. How do they work? And, how to overcome them?
Let’s dive deeper…
3 Most Common Biases
Remember this dialogue from The Big Bang Theory:
Penny: Let's try and get you out of your comfort zone.
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Sheldon: Why would we want to do that? It's called "the comfort zone" for a reason.
It turns out that Sheldon and most of us as humans prefer to stick to our status quo. As an entrepreneur, if you stick to the usual, you will keep yourself away from taking action, stopping any new disruptive idea from coming to life.?
2. Confirmation Bias:
Do you remember the fabled tale where visually-challenged people describe the elephant based on what they already know and the body part of the elephant they are touching? Similar to this confirmation bias, we interpret information that supports our current assumptions and knowledge. This bias can be an immediate idea-killer, causing entrepreneurs to ignore critically important information.?
3. Overconfidence Bias:
As an entrepreneur, you need to support and trust your instincts; however, being overconfident can affect your objectivity. As an entrepreneur, you need to know your limitations- in terms of skills or thought processes- and hire an expert if required.
Sadly, merely being aware of your biases doesn’t make them disappear. However, it is crucial to recognize when your thoughts are affected by any bias and course correct in due time. Having a mentor whom you can use for sound boarding can be an exceptionally fruitful exercise for budding entrepreneurs.
If you are an entrepreneur looking for a mentor or a platform to connect with like minded people, contact us at Nentr by emailing us at [email protected] today.