Self serving bias: definition, examples and practical tips
As entrepreneurs, we are constantly faced with important decisions and evaluations. We analyze our performance, adjust where necessary and plan for the future. But how objective are we really in these assessments? When a product is successful, we quickly conclude that it is because of our excellent market insight. But...
Read moreBounded rationality: definition, examples and practical tips
As a business owner, you must make dozens of decisions every day. From small choices about office supplies to strategic decisions about investments or personnel management. In an ideal world, you would be able to analyze all available information for each decision and make the perfectly rational choice. But the reality is different: you have limited time, limited...
Read moreRepresentativeness heuristic: definition, examples and practical tips
Picture this: A new employee comes in who looks exactly like your most successful salesperson ever. You immediately predict he's going to be a top performer. Or a potential client who looks like your ideal target - you're already convinced of a deal. But beware: your brain is playing you...
Read moreAttentional bias: definition, examples and practical tips
Imagine this: you are looking for a new supplier for your company. You've found two potential candidates. The first supplier has an impressive website full of rave customer reviews. The second supplier is new to the market and has very little online feedback. Despite the fact that the second...
Read moreAction bias: definition, examples and practical tips
Imagine this: you have an important presentation for a potential client, but the technology is not cooperating. Out of frustration, you keep restarting the presentation repeatedly, even though the problem persists. This is a classic example of action bias: the tendency to take action even though...
Read moreAffect heuristic: definition, examples and practical tips
Have you ever looked back on a decision and wondered why you thought it was a good choice at the time? It is likely that the affect heuristic played a role. This cognitive bias can influence both big and small judgments and decisions. As an entrepreneur, it is crucial to keep your...
Read moreAmbiguity effect: definition, examples and practical tips
People may be reluctant to use AI because they still trust human actions more than the unknown and mysterious of AI. In doing so, they do miss the opportunity to save time and money or benefit from a very creative outcome. Do they perhaps suffer ...
Read moreCommitment bias: Definition, examples and practical tips
Imagine this: you've launched a new product that you've been working on for months. Despite extensive marketing campaigns, sales fall short of expectations. Yet you continue to invest in this product, driven by the hope that it will eventually catch on.
Read morePriming effect: definition, examples and practical tips
Imagine smelling the aroma of freshly baked bread as you enter the supermarket; you are now a lot more likely to come out with a loaf of bread in your basket. This is a well-known example of the priming effect. In this article, we explore how...
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