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Written by Niek van Son MSc on December 20, 2024
Bounded 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...
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Written by Niek van Son MSc on December 9, 2024
Representativeness 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...
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Written by Niek van Son MSc on August 9, 2024
Attentional 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...
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Written by Niek van Son MSc on August 2, 2024
Action 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...
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Written by Niek van Son MSc on July 26, 2024
Affect 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...
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Written by Niek van Son MSc on July 12, 2024
Ambiguity 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 ...
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Written by Niek van Son MSc on June 28, 2024
Commitment 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.
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Written by Niek van Son MSc on June 3, 2024
Priming 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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Written by Niek van Son MSc on May 3, 2024
Nostalgia effect: definition, examples and practical tips
You are walking in the store and suddenly you see, smell or hear something that reminds you of a nice time in your life with warm feelings. You subconsciously even pay to experience that feeling more often. Pure nostalgia! Entrepreneurs can take advantage of this...
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Written by Niek van Son MSc on April 26, 2024
Choice overload: definition, examples and practical tips
Think about choosing a new smartphone. There used to be only a few models available, which made choosing relatively easy. Today, the market is flooded with hundreds of models, each with its own specifications and features. You can spend hours comparing these details, which often results in...
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