Biases

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 ...

Just-world hypothesis: definition, examples and practical tips

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, for every decision, you would have all the...

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 customer who...

Action bias: definition, examples and practical tips

Imagine this: you have an important presentation for a potential client, but the technology is not cooperating. In frustration, you keep restarting the presentation repeatedly, despite the fact that it...

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 has a role...

Ambiguity effect: definition, examples and practical tips

People may be reluctant to use AI because they still rely more on human actions than on the unknown and mysteriousness of AI. In doing so, they do run the...

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...

Priming effect: definition, examples and practical tips

Imagine smelling the fragrance of freshly baked bread as you enter the supermarket; the chances are now a lot better that you will be left with a loaf of bread in...

Nostalgia effect: definition, examples and practical tips

You are walking in the store and suddenly you see, smell or hear something that reminds you with warm feelings of a happy time in your life. You have...