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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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Written by Niek van Son MSc on January 12, 2024
Salience bias: definition, examples and practical tips
As a business owner, your decisions may be influenced more by salient recent events than objective data, a phenomenon known as salience bias. In this article, we explore how this psychological bias can affect your business decision-making, how to avoid it but also how to incorporate these insights into your...
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Written by Niek van Son MSc on December 22, 2023
Status quo bias: definition, examples and practical tips
Growth means change, but are entrepreneurs always willing to embrace these changes? They often cling to the current situation, even when it is not optimal. Take, for example, a collaboration partner who consistently fails to honor his agreements; finding a new partner often seems more hassle than it...
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Written by Niek van Son MSc on December 15, 2023
Ostrich (ostrich) effect: definition, examples and practical tips
Do you think AI won't have that much of an impact? Nobel laureate Paul Krugman said in 1998, "By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's." Ostrich behavior is not wise but a very natural reaction.....
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Written by Niek van Son MSc on December 8, 2023
Hindsight bias: definition, examples and practical tips
There are very many people who can explain in retrospect why certain events took place, but very few who can predict in advance that they will take place. Looking back, everything is very clear. Why do we suddenly find unpredictable events predictable after they happen? And how do you apply this hindsight bias as an entrepreneur?
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Written by Niek van Son MSc on December 1, 2023
Zero-sum bias: definition, examples and practical tips
A customer who goes to the competitor's store will not become a customer of yours, right? This is a typical example of the zero-sum bias. Residential stores, however, have discovered that this way of thinking is not always advantageous, and choose to be located close to each other.
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Written by Niek van Son MSc on November 24, 2023
Anecdotal fallacy: definition, examples and practical tips
The anecdotal fallacy, or "Volvo fallacy," is the cognitive fallacy that is perhaps most common among entrepreneurs. It is appealing because it feels natural and logical to rely on the experiences of others. However, this very apparent simplicity can lead to poor decision-making.
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Written by Niek van Son MSc on November 17, 2023
Cheerleader effect: definition, examples and practical tips
Have you ever heard that you appear more charming when surrounded by a group? This fascinating phenomenon is known as the cheerleader effect. In this article, we will dive into how this effect not only affects personal appeal, but also offers surprising opportunities for entrepreneurs. We will ...
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Written by Niek van Son MSc on November 13, 2023
Selective perception: definition, examples and practical tips
I see, I see, what you don't see ... because I find it interesting and you probably don't! How is it that consumers totally overlook some information, while you are convinced that the message is so clear? That's what we call selective perception. A cognitive fallacy where...
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