C The chapter casts some light on our innate weaknesses as human beings in reaching conclusions and
Question:
C The chapter casts some light on our innate weaknesses as human beings in reaching conclusions and making rational decisions (i.e. decision-making biases).
Give examples from your own experience to each of the below examples of biases (fallacies). Considering each one individually, explore what one could do to overcome them.
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Confrmation bias: you tend to listen to information that supports your thoughts.
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Illusion of control: you tend to believe that you can control or at least infuence the outcome when, in fact, you cannot (≈ hubris).
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Anecdotical evidence bias: you rely on few observations or idle talk, but draw general conclusions from them (≈ law of small numbers).
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Availability bias: you overestimate information you already have access to.
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Zero-risk bias: you avoid risk/uncertainty to the extent that you neglect solutions with good risk–reward balance.
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Halo efect: when evaluating a person, your frst positive impression of them will infuence your other judgements.
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Stereotyping: you judge a person from her group membership, not her personal qualities.
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Negativity bias: you pay more attention to negative information than is reasonable.
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Bandwagon efect: if a number of people hold a belief, you tend to follow the crowd (≈ groupthink, fock behavior).
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Blind-spot bias: you don’t see your own biases, but recognize them in others.
Step by Step Answer:
The Entrepreneurial Process Seeing And Seizing Opportunities
ISBN: 9781000373295
1st Edition
Authors: Nils Nilsson