In business and life, we make a huge number of decisions daily that we may not realize are based on assumptions.
The workday is busy with communications and projects, and if you’re a leader or decision-maker, it’s likely that you’re overwhelmed every day with critical decisions that must be made rapidly.
Due to the limits time, information, or memory, mental shortcuts called cognitive biases are necessary to help us succeed. These cognitive biases are a way of recognizing patterns that can help streamline our work days.
However, because these cognitive biases don’t rely on facts, they can keep you from correctly assessing a situation or making an ideal choice.
That’s why it's important to be aware of some of the most common mental traps that you fall into as a professional or small business owner.
For example, the planning fallacy that keeps you from correctly accounting for how much time a task takes and the confirmation bias that makes it harder for you to hear opinions that differ from your own.
There are hundreds of biases that can have a significant impact on your bottom line.
Look at the infographic below and leave a comment on your #1 bias trap.
Dwight Grant is a seasoned businessman with over 30 years of leadership experience. He lives in CO where he enjoys whitewater rafting, mountain biking and spending time with family.