Small Business Focus

5 ways your brain is messing with you (and how it may harm your business)

None of us are born a "tabula raza" (Latin for “blank slate”).

We come into this world with a psyche and personality.

As time goes by, and the experiences of life accumulate, we develop a lens through which we see the world.

That lens has a tremendous impact on how we build our businesses.

It creates cognitive biases that can impede or accelerate our business progress.

The Money Show’s Bruce Whitfield interviewed Pavlo Phitidis, Director and CEO of the Aurik Business Incubator, for his weekly small business feature.

Scroll down for quotes from the audio below.

Confirmation bias is the tendency to interpret and remember information in a way that will confirm your preconceptions.

Pavlo Phitids, Aurik Business Incubator

Anchoring bias is the tendency to rely too heavily on one piece of information – normally the first piece that comes about – to make a decision.

Pavlo Phitids, Aurik Business Incubator

Imitation doesn’t work. You can’t create a Facebook by looking at Facebook and trying to make it better.

Pavlo Phitids, Aurik Business Incubator

People are more motivated by the need to avoid a loss than by a potential gain.

Pavlo Phitids, Aurik Business Incubator

Less capable people think they are more skilled than they are. Highly capable people think they are less capable than they are.

Pavlo Phitids, Aurik Business Incubator

As an entrepreneur you’re going to be quintessentially an optimist. Optimists are terrible at predicting what can go wrong.

Pavlo Phitids, Aurik Business Incubator

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Article brought to us by Old Mutual.

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