🧠Weekly Mind Sweep #131| Mind Your Business | Bias
July 2024
Week 130: Curated Conversation; Bias
*Week 131: Mind Your Business; Bias
Week 132: Manage Your Mind; Bias
Week 133: What’s On My Mind; Bias
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Entrepreneurship demands a commitment to reality and a relentless examination of your core assumptions.
Real opportunities in business are grounded in reality: [1]
Real Customers
Real Market Trends
Real Risk
Gaining awareness of your biases and blind spots supports you in taking advantage of real opportunities.
Being aware of bias doesn't make you immune to it.
One of the hardest things for entrepreneurs to acknowledge is that we often get in our own way.
Why Does Unconscious Bias Matter in Business?
It can lead to:
Missing business opportunities,
Ineffective marketing strategies,
Customer diversity gap
Legal consequences such as discrimination claims.
On the other hand, addressing and managing unconscious bias can lead to:
Enhanced decision-making,
Market expansion to a broader demographic,
Adaptability,
And personal growth of an inclusive mindset.
This week, I will pull out 5 known cognitive biases that I believe affect entrepreneurs. [3]
Confirmation bias - My idea will sell to everyone!
What is it?
Confirmation bias is people's tendency to process information by looking for or interpreting information consistent with their beliefs.
Why it matters:
This biased approach to decision-making is largely unintentional, and it results in a person ignoring information that is inconsistent with their beliefs.
What to do about it:
Create a decision-making framework that includes steps to mitigate bias.
Overconfidence bias - I know enough to start my own business!
What is it?
Overconfidence bias is the tendency for a person to overestimate their abilities. It may lead a person to think they're a better-than-average or an expert. (This doesn't only happen to humans with inflated egos) [2]
Why it matters:
Humility should go beyond modesty, embracing self-awareness and continuous growth. Unlike hubris, which is marked by arrogance, humility acknowledges limitations, fosters learning, and encourages collaboration.
What to do about it:
Seek and embrace feedback.
Availability bias - I can make SIX figures sitting on the beach!
What is it?
Availability bias is the human tendency to rely on information that comes readily to mind when evaluating situations or making decisions. Just because you're being fed that information 24/7 online doesn't make it true.
What it matters:
Availability bias can lead to an overemphasis on recent experiences or anecdotal evidence, potentially causing people to overlook valuable insights or need to analyze the situation at hand comprehensively.
What to do about it:
Invest in continuous learning and development.
Optimism Bias: That will never happen to me!
What is it?
Optimism bias is the tendency to overestimate the likelihood of positive events and underestimate the likelihood of negative events.
Why it matters:
Optimism bias causes most people to expect things to work out well, even if rationality suggests that problems are inevitable.
What to do about it:
Seek data-driven insights.
Customer Bias: Oh, they are not my customers.
What is it?
Customer behavior biases are the mental shortcuts or assumptions that influence how customers perceive, evaluate, and act on information.
Why it matters:
They can affect every stage of the customer journey, from awareness to loyalty, and either help or hinder your marketing efforts.
What to do about it:
Diversify perspectives in and out of your network.
One of the best ways to avoid a cognitive bias as an entrepreneur is to talk through important decisions with trusted, objective, and knowledgeable consultants.
When looking at entrepreneurs' cognitive bias, the founders most at risk are those who don't realize that comfortable neural pathways drive them to poor decision-making that can put their business at risk.
Be aware of the entrepreneur's cognitive biases and take the steps necessary to correct them. Engage in a sound, logic-based decision-making process regarding your business.
The first step is recognizing the patterns of bias. The next is to do something about it.
Before making any important decision that can impact your business success, you should have a business consultant play the role of contrarian.
How do you actively address biases and blind spots in your entrepreneurial journey?
Reply and share with me!
MindSweep Mapping
I’m coming to New Hampshire!
Join us at CoHo!
Only ONE SEAT LEFT!
Monday, July 22nd
2pm-4pm
The answers you need for your business are already within you. If you’d like support in identifying them and building a business you are proud of, I’m here to help.
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Jamie’s Second Brain Corner
[1] Did you miss our month on Reality?
MONDAY: 8 am - Curated Conversation - Zoom
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What I’m reading
A Few Kind Words by Tracey Willis Gates
SAVE THE DATE- BOOK DISCUSSION
Terry Hamilton is holding a book discussion on Zoom on Friday, 08/16/2024, at 9 am.
What kind of person do you want to be?
"You made not only my day, but my week, my month, and my year." This is just one of hundreds of heartfelt responses Tracey received on her transformational journey of writing a handwritten, unexpected letter of appreciation to a different person every day for one year. Inspired by her father, who passed away suddenly when she was 24, and his constant request for "a few kind words," Tracey offers a simple way to feel energized, empowered, and uplifted.
What began as a journey to fill her depleted soul with positivity quickly became an awareness that we all crave being told we matter. This book will motivate you to look up, listen, linger, and engage with those around you. You'll be surprised how much there is to appreciate when you take time to notice, and how incredibly good it feels when you do!
Collaborations!
Make it stand out
SPECIAL DATE! (We will NOT be at the Chamber on July 5h due to the holiday)
We're lightening things up for July and August!
Join me on Friday, July 12th, at the @metrowestchamber for this two-hour interactive business community experience.
We'll discuss ways to cultivate business through Sales, Marketing, and Communication methods that support relationship building, showing up authentically, and connecting deeper with colleagues and the people you serve.
9-11 am - Open discussion, community support, brainstorming ideas
Join me in meeting business owners in our community. You'll leave with new tools to help you make connections and build your business!
Registration is required: https://bit.ly/MWCoCJuly
Mindful Connections
Connecting like-hearted entrepreneurs to build relationships, offering support, understanding their passions, and sharing their names in rooms of opportunity.
Every Thursday, 12-1 pm EST.
12:00 - Take 5—a guided meditation with Terri Hamilton of Apparent Connection to ground your week with peace and focus.
12:05-1 pm Round-table Share
Who you are
The gifts you bring to the world
Who you serve
The answer to a Curated question to spark conversation.
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WE ARE OFF THIS WEEK 07/04/2024
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