*Cognitive Biases*
💁🏻♀️ *Master Them Before They Master You!* 🫵🏻
*Confirmation Bias:*
💁🏻♀️ We seek information that confirms existing beliefs, and ignore contrary evidence.
*Example:* Only following news sources you agree with.
*Fix:* Actively seek opposing viewpoints; before decisions, assign a "devil's advocate"
*Sunk Cost Fallacy:*
💁🏻♀️ We keep investing because we already have, even when it's not rational.
*Example:* A company pours money into a failing product because they've already invested.
*Fix:* Ask, "If I were starting today, would I still invest?"
*Halo Effect:*
💁🏻♀️ Our impression of one trait impacts how we see unrelated ones.
*Example:* A well-dressed candidate is assumed to be more competent.
*Fix:* Seek evidence, not reputation, appearance, or confidence.
*Recency Bias:*
💁🏻♀️ Recent events have a stronger influence on decisions.
*Example:* A manager rates an employee based on their last two weeks, ignoring consistent performance all year.
*Fix:* Pull back and look long-term.
*Optimism Bias:*
💁🏻♀️ We believe we're less likely to experience negative outcomes.
*Example:* Founders assume their business won't fail, even though most do.
*Fix:* Consider worst-case scenarios before making big decisions.
*Anchoring Bias:*
💁🏻♀️ We rely too heavily on the first piece of information we receive.
*Example:* A job candidate struggles to negotiate upward from a lowball offer.
*Fix:* Don't accept an initial value as your reference point - find independent sources.
*Self-Serving Bias:*
💁🏻♀️ We take credit for successes but blame external factors for failures.
*Example:* A manager takes credit for a project's success but blames the team if it fails.
*Fix:* Force yourself to own mistakes, not just successes.
*Negativity Bias:*
💁🏻♀️ We give more weight to negative experiences than positive ones.
*Example:* An employee gets 10 positive comments and I negative, but only remembers the latter
*Fix:* Keep a list of past successes to balance your perception.
*Availability Heuristic:*
💁🏻♀️ We judge the likelihood of events based on how easily examples come to mind
*Example:* Avoiding flying after seeing a plane crash in the news
*Fix:* If you're using anecdotes, ask: "Is this actually common, or just memorable?""
*Dunning-Kruger Effect:*
💁🏻♀️ Incompetent people overestimate abilities, experts underestimate
*Example:* Attempting to rewire your house after watching one YouTube video house
*Fix:* If you're a confident novice, assume you're overestimating and get feedback
*Framing Effect:*
💁🏻♀️ The way information is presented influences our decisions
*Example:* "90% fat-free" sounds healthier than "10% fat"
*Fix:* Ask, "Would I feel different if this was worded another way?"
*Bandwagon Effect:*
💁🏻♀️ We adopt beliefs or behaviors just because others do.
*Example:* Consumers rush to buy a trendy item without considering if they actually like it.
*Fix:* Ask, "Would I still believe this if no one else did?"
*Endowment Effect:*
💁🏻♀️ We overvalue things just because we own them.
*Example:* A person believes their car is worth more than market value just because it's theirs
*Fix:* Ask, "Would I pay this much for it if I didn't already own it?"
🙆🏻♀️ *Thanks for reading .
💁🏻♀️ Share with your friends as well.
💁🏻♀️ *Master Them Before They Master You!* 🫵🏻
*Confirmation Bias:*
💁🏻♀️ We seek information that confirms existing beliefs, and ignore contrary evidence.
*Example:* Only following news sources you agree with.
*Fix:* Actively seek opposing viewpoints; before decisions, assign a "devil's advocate"
*Sunk Cost Fallacy:*
💁🏻♀️ We keep investing because we already have, even when it's not rational.
*Example:* A company pours money into a failing product because they've already invested.
*Fix:* Ask, "If I were starting today, would I still invest?"
*Halo Effect:*
💁🏻♀️ Our impression of one trait impacts how we see unrelated ones.
*Example:* A well-dressed candidate is assumed to be more competent.
*Fix:* Seek evidence, not reputation, appearance, or confidence.
*Recency Bias:*
💁🏻♀️ Recent events have a stronger influence on decisions.
*Example:* A manager rates an employee based on their last two weeks, ignoring consistent performance all year.
*Fix:* Pull back and look long-term.
*Optimism Bias:*
💁🏻♀️ We believe we're less likely to experience negative outcomes.
*Example:* Founders assume their business won't fail, even though most do.
*Fix:* Consider worst-case scenarios before making big decisions.
*Anchoring Bias:*
💁🏻♀️ We rely too heavily on the first piece of information we receive.
*Example:* A job candidate struggles to negotiate upward from a lowball offer.
*Fix:* Don't accept an initial value as your reference point - find independent sources.
*Self-Serving Bias:*
💁🏻♀️ We take credit for successes but blame external factors for failures.
*Example:* A manager takes credit for a project's success but blames the team if it fails.
*Fix:* Force yourself to own mistakes, not just successes.
*Negativity Bias:*
💁🏻♀️ We give more weight to negative experiences than positive ones.
*Example:* An employee gets 10 positive comments and I negative, but only remembers the latter
*Fix:* Keep a list of past successes to balance your perception.
*Availability Heuristic:*
💁🏻♀️ We judge the likelihood of events based on how easily examples come to mind
*Example:* Avoiding flying after seeing a plane crash in the news
*Fix:* If you're using anecdotes, ask: "Is this actually common, or just memorable?""
*Dunning-Kruger Effect:*
💁🏻♀️ Incompetent people overestimate abilities, experts underestimate
*Example:* Attempting to rewire your house after watching one YouTube video house
*Fix:* If you're a confident novice, assume you're overestimating and get feedback
*Framing Effect:*
💁🏻♀️ The way information is presented influences our decisions
*Example:* "90% fat-free" sounds healthier than "10% fat"
*Fix:* Ask, "Would I feel different if this was worded another way?"
*Bandwagon Effect:*
💁🏻♀️ We adopt beliefs or behaviors just because others do.
*Example:* Consumers rush to buy a trendy item without considering if they actually like it.
*Fix:* Ask, "Would I still believe this if no one else did?"
*Endowment Effect:*
💁🏻♀️ We overvalue things just because we own them.
*Example:* A person believes their car is worth more than market value just because it's theirs
*Fix:* Ask, "Would I pay this much for it if I didn't already own it?"
🙆🏻♀️ *Thanks for reading .
💁🏻♀️ Share with your friends as well.
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