Breaking Free from Cognitive Biases: How to Achieve Success

Happiness Within Chaos

In today's episode, hosts Deb Turton and Guy Daigneault discuss biases and how they affect our lives. Learn about the different types of biases that we all have and how to use self-reflection and critical thinking to challenge your biases and make better decisions in your life.

• When it comes to biases, the student mindset will always surpass the teacher.
• Bias is “the action of supporting or opposing a particular person or thing in an unfair way, because of allowing personal opinions to influence your judgment.”
• Our brains are lazy and biases are a way for our brain to save energy in making decisions. The tricky thing is they are hard to notice until you really dig into them.
• Social media has a major impact on bias.
• Biases have a tendency to be intertwined into multiple areas of your life.
• We tend to see what we want to see, which is why Confirmation Bias is a challenge we all have to deal with. We need to look for information that goes against what we want to be true, but that’s an active process.
• The Anchor Bias is the tendency to rely heavily on the first piece of information we receive. When it comes to surveys, we need at least a sample size of 30 people to eliminate biases from the result.
• Being aware of biases can be used for both good and bad. The more you understand your own biases, the easier it is to see when someone is trying to manipulate you.
• Make your own decisions and avoid following the crowd.
• The Loss Aversion Bias is one of the most important biases in finance.
• The Sunk Cost Fallacy is a bias that business owners need to really understand deeply. We tend to get emotionally attached to our businesses and investments and are susceptible to going down with the ship. Using data to make decisions is crucial to avoiding this particular bias.
• The Sunk Cost Fallacy is closely tied into our fear of failure.
• Our biases can lead to failures, but they are also an opportunity to learn if you view them with a happy disposition of better understanding yourself.
• It’s important to learn from our mistakes, but learning your biases will give you tremendous insight and make a huge difference in your future results.
• Challenge your thinking process. If you want the best outcome, you need to self-reflect.
• Seek alternative perspectives. The more you challenge your thinking, the less biased you will be.

Mentioned in This Episode:

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