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Tips for small business: 7 biases that can effect your decision making<\/a><\/blockquote><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/www.crowdspring.com\/blog\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2015\/10\/27132359\/decision-making.jpg","thumbnail_width":500,"thumbnail_height":375,"description":"Discover your unique leadership style. Unlock your potential with our free quiz! Einstein once said, “Common sense is the collection of prejudices acquired by age eighteen.” Common sense, Einstein was arguing, can often be the enemy of rationality, science, and fact-based decision-making. We are all guilty of this; every day, our decisions are tinged by favoritism, rules of thumb, partiality, heuristics, and predilection; call it what you will, but our biases come into play with every decision we make and every tactic we execute. The trick is to recognize our biases, question them every day, and be constantly aware of their often pernicious influence on our decision-making. Here are my 7 \u00a0favorite cognitive biases, each of which can impact on your decision-making process, and some thoughts on how they can be leveraged, and ways to counteract their influence in your quest for wise determination. 1. Anchoring. Humans rely heavily on one specific piece of information in their decision-making. \u00a0This can happen in everyday life decisions or important negotiations. For instance, when looking at a new house, a buyer may notice that the roof needs work and may be prone to focus on that alone while ignoring that the seller has recently installed a new HVAC system, upgraded the electricity, and refinished all of the hardwood floors. The same seller, during negotiations, may wisely make a low (but not ridiculously low) offer to the buyer in the hopes of “anchoring” the negotiation around that lower number. Studies (most famously Tversky and\u00a0Kahneman) have shown that when asked to estimate a number or percentage if the researcher suggested a low number, the participant’s estimates would skew lower, and when a high number was suggested, the result would be the opposite. How can small business owners leverage this bias? Be aware of the “lock-in” effect, and assess all information critically. Remember that your counterpart in any negotiation may present self-serving information, so look skeptically at the particulars. Anchoring can also be used to your advantage – remember that your negotiating partner is equally susceptible to this bias. Discover your leadership style.Take our free quiz and find out what kind of leader you are. Get 15 actionable insights to make you a better leader and discover five iconic leaders who share your style.Start the quiz - completely confidential and free! 2. Bandwagon effect. We are prone to believe that if many others do something, we can or should do the same. We see this daily with people buying products, attending movies, and even joining political movements. Just because others do or believe something does not necessarily mean it is the best course of action or the most valuable philosophy. Herd behavior and conformity can hurt your business decisions and impact your ability to consider alternatives and define problems. How can small business owners leverage this bias? If everyone else is onboard with a plan or proposal, there may be good reason to question why. Seek alternatives and remember that groupthink can destroy a team’s effectiveness.."}