We all like to think of ourselves as being uniquely rational beings and it’s comforting to think that, whilst we might have emotions, even strong ones, they do not override our ability to reason logically. However, the truth is perhaps a little more blurred than this. Thinking in a wholly detached manner is not in fact something that many of us are capable of.
Some of these biases, like ‘wishful thinking,’ have even passed over into everyday parlance. Whether it be more well-known biases such as the ‘gambler’s fallacy,’ or stereotyping, or less frequently mentioned ones like confirmation bias, we are all subject to having our conclusions distorted by subliminal behaviours of our own. Behaviours that we may seldom be aware of.
The consequences of these biases are far-reaching, but in the world of business, they can be the difference between a bold decision and a disaster. On a smaller everyday scale, how do they affect our performance as individuals and teams?
Common sense it seems, may not be all that common.