🧠 *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 📖. Follow our WhatsApp Channel for more such content.* 🤗 https://whatsapp.com/channel/0029Va4cUYi7tkjAQFo0RW00 💁🏻‍♀️ Share with your friends as well.