Today, making data-driven, rational decisions requires entrepreneurs to read and evaluate data while being aware of their own biases at work.
Embracing critical thinking improves teams’ overall performance, especially in agile work environments. But since humans are fallible, we risk falling into bad habits when making critical decisions. Some of these habits involve gathering, processing and considering data.Thinking errors could greatly affect results from data analysis. For one, unconscious biases, often ingrained and unintentional, may influence how organizations present or understand information.
Another is anchoring bias, where business leaders stick with initial assumptions or information and do not adjust for new data. There are dozens of biases, but they all have one thing in common: These seemingly intuitive ways of thinking may work at the start. In other words, they could work fine when the business is still starting but won’t be reliable in the long run. Ignoring or misunderstanding data could be detrimental to a company aiming for growth.
Relying only on market research data could also hurt startups' goal setting. For instance, sampling bias may influence the results if the target audience isn’t representative of the overall market.
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