![]() When we are making a decision, our first reference point often acts as an “anchor.” Because we value this piece of pre-existing information over subsequent ones, our final decision is sometimes not as rational (and perhaps, beneficial) as it could be. What is anchoring bias?Īnchoring bias, or anchor bias, describes how we tend to rely too heavily on the first piece of information we get. However, once you know how to cope with and overcome anchoring bias, you will be in a position to use this common cognitive bias to your advantage. Even experienced doctors will sometimes rely too heavily on the first piece of information they receive about a patient and fail to see the whole picture, which can lead to an incorrect diagnosis.Īs biases are unconscious and usually automatic, it’s tough to avoid anchoring bias unless you know what to look out for. For example, doctors often encounter anchoring bias when making medical diagnoses. And, like other cognitive biases, anchoring bias can skew our decision-making process. Unfortunately, judgmental bias can have significant consequences if it ends up dictating our actions.Īnchoring bias is one such example. To continuously interpret the sheer number of inputs we receive throughout the day, we often use simplified information processing strategies called heuristics, which can in turn generate systematic errors known as cognitive biases.Ī cognitive bias, or judgmental bias, occurs when our subjective perceptions distort our rationality, making it much more difficult to find a sensible solution. And many of these decisions are not made objectively. It has been estimated that an average adult makes more than 35,000 decisions per day. The founder of Malaysian publishing and lifestyle company Musotrees on why he quit the nine to five (and his career as a biologist) to build the thing that makes him happy. ![]() Laurence Leenaert, founder and designer at LRNCE, a handmade ceramics and lifestyle brand in Marrakesh, on her morning routine. Starting your day right: Laurence Leenaert Self-improvement, brands to check out and things to see and do – from food to fashion. Industry deep dives, macro trends, and profiles of fascinating businesses and founders.įor Orange Bus founders Julian Leighton and Mike Parker, leaving the business was always the plan.Īt first glance, the name of your business might not seem like a crucial factor in your success – but getting it wrong could cause complications. How did a ‘Black Founders Matter’ T-shirt design transform into a venture capital firm? According to founder Marceau Michel, it was almost completely by accident. ![]() How to win customers without social mediaĪs social media ads become less effective, how else should you go about acquiring new customers? Students come here to learn from the best and get their shot at a billion-dollar industry.Ĭase studies and how-tos to take you from startup to scale-up and beyond. Kick start the holidays with this Second Act episode chock full of food, family, and tradition. In Sonic Symbolism, hear Björk and her collaborators discuss the making of her last 9 albums.Įxplore the minds of 10 musicians as they use their surroundings to make sense of the world.Įxamine the journeys of 5 individuals who pivoted their careers to pursue their passions.įamily comes first, especially this time of year. Stories of values-driven business success with Paul Jarvis. Join our community for freelancers and agencies to unlock tools for managing clients and perks to grow your business.Ī collection of original content that celebrates the entrepreneurial spirit. Whether you want to grow your team, your following, or your sales, we've got ideas. Off and running? Find tips to help you lead, manage, and make your business even better. ![]() Learn to write a business plan, build a brand, and turn your ambition into a successful business. See how Mailchimp’s e-commerce automations can save you time and help you convert more first-time buyers into repeat customers. Explore our collection of resources to help build your business and boost your digital marketing.Į-commerce Automations: Time-Saving Techniques for E-commerce ![]()
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