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How to avoid These 16 Cognitive Bias Traps

How to avoid These 16 Cognitive Bias Traps
“If there’s something you really want to believe, that’s what you should question the most.”  ― Penn Jillette To efficiently run a business, it’s necessary to think on your feet. You are required to make thousands of decisions and judgment calls daily. And while there is a wealth of information at our fingertips and communicating with colleagues or employees across the country takes only seconds, all this can lead to an information overload. In order to manage a business productively, we rely on mental shortcuts that allow us to get around this overflow of information. These mental tricks can also help us get around limits in memory, time, or a lack of information. These cognitive biases are necessary to help us make the sheer number of decisions necessary every day. However, cognitive biases can also lead you to make poor decisions and judgments regarding your business. Because they allow you to make decisions that don’t rely on logic, they can hold you back from doing your best work as a leader. That’s why it’s important to be aware of the common mental traps that you fall into as a manager of a small business. As your decisions can have a major impact on your bottom line, being more aware of your unconscious biases can help you find more success as a manager. For example, many people struggle with planning and scheduling projects. It is common for tasks to go out of scope or miss their deadlines. This is in part due to a cognitive bias called the “Planning Fallacy.” This bias causes you to underestimate the amount of time it will take to complete a task. However, once you are aware of this tendency, you can plan more time for your assignments than you think you will need and meet your deadlines. To help you in all your small business decisions, check out this infographic Fundera created on some of the more common biases and how to avoid...
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Tips to increase your learning efficiency

Tips to increase your learning efficiency
Tips to increase your learning efficiency This article is well crafted by Anish Passi, Director at Neostencil, an Ed-Tech startup. Neostencil is an online and unique platform for UPSC Test Preparations where you can access live classrooms from the comfort of your home. NeoStencil offers you expert guidance for Civil Services exams, from doyens in this field, top teachers from popular IAS coaching institutes in Delhi, who have had years of experience in successfully mentoring the candidates to develop a holistic approach to their preparation for the exams. Learning is a continuous process, and one should always be keen to explore and learn more, anytime and anywhere. There is no better investment you can make towards improving yourself than acquiring more knowledge. When you are eager to learn, it will automatically improve your learning efficiency. Many times we have to improve our focus to learn something specific. For example, if an individual is preparing for UPSC examination, then you have to learn or prepare in a structured manner. Your UPSC exam training is time-bound for one. So, no matter what your general approach to learning is, at this particular time, you will need to put in a directed effort to improve your chance of qualifying as an IAS officer. Monitor your routine Now that you are preparing for an exam, your focus and energy must be diverted to achieve more in the given time frame. But, that should not be a cause for worry. You can keep stress at bay if you focus on learning fast and quicker than usual. By that we mean, you should attune your mind to find the value-add at every stage of your preparation. If you start looking for something new or in addition to what you know, you will look for resources, people and interaction with a purpose. You know what you are looking for and this way, you can achieve more than you hoped for. Open your mind You can only learn more if you have an open mind to invite suggestions and guidance. If you think you can do it all on own and don’t need assistance from people around you, then, you are at the risk of enclosing yourself in a closed box. Don’t make learning claustrophobic. It is good to read books, gain insight, but it is equally important to put that knowledge in a practical and constructive framework. It can only happen if you share knowledge and invite feedback, discussions, debates and even healthy arguments. It will make you more confident, and it will help you learn from a fresh perspective as well. Start using online chats, discussion forums, etc. Discover a new learning platform every day. Be self-dependent Since it is you and only you who knows what exactly you need to learn, it is therefore vital for you to be a self-dependent person. Take the initiative to be a part of learning forums like virtual ‘live’ classrooms and do it with the intention of contributing and participating in the discussion. It is essential to be visible in the discussion, reflecting exuberance and confidence. Also, always be inquisitive and interested to find out more, whatever be your source. You can learn by listening to others, and at times, you can learn better by debating on the same topic with others. It is as simple as that. Read and Read more Reading can help you gain a competitive edge. If you have an insight on the topic, then only can you discuss or share your knowledge with others. Reading enables you to understand every subject in detail and takes you in-depth, posing new questions, points and a unique perspective on...
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