Episode 8: Are you stopping you from success?
Are you stopping you from success?
Welcome to the Self-Performance Strategies Podcast.
Main Quote from the episode:
"It is an acknowledged fact that we perceive errors in the work of others more readily than in our own."
― Leonardo da Vinci
Main takeaways from the episode:
7 cognitive biases you need to understand if you want to grow your business, make better decisions, and win more often:
Bandwagon Effect:
The bandwagon describes the tendency for you to adopt certain behaviours or ideas because others are doing so.
You see people succeeding with specific strategies, and you switch from one to another before giving them time to work.
Stop it.
Dunning-Kruger Effect:
You think new ideas and strategies will be easy to use.
But with low ability in these new ideas, you are prone to overestimate your ability.
We are not good at objectively evaluating our competency levels.
Give yourself more slack with new projects.
Plan Continuation Bias:
You love a good plan; who doesn't?
But we tend to continue with an original plan even if all our data points to it no longer being viable.
Sticking to your plan at all costs will cost you.
Be more flexible.
Egocentric Bias:
You might not be as smart as you think.
We have the tendency to rely too heavily on our perspective, and we have a higher opinion of ourselves than we should.
The ego can trick us.
Maybe have a few slices of humble pie and start asking for help.
Confirmation Bias:
You're not being objective.
We tend to see and interpret information in a way that supports previously held beliefs.
You attribute good results to your work, plan, or content.
But attribute bad results to external factors, digital algorithms, or the news.
The Gambler's Fallacy:
Your ideas failing the last 5 times don't mean they will work on the 6th. This fallacy says that we tend to believe that random past events affect future outcomes.
If the game hasn't changed and you haven't changed, results will stay the same.
Pygmalion Effect:
You are not using this one, and it shows.
The Pygmalion effect, also known as the Rosenthal effect, states that high expectations improve performance in a given area.
The lower they are, the worse the result.
Go out and set higher expectations.
Cognitive biases are sneaky:
They can negatively affect our thinking and decision-making and lead us to make mistakes we could have avoided.
Sit down today and ask yourself, are any of these 7 biases keeping you back from levelling up in life.
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Big love.
Make it a great one,
Stephen
