Most common decision-making biases of entrepreneurs

[Isaac Oh]

Cognitive Biases in Critical Decisions Facing SME Entrepreneurs: An External Accountants’ Perspective

A late 2020 study took a look at 12 common cognitive biases across different domains. The subjects were small to medium size entrepreneurs.
At the growth stage, that's us. So thought you guys might like to see these results.

Snapshot of the conclusion

 

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[Johnny boy]

This is like reading your horoscope but for nerds.

Also, how do you objectively measure "overconfidence"?

By asking accountants? (according to the abstract you linked)

Give me a break

 

[Isaac Oh]

This is like reading your horoscope but for nerds.

Also, how do you objectively measure "overconfidence"?

By asking accountants? (according to the abstract you linked)

Give me a break

True lol

Was doing some market research on business owners and it was the only objective piece of information I could find on entrepreneur's cognitive biases.

It's not perfect, and the accountants there do agree in the tail end of the abstract.
In fact, I thought it was pretty interesting. Over 2,500 business owners analyzed and the researchers taking into accounts of their own biases in interviews.

Could be valuable for someone who's looking to tailor marketing messages