Small Business Focus

5 ways your brain is messing with you (and how it may harm your business)

None of us are born a "tabula raza" (Latin for “blank slate”).

We come into this world with a psyche and personality.

As time goes by, and the experiences of life accumulate, we develop a lens through which we see the world.

That lens has a tremendous impact on how we build our businesses.

It creates cognitive biases that can impede or accelerate our business progress.

The Money Show’s Bruce Whitfield interviewed Pavlo Phitidis, Director and CEO of the Aurik Business Incubator, for his weekly small business feature.

Scroll down for quotes from the audio below.

Confirmation bias is the tendency to interpret and remember information in a way that will confirm your preconceptions.

Pavlo Phitids, Aurik Business Incubator

Anchoring bias is the tendency to rely too heavily on one piece of information – normally the first piece that comes about – to make a decision.

Pavlo Phitids, Aurik Business Incubator

Imitation doesn’t work. You can’t create a Facebook by looking at Facebook and trying to make it better.

Pavlo Phitids, Aurik Business Incubator

People are more motivated by the need to avoid a loss than by a potential gain.

Pavlo Phitids, Aurik Business Incubator

Less capable people think they are more skilled than they are. Highly capable people think they are less capable than they are.

Pavlo Phitids, Aurik Business Incubator

As an entrepreneur you’re going to be quintessentially an optimist. Optimists are terrible at predicting what can go wrong.

Pavlo Phitids, Aurik Business Incubator

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


This article first appeared on 702 : 5 ways your brain is messing with you (and how it may harm your business)


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Family business succession - what often goes wrong (and how to get it right)

Family business succession - what often goes wrong (and how to get it right)

Mind the generation gap! The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

How to break a deal without scorching the earth

How to break a deal without scorching the earth

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

'We’re gatvol! Government must fulfil what it has been promising since 1995'

'We’re gatvol! Government must fulfil what it has been promising since 1995'

Bruce Whitfield interviews Jennifer Cohen (Small Business Institute) and Aurik Business Accelerator’s Pavlo Phitidis.

How to avoid business owner burnout (or how to overcome it if it’s too late)

How to avoid business owner burnout (or how to overcome it if it’s too late)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder and small business guru Pavlo Phitidis.

How Africa Innovation Summit aims to help realise our awe-inspiring potential

How Africa Innovation Summit aims to help realise our awe-inspiring potential

Africa cannot outsource its development. Bruce Whitfield interviews Tracey Webster, Chief Visionary at Enterprise Room.

Need access to booming African markets? You may want to check out ‘Yiedi’…

Need access to booming African markets? You may want to check out ‘Yiedi’…

Yiedi CEO Jayshree Naidoo on gaining access to African markets as well as the challenges entrepreneurs are likely to face.

Popular articles
[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

The chilling call Henri van Breda made to emergency services on the night his mother, father and big brother were hacked to death.

Everything you know about success is (mostly) wrong

Everything you know about success is (mostly) wrong

Allon Raiz on “Barking up the Wrong Tree: The Surprising Science behind Why Everything You Know about Success Is (Mostly) Wrong”.

CT's desalinated water may have long-term health risks, scientists warn

CT's desalinated water may have long-term health risks, scientists warn

Desalination is not a risk-free solution to the water crisis and could have health implications, local experts have argued.

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Cyril Ramaphosa's ex-wife says abuse allegations spread by EFF leader Julius Malema are an attempt to tarnish his reputation.

How does El Nino affect Western Cape province?

How does El Nino affect Western Cape province?

Professor William Landman explains what El Nino is and its effects on the coming seasons in the Western Cape.

Is Shakespeare still relevant to SA's school curriculum?

Is Shakespeare still relevant to SA's school curriculum?

How relevant is Shakespeare in SA's English literature which is written in a manner that no one speaks today?

3 reasons for the petrol price hike (and why it will hurt more than you think)

3 reasons for the petrol price hike (and why it will hurt more than you think)

Economist Dawie Roodt says that the petrol price hike is going to boost the cycle of inflation and force interest rates up.