Inform your entrepreneurship decisions: avoid cognitive biases 🕵🏻♀️
You may have an idea, a wonderful idea, a solid project aimed to be successful, and you have decided to join the adventure of entrepreneurship. 🚀 Emotion fills you, and you want to carry it out as soon as possible, without realizing that this idea is being influenced by cognitive biases, which limit your objectivity and your ability to foresee mistakes.
This happens more often than you may think: many projects fail because they are not aware of future problems and are not prepared to change direction in case of error. That is why it's important that you validate your idea before deciding to move forward, and recognizing the biases in it.
Become the detective of your idea, look for clues, evidence that support or refute what you believe in and detect the cognitive biases that may influence your decision-making. 🔍
And what are those biases that can come your way? Here we share the most common ones:
🥰 Optimism bias: We tend to consider only positive scenarios, disabling the possibility of identifying risks or considering negative or unsuccessful scenarios.
⚓ Anchoring effect: When we make decisions, we tend to rely too much on the first information we have received, losing objectivity.
🤩 Endowment effect: We tend to overvalue what we own. We may think that our idea is unique, without being aware that it has already been made before.
✅ Confirmation bias: We prioritize information that confirms our theories or beliefs, ignoring contradictory information.
"Failure is an option here. If things are not failing, you are not innovating enough." ― Elon Musk
At Pixel Research Lab, we want to help you be a great detective, informing your decisions and identifying possible biases, applying simple research tasks that will help you validate your idea and inform your entrepreneurial journey.
First, define your idea briefly, try to summarize in a central table the keys of your product/service/experience. Don't worry if you are not sure at all: at the end of 4 simple steps, you will be able to inform the starting point of your idea. Remember, "When in doubt, research."
Do the following tasks:
👉 Look for similar products or services. Write down the characteristics of those existing products or services. Identify what they solve and which areas of opportunity you have.
👉 Talk to an expert, no one can give you better information than a person with experience in the sector, who understands the pros and cons of your possible entrepreneurship.
👉 Empathize and visualize your potential users. Make notes about who they are, how they behave, their main problems or needs related to your idea.
👉 Listen and read what users think about similar products/services. This will give you information about what is working, the sector's weak spots, and how you can contribute to give a real solution to users' current needs.
👉 Frame your first evidence-based idea statement. Describe briefly your product/service/experience, the potential problems that it solves, the group of people you will solve the problem for and the identified opportunities to solve the problem, what other competitors are not doing for this group of people.
Use the following Miro board that we have created for you 👇
☝ Before starting the entrepreneur journey, make sure to inform your decisions, avoiding common cognitive biases. Measure twice and cut once 😉, been aware of these biases can make the difference. Inform your decisions!
Did you like what you read? Do you want to have more information or do you need to answer any questions? 🤓 Contact us.
We will be happy to meet you! 🎉