Bossit

Avoiding pitfalls and blindspots Want to share feedback about the podcast? It would be much appreciated. 3 min survey here: https://www.surveymonkey.co.uk/r/N72QP67 To reduce blindspots, follow WRAP: - Widen your options and your advisor pool - Reality test your assumptions - Attain distance before deciding; and - Prepare to be wrong. Potential blindspots include: 1. Knowable unknowns. 2. Confirmation bias: where you too easily interpret evidence as confirming your own view. 3. Over-confidence. 4. False analogy: where you wrongly think your decision is the same as one that you’ve dealt with in the past. 5. Extrapolation fallacy: where you assume that the future will play out just like the past. 6. Availability bias: where you prefer the easiest option to implement. 7. Tunnel vision: where you get so fixated on one factor or option that you miss other pertinent matters. 8. Loss aversion: where you prefer the option involving the least amount of risk, regardless of potential upside in the riskier options.