Founder's Journal 13 Dangerous Psychological Biases
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Jun 18, 2025 Discover 13 dangerous psychological biases that can derail decision-making in business. From the pitfalls of poorly designed incentives, highlighted by the Wells Fargo scandal, to the importance of 'Granny's rule' for tackling daunting tasks, this discussion offers eye-opening insights. Learn how roles and expectations can distort judgment, leading to costly missteps. Navigating these biases is crucial for success, emphasizing transparent communication to foster a healthier decision-making environment.
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Inversion: Avoid Failures First
- Use inversion by focusing on what behaviors to avoid instead of just what to do to succeed.
- This helps consider second and third order effects and prevents missing critical pitfalls.
Wells Fargo Fraud Incentives
- Wells Fargo employees committed fraud to hit sales incentives caused by aggressive targets.
- They created fake accounts and submitted credit applications without consumers' knowledge to meet quotas.
Granny's Rule for Productivity
- Prioritize completing important, urgent, and unpleasant tasks before moving to enjoyable work.
- This keeps productivity focused on necessary but disliked work.
