Entrepreneurs should be aware of common pitfalls that can impair their decision making:
- Overconfidence: Believing too strongly in their own abilities or intuition without sufficient evidence. - Analysis Paralysis: Getting bogged down in data and unable to make a timely decision. - Confirmation Bias: Focusing on information that supports their preconceptions while ignoring contradictory data. - Groupthink: Letting the desire for consensus in a team override critical evaluation of alternatives. - Emotional Decision Making: Allowing emotions to drive decisions rather than objective analysis.