Learn why we make terrible decisions when we rely solely on our gut feelings, past experiences and cognitive biases.
Episode 31: “It’s not if something will go wrong, it’s when something goes wrong.”
Your business is like a rocket ship. Your growing at an exponential rate and the good times seem like they will never end. Until they do. Your business is starting to spiral out of control, and it seems like nothing you do improves the situation. Are we ever going to get out of this slump?
As leaders of our businesses we are responsible for making the tough decisions. We rely on our own past experiences and we make judgement calls. But what if the decisions we are making are leading us into disaster? Are we cognitively biased in some way and how would we even be able to tell if we are? Is there a strategy that can help us make profitable decisions consistently and avoid disaster?
To help us answer these questions and more I would like to introduce Dr. Gleb Tsipursky, CEO of Disaster Avoidance Experts.
Question 1: We’ve seen some very large, once very successful businesses close their doors in the past few years. Celadon is one in the heavy-duty trucking industry. How does that happen?
Question 2: Biases of any kind are usually not obvious to the person who has them. How do we identify them?
Question 3: Does success (I’ve been successful so I can’t fail) or failure (I’ve screwed everything up, so I’ll never recover) breed these biases?
Question 4: Tell us about the decision-making strategies that you use to help business leaders avoid disaster.
Question 5: When it comes to competent employees, they are one of your greatest assets, but if they sense that the company is in trouble, they will often leave which can accelerate the collapse of a company in trouble. What can we do to avoid that?
Question 6: If there is one thing you want the listeners to take away from today’s conversation, what is that one thing?
To learn more, go to DisasterAvoidanceExperts.com.
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