Great Minds Think Alike

You often hear this expression used when two people have the same idea. One person will say something and the other will exclaim, “ I was thinking the same thing!” The follow up being: “Great minds…”.

THERE IS A PROBLEM WITH THIS

Not so great minds think alike, too.

CONFIRMATION BIAS

After 25 years in retail and the restaurant industry, I love using the cash drawer analogy. Say you have a cash drawer that is supposed to have $200 in it. We take three individuals and have them each count the drawer. Afterwards, we compare the three sums. One person gets $195, the next gets $200, the last gets $220.

Confirmation bias is thinking whoever counted $200 is right.

WHAT DOES THIS MEAN FOR YOU & YOUR BUSINESS?

As a business owner or entrepreneur it is important to periodically reality check yourself. Having a handful of trusted individuals with various fields of expertise can be a crucial element to success. Learn to listen to them without hoping they will confirm what you already feel or think you know.