Helping Entrepreneurs make better decisions
Written by Nathalie Laplanche
Executive coach and advisor at www.gem-exec.com
Nine out of ten start-ups fail. It doesn’t have to be so. Success rates can be boosted by using certain techniques to help make better decisions.
Any visionary entrepreneur can make bad choices. Some of them result from a product nobody wanted, key operational aspects being ignored or a business growing too fast. But many more are caused by cognitive biases. A cognitive bias is a generalised thinking mistake. What does this mean?
It means that we are systematically irrational. For example, there is a generalised discrepancy between people’s self-confidence and their real abilities. Studies show that 95 percent of MBA students think they are amongst the best 50 percent students. Most drivers think they drive better than average. These biases make way for systematic failure, through lack of preparation, wishful thinking and accident prone behaviour.
How does this apply to entrepreneurs? Self-confidence is required to successfully fulfil a vision. An excess of confidence is even necessary when launching a start-up project and pushing through with an original idea. The big risk is that entrepreneurs become over-invested in their idea and so carried away that they become over-confident to the point of risking the future of the whole project.
Are you ready to make that decision?
Certain behavioural techniques based on mitigating cognitive biases and excess of self-confidence are especially helpful for start-ups where resources are often strained and mistakes fatal.
Verbalising risks also enables teams to pick up early signs of problems instead of ignoring them before they become too big to solve. They may altogether significantly increase an early stage project’s chance to succeed and avoid the need for painful post-mortems.
I help you achieve your goals and optimise your performance by teaching you relevant psychological tools. That is my expertise. I enjoy it and work with you based on your personal and unique needs.
Want to know more? Find me at www.gem-exec.com