Learn why we make terrible decisions when we rely solely on our gut feelings, past experiences and cognitive biases.
Episode 31: Dr. Gleb Tsipursky is the CEO of Disaster Avoidance Experts. In this episode, we discuss how we rely on our own past experiences and make judgment 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?
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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?
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