Knowledge Base

Projection bias: how your “emotional temperature” impacts your decisions

We constantly make decisions that will affect our lives in the future. That future can be one hour from now (what’s for lunch?) or one year from now (should I hire an assistant?). Unfortunately, the brain has a hard time imagining what our future selves will need. Instead, it takes mental shortcuts and makes choices … Read More

The impact of the ambiguity effect on decision-making

When something is described as ambiguous, it means that it is confusing, unclear, or open to different interpretations. Entrepreneurs face ambiguous situations all the time; it’s the nature of the business. For example, entrepreneurs make decisions about pricing, marketing, vendors, and finances that don’t have certain outcomes. In addition, entrepreneurs often have to make choices … Read More

The MoSCoW method of prioritization

Whether you are trying to decide which product feature to ship first, or what task to place at the top of your to-do list, it can sometimes be hard to decide on the right prioritization. That’s when a strategic approach can be helpful. The MoSCoW method is a simple, effective way to bring order to … Read More

How the end-of-history illusion prevents you from shaping your future self

“Where do you see yourselves in five years?” Tough question, isn’t it? It’s hard to imagine where we will be in five days, let alone five years. And yet, most people believe that their personalities, work situations, and values won’t change much in the future, even though they have changed tremendously in the past. This … Read More

Functional fixedness: when we stick to what we know

Surely, a knife is made for cutting things. And you can only use a cotton swab to clean your ears — right? Functional fixedness is a form of cognitive bias which makes us automatically narrow down the function of each tool. Although functional fixedness offers great mental shortcuts, it can present barriers to working to … Read More