Do you have an idea for a new business? Read this.

Are you guilty of confirmation bias? Could it be effecting your decision making?

As described by the Oxford Dictionary confirmation bias is the tendency to interpret new evidence as confirmation of one's existing beliefs or theories. 

In short, you have a belief and you find information that backs up that belief.

Have you ever been so interested in a particular product that you went online to search for all the great things being said about that product? Perhaps you only used the official website of the product to back up your desire to purchase it? Subconsciously you were fully aware that no official product website would say anything bad about their own product. But you didn't care. You wanted it and you wanted to reaffirm your decision to purchase it.

The same can happen when we are starting a business.

We can get so caught up in the desire to make our business work that we cherry-pick information that confirms how great our idea is, not stopping to realize that confirmation bias is pushing us towards making an ill-informed decision.

Confirmation bias almost always clouds our judgement and prevents us from making objective decisions using all the information available to us.

Sometimes, the more you want something to succeed, the more susceptible you are to confirmation bias. 

So before you start your first (or next) business, seriously consider whether confirmation bias is playing any role in your information gathering and decision making.

It could mean the difference between success and failure.