Confirmation bias: definition, examples and practical tips for entrepreneurs

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Your client likes to be right. But so do you. You probably won't argue with that. That's because we all "suffer" from confirmation bias. What does that entail and how can you take it into account as an entrepreneur?

What is confirmation bias?
People have a preference for information that aligns with their beliefs and an aversion to information that contradicts their beliefs (Wason, 1960).

Confirmation bias is a cognitive fallacy in which we continually seek confirmation for the views we hold. We value information that matches our beliefs higher than information that doesn't, and we also don't mind interpreting information in such a way that it aligns well with our ideas. As a result, we no longer make rational decisions, because the germany mobile numbers list fact that several people hold the same views as you does not mean that something is the truth. There is no room for dissent. This can give a polarized idea about a particular topic (Westerwick, Johnson & Knobloch-Westerwick, 2017). Confirmation bias is therefore more likely to lead to prejudice or even conspiracy theories.

Because of confirmation bias, you seek confirmation for your ideas, prefer to surround yourself with people who think the same as you and avoid opposing information. This also leads you to blindly rely on certain sources, remember only the information that is convenient for you, and follow people on social media who think the same as you. Even when there is well-founded counter-evidence, we prefer not to admit we are wrong. After all, that would lead to cognitieve dissonantie leiden.

How does confirmation bias arise?
There are several theories as to why confirmation bias is so present in our brain. 3 very plausible ones:

It saves time and energy when we have to think less and deeply and long about something
It gives us self-esteem when we are "right
It minimizes the feeling of cognitive dissonance