“There’s no such thing as failure, there’s only learning experiences”
It’s the ultimate business owner’s reframe. The final word in any post-disaster discussion. “What did you learn?” is the default question for business coaches and consultants the world over.
Learning is always good, right?
Except when it isn’t. Expect when learning is killing your ability to succeed as an entrepreneur.
A few weeks back, I published an article about a powerful cognitive phenomenon known as Sunk Cost Bias. It’s an ingrained mental habit we all have, that dramatically impacts our behavior as entrepreneurs.
Turns out it isn’t the only bias we have.
Information Bias is our tendency to seek information even when it cannot effect action.
This is going to be a short post, because that really says it all.
As entrepreneurs, we have information bias up to our eyeballs. If you’re reading this blog, you’re probably one of the more seriously afflicted.
Why? Because we love learning. We’re enchanted by the idea of expanding our awareness. We hunt down magic bullets to business success in what ever format we can get our hands on.
We seek out info, analysis, expert opinion… all in an effort to slake our thirst for rich, useful information.
But does our cup runneth over?
There comes a time in every entrepreneurs career when action not information is needed. As a crisis unfolds, doing is more important than learning.
When a customer is angry about something, your swift action will un-frazzle them and perhaps make them loyal for life.
When a supplier drops the ball, your swift action will ensure you (and your customers) are not left in the lurch.
When your marketing plan is planned and your sales pitch is practice-perfect, only action will create actual sales.
Only action puts dollars in the bank.
Be aware of your Information Bias. Keep a weather eye out for the tendency to look for nice, comfortable learning experiences when doing is what’s needed.
It’s far less scary to check your analytics again… or hunt for another how-to guide… than it is to do the thing you know you should do. If you give in to your information bias you’ll simply learn that you already know what do. Again.
Would you like to be a little less smart and a little more wealthy? There are no wrong answers to that question – so let’s hear your perspective on Information Bias! Leave a comment…