To succeed as a startup founder you need to make as many correct decisions as possible in the context of the available information and resources.
Consequently, being aware of some of the common cognitive biases that tend to hinder your decision-making process is invaluable, as it will help you set up systems in place to counteract their effect.
Here’s a non-exhaustive list of some of the most common biases that can be exceptionally harmful in a startup process.
1. Sunk Cost Fallacy
The sunk cost fallacy is one of many concepts from economics that are important for startup founders to understand.
2.