Startup Funding Espresso – Self-Serving Bias

Self-Serving Bias

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The self-serving bias is a cognitive bias defined by Wikipedia as the tendency to claim more responsibility for successes than failures.

Investors use successful investments as proxies for their skill but attribute the failures to other causes.

Investors are naturally optimistic.

When things go wrong it’s easy to blame external factors.

To overcome the self-serving bias, consider the following:

Maintain awareness about the self-serving bias.  

Check yourself when giving yourself the credit and give credit to other factors for the success.

For failures, take some time to review it so you understand it well. 

Make yourself accountable for any failures on your part. 

And look for ways to improve your skills and process.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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