Fri, 19 May 2023
False Consensus Effect
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The false consensus effect is defined by Wikipedia as the tendency for people to overestimate the degree to which other people agree with them.
Founders sometimes overestimate how others may share their beliefs.
They often mistake silence for consent in talking with investors.
Investors often nod in acknowledgment of what the founder says but this doesn’t mean they agree.
To overcome the false consensus effect, do the following:
Maintain awareness of the false consensus effect and realize not everyone has the same opinion as you.
Consider various viewpoints and how others may approach it from a different angle.
Consider how much your opinions come from your internal beliefs and personality rather than external factors such as the market and your environment.
View your opinions as if you were an independent observer to see how the deal looks based solely on external factors.
Break down your decision process into steps and verify the assumptions behind each one.
From this, you can determine how others may view your deal.
Finally, this process can also apply to other persons considering your product.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
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