Authority Bias

Authority bias is defined by Wikipedia as the tendency to attribute greater accuracy to the opinion of an authority figure and be more influenced by that opinion.

Founders seek experts in various roles to help grow their startups.

In particular, this occurs when the founder is working in unfamiliar areas.

Problems arise if one follows blindly what someone else says without understanding what lies behind the advice.

To overcome authority bias, consider the following:

While experts have experience there is no guarantee of success.

Think through the advice of an expert to see if it makes sense logically.

Question the expert to learn more about the basis of the advice.

Ask yourself, what if this advice came from someone with no authority?

Finally, test out the advice before committing to it.

 

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.