Group Attribution Error
Group attribution error is defined by Wikipedia as the biased belief that the characteristics of an individual group member are reflective of the group as a whole.
Startups often project the characteristics of one investor on the entire group when the group is much more diverse.
Angel groups for example are composed of people with a variety of experiences, expertise, and perspectives.
One investor doesn’t define the entire group.
To overcome group attribution error, consider the following:
Maintain awareness of the group attribution error when working with investor groups.
Apply emotional intelligence by practicing self-awareness, empathy, and self-regulation.
Remember a time in which you were part of a group and were influenced by the situation.
Explain to yourself the rationale behind your judgment.
This will help clarify your reasoning and highlight biases in your judgment.
Consider how the investor may view your deal from their perspective instead of your perspective.
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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.