Crush the “That’s a Great Idea But…” Blues with These Brainy Tips!

That’s a Great Idea But…

We have all encountered this situation: someone comes up with an innovative and promising idea, everyone agrees it’s a great idea, and yet, nothing happens. Why does this occur so frequently?

The answer lies in our cognitive biases, particularly loss aversion and the status quo bias. Loss aversion is a concept in psychology that suggests that people have a strong tendency to stick with what they already have, unless there is a compelling reason to switch. This is because the perceived disadvantage of leaving the status quo is often greater than the potential advantages of change. The status quo bias reinforces this, as it makes people resistant to change and reinforces the idea that the current state is acceptable.

These biases have a significant impact on decision making, as people are often reluctant to give up established strategies that have been working, no matter how ineffective they may be, for fear of losing what they already have. This resistance to change is further exacerbated by risk aversion, as people tend to be risk averse and may hesitate to embrace new ideas if they perceive there to be a risk involved.

In order to overcome these biases, it’s important to create a culture that values innovation and encourages open-mindedness. This can be achieved through education and awareness, exposure to new ideas and perspectives, and involving The Folks That Matter™ in the decision-making process. By acknowledging and addressing these biases, we can create a more innovative and dynamic environment that fosters growth and progress.

In conclusion, “that’s a great idea but…” is a common refrain, but it doesn’t have to be. By recognising the impact of loss aversion and the status quo bias, we can work to overcome these biases and create an environment that values innovation and progress.

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