Store Bias

The largest and most important decision I have ever made was to help my father buy our first grocery store. There are so many components that you have to research before buying the right store. There were a few decision-making biases that altered our decision to purchase the store we own now. I was so excited to buy a grocery store, that the confirmation bias took its toll on me while at the same time, teaching me a lesson. The confirmation bias is making a decision without investigating why it is the right decision (Kreitner & Kinicki, 2013). The first grocery store I looked at, I fell in love, I fell in love with the location, the size, and the community. However, I failed to investigate the condition of the store, the condition of the machinery in the store, and the condition of the shopping center the store was in. Luckily, I did not make that decision to buy because a few months later the entire shopping center was bought and closed.
Furthermore, another bias that altered my decision to buy that store was the overconfidence bias. Overconfidence bias is the tendency to overestimate an objective while making a decision (Jain, Jain, & Jain, 2015). I performed forecasts and future …show more content…
For example, if I ask a group of employees to create a plan to allow me to open a bakery-deli in my store, I would ensure that they are making the right decisions while refraining from these biases. I would guide them in the right direction and then supervise and point out each bias they will obtain during their decision making. Then, I would see If they could correct their mistake on their own and get the decision-making process back on track. When making decisions it is easy to get off track and jump to conclusions which are why it is smart to weight out every possibility that can occur during the decision making