How to Avoid Letting Emotions Control Financial Decision-Making
As a business owner or entrepreneur, your success will, to a large degree, be determined by how well you manage the financial resources you have at your disposal. And, if there’s one mistake you don’t want to make, it’s letting your emotions control financial decision-making Emotions and Decision-Making Emotions can screw up your decision-making – that’s an idea that behavioral scientist Francesca Gino explores and confirms in an article published in the Harvard Business Review. Gino touches on a number of different aspects of emotion-based decision making, but one of the most interesting takeaways is a Wharton School study she highlights. In the study, participants were asked to estimate the weight of a person based on nothing more than a picture of the person. Participants were told they’d be paid based on accuracy, which provided ample motivation After providing estimates, they watched a short video clip. Some participants viewed a Natio...