What do you say - What are the different kinds of cognitive biases in micro entrepreneurs?
Imagine working with an opportunity entrepreneur in out-skirts of Tier-1 town. While working in the same shop, you get to observe this person closely – one's psyche, behavior, habits, actions and decisions.
Would you find anything unusual and irrational? If yes, what would these irrationalities (in other words, cognitive biases) be?
Extensive research indicates that opportunity entrepreneurs have various cognitive biases. Some of them are discussed below – Sunk cost fallacy, Self-serving bias, Selective perception, Ostrich effect and Optimism bias.