In a world where we are often bombarded with information, it can be challenging to discern what should be believed versus what should not. Misinformation is the norm, and every entrepreneur should be cautious about it as it can affect business decisions and eventually hurt the business. A study conducted by iResearch revealed around 8 out of 10 entrepreneurs agree that companies mostly feel the effects of misinformation.
Samier Chavez, is an entrepreneur who has experienced a series of challenges. He has faced public scrutiny, lawsuits, tough acquisitions, being scammed, and bad partnerships. Based on his experiences he believes that discernment is critical to deciphering which information to pay attention to and which to discard. As a rule, you should believe half of what you see or hear.
Let’s expound on this topic further.
The Challenge of Misinformation
Every day, we are bombarded with information from different outlets, be it social media, news outlets, or industry reports. However, not all information is accurate or unbiased. A 2019 MIT study showed that fake news is 70% more likely to be retweeted than true news stories-and the fake story is likely to reach the first 1500 people six times faster.
Therefore, there’s an urgency for the entrepreneur to be more critical, skeptical, and discerning.
To Samier, skepticism doesn’t mean being cynical. Instead, it means being discerning. Approach every piece of information with a healthy dose of skepticism. Question the source, verify the facts, and consider alternative perspectives to help you make an informed decision.
The Danger of Believing All That You See or Hear
Cognitive biases affect every human being. It clouds our judgment and makes us accept whatever we see or hear. Entrepreneurs should also be mindful of confirmation bias as it leads them to believe in information that aligns with their current beliefs, thereby closing their eyes to alternative viewpoints.
The best way to counteract these biases and be more objective is to believe in half of what you see or hear.
Be cautious of Hype and Overblown Claims
In most instances, misinformation comes with hype and overblown claims. An entrepreneur eager to stay ahead may fall victim to bloated statistics, exaggerated claims, or unrealistic promises. The best way to cushion yourself is by adopting a cautious mindset. Such a mindset will help you filter through the noise and focus on what lies behind the trends.
Be critical of statistics, as they can also be manipulated. Aim to understand the methodology behind the figures and believe in only half the statistics to avoid making decisions based on misleading data.
Practice Due Diligence
The mantra, ‘Believe in half or what you see or hear,’ calls for you to practice due diligence. Lead by example by setting a tone of critical thinking and discernment so that you and your employees will develop the habit of making informed decisions based on the correct information. In a world where we consume information daily, you should be agile by believing in only half of what you see or hear. Agility helps you respond effectively to changing information, lowering the risk of being tethered to outdated or inaccurate data.
In conclusion, believing in half of what you see or hear helps you navigate this information-laden world wisely. The goal here is not to develop a cynical mindset but to embrace skepticism, challenge assumptions, and lead by example by fostering a culture of due diligence.