Successful innovation requires far more than a market gap, a visionary, funding, and new technology. Innovation is a behavioral process from start to finish. It relies on the decision-making processes and behaviors of both producers and consumers, as well as the surrounding support system. Behavioral science, the science of how we make decisions, has invaluable practical insights for innovation on all fronts.
While it’s true that self-confidence partially comes from the feeling that the people around us approve of us (something we can’t control), what we can control is how much emphasis we place on others’ opinions. Several of the thoughts that undermine - if not entirely diminish - our self-confidence come from systematic errors in judgement. Despite being commonly applied to economic decision-making, behavioural insights may explain how we, at times harshly and irrationally, judge ourselves.
Applications of behavioural knowledge could play a crucial role in improving corporate decision-making
