Many small business owners lack the skills to make good financial business decisions. But it is not always a result of their lack of experience, interest or education in this difficult area.
The Effect of Human Nature on Financial Decision Making
According to John Howe, author of “The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions”, it involves human nature and the evolutionary instincts that take over inside of every person when faced with these types of choices. He says that the first step in making better financial business decisions is to be aware that there are internal biases that are affecting each outcome.
