Small business takeaways. How many in management want to hear their planning is a fallacy! Truth hurts!
Excerpt: While $300 million might sound like a ridiculously large number to small business owners or entrepreneurs, leaders in many global giants consider the amount a drop in the bucket. But anyone with near-term innovation targets with nine (or six or even four) digits in them should ensure they are familiar with the concept of “planning fallacy.”
The basic concept, first presented by Nobel Laureate Daniel Kahneman and his partner Amos Tversky in an influential 1979 paper, is that human beings are astonishingly bad at estimating how long it will take to complete tasks
Read full article via The Planning Fallacy and the Innovator’s Dilemma – Scott Anthony – Harvard Business Review.