I’ve spent a portion of my business life teaching, speaking and consulting entrepreneurs in critical thinking. A large portion of that involves introducing formal processes such as SWOT Analysis and Affinity Diagrams to name a few. But just like the tools in a mechanic’s tool box, if you don’t use them properly you won’t get the job done correctly.
What I’ve discovered is that when it comes to solving problems, making decisions, or creating strategic plans the processes you use require one important ingredient – an open mind. Without maintaining an open mind any formal process that you use will amplify the old adage “garbage in, garbage out.”
What that means is that every critical thinking process is only as good as the facts that you put into it. And those facts must include information and data that not only supports the perceived decision your gut tells you to make – or the cause of a problem you assume to be the root of your troubles – it must also include data which contradicts your assumptions.
Most people, however, suffer from a common critical thinking malady called “information bias.” Information bias is seeking and selecting information or data that only supports your assumptions. Simply put, we avoid facts that go against our beliefs and experiences. To be good critical thinkers we must maintain an open mind. Being open minded means that we must not just hear, but listen, to facts that are opposite from our established beliefs.
In the Note Business, this would include listening to vendors, investors, appraisers and note holders who may not look at a decision or a problem through the same glasses as you do. For example, if there is an accounting issue you might only see a solution from a dollars and cents or profit and loss perspective because that is what you have been educated and trained to do. Therefore, you could easily dismiss information and data from the marketing, operations, or technology viewpoints because those opinions may be more cavalier toward budgets and spending money to accomplish their goals.
At home, this might mean listening to your spouse or your children more carefully to understand their frame of reference even though your gut may be screaming at you that what they are saying is wrong. Or, in election years it may mean not relying on that cable news station that only reinforces your political views and watch another cable news show that you believe presents information and points-of-views that only represents “the other side.”
The root cause of “information bias” tends to come from our egos. Nobody likes to think that their own beliefs and opinions are wrong. In these instances, human nature dictates that we take the “fight” response when what we believe to be true – or right – is challenged.
When I consult with people on critical thinking, I use the analogy that our minds are like attics, garages, or basements – places we tend to store stuff that we can’t bear to let go of. But just like our attic, garage, or basement, every now and then we need to purge our mind of information, experiences, and beliefs that no longer fit, don’t work, are obsolete or outdated in order to make room for new information, new experiences, and new beliefs.
So how do we become more open minded and begin the process of purging our brains of outdated or obsolete information and beliefs to make room for this new information? Here are some suggestions on ways to begin the process:
– Read more books or watch documentaries on subjects that you know nothing about. When we are introduced to subjects of which we know nothing about our brain tends to draw correlations to that new information with that which we already know.
– Expand the core of people with whom you associate. We tend to surround ourselves with like-minded people. Introduce yourself to new people of different backgrounds and beliefs.
– Enroll in a class, seminar or workshop that challenges your natural talents and curiosity. For example, take a pottery or painting class – something you have never done. Performing the techniques to accomplish the art form will force you to think and act differently.
– Focus on how you accept feedback, especially that which is intended to be constructive. Do you adapt the natural “fight” response? This means that you always want to justify why you did what you did regardless of other people’s suggestions on doing something a different way. If you do, then this might indicate a low level of mental willingness to accept new information or different points of view.
Information, technology, and circumstances are constantly changing. Your ability and willingness to regularly consider new data and changing perspectives will help you become a better critical thinker and ultimately lift you up on your way to success. Be kind, keep safe and stay healthy. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)
Jeff Armstrong of Armstrong Capital has been a note investor and broker specializing in the performing seller financed note industry since 1991. For more updated and current information on how he can help you with your note business, note investments, note appraisals or to request pricing options on a note visit www.armstrongcapital.com to email him and subscribe to Jeff’s Weekly Training & Tips Newsletter.