Most of the people usually overestimate their skills. We all have a cognitive bias towards thinking that we are better than an average person. But, sometimes overestimating your skills can actually fail you.
Are You Better than an Average Person?
EcommerceBuff Radio Episode 7
Hi, guys welcome another episode of EcommerceBuff radio.
My name is Oshadee. And I got a question for you. Are you better than an average person?
You know, most of the people usually overestimate their skills. We all have a cognitive bias towards thinking that we are better than an average person.
In an old Stanford University survey, 87% of the MBA students have rated their academic skills as better than an average. Well, you see this is mathematically impossible. So, even though we like to believe that we are better than others, it might not be the truth all the time.
I personally like to think that I am better than an average person. Because that feeling gives me the morale boost to become a winner.
But, sometimes overestimating your skills can actually fail you.
For example, it can hold you back from further learning and developing that skill. So, you fail at one point.
So, I have a theory. I always over-estimate my capacity to do things. But, I usually underestimate my knowledge.
This helps me on many different levels.
Now you see, when I over-estimate my capacity, I won’t get fed up doing things. If I came across with a new niche to start an online store, I don’t care that I already run four other online stores. I start that new business. If I don’t have time, I stay up little more. But, I don’t feel tired the next day. The reason is I have hard-wired my mind to believe that I have the capacity to do things than an average person can handle.
That feeling, keeps me going.
Then what about underestimating your knowledge? Well, if you always think like you don’t have enough knowledge to do certain things; it will motivate you to learn more.
I never ever think that I know better than an average person. It may be about marketing, about Engineering I don’t care. If a 10-year-old teaches something about marketing or Electrical Engineering, I will try to learn something new from them.
Over time, I have trained my mind to think that I don’t know much. So, if I got stuck doing something, rather than thinking like that thing is impossible, I feel like maybe I should learn more about that field. That makes my mind not to quit my work.
I found this method is particularly useful when you start a new business. You know when you start a new business, it is impossible for you to know everything beforehand. You have to learn tons of new things while you are running your business. So, what would happen if you over-estimate your knowledge? And, what you happen if you underestimate your capacity?
So, most of the time it is better to overestimate your capacity and under-estimate your knowledge.
Don’t you think so? Comment below and let me know what you think about over or underestimating your skills.
We’ll see in another episode of ecommercebuff radio.