Confirmation bias is a type of cognitive bias that involves a person's tendency to search for, interpret, or prioritize information in a way that confirms their existing beliefs or biases. This can lead people to overlook or discount evidence that contradicts their beliefs, and to give greater weight to information that supports their views. Confirmation bias can lead to poor decision making and a lack of objectivity, as people may be more likely to accept information that aligns with their beliefs without fully considering other perspectives or evidence.

Examples of confirmation bias in business are;

• A business leader who only seeks out information that supports their existing beliefs or assumptions, and ignores or discounts evidence that contradicts them.
• A team of managers who only consider solutions to a problem that align with their existing way of doing things, and overlook potentially better alternatives.
• A company that only invests in projects or ventures that align with its existing business model, without fully considering other options or opportunities.
• A group of investors who only seek out information about a potential investment that confirms their belief that it is a good opportunity, and overlook or dismiss any negative information.
• A business owner who only asks customers for feedback that confirms their belief that their product or service is excellent, and ignores or dismisses any negative feedback.

There are several strategies that can help overcome confirmation bias in business. Some of the most effective include:

1. Encouraging open-mindedness and a willingness to consider new perspectives or evidence. This can involve setting aside personal beliefs or assumptions, and actively seeking out information or opinions that challenge or contradict them.
2. Creating a culture of critical thinking and objective evaluation. This can involve promoting a sense of curiosity and skepticism, and encouraging people to question their own assumptions and biases.
3. Using decision-making processes or tools that help identify and mitigate bias. For example, decision-making frameworks like the Six Thinking Hats or the OODA Loop can help ensure that all perspectives are considered, and that decisions are based on a thorough evaluation of the available evidence.
4. Seeking out diverse perspectives and opinions. This can involve seeking input from people with different backgrounds, experiences, or expertise, and actively listening to and considering their views.
5. Regularly reviewing and updating beliefs and assumptions. This can involve periodically revisiting past decisions or assumptions, and reassessing them in light of new information or evidence. By regularly challenging and reevaluating their beliefs, people can help prevent confirmation bias from influencing their decision making.