Knowing that we are prone to making biased decisions doesn’t always help us to avoid doing so, says Crawford Hollingworth. But there are strategies to keep us on the straight and narrow.

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Great example of taking the outsider’s view. “… comes from Intel, the microprocessor company. In 1985, its core business was still based around its founding business, manufacturing memory chips, but it was struggling to compete with Japanese manufacturers. Andy Grove, who was then director of engineering (?and later became Intel’s chief executive and chairman?) notes “I looked out of the window at the Ferris wheel of the Great America amusement park revolving in the distance, then I turned back to Gordon [then the company’s chief executive] and I asked ‘If we got kicked out and the company brought in a new CEO, what do you think he would do?’ Gordon answered without hesitation: ‘He would get us out of memories [memory chips].’ I stared at him, numb, then said: ‘Why shouldn’t you and I walk out the door, come back and do it ourselves?’.””

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