Our in-built biases mean we’ll dismiss the better hire just because someone else seems naturally gifted, according to Assistant Professor Chia-Jung Tsay.
In an interview with City A.M, Chia discusses how beliefs about where talent comes from can shape our perceptions in any context, from the arts to sports to business. In the music industry, for instance, professional musicians will often downplay the amount they practise, just to enhance the idea that they are naturally gifted.
“Investors risk overlooking highly qualified entrepreneurs who possess various valued achievements, in favour of apparent “naturals” who may actually be weaker in important performance areas,” said Chia. “People are likely unaware that their choices are powerfully influenced by such biases.”
“This bias becomes even more costly for investors when we consider the evidence suggesting that actual achievement is frequently a result of strenuous effort.”
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