Question

explain the 5 strategies that entrepreneurs can use to combat the status quo bias

Answer 1

1. Status quo bias is a cognitive bias that causes us to resist change and adhere to what is familiar. According to the academic literature, most people “prefer to keep the current state of affairs…” and “are reluctant to take action that will change this state.” Status quo bias is related to risk aversion.

2. you want to overcome your prospect's status quo bias, you must counteract their strongly ingrained urge to stick with the proverbial “bird in the hand.” To do that, it's helpful to connect to the very core of a customer's mission.

3. Understand the cost of nothing

The problem with your prospect’s status quo bias is that it suggests doing nothing is better than doing something different.

One has to understand change is for better.

4. Assign a cost to nothing.

One has to understand the meaning of opportunity cost.the cost of inactivity is summed up in two words: lost time. The longer I wait to move toward a better situation, the longer I live with my dissatisfaction.

5. amplify the cost of lost time

This is one of the most important strategy which every entrepreneur must follow, analyse the cost of lost time for growth in business.

6. Must have list of examples to elaborate and convince others.

content includes examples of people and/or organizations who have successfully adopted your alternative and derived significant benefits as a result of that decision. As humans, we crave consensus when we’re faced with a decision to change, and we’re more likely to change when we see that others like us have made a similar choice.

Pls like if logic explained