This article emphasizes the crucial role of accurately assessing one's competence as a manager. It highlights the dangers of overconfidence, urging leaders to rely on proven track records and data instead of self-perceived expertise. The author draws inspiration from Warren Buffett's philosophy, emphasizing the significance of understanding the boundaries of one's circle of competence.
It is very important as a manager to accurately gauge one’s competence; overconfidence can lead to significant business failures. Self-perceived expertise can cause individuals to overclaim knowledge, often mistaking confidence for actual competence. Genuine expertise, however, is marked by an accurate understanding of one’s limitations.
Accurately gauging what you know — and more importantly, what you don’t — can mean the difference between success and failure as a manager.is an assistant professor of management at the University of Wisconsin-Madison’s Wisconsin School of Business. Her research focuses on the psychological processes that underlie knowledge judgments and learning decisions. She also studies topics related to diversity, equity, and inclusion.is Mary Ann and Charles R. Walgreen, Jr.
Management Competence Overconfidence Expertise Warren Buffet
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