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Familiarity Bias in Behavioral Finance

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Questions and Answers

What does the text suggest as a way to reduce the impact of familiarity bias?

Avoiding making decisions

Ignoring other possibilities

Sticking with familiar choices

Exploring alternative options (correct)

What was the outcome of Princess' decision to collaborate with Nicole for an online jewelry platform?

Market isolation

Decrease in customer base

Significant business growth (correct)

Creative limitations

How can Princess' journey be described in relation to familiarity bias?

A cautionary tale against exploration

A reinforcement of familiarity bias

A turning point in her entrepreneurial journey (correct)

A story of missed opportunities

What lesson can entrepreneurs draw from Princess' experience with familiarity bias?

Challenging comfort zones leads to growth (C) Signup and view all the answers

What is highlighted as the impact of familiarity bias on business decision-making in the text?

Hindering growth potential (C) Signup and view all the answers

What role does Princess' journey play in the text's conclusion?

Serving as an inspiration for entrepreneurs (C) Signup and view all the answers

In the context of business decisions, why is it important to overcome familiarity bias?

'To unlock true potential and pave the way for success' (B) Signup and view all the answers

'What does the text suggest about exploring unfamiliar options?'

'It challenges assumptions and promotes growth' (A) Signup and view all the answers

'How can familiarity bias impact business owners?'

'By limiting their potential for growth' (D) Signup and view all the answers

'According to the text, what effect does overcoming familiarity bias have on entrepreneurs?'

'It enables them to embrace change and explore new opportunities' (B) Signup and view all the answers