Lions and Tigers and Bears, Oh My! Avoiding Groupthink
Each morning, I scan the headlines to stay in the loop with the news of the day. Inflation, downturns, recessions, layoffs, pullbacks, hard landing, soft landing, and so on….these are all the buzzwords being thrown around in the major news outlets and social media channels. As Dorothy famously said in the Wizard of Oz….Lions and Tigers and Bears, Oh My!….and we all know how that story worked out in the end.
Take a look at some the most recent articles:
- The case for a 2023 US recession is crumbling | CNN Business
- Are we in a recession right now? What economists have to say (usatoday.com)
- The Data Says Recession – Equities Continue To Climb (forbes.com)
- Consumers are keeping the U.S. out of a recession. It’s getting harder (msn.com)
What is really happening? Better yet, are the themes in these articles a reality or someone’s perception of reality? From my perspective, I tend to think there is a bit of “groupthink” going on.
How does this “groupthink” impact your business and what should you do? I am not telling you there is not some merit to these themes. However, those that remain focused on their goal, ignore the “groupthink” trap, and make their own reality are those who are usually successful in business over the long haul. If you don’t believe me, try and find success stories with the following headline – “My success was driven by doing what everyone else was doing”. I think you will be looking for a while. The articles below offer some interesting insights on this topic:
- How to Steer Clear of Groupthink (hbr.org)
- Groupthink: 7 Tips To Prevent Disastrous Decisions (forbes.com)
- How to Prevent Groupthink From Ruining Your Business (entrepreneur.com)
If you need help, I’d recommend reaching out to a business coach, business mentor or any one of the mastermind groups that are out there. At the end of the day, you make your own reality.
Here are a few other things that may be of interest:
- Economic Review: June 2023 – Silvercrest (silvercrestgroup.com) (thanks to Sean O’Dowd for sharing)
- Key Themes Behind the Market in 2023 – The Latest from Brian Luster @ Collective Family Office
- SALT: What’s New, What’s Changing, and What’s Staying the Same (stambaughness.com) (06/20 @ 3pm)
As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.
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