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Opinions expressed by Entrepreneur contributors are their own.
Elections are often hard on many of us. According to a recent survey, over one-third of American adults say the 2024 presidential election is causing them to feel anxious or depressed. I've run into many colleagues who say at the very least they get distracted by election campaigns (or the media coverage of them).
On top of this, a World Economic Forum survey ranked misinformation and disinformation from AI as the top global risk over the next two years, ranking higher than both climate change and war.
With contentious (and sometimes even fake news) stories dominating our feeds and stress levels at a high, it's easy to feel overwhelmed by negative emotions. However, if you take the time to find value in it, entrepreneurs have a lot to learn from this election season.
Related: What Small Business Owners Care About This Election
Look for how people's true opinions change over time
The truth is important in all areas of life, especially in building a successful business. Entrepreneurs should take this election as an opportunity to observe how people's opinions change over time and uncover their underlying motivations.
Instead of getting lost in the turmoil of the election season, use it as a reminder to seek the truth and an opportunity to broaden your understanding of human behavior.
For the majority of this election cycle, Democrats were resigned to the inevitability of having Joe Biden as their party's nominee. While many Democrats were privately stewing over their dissatisfaction with Biden, it wasn't until his poor performance at the presidential debate that some democratic leaders found the courage to speak out about how they really felt.
In this case, it took a critical moment for people to finally express how they were actually feeling. As an entrepreneur, it is important to keep it from getting that far, and to consistently keep a pulse on how your business is performing. An example could be a significant drop in sales or losing a major client before management realizes there are serious issues with product quality or customer service.
The key is often to know what your team, customers and competitors really think, and sometimes it's just as simple as creating an environment where people feel genuinely comfortable voicing their opinions. Asking questions, through one-on-one meetings or employee surveys, keeping an open mind, and showing sincere interest in their responses can go a long way in understanding how people feel and where they are coming from.
Related: Your Franchise Survival Guide in a Volatile Election Season
Don't take what you read online as a given, go straight to the source
Misleading information and truth-twisting are as old as politics itself. However, with the advent of AI, social media and advanced misinformation and disinformation techniques, finding the truth is more difficult than it has been in the past.
For example, both Democrats and Republicans will say that their parties' policies are better for the middle class. To "prove" this, they will pick and choose statistics that back up their case, or worse, point you to entirely false information.
Instead of relying on the information that's conveniently spoon-fed to you, do your own research to get the bigger picture. In the scenario above, look at the actual numbers on how middle class incomes change under each party. Draw on information from a variety of unbiased sources, and talk to experts with different backgrounds and areas of expertise.
This same logic applies to your business. Everyone has their own interests and may present information in a way that benefits them. Instead of basing your business decisions off of one metric or one opinion, look at the numbers yourself and make sure you understand the full picture.
Related: Digital Literacy is Vital Skill in the Age of Misinformation
Ask good questions
Finding good answers starts with good questions. For instance, in my business, I'll ask, "Why did revenue go up 10% this year over last year?" It turns out I made measurable strides in aspects of marketing myself as well as client management, and earned new customers as a result. Continually asking why can lead you to the truth about why things are the way they are.
While it is always a good idea to ask why, sometimes that isn't enough. Ask yourself whether your employees are saying what they mean or telling you what you want to hear. Have opinions shifted since you last checked in? What would it take to get someone to express what they are really thinking?
Equally important as the question is the people you are asking the questions to. While it is important to have trusted sources that you return to over and over again, don't overlook the importance of asking questions to those whose input you don't normally seek.
Related: How Generative AI is Fueling the Rise of Fake News and Online Fraud
Look for people's underlying beliefs
Understanding someone's unique perspective and motivations can give you a better understanding of why they feel the way they do and can help you make sense of conflicting ideas.
For example, conservatives as a whole are against universal health care, even though it might personally benefit many Republican voters. Without understanding someone's worldview as a whole, it is impossible to reconcile why someone would be against something that would directly improve their day-to-day life.
It is not until you dig deeper and uncover underlying incentives that you can begin to understand why people behave the way they do. Once you understand that conservatives believe in reigning in government's reach, you can make sense of the Republican voter who is against universal health care even though they are frustrated with rising health care costs. In this case, their perspective on the role of politics in general impacts their opinion on universal health care.
Or, if a rich person is advocating for an anti-tax candidate, you can deduce that their own personal interests may be motivating them to try to convince you what to do. Similarly, if one of your salespersons is saying you don't do enough marketing, don't forget the motives that may be driving them to say this.
As an entrepreneur, politics and deal making are a key part of the job. To reach agreements and make deals, it helps to understand where your counterparts' beliefs stem from. It's not until you understand their core beliefs and motivations that you can begin to move forward.
This election season, remember the importance of understanding people's underlying beliefs, asking questions and doing your own research. The truth is your best preparation for the future and can help you navigate the complexities of running a business. When you are feeling overwhelmed by politics, remember there is a silver lining in the valuable lessons you can learn from it.
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