What lead to faulty thinking by Managers

I am reading this book "Bigger isn't Always Better" by Robert M. Tomasko published by AMACOM. Inside this book there is a section that mentioned why managers may have faulty thinking which I think the readers should know. They are

1) Unrealistic Optimism

Optimism is good because it is an enabler of growth, but too much of it may make people feel too capable, mistakenly think that they can achieve anything, and in the end put in too much money to earn too few profit.

2) Egocentrism

Individuals who come to think that they are the only ones who matter are likely to make many perceptual error. This is one of the traits that Sun Zi mentioned in Chapter 8 of Sun Zi Art of War. Being egocentric, chances are he will only act in ways that will benefit himself, most of the time not knowing how this behavior could impact others.

3) Omniscience

These refer to people who thinks that they already know what needs to be known and do not need to seek advice or more knowledge. These are the people who are most likely to make decision without considering the ramifications of their actions. They are so full of themselves that they are not able to consider more details during planning, compare to one that is always seeking more knowledge and advice.

4) Omnipotence

These are people who thinks they are all so powerful, pushing people through obstacles when actually they can be solved by seeking useful feedback. They think that since they are in a powerful position, they are there permanently and whatever they do will be inconsequential to their position. Assumptions of reality is confused with reality itself.

5) Invulnerability

This is the thinking that one can do anything without being harmed or exposed. Often times leading to underestimation of competitors.

Do you have these people in your companies?

Cheers!