I’ve never met an entrepreneur that wasn’t in a continual state of decision making within their business, whether it’s the tech start-up founder working on an MVP or the CEO of a large organization executing on a 5 year strategic plan. The common thread among all entrepreneurs is the imperative to make effective decisions, both short-term and long-term.
And thus, entrepreneurs are continually presented with a barrage of challenges and opportunities that require careful prioritization and sequencing. An incorrect choice or sequence can prove to be labor, time, capital intensive, let alone bearing the mental anguish of “losing ground”. Conversely, a well-made decision can mean “passing go and collecting $200” (Monopoly plug).
My standard approach toward effective decision making has been:
Step 1: Determine how the decision moves me closer or further from my goal. To do this effectively, I must be crystal clear about my objectives.
Step 2: Gather intel from as many credible sources I can. If it’s a big decision I like to take it to my brain trust (board, advisors, peer group, trusted colleagues). I find at this step that diverse perspectives are just as critical as intel and research.
Step 3: Have a firm grasp on the consequences of both action and in-action. Consider further how the decision impacts the achievement of my goals.
Step 4: Once armed with insights, make a decision and watch it like a hawk.
Step 5: Evaluate the overall outcome(s) and always seek ways to enhance the decision-making process for future significant choices.
Keep in mind that decision-making is an integral part of the entrepreneurial journey, and that challenges and opportunities scale with the size of your business. If you aspire to go big, get comfortable making big decisions.
You got this!
Tim Martinez
“The Inside Man”
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God wasn't a choice so I went with the next in line ;) You always ask the best questions.