Being A Better Decision Maker

One key difference between an entrepreneur and the average individual: the entrepreneur is a natural-born problem solver. While simple decisions can easily be taken care of, the more difficult problems require making difficult decisions. Successful entrepreneurs have found the following strategies helpful in the decision making process:

• Don’t waste time. It is all too easy to delay a decision because of the sheer fact that it is a difficult decision. Consider setting aside a block of time during the day (or over a span of several days) to work the pros, cons, risks, and outcomes of your decision. Remember that ignoring problems will never help you make better decisions.
• Put your ego and emotions on the back burner. It is completely natural to be too personally invested in your business. However, this can make decision-making especially difficult. Transcend your emotion and ego by practicing self-awareness. Strive to objectively arrive at the root of the problem. List potential causes of your problem. For example, if your business isn’t making enough money, ask yourself what the specific cause may be. Is your pricing right? Do your customers identify with your brand or services? Did you hire a bad employee? Better decisions will result from objective facts instead of wounded egos.

• Ask an expert or neutral third party. Remember that while your problems may seem unique to you, there are entrepreneurs and professionals out there who have solved the same problems. A neutral third party also aids in keeping you objective in your decision-making process.
• Understand the worst-case scenario. An entrepreneur understands the underlying risks of the decisions he or she makes. Always take a moment to deeply consider the worst-case scenario of the decision you’re about to make. Identifying your risks will help you rest easier when making decisions.

Visit our website for more information and to make sure your interests are protected!