Having good decision-making skills is a hallmark trait of any successful entrepreneur. When your business is just starting out, almost every decision feels like a potential pitfall, where success or failure seems to hinge on every direction you choose.
As your business grows, hopefully due to some good decisions made in the early days, your decisions become even more impactful. From identifying good investors and co-founders to finding the right employees to help you grow to the next level – all that boils down to the quality of your decision-making power.
What does it take to be a good decision maker? Below are some fresh tips to help you approach decision-making with more confidence and accuracy going forward.
1. Don’t Make Decisions When Angry; Don’t Make Promises When Happy.
Naturally, raised emotions can decrease your ability to think logically. Chances of making costly errors are always high if you make critical decisions at such moments. So before you sign up to that super exciting deal that promises to double your sales revenue overnight – take a deep breath. Before you throw a juvenile tantrum at your customer take a moment – pause. Don’t make decisions when you are angry or promises when you are happy.
2. Steer Clear Of Rushed Decisions.
How many times have you rushed to sign a contract only to realize that you were fooled just because you did not take a moment to ponder over the terms of service? The world’s best entrepreneurs know the value of buying time prior to making core decisions. Not only does it give them a chance to churn over options, but it also creates the opportunity for serenity. Maybe you are struggling over a sweet deal that’s meant to expire soon. Twelve hours later, it turns out that you can find an even better deal somewhere else without pressure. That’s a kismet moment only time creates. If possible, avoid making spot-on decisions. If you have the luxury of time, take advantage of it.
3. Always Do Your Own Research.
Too often, we avoid research and choose to rely on hearsay to make key decisions. Have you ever heard of people who got into quail business simply because rumor had it that it was a good business? Ever heard of people who joined some scam investment schemes relying on word on the streets? Well, that goes a long way to show that as a society we have a serious problem with research. To become a successful businessman you need to be different. Listen to everyone, but make decisions alone. Invest only when you have done your due diligence.
4. Learn From Your Mistakes and re-evaluate.
Even the best decision-makers in the world make mistakes. So if you make a mistake in your business then the next best step to take is to learn from it and go from there. Learn what you did right and learn what you did wrong. For example, you decided on a marketing plan for a certain product, however you don’t get the expected results in terms of sales. When that happens, learn what went wrong and use this knowledge the next time you market your other products.
Decisions, whether spot on ones or slow burning ones, often represent chances of success and failure in your business. How you handle them can have a profound impact on your entire business. Use these 4 tips to confidently move in a direction of growth.
All the best.
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