Successful entrepreneurs need to be able to make decisions. This is one of the core elements of entrepreneurship. But only being decisive isn’t enough. Plenty of people have driven companies into the ground by making bad decisions. It’s important to make your decisions smart and make sure they will gain you more success. How do you do this?
Many leaders are so driven to appear decisive and quick to act, that they forget to check their facts. The sign of a good decision-maker is that they will have all the facts before they come to a choice. Have you got all the details of the situation? What are all the choices available to you? Have you considered all alternatives? Make sure your facts are all present, and the sources of those facts are reliable.
Making decisions requires you to be in an objective and calm state of mind. If you are angry or stressed, you will make mistakes. You may not be seeing things the way they are. You may say, “There’s no time. I have to decide now”. But there is almost always time to step outside the situation and calm down.
Often people forget that every emotion clouds decisions. Not only negative ones. If you’re making a decision while you’re excited or hyped up, then you’re likely to make mistakes. You may be pumped up to accept that deal, but consider whether you can ‘sleep on it’ and see how you feel in the morning.
When making a decision, take a moment to reflect on whether it aligns with your own personal values. If not, there’s a good chance it’s the wrong decision. Every decision should lead you towards what you want in life. If the decision is keeping you in the same spot, or even moving you backward, then reconsider it.