Which type of Decision Maker are you?
Nothing is more difficult, and therefore more precious than to be able to decide." – Napoleon Bonaparte
No doubt you will completely agree with the quote above. To become a smart entrepreneur, you must learn to make good decisions. Did you know there are four decision-making models and three categories or levels of decisions?
According to a survey, more than 40% of our actions do not result from mature reflection but from ingrained habits. On the other hand, decisions that are unique and important require conscious thinking, information gathering, and careful consideration of alternatives.
Generally, none of the decision-making models will have all the advantages. Whichever one you will choose, you will have to sacrifice something. So make the choice which seems best for you and... stick to your decision.
In his book Overcoming Indecisiveness, Dr. Theodore Rubin wrote: “The success of a decision depends most of the time on who decides and not on the choice itself. (...) The failure of a decision has little to do with the choice itself. Failure is directly related, and even proportional, to lack of diligence [once the decision is made].”
The availability of too much information can lead to analysis paralysis, where more and more time is spent on gathering information and thinking, but no decision is actually made. Smart entrepreneurs knowingly limit their options and choose the best alternative without conducting an exhaustive search. Accepting the first alternative that meets the minimum threshold saves you time.
You may not know that you’ve been trained for this. You scan your environment for cues to recognize patterns. Once a pattern is recognized, you can play a potential course of action through to its outcome based on your prior experience. Due to training, experience, and knowledge, you have an idea of how well a given solution may work.
I believe in intuitions and inspirations...I sometimes feel that I am right. I do not know that I am. – Albert Einstein
Master the intuitive decision-making model by taking relatively suitable decisions and learning from the outcomes. Stick to your decision. Rather than questioning yourself, make the extra effort needed to bring all your decisions to success. Apply this pattern in your life and you'll become a smart entrepreneur.
The smart entrepreneur knows that he can't achieve his aspirations on his own. You may have tried to do everything by yourself for a while. Then experience taught you to team up in order to go forward. Why is trusting others a key to better productivity?
Because they can do it too
Delegating day to day tasks will free some of your time. When trusting someone to handle many of the mundane parts of your business and personal life, you will gain 10-15 hours or more of your life back each week, which you can invest in higher value activities. Asking someone to bring you your favourite Starbucks isn't a big deal... What about more important things?
Ask yourself: Why wouldn’t I trust someone to do important tasks for me?
- Because it is my job.
Solution: It is time for you to think like an entrepreneur. Is it really your job? Smart entrepreneurs have removed themselves from all operational tasks to focus on Planning, Organizing and Directing.
- Because it needs to be done a certain way.
Solution: Invest in training others so they can do it too. Smart entrepreneurs know that their most valuable resource is their people.
How can we trust others?
Give yourself a good reason to do so. Here's how.
It often results in improved communication and a better understanding of expectations among team members. Let people know what you think and how you feel about their work. Let them know your expectations and targets. A smart entrepreneur has established a Performance and Staff Development Program. You will be more inclined to trust someone who shares your goals and values.
Ongoing training for your employees allows your organization to develop its knowledge capital. Regular training programs equip your people with the knowledge and skills they require to carry out their tasks efficiently and advance their career. You will be more willing to trust efficient employees. Training improves job satisfaction. A smart entrepreneur is more likely to report low employee turnover if there is job satisfaction. An employee is more likely to remain with an organization if they have an opportunity to get a promotion. You are more likely to trust people you have worked with for a long period of time.
- Buy yourself some time by asking other people to do certain tasks for you.
- Trust your team members. Trust your employees.
- Give yourself a good reason to do so by giving feedback and appropriate training.
- Apply those principles in your life and you’ll become a smart entrepreneur.