This is a subject that I think is super important for anyone in business. Making decisions is something you do day in, day out when you’re on entrepreneur. However, making successful decisions in business is not as straight forward some might think. Let me explain…
There is two sides to this discussion. The side of you that says follow your heart no matter what. You know the saying “go with you guy”? And then there is the side of us that says “be conservative and don’t take risks”. Let me say this before I go on. An entrepreneur by their very nature has to be able to take risks because entrepreneurship is inherently a risk.
Now how do you decide when there is a conflict between your head and your heart when making successful decisions in business?
We all get so emotionally involved in things that we forget to use our head sometimes. I know I have. So what I did is I trained myself to follow the rules to making successful decisions in business that I learnt form my mentors. I literally created a rulebook, a process if you will, that I go through and tick off all points before making any big decision. If any of the criteria is not met I decided I am not going through with that deal or decision in this case.
Now you’re probably thinking, “can I have this rulebook to making successful decisions in business?”
This is something you create yourself. See, your criteria will depend on your business, the risk you are comfortable with and the industry you are in.
Just create your own criteria to follow and follow it! Once you have created these criteria, do not deviate nor allow yourself to move forward on your decisions unless this criterion is met.
The last thing you want is you heart to lead you someone where there is too much risk. Alternatively, if you only focus on the “head” side of things or what you might loose you will probably end up one of those businesses that doesn’t go anywhere.
So, the secret to making successful decision in business is make sure you get yourself a rulebook that you follow and stick to that rulebook’s criteria. Otherwise, you may end up just making business decisions based on nothing but a “feeling” and you don’t want that. Trust me, I have experienced this way of doing business and it’s not pretty.