The Decision-making Secret Every Entrepreneur Should Know

Businesswoman holding take action sign.Entrepreneurs often find their decision-making under great uncertainty. However, it’s important to realize that decisiveness will help you take action. Making on-the-spot decisions is a necessary skill for any entrepreneur. Unexpected situations crop up daily. With little time to analyze, the situation must be resolved. Staff and clients count on your decision-making. Obviously, you want to consider how your decision will play out. Regardless, when you find yourself making on-the-spot decisions, consider what the worst possible outcome would be, and can you live with it or reverse it if necessary? Then decide and take action. Being committed to taking action is the secret to making better business decisions.

Here Are 4 Ways Entrepreneurs Can Take Action Wisely.

Stop seeking perfection. Get out of the mindset that everything has to be perfect before you can act.  Trying to get everything perfectly aligned in decision-making is asking for the impossible.  Decisions need to be made in a timely manner to keep your business moving forward.  Obviously, you want to weigh the pros and cons, but your experience will be a great guide.  If you find you are wading into an area of uncertainty, then you may need to take a leap of faith.  But, no one builds a business by not acting.  Realize that these decisions provide learning opportunities, and if things don’t work as planned, make the decision how to pivot to Plan B.

Choose advice wisely.  Successful entrepreneurs know that they can’t go it alone.  man meeting with advisorThey tend to rely on credible sources and those individuals who bring out the best in them.  As you are building your business, asking for advice is necessary.   Weigh the information and then act swiftly.  Being an entrepreneur can be lonely, so having a trusted group of advisors who will challenge you, respect you and cheer for you when tough situations arise, or you find yourself guilty of flawed decision-making.  Working with others to grow your business allows you to expand your breadth of expertise by utilizing their knowledge base.

Use your experience.  Your brain stores the experiences you’ve had over your lifetime, and they are useful for your later reference.  Actually, if you take time to reflect, you’ve experienced a variety of situations that can help inform your decision-making.  Because decision-making on the spot often is a necessary part of the entrepreneurial journey, utilizing experiences is an extremely helpful resource.  There are times when you have to trust your gut.  Take a leap of faith.

But using your experiences allows you to compare what occurred in the past with what might be the outcome of a decision you are making today.  Decision-making based on practical experiences has a greater chance of success than referencing textbook information that you have not tested.  Let you experience be your guide, believe in yourself and then take action.  You’ll be amazed at where you can take your business.

Use your whole brain.  You may be familiar with the right and left-brain hemispheres and the attributes each brings to decision-making.  The left brain is much more analytical.  The right brain is more intuitive.  Often, decision-making relies more on intuition than analysis. For example, you may be deciding between strategic partners, and have examined historical data on their previous performance, client references and prices. However, the weighted factor often rests with your gut. Which person feels like the right choice?  Decision-making can be simplified by allowing both sides of the brain’s functions to contribute.

In summary, every decision boils down to your commitment to take action. We know that some decisions are more complex than others and good decisions can take time. No one is asking you to rush a decision-making process unnecessarily.  I believe that taking action keeps your business moving forward.  Implementation is key to growing any business.   Regardless whether you make a good decision or a bad decision, over time you will experience both.  What’s important is that you make a decision. Don’t let overthinking, or being perfect, or making a mistake cause your inaction. Entrepreneurs keep moving forward, even if it’s one step at a time.

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Dr. Ann Gatty is president of Strategic People Solutions, a business consulting firm, helping businesses add value-assets to their businesses. For the past twenty years she and her husband, Gene, have been providing leadership development programs, business implementation strategies, and solving HR employment issues. Ann has recently created The Business Sphere of Excellence® a strategic business planning model used to construct annual and long range business plans helping businesses run more efficiently and profitably. Dr. Ann Gatty is an expert in understanding and creating a diverse workplace culture. She currently focuses on improving workplace productivity, leadership development and women entrepreneurs.
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