As entrepreneurs, we are all expected to take decisions. And yet, most leaders seem to postpone the decision-making process. Here are five tips that will help you make quicker and better decisions:
Act fast:
Yes, I know you feel the urge to do a full analysis of your vendors before making a decision. But from experience, I have realised a lot of start-up work flow is dependent on acting fast and course-correcting it as you go ahead. If you sit for analysing 100 different vendors before making your first purchase, you will easily waste over 8-10 months. But if you decide among the select few first and launch your product quickly, you will get more time to gather feedback and correct.
A lot of folks are dependent on you:
A lot of us take a long time to decide. We want to decide about the project’s next steps only after it is 100% finished. But as a founder, we cannot be delaying decisions so long, because a lot many teams and their efficiencies are dependent on our navigation. Their work hours will be wasted and they would start doubting your leadership. Your team will feel more confident about you when you take decisions than when you remain indecisive for long.
It’s okay to go wrong:
More than 80% of the time, your decisions will be right. But yes, there is a slight possibility where your decisions might not be the right ones. It is okay to go wrong. Accept your mistake and course-correct it.
Wrong decisions are reversible:
Now this might come as a surprise to you, but most of the situations in start-ups are reversible. You hired a wrong employee? Fire him. You gave contract to a wrong vendor? Take a new vendor next time. Most of these decisions, even when wrongly taken, will not cost too much. Then why delay deciding?
It’s about selecting the best alternative:
Most decision-making situations are about choosing the best one from the available choices. Have a good look at what is in your hand and choose the best alternative. Intuition will help you equally, if not more as your analytical skills.
(The writer is the founder of TBS Planet Augmented Reality Comics)