5 Things I Learned About Decision Making The Hard Way

As an entrepreneur, making decisions is something you will run across frequently. I quickly learned that successful entrepreneurs are great at making decisions.

As I have gone through the different stages of entrepreneurship, I haven’t always been the best decision maker. The way you make decisions in entrepreneurship varies greatly from the way you make decisions in real life.

Making the right decisions can save you tons of money, time, and even further your growth.  Here are 5 things I learned about decision making the hard way:

1. I’m Almost Always Wrong

When it’s time to make decisions, many entrepreneurs fall prey to the same mistakes I did. They have a big decision on their plate and they make the decision based on what they feel is best.

Every time I did that, I somehow ended up being WRONG. No matter what the decision may be, one person should NOT be making it.

If it’s decisions about what to price your product as or how to design your website, ask your customers (the people who matter). If it’s decisions about business operations; ask partners, employees, or other successful people who have experience.

2. Things Change Very Fast

Decision makers can never be fixated on one idea or decision. When I first started out, I was pretty stubborn. I often made decisions and said that I will stick with it no matter what.

However, things change really fast in entrepreneurship. The best decision makers are the ones who understand their decision is the best choice now, but may not be the best choice tomorrow.

Decision makers need to be willing to pivot very quickly. Making the right change at the right time can be the difference between success and failure.

3. Self-Sacrifice is Inevitable

Great decision makers never worry about how their decisions may affect them. As a decision maker, your job is to follow through with the choice that will have a positive impact on the majority.

While decision makers often take big hits from their decisions, great ones have always made the right choice. As a decision maker, be ready to sacrifice yourself for the greater good of others.

4. Data Rules All Decisions

Ask any successful business owner and they will tell you how important data is. Data is something every entrepreneur should be using when making decisions.

When I started off as an entrepreneur, I collected no data. My decisions were poor and they could be seen through the mediocre results I was getting.

After realizing how important data is to a business, I began collecting information about everything. It never hurts to have too much data when making decisions.

5. Have No Regrets

Making decisions is never an easy thing. The bigger the decision, the more scrutiny you will probably take. The biggest thing I’ve learned from decision making is to never regret your decision.

As long as you have enough logical information to make the decisions you make, you have nothing to regret. The biggest thing entrepreneurs must know about decision making is that you will make bad decisions from time to time.

Good decision makers make more good decisions than bad ones and that is truly how you can impact the success of your business.

Conclusion

Decision making has been a crucial part of my business and entrepreneurial success. As I continue to grow through entrepreneurship, I’m still learning many valuable lessons about decision making.

Do you have any tips or lessons you’ve learned about decision making? Feel free to share below by commenting.

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