The Biggest Problem with Being an Entrepreneur – And How to Fix It
What is it that makes entrepreneurs different from the rest of us? Ask people in the business world, and you'll get various answers. But most people will agree that entrepreneurs succeed because they can make quick decisions and stick with them.
Would you like to be more decisive, but you’re worried you’ll make the wrong decision and harm your business? If so, keep reading.
You’re Already a Decision Maker
First of all, think about your everyday life. You probably don't realize it, but you make critical daily decisions. For example, you decide what to wear, what to do that day, and where and how you’ll spend your time.
It's good to consider this because what an entrepreneur does is only slightly different. For example, they decide how much money to invest in advertising, which service provider to choose for essential services, or whether a new business venture is worth their time or not.
You already make decisions; the only difference is the complexity.
You Can’t Always Make the Right Decision
We make decisions based on the outcome we want to get. It’s the same whether you’re choosing a restaurant for lunch or deciding where to invest your company’s money. But it’s important to realize that you will only make the right decision sometimes.
Focus on making the best choice possible with your information and seeing it through. Rather than always making the ‘perfect’ choice, decisiveness sets entrepreneurs apart.
What happens when you make the wrong decision? Hopefully, it won't be a major disaster. But whatever the outcome, learn from your mistake and then you'll be better equipped to make the right decision next time.
How to Improve Your Decision-Making Skills
Ordinary people make many ‘low stakes’ decisions in a day. Entrepreneurs make more decisions with more consequences. The best way to improve your decision-making skills is through practice.
If you have all the necessary information at your fingertips, it’s easier to make a good decision. Collect objective data, understand all the factors involved, and maintain realistic expectations.
Move on Quickly from Failures
Move on quickly when your decisions don’t deliver the outcome you want. You'll inevitably make the wrong choice sometimes. Ask any successful entrepreneur, and they’ll have a list of missteps. When this happens to you, please don't dwell on it. Instead, figure out what you can learn from it and move on to the next.
Celebrate Your Successes
It also helps if you celebrate your successes. For example, reflect on decisions you made that had a positive outcome and write them down. This will help keep you motivated and provide evidence of the progress you're making, which will instil even more confidence.