7 ways entrepreneurs can make effective and efficient decisions

12 April, 2018

Entrepreneurship can be condensed into simpler but heavy keywords like innovation, ideas, risk, and most importantly, decisions. It’s important to opt for a motion that is smart and helps your business grow. Often, the decisions have to be taken in haste as time is a valuable commodity in entrepreneurship. With the help of entrepreneurs like Afsar Zaidi, Gennady Barsky, and James Simpson, we bring you the top 7 ways entrepreneurs can make smart decisions speedily.

Think about the result 

When you’re in a twist about if a choice is worth pursuing, take 10 minutes off for some deep contemplation.  Sit down, close your eyes and think about all the things that will be affected by the choice(s) you will make. You’ll have your answer if the overall picture doesn’t look pleasant.

Learn from the failures of others

Entrepreneurship is somewhat about practice. However, it’s better to learn from the mistakes of your predecessors than get the message at your own expense. CEO of Exceed Entertainment, Afsar Zaidi advises that entrepreneurs should look over their ventures and take part in difficult situations frequently. That way, they can hone their decision-making skills till good judgments become a reflex.   

“Key is to ensure whatever decision you take, you make good of it, because like everything in life every situation can be converted into an opportunity or an obstacle,” says Zaidi.  “As entrepreneurs, we need to be nimble at all times. We will save ourselves a lot of effort if we learn from others,” he adds.

Systematize the insignificant ones 

Gennady Barsky adds that the small and insignificant business questions that always receive the same response can be automated. That way you can focus on the more important matters.

Stick to your aim 

According to James Simpson from Goldfire Studios, it becomes important to ensure that the ruling you have to select is perfectly calculated keeping the mission of your venture in the loop. Don’t overdo things. Keep your business dealings free of complexity that unrequested and unnecessary decisions can bring. Consider the move only if it takes you a step closer to your business goal.

Keep your judgments timed     

Give yourself a time limit to wrap up your decision-making session. Under the pressure of time, you’ll surely reach a conclusion sooner. Conversely, you might not make a good decision if you’re procrastinating till the final moment arrives.

Flip a coin 

It’s not exactly a smart way to find the solution to an issue, but you can use a coin to decide where your heart lies. The coin-flip technique should only be used if your decision needs to be made from the heart rather than the brain. When the coin is in the air, you’ll know which choice your heart is loyal to.

Ask your mentors 

You mentors can guide towards the best judgments with expert opinions based on their knowledge and experience. Gennady Barsky advises hearing what your mentors have to say about your business resolutions. If their say looks feasible, go for it!