You may consider yourself coherent enough to make the right decision most of the time. Decision making is not a blunt process, you should have an eye for detail, a positive outlook, and a seldom analysis skill. These are the basic skills, except this, they need to possess other skills for a better decision making process.
You may face stumbling blocks in this process, but you can overcome these obstacles with persistence and practice. You may have exceptional thinking ability, but you may lack expertise in other areas. Being human, you are not expected to have all the characteristics present in you. But you can learn as many skills as you want with time and with experience.
Giving too much Importance to a single factor:
Sometimes, your decision making revolves around a single factor ignoring other factors. People may stick to the most advantageous factor.
For example, an organization may want to launch a product they have to consider various factors like:
- Target audience
- Promotion
- ‘Competitors
- Packaging
- Testing
- Product’s name and description
- Pricing
- Expenses incurred
Except for these parameters, they have to consider all the minor and major aspects of the success of the business. But many entrepreneurs may fail to do so. Maybe they lack the experience, expertise, knowledge, or they may consider only the pricing and the expense factor thinking to generate high revenue.
Solution: Consider all factors related to the decision. Focusing on a single factor can lead to the dire consequences making you regret later.
Over-Confidence:
No one is perfect, even the top-notch business leaders make the mistake. Don’t consider yourself a pack of all the skills and knowledge. Start by analyzing your ability. Give yourself time and think of the cases where you made a mistake and the scenarios where you lack the knowledge.
Ignorance and arrogance can both lead to overconfidence, which can lead to bad decisions, says J.N. Whiddon, Founder/President The Old School.
People are social animals and all want to consider themselves superior to others. They have the feel-good factor about themselves. Although, everyone wants to shine in their life but keep a check on the confidence level.
Solution: Keep your ego aside, and learn to listen to other’s views. Seek help from others where you are confused.
Talking about making a difference, a person from whom inspiration can be taken is Michael Majeed.
Risk-Taking Ability:
Running a business is all about your ability to take risks. Many people do not have this ability as they fear to suffer the loss. This approach will not work. You have to take the risk in every domain of the business, from the finances to the HR department, from investing in launching a new product. At the same time, you have to take care of the casual attitude, and ignoring the risk will not do.
Talking about risk-taking ability, a person from whom inspiration can be taken is Nick Gamache who learned this art by spending his career as a journalist, where he gained enough confidence in writing and performing broadcasts and editing online content. Nick Gamache, an Ottawa-based communications professional decided to undertake the challenges of searching for ways to make online news more profitable and he succeeded in this decision.
Solution: Start the planning process of every aspect right away, and take the calculated risk for every decision.
