Factor № 1. Character
Philosophers of Ancient China and modern sociologists convincingly prove that the character which is largely formed in the first three years of life, is not a key element of a successful person.
Steve jobs and bill gates in the book by Walter Isaacson “Steve jobs” appear as two polar models of behavior in business decision-making. Hot, impulsive, charismatic Steve jobs is taking most decisions rapidly and based on intuition, and a cold, calculating, rational gates, weighing the pros and cons and clearly following the laws of formal logic. Both successful. How is it possible? They knew their strengths and knew how to use them to achieve the goals.
Co-founder and former CEO of Apple and Pixar Steve jobs and one of the founders of Microsoft, bill gates. Photo: Joi Ito / Flickr
I believe that the speed of decision — making is an innate quality. Many businessmen who make decisions fast as fast move, talk, think. But this speed can be increased. For example, following so-called method of the samurai: the decision must be made within seven breaths, and if the problem is not solved, it should be discarded.
A frame from the anime series Gintama
In 2016 in London, I was preparing to get my master’s degree in law (LLM) and I wrote my thesis on the financing of litigation. And then immediately decided to start their own business, as soon as I realized that it could earn in Russia. And I didn’t even wait for the return to Russia: continuing to study in the UK, found the designers and in nine months has launched an online project. And then I think: if it hadn’t decided to do everything so fast then, this niche has ceased to be a “blue ocean” where a lot of prospects and almost no competition.
Factor № 2. Public opinion
When you study opinion about your product, a positive answer to the question about his future destiny does not mean that when testing a prototype or after market entry product/service will sell well. People by nature are lying or just don’t want to offend you.
Robert Fitzpatrick in the book “go Ask mom: How to communicate with customers and confirm the rightness of their ideas, if everyone is lying?” advises not to ask direct and closed questions like “did you buy me this product?”, “do you order?”, “do this niche for business?”.
In General, the objective of the poll is to elaborate knowledge about the target audience’s needs and willingness to pay for certain goods or services, but not from the point of view of ideas, but based on the responses of the recipients of past shopping experience or about abstract dreams/intentions in the future.
So do not offer anyone to evaluate your idea. Public opinion casts doubt kills speed is the key success factor.
If I run my project asked experts in Russia and in the West, stumbled to the skepticism and many negative opinions that would begin to doubt and miss niche.
Factor № 3. Risks
It is obvious that the quick solution is the reverse side — high probability of error. Psychologist Daniel Kahneman, 2002 Nobel prize in Economics “for the study of judgement and decision making under uncertainty”, in his book “Think slowly… decide quickly” explained the characteristics of errors when making decisions, some of which cost companies billions.
Daniel Kahneman. Photo: ted.com
Mistakes happen when under the influence of transitory factors and emotions (e.g., after a quarrel with a colleague or a loved one) the head does not take into account particular important factors using only quick thinking and connecting slow, which is responsible for in-depth analysis and elaboration of information.
To minimize the negative consequences of fast decisions will help clear algorithms and check-lists, the formalization of certain procedures, and automation of processes.
A chance to make the right decision is greatly increased if the eyes are all possible options. The same is true in relation to your client: if he will be able to see and compare multiple models, conditionally, phones or cars (this option is often found on websites), it facilitates the work of the brain and strengthens loyalty to the company.
Decisions made on the basis of only one variant, much more likely to be lost compared to those when making which take into account alternatives. At the time Professor at the Ohio state University and University of Strathclyde Paul Nutt, analyzing 168 business solutions CEO and COO, came to the conclusion that only 29% of top managers consider more than one alternative, while the long-term effect of decisions of the type “Yes or no” was unsuccessful in 52% of cases. For comparison: when considering two or more alternatives, failure was 32% solutions.
Factor No. 4. Team
Business consultant Jim Collins book “good to great” emphasizes that the long-term prosperity of the company depends not on decisions of leaders-the”stars”, and from the systematic work of managers, which control certain segments of the business.
Entrepreneur, SEO companies иTesla SpaceX Elon Musk with Tesla employees. Photo: Tom Pocrnich
Therefore, one of the key tasks of a leader is the creation of a complementary team where each player is superior to the leader in a particular field of knowledge or skills.
To take the strategically important decision is half the battle: it is important who and how it will perform and how these people will cope with making decisions in own area of responsibility daily.
Factor No. 5. The outline of the next steps
Hardly Richard Branson, launching in 22 years of record label Virgin Records, which has represented the future of the airline and members of the British Royal family, which subsequently made friends his own family, and celebrities like Madonna as passengers.
Entrepreneur, founder of the conglomerate Virgin Group Richard Branson. Photo: virgin.com
At point A we can only guess about the challenges and prospects of point B. If you have decided, go to him, performing the tasks slowly.
Don’t scare yourself in the daily work scope and volume, just divide the project into parts and complete them. So you can quickly launch something that, seemingly, was to take years.
One of the breakthrough principles of the Agile Manifesto States: “Willingness to change is more important than following the original plan.” To foresee everything at the beginning is impossible — but in small sprints, with a clear short-term goals will help move toward the goal step by step not fearing the scale and duration of the project.
Materials on the subject:
To close the business or to fight to the end? As the leader to make the right decision
6 scientific methods that will help you to make difficult decisions
Jeff Bezos: “the Three decisions a day is more than enough”
How to learn to make decisions
Want to make the right decisions? Eat the same Breakfast
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